Licensed Moneylenders Toa Payoh

Toa Payoh

Toa Payoh is a residential town in the northern sector of the central part of Singapore. It borders Bishan and Serangoon to the north. To the south is Kallang. 

It was a squatter area where people engage in farming and raising pigs. Other settlers were factory workers, mechanics, and domestic helpers.

It is the second oldest town and the first to be built. There are housing estates in the city that caters to locals and residents. It has a town centre for shopping and entertainment.

The industrial area of Toa Payoh provides job opportunities to residents. The Toa Payoh Town Park is a garden park. It is popular for willows and bamboo.

At the centre of the Toa Payoh Town Park are a carp pond and waterfall. It is the best go-to place for those who love fishing.

Toa Payoh Stadium provides the sporting and recreation needs of the locals.

Beside it is the Toa Payoh Sports Hall and Singapore Table Tennis Association Academy.

The town of Toa Payoh gives you everything that you need. They even have reputable licensed moneylenders. They can provide for the financial demands of their residents.

Mistakes That Can Ruin Your Credit Score

One important thing that the licensed moneylenders consider is your credit score.

When you apply for a personal loan, they check for your credit history and credit rate.

You must maintain a favourable credit score. This can increase your chance to be approved by moneylenders. As much as possible avoid ruining your credit score.

Here are some of the things that can ruin your credit score: 

Numerous Credit Accounts

If you have many debts to pay, it could greatly affect your credit score. And if you have different accounts, it can also have an impact on your credit score.

Make sure that your loans are not scattered on different credit cards since they are hard to track. Credit cards from various banks have different billing cycles. There might be some bad effects on your credit score if you miss your credit card bills. That’s why it is discouraged to have more than two credit cards if you are not used to tracking your due dates.

Numerous Loans in a Short Time 

If you apply for many payday loans in a short period, it could pose a negative impression on your moneylender.

This will give moneylenders a hint that you are struggling with your finances. This can take down your credit rating.

Some borrowers tend to ask for a low amount of loans, only to realize that it is insufficient. So, they try to apply for another loan to cover the deficit. This situation usually happens to first-timers.

It is advisable that before you apply for a loan, you need to assess your financial need first.

Be specific with the amount of money that you need. Take all that on one single loan.

Late Payments

Student loans, car loans, or personal loans have fixed repayments. 

If you didn’t pay for more than thirty days, you will be considered delinquent.

If you happen to settle your late repayments too often, it will impact your credit history. So, avoid having late repayments as much as possible.

Try to settle your repayments on time. Over a year, you may gain a good credit history.

Yet, if you can’t settle your payments on time, call your moneylenders. Some of them are willing to recommend some flexible repayment schemes.