Licensed Money Lender Personal Loan Balestier

Joseph Balestier, the first United States Consul to Singapore had a hand in creating this neighbourhood. It is once home to agricultural activities like sugar cane plantations and pre-war shophouses that are still worth checking out today!

And what’s better than eating a warm bowl of Bak Kut Teh? Eating one in Balestier! The village has been home to this dish for generations and it can be enjoyed by both locals as well as tourists alike because everyone loves their peppery broth!

Other recommended things to do in Balestier is to visit the Sun Yat Sen Nanyang, a memorial hall that exhibits historical photographs and personal belongings of Sun Yat Sen, giving you a deeper look into his life and unearthing intriguing historical facts about the Singaporean Chinese community and the impact of the revolution on Singapore.

Moneylenders are also conveniently situated in the area to help both citizens and foreigners get immediate cash. 

How To Identify A Licensed Money Lender?

• Licensed and registered on the Registry of Moneylenders.
• Advertise only through legal channels, such as their website or their place of business.
• Do not send text messages, emails, or advertise through social media posts.
• Require in-person appointments, a copy of your identification documents, and adhere to proper procedures.
• Provides a thorough explanation of the terms and conditions of the loan.
• Provides a complete loan contract with details of the loan, such as the loan amount, interest rate, and loan tenure.
• Provides the full principal loan amount. 
• Will adhere to the rules and regulations set by the Ministry of Law Singapore.

Most importantly, licensed money lenders will not use abusive language or resort to harassment. And they will not retain any of your identification documents.

To make sure that you’re dealing with a licensed money lender, verify their credibility first. Check if they are on the list of licensed money lenders on the Ministry of Law website.

Factors To Consider When Taking A Loan

• Maximum Loan Amount: How much do you need? Typically, you can borrow up to 6x your monthly salary with a licensed moneylender. But just because you can, doesn’t mean you should borrow up to that amount.
• Interest Rates: The lower the interest, the cheaper the loan. That said, compare your loan options and find a money lender that offers the best interest rates. According to the Moneylenders Act, licensed lenders can only charge up to 4% per month for personal loans. If a money lender charges more than that, it’s a red flag.
• Fees: Aside from interest rates, you must also take into account the fees and other charges. Licensed moneylenders in Singapore can only charge the following fees:
  • An approval fee of not more than 10% of the principal loan amount
  • Late payment fee or not more than S$60
  • Legal costs ordered by the court should the moneylender take legal action to recover the loan.
• Repayment Schedule: Can you repay the loan on time? Remember, taking out a loan is a huge responsibility. You need to create a budget and plan your expenses wisely. Be disciplined in paying off your debt to avoid more serious financial difficulties.

How Can 1 Fullerton Credit Help You?

1 Fullerton Credit has been providing tailored loan packages to assist borrowers with financial difficulties since 2009. They operate strictly under the rules and regulations set by the Ministry of Law. They offer fair interest rates on personal loans, payday advances as well as other products for eligible applicants who need it most today!

Conclusion

Find yourself in a difficult financial situation? Just visit the best moneylender in Singapore to help you get immediate funding! The best Money Lender Balestier can assist you in your loans today! Contact us at 6588 1866 to speak with our friendly loan officer!