With the right blend of art, fashion, and hip eats, Holland Village is admired for its bohemian treats. A perfect place to explore and unwind, especially for young professionals.
It’s not every day that you get a chance to explore this place, so make sure your budget won’t get in the way of fun. When getting a loan, licensed moneylenders are a quick and reliable choice!
How to identify a licensed moneylender?
In Singapore, moneylenders are everywhere. The thing is, are they all authorized? Ah longs or loan sharks are just waiting for their prey to bite the bait. To avoid this, borrowers should know how to distinguish between loan sharks and licensed money lenders.
You can trust a moneylender if they are:
- Truthful and Transparent
If a transaction is legitimate, there’s no reason for a lending company to hide something from their clients. A licensed moneylender ensures the borrower understands each term and condition in the loan term before closing the contract.
- Listed on the Ministry of Law website
Perhaps this is the most accurate way of determining whether a lender is authorized or not. The only valid reason why a licensed moneylender might not be listed on the website is that they have just received their license very recently. If you encounter this, you may call the ministry at 1800 2255 529 to verify.
- Strictly following the 4% interest rate cap
Because the Ministry of Law monitors licensed moneylenders, they are expected to charge only a maximum of 4% interest rate per month. A licensed moneylender will never go beyond the agreed rate.
Factors to consider when taking a loan
In finding the best loan the suits your needs, here are the things you need to consider:
- Contract terms
When borrowing money, keep in mind that you have to fully understand the contract so you can plan your repayment strategy ahead of time. Getting a loan is a good idea only if you’re confident that you can abide by the contract.
- Other fees
Along with knowing the loan terms, make sure to ask about other fees aside from the interest rate. For instance, licensed moneylenders are only allowed to charge a maximum of $60 late repayment fee.
- Find the best deal
If you’re not in a hurry, it’s best to compare multiple offers from moneylenders to make sure you get the best loan package and term. With Fortune Credit, you can enjoy flexible payment terms for all kinds of loans.
How can Fortune Credit help you?
Whether you need a financial boost for home repairs, medical emergencies, or for a once-in-a-lifetime getaway, we got your back. Fortune Credit is dedicated to giving you the best personal loan package suited for your needs. Enjoy unsecured loans with 1% to 4% interest rate, and borrow up to 6 times worth of your monthly income.
Fortune Credit is a licensed moneylender in Singapore known for its exceptional customer service and recognized as one of the high-performing moneylenders in the country. Feel free to borrow anytime!