Punggol, also spelt Ponggol, was a fishing village that was occupied mostly by Malay settlers. Punggol has grown and evolved throughout the years. Today, the 4.2 km long Punggol Waterway is the most recognizable landmark in the town.
Residents and tourists can enjoy a variety of leisure activities along the waterway. Found yourself short on cash while in Punggol? No worries! You can always seek the assistance of a licensed money lender.
How To Identify A Licensed Money Lender?
- Licensed and registered on the Registry of Licensed 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 adheres 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.
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.
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.
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 Fortune Credit Help You?
Fortune Credit is among the top 10 licensed moneylenders in Singapore. They offer tailor-made loans to their clients to help them tide over financial difficulties.
Established in 2010, Fortune Credit has over a decade of experience. In fact, they have received 4.9 raving stars from verified clients on Google Reviews.
If you find yourself strapped for cash, Fortune Credit is a legal moneylender in Punggol that can help.
One of the most established moneylending businesses in Singapore, we offer quick and hassle-free financial assistance, anytime you need it.
Contact us at 6777 1887 or [email protected] to find the best loan plans for you!