Licensed Moneylenders Aljunied

Aljunied

Aljunied, one of the suburban areas in the central part of Singapore, is named after the Aljunied Road. This area was formerly an agricultural land that had been heavily urbanised. 

Aljunied is now a bustling neighbourhood with HDB flats and amenities. These are like schools, shops, parks and recreational facilities intended for its people. 

However, the residents here still wish to improve their lifestyle, which is quite costly. Luckily, licensed moneylenders in Aljunied created new products and services to cater to their needs. 

When can I apply for a Personal Loan in Aljunied?

A loan application is the best solution during your financial struggles that you can utilise as needed. Here are the common reasons for loan applications.

Business operations

Business people are successful with the help of licensed lenders. They take out a loan when necessary, especially during the growth of their venture. The cash from a loan can purchase equipment and facilities for the operation, provide salaries for the employees, working capital for continuous operation and many more.

Without a loan, people in business will have a hard time pushing through their business expansion and development. 

Time-sensitive purchases 

Have you wanted to purchase an expensive item like a bag or watch but don’t have the funds? Don’t worry. You can buy it thru a personal loan. This type of purchase can help your finances in the future. 

As an example, you bought a price-worthy watch now but couldn’t use it as often. You can resell and earn from it if it’s still working properly. If you refuse to resell it, keep it properly maintained as it serves as a good investment as your personal property. 

Bills

You might also experience time-sensitive bills. You don’t want to default your credit card payment because it will incur penalties. If you need cash now to pay your credit card bills in full, you can also get a payday loan from licensed moneylenders.

Stock investments

Recently, stock investments boomed in the industry. It helps in passively growing your money. However, investing in stocks requires a large amount of money. If you’re interested in joining the industry, your personal loan can assist you. Just make sure you are investing in something you are familiar with.

Build a credit score

Unlike banks, licensed moneylenders in Aljunied give out loans to borrowers with no credit history. So if you’re one of the first-time borrowers, just seek their help to get quick cash and repay on time. If you pay on time, your lender will report it to the credit bureau and will help you build a healthy credit score.

A positive credit score will give you a higher loan amount in the future. 

Finance wedding necessities

If you want to propose to your longtime girlfriend, buying an engagement ring is necessary. But if you find yourself hesitant since it’s pricey, take out an instant personal loan first. It’s true. Your personal loan can make your girlfriend say yes. 

Not only that, wedding preparation costs time and money. Although there are wedding coordinators to do all the tasks, you must still be hands-on with every decision. You will notice that every penny counts, and you need preparation from the motif, church, and reception venue up to the honeymoon. Your low interest personal loan can help you achieve it. 

How Much Can I Borrow from the Licensed Moneylenders in Aljunied?

Legal moneylenders in Aljunied do not promise just any loan amount to their borrowers. Instead, they base the ceiling amount for a loan from all legal lenders on your annual salary. The Ministry of Law mandated it for regulation.

Unlike secured loans that can obtain any loan amount, unsecured low interest loans have a maximum limit. Licensed moneylenders in Aljunied depend on the borrower’s annual income for the loan amount. If you’re a Singapore citizen or a permanent resident, this is the loan calculation. 

• If you earn less than $10,000, you can get quick cash of $3,000. 
• However, if your annual income is at least $10,000 and less than $20,000, your quick cask will be $3,000.
• Nevertheless, if your annual income is at least $20,000, your loan amount is 6 times your monthly income.

In addition, licensed moneylenders in Aljunied don’t only entertain locals but foreigners residing in Singapore as well. Credit Bureau released a computation on how to give out a loan for foreigners based on the regular annual salary. Read on to understand. 

• If a foreigner’s annual income is less than $10,000, the loan amount is $1,500
• However, if a foreigner’s annual income of at least $10,000 and less than $20,000, the loan amount is $3,000.
• Nevertheless, if a foreigner’s annual income is at least $20,000, the loan amount is 6 times the monthly income. 

They must guide borrowers accurately with this calculation. Their repayment can be accomplished at ease because the lenders follow the regulation. Thus, you can settle your dues on time. 

There are other possible reasons for taking out loans aside from emergency cases. Don’t stop yourself from achieving your dreams and prospect due to a lack of funds. Instead, take out loans that indeed fit your needs.