Licensed Moneylenders Bugis

Bugis

In Singapore, Bugis covers Bugis Street, within the Bugis Junction shopping Mall. 

Bugis Street during the 1950s-1980s is known for its nightly gathering of transvestites and transexuals. Because of this, it has become one of the most notable destinations for foreign visitors. However, it underwent major urban redevelopment in the mid-1980s. It built a retail complex of modern shopping malls, restaurants and nightspots. Also, the construction of Bugis MRT Station became a priority. 

Recently, people in the area recognised the existence of licensed money lenders in Bugis as an excellent help for financial issues. 

Money Lending Process by the Licensed Moneylenders in Bugis

Nowadays, the lending procedure is very accessible. You can start your loan application online without leaving the comfort of your home. Licensed money lenders in Singapore are friendly and accommodating. You can approach them without hesitation to ask about the money lending procedure. 

1. Choose an online loan from licensed moneylenders near you. You have many lending companies to choose from. Select the ones tenured in the business. They have great loan products and services offered. 
2. Complete an online cash loan application form. Check if you entered the correct information before submitting it to the lender’s official website. 
3. Wait for the money lender’s representative to contact you. In addition, they will conduct an assessment and verification of your loan application. Therefore, answer with all honesty. Be attentive when the representative discusses the required documents. 
4. Visit the licensed money lender’s workplace and submit your completed requirements. Expect an interview conducted by the loan advisor. Also, be confident yet respectful when you answer every question. 
5. Once granted with your flexible loan, read and sign the contract. Make sure you have fully understood all the details. Also, if you have questions, call the attention of the loan advisor. They will explain until everything’s clear on your part. 
6. Wait for your disbursed instant cash at the cashier. Then, check if you received the correct amount through the receipt. 
7. Last but not least, be a diligent payer. You may note in your calendar all your due dates. Also, avoid late repayments. 

Remember, you approached a licensed money lender in Bugis for a financial solution. Therefore, do not miss a payment to avoid incurring penalty charges. 

Allowed Loan Amount in Bugis

Before going to a trusted lender, have a rough estimate of how much you need. This way, you’ll know the amount you can borrow. You may utilise a loan calculator found on the lender‘s official website. 

If a secured type of loan is needed, you can borrow any amount of money from a reputable lender. But if you prefer an unsecured loan, evaluate your regular annual income. Singaporeans have a ceiling loan amount based on their annual salary according to the Ministry of Law. 

Take into consideration your nationality. For example, Singaporean citizens and permanent residents, and foreigners residing in Singapore have different allowable amounts. Check this out. 

Singaporean citizens and permanent residents

• A loanable amount of $3,000 for salaries less than $10,000
• On the other hand, a loanable amount of $3,000 for salaries of at least $10,000 and less than $20,000. 
• Meanwhile, a loanable amount computed six times the monthly income for salaries more than $20,000.

Foreigners residing in Singapore

• A loanable amount of $500 for salaries less than $10,000
• On the other hand, a loanable amount of $3,000 for salaries of at least $10,000 and less than $20,000. 
• Meanwhile, a loanable amount computed six times the monthly income for salaries more than $20,000.

Licensed moneylenders in Bugis strictly follow the proper computation of the loan amount allowed for each individual. So you’ll get the right amount for you. 

Computing Interest Rates in Bugis

After knowing the computed loan amount for your instant online cash loan, you must learn how to calculate your interest rate. Don’t be a victim of abusive money lending companies. 

According to the Money Lenders Act, the maximum interest a moneylender can charge is 4% per month regardless of whether the loan is secured. 

• To further understand, here is an example. Suppose borrower X takes a loan of $10,000 and has repaid $4,000. The only remaining $6,000 can be taken into account for the computation of interest. 

On the other hand, if you fail to repay on time, the maximum rate of late interest a lender can charge is 4% per month for each month the loan is repaid late. 

• To properly illustrate, here’s another example. Suppose borrower X takes a loan of $10,000 and fails to pay the first instalment of $2,000. The moneylender may charge the late interest on $2,000, excluding $8,000. 

Being knowledgeable about the proper calculation of interest rates saves you from being loan sharks’ prey. 

Other Fees Collected by the Licensed Moneylenders in Bugis

The Ministry of law permitted all money lenders to impose only the following charges and expenses:

• Charge a fee not exceeding $60 for each month of late repayment
• In addition, charge a fee not exceeding 10% of the loan principal when a loan is granted
• Moreover, charge legal costs ordered by the court for a successful claim by the moneylenders for loan recovery. 

Let’s cite an example. Borrower X takes a loan of $10,000. Then, the interest, late interest, 10% administrative fee and monthly $60 late fees cannot exceed $10,000. 

Know how much you need to settle before agreeing to the lender. 

Always take the safe side when borrowing money. There’s nothing wrong with being well-informed. Applying for a payday loan with licensed moneylenders in Bugis is the best decision for your financial problem.