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.
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.
Remember, you approached a licensed money lender in Bugis for a financial solution. Therefore, do not miss a payment to avoid incurring penalty charges.
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.
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.
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.
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.
Being knowledgeable about the proper calculation of interest rates saves you from being loan sharks’ prey.
The Ministry of law permitted all money lenders to impose only the following charges and expenses:
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.