Licensed Moneylenders Paya Lebar

Paya Lebar

Paya Lebar is a planning area in the East Region of Singapore. Also, it was identified as one of the growth areas in Singapore. 

Furthermore, Paya Lebar is an up and coming commercial hub. It has participated in the pilot Business Improvement District programme. Stakeholders work together to tap into the creativity and resources of everyone to strengthen the district. Also, it includes the involvement of licensed moneylenders in Paya Lebar. Thus, it maximises the financial capacities of its people. 

Steps in Getting a Loan from Licensed Moneylenders in Paya Lebar

Applying for a payday loan has never been this easy. Here is a quick guide on how to get approved for your loan application.

1. Make sure you know what kind of loan you want. Also, don’t be too excited about getting a loan. Instead, identify first why you need a loan.
2. Search for licensed moneylenders in Paya Lebar. Nowadays, there are many lenders available anywhere you go. When you choose your lender, make sure they belong to the list of licensed moneylenders. In Paya Lebar, many licensed and trusted moneylenders are accessible to borrowers. 
3. Apply for your loan once you figure out what loan and lender suit your needs. First, start your loan application with a laptop, computer, or cell phone. That’s right! Your application can start wherever you are and whenever you want. Licensed moneylenders in Paya Lebar offer a convenient way of getting a loan through an online loan application.
4. Fill up the form with the correct information. But be sure not to miss any details. Also, check for missed detail or any wrong spelling.
5. Wait for confirmation if you’re pre-approved within a few hours. Pre-approved means you have a higher chance of approval from the licensed lender online. Also, a representative will do an initial interview to check if you entered the correct details. Plus, the representative gives further instructions.
6. Visit the moneylender’s office as instructed by the representative. It is vital, and it won’t take much of your time. Usually, it takes only 30 minutes to one hour. In addition, bring your requirements like IDs and legal documents. Loan advisors will further interview you to verify your documents and discuss the terms.
7. Finally, claim your cash after your loan gets approved and use your cash loan as needed. Don’t forget to repay as discussed. 

It’s as easy as that. You can have your instant loan within a day.

Loan Shark Warning Signs

Applying for a loan is very fast and easy. It is more convenient when you deal with licensed moneylenders in Paya Lebar. However, many loan sharks are lurking. They look for their next victim. Stay away from them by checking the following features. 

Not included in licensed moneylenders’ list.

In Singapore, you can check the license of a lender. There is a provided list that you can go through. If your moneylender is not part of the list, they are considered loan sharks. Therefore, stay away from them. 

Gives pressure

Applying for an instant loan should be accomplished at ease. There must be no physical or emotional pressure on the borrower. If you feel like your lender gives you the threat to continue your loan, leave them immediately. Most loan sharks convince their borrowers like this. 

Require you to hand in the SingPass details

Loan sharks require that you hand in your SingPass details. However, this is strictly prohibited by the government. Therefore, you must keep your SingPass to yourself at all times.

Gets your original documents

The original copy of your documents must be in your possession at all times. Your lender may ask you to bring the original copy and the photocopy to verify if it’s true. Loan sharks are lenders getting the original copy of your paper works. But do not follow them. Instead, let them know you are knowledgeable about how the loan process works. 

Vague contract

Your contract must be as clear as black and white. It should contain all the details about your loan. It includes the terms you and the lender have agreed. On the other hand, loan sharks give out a contract with incomplete information. So do not sign them without clarifying everything with the lender. Also, loan sharks may ask you to sign blank papers. Never do that. It is strictly prohibited. 

No contract copy

Loan sharks keep the original copy and do not give the borrower their own copy. Always ask to have your copy. Furthermore, check if it’s tampered with or the same. Keep in mind that you need to have a copy of your own contract duly notarised. 

One paperwork process

Although a loan process is as easy as one, two, three, your requirements are not. Some lenders will convince you to apply for a loan with one document. But, this is not acceptable. You must submit a list of documents. Also, your requirements are easy to accomplish. These are your NRIC ID, personal ID, passport and ATM. 

On the spot processing fee payment

Every lender will ask for a processing fee. You can settle it on an instalment basis or deduction on the loan amount. However, loan sharks will insist you to pay first with cash. Think about it. How can you pay the processing fee if you apply for a loan as quick cash?  

Taking out a loan is at its peak demand, especially with its quick process. You can have a loan anytime, anywhere. Be secured by only dealing with licensed moneylenders in Paya Lebar. Also, take note of ways to avoid loan sharks. Use your loan amount as needed and pay on time.