Licensed Moneylenders Punggol

Punggol

Punggol or Ponggol is one of the planning areas and new towns in the Tanjong Punggol peninsula in Singapore. Due to its location, urban development in the area accelerated. Thus, it contributed to a better transportation option. 

Tampines Expressway (TPE) links Punggol New Town with Singapore’s expressway. In addition, Kallang-Paya Lebar Expressway provides a direct route to the city area via TPE. Meanwhile, other public transportation includes the Punggol LRT Line, Punggol Bus Interchange and Punggol MRT Station. It connects its residents to malls, schools, offices and even moneylenders. 

Identifying the Best Licensed Moneylender in Punggol 

Borrowing money is intended to save your finances and keep up with investments. It is successful if with licensed moneylenders in Singapore. Save yourself from unlicensed moneylenders. Be familiar with unlicensed lenders:

• Say abusive language or behave in a threatening manner.

• Ask for SingPass

• Retain NRIC card and other personal documents like driver’s license, passport, work permit, employment pass or ATM

• Gives incomplete Note of Contract for the loan and asks you to sign it

• Grant instant loan without a proper discussion of the loan term and conditions

• Approve the loan without giving you a copy of the Note of Contract

• Gives out a loan without exercising due diligence. For example, loan approval thru phone without receiving your loan application form and supporting documents.

• Withhold part of the principal loan amount without any reason

If your lender practice this, report them to the Registry of Moneylenders. Include the following information: the moneylender’s business name, license and contact numbers. Therefore, you save potential borrowers from becoming a victim by doing this. 

Advertisements from Licensed Moneylenders in Punggol

Licensed moneylenders in Punggol know how to advertise and market potential borrowers. They based it on the advertising rules. In November 2011, it reiterated that licensed moneylenders could only promote through these channels:

• Websites that belong to the moneylender

• Advertisements within or on the exterior of the lender’s business premises 

Other channels not included above are strictly prohibited. If you encounter a certain lender in the wrong channel, don’t involve yourself with them. It’s either licensed moneylenders operating in violation of the rules or unlicensed moneylenders. It is risky if they cannot follow the rules. How can you be sure that they will follow your agreement? So report them accordingly to the Registry or the Police. They will conduct an investigation in your behalf. 

Only apply for a payday loan to compliant licensed moneylenders in Punggol. Also, their advertisements will catch your attention. Plus, they will help you deal with your financial struggle. In addition, always seek clarifications with them before signing any contract. 

Three Steps to Report Unfair Practices of Moneylenders in Punggol

Let’s face it. Not all licensed moneylenders follow the law. However, if ever you encounter such behaviour, report them with these three easy steps. 

1. Contact the Registry. Do it thru their telephone number 1800-2255-529. Give all the vital information about the lender to the Registry. So they can properly check your complaint.
2. Attend an interview with the officers. Also, provide all the relevant information and documents. Plus, be honest at all costs. You wouldn’t want your complaint to backfire on you. A thorough investigation happens to check if your statements are factual.
3. If the moneylender is guilty to engage in an unfair practice, pursue your concern. Do it through the Small Claims Tribunal or the Court under the Consumer Protection Act.

Not all moneylenders are doing malpractice. Still, there are licensed moneylenders in Punggol who are trustworthy and reputable enough. It is just a precaution. Also, these are possible actions to protect yourself and other borrowers from being their victims. Choose a reputable moneylender and have a safe and secured loan application. 

Must Do’s after a Loan is Granted in Punggol

Got your loan application approved? There’s still a list of things you must accomplish. 

1. Check if the moneylender delivers you the correct principal amount of the instant loan. Also, be aware that moneylenders have an upfront deduction of a loan approval fee. It costs up to 10% of the principal amount.  
2. Repay the loan instalments on time. It helps you avoid incurring penalty fees. In addition, late repayment fees and late interest rates will bury you in more responsibilities.
3. Ensure that there is a receipt issued every time you make a repayment. Also, always check if it has the correct name, amount and date. 
4. Have a copy of your statement of account for all your flexible loans. Do this every January and July. Also, don’t forget to check if it contains your name, amount and date correctly. 
5. Retain all your statement of accounts and receipts of payments. It serves as your documentation and evidence of payments. Also, it will be very helpful in the future. 

There is nothing wrong with keeping yourself away from unfitting lenders. However, be reminded that unlicensed moneylenders are easy to distinguish. So stay away from them at all costs. In addition, only make interaction with the legal and law-abiding moneylenders. Keep in mind the strict regulations regarding advertisements. In addition, inform the authorities about lenders who practice unjust doing. Being knowledgeable about loans and moneylenders is your best asset in taking out a loan. 

Why Cash Mart?

Cash Mart is a licensed moneylender like no other. It is fully compliant with the Moneylenders Act as mandated, authorised and regulated by Singapore’s Ministry of Law (MinLaw). Furthermore, it acknowledges and understands that every client has unique financial needs to resolve. And we believe that trust and integrity are the most valuable currency in this industry. In 48 years, Cash Mart earned an unmatched experience in the money lending industry.

Withstanding the constantly fluctuating market, it has discovered the secret to becoming the most sought-after licensed moneylender in Singapore. It is to put clients’ interests at the centre of every business decision, whether optimising the website or creating new loan products. Mediocre financial solutions are not enough. Cash Mart believes that while Singaporeans need loan products, they must also get them in the most convenient way.

That is why we have online loan applications! We want to be available to everyone who seeks financial assistance any time of the day, wherever part of the city-state you are. Our low interest personal loan products are planned to provide quality solutions for the everyday financial needs of modern life. Use our loans from bridging a financial gap to turning your dreams into reality.

Experience Cash Mart today!