Licensed Moneylenders Queenstown
Queenstown
Queenstown is a planning area and residential satellite town. It is in the southwest of the Central Region of Singapore.
Also, Queenstown was the first satellite town built in the country by the Singapore Improvement Trust and HDB. Most apartments consist of simple one, two, or three-room flats. Typically, it comes in low-rise, walk-up blocks.
The majority of Queenstown’s residents encounter a lack of funds. Thankfully, they can handle it with the help of licensed moneylenders in Queenstown.
Borrowing Process in Queenstown
Whenever the people of Queenstown encounter a financial crisis, they always contact their most trusted lender for solutions. Licensed money lenders in Queenstown give out the best online instant loans convenient for you without so much work. Here are the steps on how you can borrow money in Queenstown.
- Choose a locally licensed money lender near your area that offers the type of loan you need. Also, be sure that you’re dealing with licensed money lenders only.
- Fill up the instant online loan application form on the lender’s official website. Then, enter all the correct information accurately.
- A representative will contact you for a request assessment. You can elaborate on your loan purpose with them and clarify specific details. Also, the lender’s representative will discuss the next steps. Therefore, listen carefully.
- Visit the licensed moneylender’s office in your free time. Bring your requirements and expect an interview with the executive. Stopping by the office won’t take much of your time. Usually, it takes at least 30 minutes to one hour.
- Understand the terms and conditions and fees included in the contract before signing it. In addition, ask away your questions regarding the agreement with the executive. Often, they are willing to explain every detail.
- Claim your loan cash by the lender’s cashier. Count your money before leaving. Don’t forget to pay off your instant loan on time.
When you borrow money, you are always expected to pay it off. Therefore, be diligent in your financial responsibility since this is also a part of the loan process.
The Loanable Amount of Licensed Moneylenders in Queenstown
Are you thinking of getting a flexible loan from a reputable lender? Do you know how much you’re supposed to receive?
The Ministry of Law limits your loanable amount based on your annual income. It applies to those who take out an unsecured personal loan. But if you plan to get a secured personal loan, you can obtain a loan of any amount.
Read on to understand more about how much you can loan.
Singapore citizens and permanent residents
- For borrowers with an annual income of less than $10,000, the loanable amount is $3,000.
- Also, for borrowers with an annual income of at least $10,000 and less than $20,000, the loanable amount is $3,000.
- Furthermore, for borrowers with an annual income of at least $20,000, the loanable amount is six times the monthly income.
Foreigners residing in Singapore
- For borrowers with an annual income of less than $10,000, the loanable amount is $1,500.
- Also, for borrowers with an annual income of at least $10,000 and less than $20,000, the loanable amount is $3,000.
- Furthermore, for borrowers with an annual income of at least $20,000, the loanable amount is six times the monthly income.
The MinLaw is generous enough to include foreign friends residing in Singapore to take out a loan. Licensed moneylenders in Queenstown acknowledge this. That’s why they can help foreigners encountering financial struggles while adjusting to the country’s culture. Also, repayment on time is emphasised to foreign borrowers that they willingly oblige.
In addition, if you have a pending loan payment to another licensed moneylender, your loan limit will be based on your annual income and remaining loan balance. To get a higher amount, settle your payday loan in advance. Always remember that it has a positive impact on your credit score.
Interest Rate of Licensed Moneylenders in Queenstown
Whenever you borrow cash from the licensed money lenders in Queenstown, there are charges included, and these are the following.
Interest rates
As of October 2015, the Registry of Moneylenders announced that the maximum interest rate a licensed lender can charge is 4% per month. The cap is there regardless of how much the borrower’s income is. Also, it is irrespective of whether the loan is secured or unsecured.
The computation basis of the interest rate is on the remaining principal loan amount after deducting the total payments made by the borrower from the original principal.
To illustrate, if Ben takes a loan of $10,000. Also, Ben repaid $4,000. Therefore, only the remaining $6,000 can be considered for the computation of interest.
Late repayment interest rate
If the borrower fails to repay the loan on time, the maximum late interest rate a lender can charge is 4% per month. But it is for each month of the late loan repayment.
Keep in mind that this is only applicable for the late repayment of the due amount. Legal money lenders cannot charge outstanding amounts that are not yet due.
To illustrate, if Ben takes a loan of $10,000. However, he fails to pay for the first instalment of $2,000. Therefore, the money lender may charge the late interest on $2,000. However, it does not affect the remaining $8,000 since it is not due yet.
Now that you’re aware of the calculation of your interest rates, you can foresee how much you have to pay if you miss out on a payment. However, you should always pay on time to avoid recurring fees.
With the development of the lending industry, borrowing money is now more convenient and accessible. You can have instant cash within a day or two and pay it off easily. Don’t worry. You won’t pay more than you earn because licensed moneylenders in Queenstown properly compute the loan amount right for you. Just settle it as scheduled to avoid piling up fees.