Licensed Moneylenders Simei

Simei

Simei is a subzone in the eastern part of Singapore. It is within the town of Tampines with a wide range of amenities. For example, it includes Changi General Hospital, retail outlets, and Changi Simei community centre.

Also, it has educational facilities within the town. Examples are ITE College East, the Changkat Changi Secondary School, the Singapore University of Technology and Design, and many more. 

However, its people seek financial assistance to avail all the amenities. Thankfully, the best-licensed moneylenders in Simei are accessible to them.

How to Spot Loan Sharks in Simei

Loan sharks are the common name for unlicensed moneylenders. To have a secured loan process, you must avoid them at all times. But how can you differentiate loan sharks from licensed moneylenders in Simei? The following describes them.

Not in the licensed moneylender list

To have a safe loan application, check out first if your lender belongs on the list of licensed moneylenders. You read it right. You can easily detect loan sharks, especially if they don’t belong to the list. 

Gives a physical or emotional pressure

Lenders are like your peers, convincing you to try out new things. A loan shark discusses you their terms and conditions with threatening behaviour. In addition, they may even use physical pressure or emotional stress to make sure you’ll apply for a loan with them. If you feel unsafe, neglect their offer. Instead, look for licensed moneylenders in Simei.

Keeps original documents

All your original documents must be on your property at all times. But you may present it to your lender. So they can check if all the photocopied files are accurate. On the other hand, loan sharks request the original copies to be with them for repayment security. 

You must keep your NRIC ID, personal ID, passport and ATM in a secured place that you can access anytime. 

Vague details and incomplete contract

Loan sharks commonly ask you to sign papers without further explanation. Keep in mind that before you sign anything, every detail must be discussed and clarified first. Also, do not sign an incomplete contract. Whether you are applying for a payday loan or any personal loan, you have to be vigilant.

Loan sharks sometimes discuss their loan process and contract but with vague details. Listen to them carefully. If you weren’t able to comprehend, don’t hesitate to ask. But if they go around the bush, neglect their offer and search for a reputable lender instead. 

Do not give a contract copy.

You must have a copy of the contract. Having your own copy serves as your security if problems occur in the future. Licensed moneylenders in Simei practice this. But loan sharks do not. If ever they do, reread the contract. Be sure that it is similar to the original. 

One document process

Instant loan application today is fast and easy. However, it doesn’t mean that a single document can get you approved. There’s always a list of documents to comply with and submit. Loan sharks reason out that one document is needed because of its improved process. Keep in mind that it’s not acceptable. A single requirement cannot guarantee your credibility.

Processing fee paid upfront.

Remember that you are applying for a loan to support your urgent expenses. Therefore, you’re not expected to spend first before getting your loan. Loan sharks require their processing fee paid first before proceeding with your loan process. 

The processing fee is the upfront fee for your loan application. But, it doesn’t mean you have to settle it first. How can you pay your processing fee if you need quick cash right? That’s why licensed moneylenders in Simei suggest you pay it in instalments. Or you may deduct it from the principal loan amount. Lastly, there is a maximum limit for the processing fee, 10%. 

Dealing with loan sharks is the worst way to solve your financial trouble. It can cause your debts to build up more. Avoid them at all costs by observing all their features described above. 

Repayment Schemes With The Licensed Moneylenders in Simei

Your loan application doesn’t end when your cash gets disbursed. You still have an obligation to complete, paying off your loan. You can settle your flexible loan through in-office payment or online payment.

An office payment means you have to stop by the lender’s office to settle your due. This way, you can ensure that your payment is correct. In addition, you won’t stay long for the payment. Therefore, you can do it anytime you’re free on that day.

Meanwhile, online payment is preferred by many. It is convenient since you settle your dues wherever you are as long as you have an internet connection. You can even link your account to ensure that payment is on time. 

Be vigilant from loan sharks as you search for the best licensed money lender for your loan application. In the event that your repayment schedule is on holiday, you have to settle it on the last regular day before the holiday. So post your payment schedule in your calendar to avoid missing your payment.  

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 moneylending 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 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!