Licensed Moneylenders Tampines

Tampines

Tampines is a planning area and residential town in the geographical region of Tana Merah. It is situated alongside the south-eastern coast of the East region of Singapore. Also, Tampines is the third-largest town and third most populated town in Singapore that covers over 2,089 hectares of land.

Due to its large population, its people knew they needed ways to manage their finances. With the help of licensed moneylenders in Tampines, they know how to control their expenses by taking out loans. 

Do’s and don’ts when taking out a loan from licensed moneylenders in Tampines.

Before you take out a loan, you have to consider several factors. Remember, you’ll apply for a payday loan for financial management not to build up debts. To help you out, keep in mind the following key points.

Look for alternatives

Government agencies offer various financial assistance. You may check them first. If none of their offers fits your needs, look for reliable licensed moneylenders. For example, licensed moneylenders in Tampines have many loans ready to assist your finances. Just contact the legal lending institution to learn more about their schemes.

Legal to fulfil a loan

Singaporeans are sometimes hesitant to take out a loan because they think they are not allowed to, but this is a wrong concept. It is stated in the Moneylenders Act that anybody is legally obliged to fulfil any loan contract with a licensed moneylender. Therefore, it is crucial that you are only dealing with reputable lenders. 

Borrow what you only need

It is imperative that you know how much you only need. Bear in mind your monthly income and financial obligations should tally to avoid spiralling debts. Licensed moneylenders in Tampines will calculate the exact amount corresponding to your needs. 

Be a responsible payer.

Taking out an instant loan doesn’t end when your cash is disbursed. Keep in mind that your repayment is a bigger responsibility. Be compliant with your repayment plan to avoid missing out on any payment. Defaulting is never an option because it will cause a ding on your credit score. 

Understand the contract

Always read the contract with comprehension. Before you sign it, make sure that everything you have discussed and agreed with the lender is written. Look out for possible alteration, vague statements and hidden charges. Finally, don’t forget to abide by the contractual terms to avoid future problems. 

Shop around

It is best to shop around first and look for the best-licensed moneylenders near you. Today, there are many accessible lenders. However, it is vital that you fully understand their terms and conditions before committing yourself to a loan. 

It is always wise to know the do’s and don’ts before taking out an instant loan transaction. You will save yourself time and energy by following the key points above.

Allowed loan amount by the licensed moneylenders in Tampines

If you’re planning to take out secured online loans, you can have any loan amount, but not with unsecured loans. According to MinLaw, borrowers have a loan amount limit based on their annual income.

• The maximum loan amount for borrowers with less than $10,000 income is $3,000.

• Also, the maximum loan amount for borrowers with at least $10,000 and less than $20,000 income is $3,000.

• Lastly, the maximum loan amount for borrowers with at least $20,000 income is six times their monthly income.

Basically, you cannot loan more than you earn. It’s a great way to manage your finances. On top of that, licensed moneylenders in Tampines give out online loan transactions for foreigners residing in Singapore. MinLaw provided their loan amount limit.

• For a foreigner’s annual income less than $10,000, the loan limit is $1,500.

• Also, for a foreigner’s annual income of at least $10,000 and less than $20,000, the loan limit is $3,000.

• Lastly, for a foreigner’s annual income of at least $20,000, the loan limit is six times their monthly income.

Borrowing money in Tampines is handy for Singapore citizens, permanent residents, and foreigners. The wide range of their borrowers proves that anyone can take out a loan as needed and repay it on time. 

Interest rates charged by the licensed moneylenders in Tampines

Are you aware of the maximum rate a moneylender can charge you?

Yes, there is. In October 2015, the Moneylender Act stated that the maximum interest rate a lender can charge is 4%. It is applied regardless of the borrower’s income and whether it’s a secured or unsecured loan. 

If you fail to repay on time, your lender can charge your interest at a maximum rate of 4% per month when the loan is repaid late. 

Ensure that you know how to compute your loan amount and interest altogether and pay your dues on time.

Other fees charged by the licensed moneylenders in Tampines

Licensed moneylenders in Tampines abide by the law, especially with its charges. As of October 2015, all moneylenders are only permitted to impose the following charges and expenses:

• Late repayment fee not exceeding $60
• Once the loan is granted, a fee not exceeding 10% of the principal amount
• Legal costs for a successful claim by the moneylender for the recovery of the loan

If your licensed lender charges you with these, your loan application is on the right track. 

Borrowing money is easier and more accessible now. Make sure to remember all the key points when you plan to take out a loan. Learn how to compute your interest rates and the charges inclusive of your loan. Licensed moneylenders in Tampines discusses all the terms, conditions and responsibilities. Listen, understand and take out your loan.

Why Cash Mart?

Looking for the nearest moneylender who understands your personal financial needs? Your search is over! Wherever you are located, you can apply for Cash Mart’s personal loans at any time of the day. There is no need to worry about office hours, even if you have a hectic working schedule. You have to go online to start your loan application. And it gets better!

Cash Mart’s professional team puts their clients at the centre of everything they do. We bear the clients’ convenience in mind, from processing loan applications to creating better loan products. It results in a user-friendly website, the fastest turn-around time and flexible loan terms. In almost five decades of lending experience, we have built a long list of loyal clientele. It is the fruit of our excellent products served with integrity in every stage of our loan process.

Cash Mart is an established moneylending company known to push boundaries. It offers flexible loans to low-income earners, personal loans with competitive interest rates and financial guides to help you balance your finances. Because Cash Mart does not only aim to be your best moneylenders, its vision is to be every Singaporean’s financial partner. Experience how Cash Mart treats its clients first-hand.

Apply for a loan today!