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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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:
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.
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