With the never-ending list of licensed moneylenders to choose from, sometimes it can be confusing and complex to find the right one for you. Even with some research, the different interest rates and plans that each moneylender has to offer can make the decision even harder. However, we’ve made it easier for you to narrow down your search to these five Chinatown moneylenders.
No matter where you live, these licensed moneylenders in Chinatown have some of the best deals and rates in the city. These moneylenders are competitive in their prices where they aim to provide the best service and plans for their clients, are completely legitimate and offer some of the lowest and most affordable interest rates. Before choosing the ideal moneylender for you, it is important to know all about these moneylenders in Chinatown and why they are some of the best in the market.
Here are the 5 best Chinatown moneylenders in Singapore:
1. Soon Seng Credit
- 1 Park Road, People’s Park Complex #01-21 (059108)
- 6226 8860
2. Majestic Credit
- 101 Upper Cross Street, People’s Park Centre, #01-26B/G (058357)
- 6777 2772
3. Credit Master
- 531 Upper Cross Street, #01-04 Hong Lim Complex (050531)
- 6748 1338
4. Horison Credit
- 1 Park Road, #01-15 People’s Park Complex (059108)
- 6844 2902
5. 1 2 Lend
- 1 Park Road, #01-50 People’s Park Complex (059108)
- 6493 0160
Know The Basics
For better peace of mind, it is important to know these moneylenders are legal and regulated by the Ministry of Law’s Registry of Moneylenders. You do not have to worry about illegal loan sharks or any form of harassment. These enterprises are considered one of the best moneylenders in Chinatown because their easily accessible and quick transactions are more appealing than getting a loan from a local bank. If you are looking for urgent funds, these licensed moneylenders are able to provide you with a loan within an hour. A popular belief is that moneylenders only offer unsecured loans but this is untrue. Depending on your needs and capabilities, these moneylenders can offer you both secured and unsecured loans.
What Types of Loans Can You Get?
These five best licensed moneylenders in Chinatown can offer you a variety of loans for all your differing needs and situations. A lot of the time, moneylenders are only known for personal loans. However, they have a list of other loans such as business, study, medical, wedding, renovation and even Grab loans. Some of these Chinatown moneylenders also provide loans up to six times your monthly salary. Depending on your loan and the moneylender of choice, your interest rate can range but under Singapore law, the maximum interest that a licensed moneylender can charge is 4% per month.
Are You Eligible For a Loan From These Moneylenders?
While getting a loan from these Chinatown moneylenders is much easier than a bank, there are still a few criteria to meet before collecting your loan. Like all authorised loan transactions, details such as your monthly income and citizenship will be needed. While your credit score will not be as heavily analysed, according to regulations, there is a cap on the amount you can loan out for unsecured loans.
Annual income less than $10,000
Singapore Citizens & Permanent Residents: $3000
Foreigners residing in Singapore: $500
Annual income at least $10,000 and less than $20,000
Singapore Citizens and Permanent Residents: $3000
Foreigners residing in Singapore: $3000
Annual income at least $20,000
Singapore Citizens and Permanent Residents: 6 times monthly income
Foreigners residing in Singapore: 6 times monthly income
If you opt for a secured loan, your credit score will be evaluated from repayment history to your total amount of debts.
Overall, these licensed moneylenders in Chinatown offer benefits and rates that bank loans do not. A big plus point is that moneylenders do not encourage excessive spending unlike the restrictive minimum loan amounts offered by local banks. These licensed moneylenders also provide repayment schemes of up to 12 months and are negotiable when it comes to planning an arrangement that is within your financial means.