Licensed Moneylenders In Jurong

Considering borrowing from a licensed moneylender in Jurong? There are about seven licensed moneylenders operating in Jurong, a prominent neighborhood in the west of Singapore. These establishments are overseen by the Ministry of Law's Registry of Moneylenders, which enforces strict regulations to protect borrowers.

When you borrow from a licensed moneylender in Jurong, you can expect the interest rates to fall within the legal limit of 4% per month. Additionally, any administrative fees are capped at 10% of the loan principal. To ensure you're dealing with a legitimate lender, always confirm their license on the Ministry of Law's official website before finalising any loan agreement.

The Ministry of Law defines loan limits as follows:

Applying for a loan with a licensed moneylender is straightforward. Simply follow these steps:

1. Gather required documents: Prepare your NRIC, proof of income and proof of residence (e.g., recent utility bills). Foreigners must also provide a valid employment pass and proof of current Singapore address.

2. Select a licensed moneylender: Confirm the moneylender's legitimacy by checking the Ministry of Law's Registry of Moneylenders before proceeding.

3. Submit your application: You can apply online or in person at the moneylender's office. They will verify your documents and explain the loan terms.

4. Review the loan agreement: Licensed moneylenders are required to go over the contract details with you. Ensure you fully understand the repayment schedule, interest rate\ and any associated fees.

5. Finalise the loan: Once you agree to the terms, sign the contract. The approved loan amount will then be disbursed to you.

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Always verify a moneylender's legitimacy by checking the Ministry of Law’s Registry of Moneylenders website; only those listed are authorised to operate. Licensed moneylenders are restricted to advertising via three specific channels:

1. Business or consumer directories (both print and online)

2. Their own official websites

3. Advertisements displayed within or on the exterior of their business premises

Be wary of lenders who use SMS, cold calls or social media messages for advertising, as these are indications of unlicensed and illegal operations.

Borrowing from licensed moneylenders offers protection through Ministry of Law regulations on interest rates, fees, and repayment terms, safeguarding borrowers from harassment and unfair practices. Nonetheless, responsible borrowing within one's financial capacity remains crucial.

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