Recommended Toa Payoh Money Lenders

Here at SG Top Choice, we have filtered through the clutter to recommend you only the best. Here are the top 3 recommended Toa Payoh Money Lenders. 

Recommending you only the best licensed, and friendly Toa Payoh money lenders who have gained a commendable reputation over the years

Toa Payoh Money Lender
Top 3 Licensed Money Lenders in Toa Payoh
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    IP Credit Pte Ltd

    License Number: 82/2021

    Top Toa Payoh Money Lender for:
    Various Loan Types and Immediate Approval Process. No middleman. No sales Tactics.

    Contact Address
    Submit Enquiry Here #01-332 185 Toa Payoh Central, Singapore 310185

    IP Credit Pte Ltd is located at Block 185 Toa Payoh Central. And is one of our top 3 choices for Best Toa Payoh Money Lenders. Holding themselves to high ethical standards, they pride themselves on honest business with many years of business via word of mouth. Patient, honest and genuine, they ensure that you are absolutely comfortable with all agreements between you and them before they are willing to extend any loans to you. No more pushy sales people or hard sell tactic. If you are looking for a trustworthy business you can work with. This is it!

    Friendly is probably how we would describe them in one word. They shed the image of how the typical money lender is represented as. And of course when it comes to handing out loans, they are quick, responsive, and one of the lowest rates in Singapore. Which is why they are one of our top 3 recommended (and of course licensed) money lenders in Toa Payoh. 

    Customer Reviews:

    SKM Credit Pte Ltd

    License Number: 21/2021

    Top Toa Payoh Money Lender for:
    Customisable plans. Dedicated Consultants.
    Urgent cash in 25mins

    Contact Address
    Submit Enquiry Here Blk 185 Toa Payoh Central #01-334 Singapore 310185

    SKM Credit is well known in the market. They have made a name for themselves as being a trusty worthy and professional business. With such a reputation to uphold, you can be rest assured you are in good hands. Need urgent cash? Don’t need to go through long sales processes. They hand out cash in 25mins or under! This is great for people who are in urgent need of cash, or simply for busy individuals who do not wish to spend too much time. 

    As we only mention licensed money lenders, you can be rest assured that you are engaging a licensed and reputable company. With many years of good reputation to their name, they are one of our top recommended best Toa Payoh money lenders. They also offer fixed-rate guaranteed plans. Which means it is easier for you to plan out your finances. Speak with them today! 

    Customer Reviews:

    Goldstar Credit Pte Ltd

    License Number: 133/2020

    Best Toa Payoh Money Lenders for:
    Tailored Plans

    Contact Address
    Submit Enquiry Here Blk 190 Lorong 6 Toa Payoh (Toa Payoh central), #01-576 Singapore 310190

    At Goldstar, the company prides itself on having high approval rates. Confidentiality is high on their focus too. And they promises that all personal information given to them are safely secured. Be it a hefty sum of money you require for renovation, vehicle loans, or other unforeseen circumstances, they recognise the urgency that people have in requiring quick cash needs. 

     

    Customer Reviews:
    Understanding the Cap to borrow money from a licensed money lender

    If you have borrowed money from a licensed moneylender, then you need to understand a few rules. Because every licensed money lender needs to follow the rules of Minlaw to continue their practice. These laws are made to safeguard the rights of the borrowers while preserving the benefit of the lender.

    There have been various money-borrowing systems in the world that don’t have a regulatory protocol. But such scenarios lead to a lot of irregularities in finances along with giving seeds to unfair practices. To overcome and prevent such issues, various measures have been taken by the Singapore government.

    All the money lenders get a guideline to work under Minlaw. As a borrower, you should be aware of all such regulations started for a licensed money lender. This information can help understand your loan statements and terms better. So here in this blog, we are going to discuss the cap to borrow money from a licensed money lender. The regulations include minimum interest rate, late fees fine, etc. The given regulations were issues on 1dt October 2015. The update hasn’t arrived yet in the regulations of Minlaw. Let’s begin!

    • To maintain the balance between borrower and lender money ratios, the government has decided that the maximum interest rate can be 4% per month. If the licensed money lender is charging more than it then it can be a punishable offense. This helps in preventing the exploitation of the borrower by the moneylender.
    • If the borrower fails to pay the interest rate on time, then the person will be issued a late fee. The late fees also have a fixed amount. The late interest also can’t be more than 4% per month.
    • Similarly, the late fees fine can also not exceed $60 per month. Above mentioned three regulations help in maintaining a balance between the flow of money between lender and borrower while safeguarding both party’s rights. The limit on lender and time restriction for the borrower helps in maintaining the money ratio and its exchange on fair terms.
    • It is stated in the regulations issued by Minlaw that the administrative fees must not exceed 10% of the principal loan given to the borrower. If the lender is charging more then the borrower has all rights reserved to deny it and complain against it. This also helps in protecting the fair exchange morale.
    • If the borrower fails to pay the borrowed money in a decided time frame then the lender can go to court. The court will issue a notice of legal cost to recover the loan amount from the borrower.
    • It is also an evident point to keep in mind that the licensed money lender can recovers or demand the amount which exceeds the sum of interest, administrative fees, late fees, late interest, and various other concerned amounts whose total is more than the main principal amount. It should be less than the principal amount in fair practice means.

     

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