Another significant benefit is transparency in processes. All terms and conditions are clearly outlined in the loan agreements, preventing hidden fees or charges. This transparency allows borrowers to understand their obligations fully before committing to a loan. Additionally, licensed money lenders offer a range of loan products to suit different needs. Be it a personal loan, business loan, or a short-term payday loan, these lenders provide multiple options to satisfy your financial needs.
Prior to urbanization, the area, much like other rural districts in Singapore at the time, was largely undeveloped, being mainly used for agricultural purposes, with uninhabited plots of land usually covered in dense secondary forest or swamps.[10] Ang Mo Kio was subsequently redeveloped by the Housing and Development Board (HDB) in 1973 as their seventh satellite town and the first to be built in metric dimensions,[2][10] being fully completed by 1980. The first three town councils in the country were established in Ang Mo Kio in 1986, as part of a pilot project to better serve residents of HDB new towns. The concept eventually became adopted under the Town Council Act of 1988 which today, remains as the second-level of administration in Singapore.[11][12]
Ang Mo Kio today, much like its neighbouring towns, is largely urbanized. However, parks are still prevalent in the town as part of the country's green initiative. Parks include Ang Mo Kio Town Garden East and Ang Mo Kio Town Garden West. Although not technically located within Ang Mo Kio itself, the Bishan-Ang Mo Kio Park in the adjacent town of Bishan was designed to serve residents of both towns. The park itself straddles along the Ang Mo Kio–Bishan boundary, making it easily accessible from Ang Mo Kio.
Applying for a loan with a licensed money lender in Ang Mo Kio is straightforward. The first step is an initial consultation, during which the lender assesses your financial needs. This meeting helps the lender comprehend the purpose of the loan and your ability to repay. Next, you'll need to provide necessary documents like identification, proof of income, and other relevant paperwork. These documents are essential for the lender to assess your application.
Ang Mo Kio, a vibrant residential town in Singapore, offers a variety of financial services to its residents. A key service among these is licensed money lenders, in offering fast and accessible loans to individuals and businesses. This article delves into the intricacies of licensed money lenders in Ang Mo Kio, highlighting their benefits, application processes, regulatory frameworks, and more.
Licensed money lenders cannot charge any upfront fees. Any fees should only be deducted from the loan amount disbursed.
Borrowers have the right to fair treatment, transparent terms, and to lodge complaints with the Registry of Moneylenders if they feel mistreated.
Repayments can be made through various methods such as bank transfers, GIRO, or in-person at the lender�s office. Always get a receipt for your payments.
You can verify a money lender�s license by checking the Ministry of Law�s Registry of Moneylenders� list.