Will my loans be approved if I have a bad credit history?
Bad credit history can cause you to miss out on potential opportunities. For instance, when applying for a loan or other type of financial assistance from a bank it may be rejected due to your low and/or poor scores.
Fortunately, Khalon & Gill Moneylenders Pte Ltd is here as an expert legal money lending agency in Singapore that will assess your situation responsibly while considering the improvement of your current status.
That said, if you have a low or bad credit score, don't worry! Your options are still open. You can take out monthly installment loans to manage your finances and pay off debt quicker rather than taking on any more interest charges with high interest rates. Just be sure to ask our specialists about the best loan for your needs before proceeding so we can chat through all of your different possibilities together!
How do I know if the moneylender is licensed or unlicensed?
Identifying a legal money lender can easily be done by checking the list of licensed moneylenders in the Registry of Moneylenders, under the Ministry of Law in Singapore here.
Note that legal moneylenders will always perform due diligence and walk you through the process every step of the way to ensure the customers are fully aware and informed. It will not use threatening behavior and they will not also ask for your SingPass password or any delicate or sensitive information unless necessary.
How quickly will my application be approved before I receive the money?
While most banks require at least a day for loan applications to be approved, legal lenders, We assure that you can get your cash shortly after an hour!
When should I use a personal loan?
A personal loan is a type of installment loan, which allows you to borrow a fixed amount of money and pay it back with interest in monthly payments. Its amounts vary from lender to lender but what you qualify for is based on your credit health. It's ideal for medical emergencies, home renovation projects, vacation plans, and other big-ticket expenses.
How do I know if the advertisement from a lender is licensed or unlicensed?
Under the advertising rules, licensed moneylenders in Singapore are allowed to advertise only through these three channels:
Business or consumer directories (in print or online media)
Websites belonging to the lenders
Advertisements placed within or on the exterior of the moneylender's business premises.
All other channels are prohibited. Should you receive flyers, SMSs, emails, or other forms of advertisements, these would be from either licensed moneylenders operating in violation of the rules, or unlicensed lenders.
I have taken a loan with another bank/lender. Can I still get a loan with you?
You can apply for more than one loan, making your application subject to evaluation to guarantee that you do not over-borrow and suffer from financial burden.
What are the fees that a moneylender can charge?
All licensed money lenders can charge a monthly interest rate up to 4% per month. This cap applies regardless of the borrower's income and the type of the loan (either secured or unsecured).
In addition, legal lenders are only allowed to impose the following charges and fees:
a fee not exceeding $60 for each month of late repayment;
a fee not exceeding 10% of the principal of the loan when a loan is granted; and
legal costs ordered by the court for a successful claim by the moneylender for the recovery of the loan.
The total charges imposed by a moneylender on any loan, consisting of interest, late interest, upfront administrative, and late fee also cannot exceed an amount equivalent to the principal of the loan.