Toa Payoh is one of the oldest regions in Singapore still known by its original name. The earliest mention of the name is in an agricultural report dating back to 1849.
The region, located in central Singapore has developed significantly since the 1980s and is recognized as a ‘mature estate’. The local population exceeds 120,000 people, spread over about 36,500 households across approximately 8 km2.
Official statistics predict that there will ultimately be 61,000 dwelling units in Toa Payoh. That means the region is only at 60% of its maximum capacity. This leaves ample room for more businesses and offices in the area.
If you are moving to the area soon, you may need the services of a licensed money lender in Toa Payoh. That is easier said than done. With so many lenders out there, including illegal ones, how do you find a Toa Payoh licensed money lender you can trust?
Here is a quick introduction to finding the best lender for your needs today. However, we have covered all the essentials so you will also know what to look for if your financial situation changes in the future.
Finding a moneylender – the five essential criteria
To find a reliable moneylender Toa Payoh, you will have to take a systematic approach. Here are the five steps in the right order.
Check the government database for legal money lenders
The Singapore government has clamped down strongly against loan sharks. They were a considerable nuisance in matured estates in the past but are slowly being weeded out. You can find the latest list of legal moneylenders here.
As of Sept 1, 2021, there are 11 licensed moneylenders in the Toa Payoh region.
Check the licensed moneylender’s reviews
Once you have a shortlist of every licensed money lender in Toa Payoh, you can begin the process of verifying their quality. Social proof in the form of online reviews makes this easy. Simply type the lender’s name in a search engine and it will bring up both its office location and all uploaded reviews.
Look for a lender that is highly rated, gets consistently good reviews, and responds to negative criticism politely and constructively. Watch out also for fake reviews. One easy way to tell is when they are only a few words long but still rated 5 stars.
You can also speak to family, friends, and colleagues who live in the area for their recommendations.
Check their experience
It is always a good idea to check how long a Toa Payoh licensed money lender has been operating to gauge its reliability. Established lenders will usually be more professional, have the ability to give borrowers a more diverse range of loans, and possibly even offer lower interest rates and fees.
You can usually find this information on their website. Alternatively, you can call them and speak directly to their loan specialists for a better feel of the company, too.
Check loan specifics
Once you have gone through the previous three steps, you will have a reasonably good idea of which moneylender Toa Payoh residents prefer. The next step is to go into specifics. One way is to apply online. Every good Toa Payoh licensed money lender will have a website, and they will usually have an online quick application form there.
Feel free to make inquiries at as many lenders as you like. It will help give you a better idea of the range of rates available for your credit score. You will likely have to go into their offices to get the complete details and read the fine print.
Visit the lender
Make full use of your time at the licensed money lender in Toa Payoh to clarify all the terms and conditions of the loan that you want. Before you sign a loan contract, make sure to read all the fine print and ask about anything that seems unclear.
However, a visit to the lender’s office also lets you see if they have a professional demeanor and setting. A good lender will maintain a clean and neat air-conditioned office. Staff will be dressed professionally, well-spoken, and polite.
You now know the five steps to find a good money lender in Toa Payoh, your new home!