Jurong East, Singapore – Jurong East residents are the big winners from recent amendments to Singapore’s money lending laws. No less than seven money lenders have already set up operations in the region and more are expected to follow in the coming months. Every licensed money lender in Jurong can be verified through the Ministry of Law website.
They are:
- Cash Direct Pte. Ltd.
- 2, Venture Drive, #01-21, Vision Exchange, Singapore 608526
- 6493 0088
- cashdirect.sg
- GS Credit Pte. Ltd.
- 1, Gateway Drive, #06-08, Westgate, Singapore 608531
- 6563 0321
- gscredit.com.sg; www.Jurongmoneylender.sg
- BST Credit Pte. Ltd.
- 131, Jurong Gateway Road, #01-251, Singapore 600131
- 6299 1782
- https://www.bstcredit.com.sg
- Lian Fong Capital Pte. Ltd.
- 96, Jalan Jurong Kechil, Singapore 598599
- 6468 3948
- OT Credit Pte. Ltd.
- 135, Jurong Gateway Road, #01-323, Singapore 600135
- 6292 0119
- otcredit.com.sg
- Quick Credit Pte Ltd
- 2, Jurong East Street 21, #04-01a, Imm Building, Singapore 609601
- 6899 6188
- quickcredit.com.sg
- SGP Credit Singapore Pte. Ltd.
- 133, Jurong Gateway Road, #01-299, Singapore 600133
- 6466 1157
- sgpcredit.com.sg
“Each Jurong licensed money lender is an essential part of the local financial ecosystem,” said Ulric Tan, the managing director of Cash Direct Pte. Ltd. The company moved into their office in Clementi in December 2020. “We provide an essential service for local residents who happen to fall between the cracks.”
His comments allude to the niche market of Singaporeans and foreigners who are ineligible for regular loans from banks and other major financial institutions.
“For some, this is the result of bad financial decisions early in life. Others find themselves in this unenviable position because of an irregular work history or because they fall in a low-income bracket. Both these factors are crucial for an individual’s credit rating and major lenders consequently reject their loan applications.”
Tan explained why he does not consider someone with a bad rating a particularly high-risk applicant.
“Cash Direct doesn’t view borrowers as risks. We see them as members of our local and extended community who need a hand when times are tough. I am proud to say that our legal money lending service has helped so many local residents start profitable businesses. Our goal is to be the best legal money lender in Jurong, if not all of Singapore.”
That sentiment aligns with relevant laws and regulatory guidelines crafted by the government. Monthly interest rates are capped at 4% on the outstanding balance instead of the principal. If a borrower follows the scheduled repayment plan, the diminishing outstanding amount makes it progressively easier to repay the loan.
Loan eligibility requirements for legal money lenders are also set by the government.
For Singapore Citizens and Permanent Residents (PRs):
- Eligible for up to $3,000 for those with an annual income of less than $20,000
- Eligible for 6 times the monthly income for those with an annual income of more than $20,000
For foreigners residing legally in Singapore:
- Eligible for up to $500 for those with an annual income of less than $10,000
- Eligible for up to $3,000 for those with an annual income between $10,000 and $20,000
- Eligible for 6 times the monthly income for those with an annual income of more than $20,000
This structured approach balances the needs of potential borrowers with their viability to repay the loaned amount. Legal money lenders may add additional clauses to these base guidelines if a potential borrower has a particularly bad credit rating or financial history.
Tan added, “I approach our role with a simple principle: how do I get as many of our clients the loan that they need? We are happy to follow the government’s rules for both our clients’ protection and our own. Beyond that, it is all about working to create a feasible loan and payment plan for every person who walks through our doors.”
The services of legal money lenders in Jurong such as Cash Direct have been especially important in sustaining Singapore’s economy over the past 18 months. Their efforts have mitigated the effects of the economic decline triggered by the Covid-19 lockdowns.
As Singapore implements another series of nationwide restrictions at the end of May, it is evident that Jurong licensed money lenders will continue to perform that vital role.
