Frequently Asked Questions
We've put together some commonly asked questions to give you more information about Loan.
If you have a question that you can't find the answer, Please call us at +65 9015 6027 or drop us an email at info@goldstarcredit99.com
In order to apply for a loan, the following criteria have to be fulfilled:
- Citizen or Permanent Resident or possess a valid passport and employment pass (for foreigners)
- Above 21 years of age and should not be undischarged bankrupt or facing any bankruptcy pr...
- Before approaching a moneylender, it is advisable to consider other alternatives, such as financial assistance schemes of the government. You may contact the government institutions to inquire about the scheme.
- It is advisable to take the loan details from mul...
As per the new guidelines prescribed by the Ministry of Law, from 1 October 2015, the maximum of 4% interest that can be charged on all types of secured and unsecured loans per month. In case if the borrower defaults on payment, the moneylender cannot charge interest more than 4% per month for each...
Yes, there is an option for you to add a co-applicant (co-borrower) while applying for a personal loan. The only condition is that the co-applicant should be a family member like spouse or parents. The benefit of adding a co-borrower is, loan application will be processed in a higher income bracket,...
The Ministry of Law records and maintains the list of every licensed private moneylender in Singapore. The ministry updates the list regularly, adding new members immediately in order to avoid confusion and if the list does not feature the name of the moneylenders, it is advisable to avoid taking a...
As per the advertising rules formulated by the Ministry of Law, from 01 November 2011, licensed moneylenders can advertise using these mediums:
- Business or consumer directories (in print or online media)
- Websites of the moneylenders
- Advertisements...
You should ensure:
- Understanding complete responsibilities as a surety.
- Receiving a copy of Note of Contract in a language that you can easily understand.
- Submitting only the required documents such that moneylender does not keep your NRIC card or...
You should consider checking:
- Correctness with regard to the amount of money disbursed by the moneylender after deducting the approved administrative fees (10% of the loan amount).
- Plan to pay back the loan as per the agreed terms and conditions.
- ...
- You can contact the Registry at 1800-2255-529 or raise the issue via email OneMinLaw@mlaw.gov.sg and further investigation process will be investigated by the Registry. You may be enquired by the officers for collecting relevant information and documents pertaining to you...
Personal loans are granted for 1 year to 5 years and the tenure can be reduced depending on the feasibility and specific clauses of the moneylender....
SMEs take loans for various reasons; financial difficulties and inadequate cash flows, disruptions in the supply chain due to accidents and natural disasters, and periods of a slowdown in the economy affecting the revenue generating potential of the firms. However, it is also true that even large an...
Although personal loan and payday loans serve the purpose of fulfilling your cash requirements during emergencies, there are a few differences between them. A payday loan or salary advance has to be repaid when you receive the paycheck of next month and usually, the loan amounts are smaller.
The di...
Since you are the responsible person of the company and hold a high position (Director/Owner) the financial institution will check your personal credit score while processing your application. The only record of creditworthiness the moneylenders will have access to will be your personal credit score...