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Ang Mo Kio Central Money Lenders’ Role In Local Finance

Ang Mo Kio Central Money Lenders’ Role In Local Finance

Ang Mo Kio is one of Singapore’s oldest neighbourhoods, to the extent that even the origin of its name has become shrouded in the veil of time. Be that as it may, this charming neighbourhood in central Singapore has a lot to offer.

Read on to find out more about money lenders in the Ang Mo Kio area as well as some of the best things to do in Ang Mo Kio.

Ang Mo Kio Area Money Lenders: Their Role in Our Local Finance Scene

Who are they?

Licensed lenders in the Ang Mo Kio area are authorised money lending businesses that operate under the purview of the Ministry of Law’s Registry of Moneylenders. They are legal operating businesses registered with the Ministry of Law and would have a physical shop.

What do these money lenders do?

As their name suggests, they are money lenders — they provide quick, accessible legal loans to most applicants. They offer private loans to borrowers, providing an alternative to banks in Singapore.

Who do these money lenders cater to?

They cater to residents as well as people working in the Ang Mo Kio area who are in need of a super fast yet legal loan.

Usually, even those with a poor credit history can obtain a loan from a licensed lender so long as they meet criteria such as being gainfully employed or are able to show evidence that they have a consistent source of income every month.

How are these money lenders in the Ang Mo Kio area important in the local finance scene?

These licensed lenders are important in the local finance scene because they plug a gap in Singapore’s loans industry.

They offer legal loan alternatives to folks who are not able to obtain loans through big banking institutions such as DBS, UOB, OCBC, Bank of China, Maybank, and are trying hard to steer clear of illegal money lenders.

In case you didn’t already know, borrowing from illegal lenders is an offence. Illegal money lenders are, of course, illegal by nature.

Recent Illegal Money Lenders Incidents in Ang Mo Kio

In the first half of 2021, there have been several incidents of loanshark harassment that were serious enough to make the news.

They occurred in the form of unsolicited food deliveries, which is a common tactic used by illegal money lenders in Ang Mo Kio to intimidate and unsettle their debtors. Unfortunately, because of the ineptitude of these unscrupulous lenders, these stunts often end up targeting the wrong homes.

Meanwhile, the number of loan scams reported more than doubled between 2018 and 2019 to 1,772. Victims lost in excess of $6.8 million with the largest single case accounting for $195,000. Some of these were the result of borrowing from non-licensed moneylenders in Ang Mo Kio.

Galaxy Credit, A Licensed Lender in the Ang Mo Kio Area You Can Trust

There are many good reasons to borrow from money lenders, and Galaxy Credit is a licensed, well-respected, and highly-reviewed money lender you can count on. We provide a vital alternative to traditional loans for local residents and give them another layer of financial convenience.

If you are in Ang Mo Kio and wondering, “Is there a licensed money lender near me?” get in touch with us. As one of the best licensed money lenders, we offer fast, understanding service, competitive rates, extended repayment terms, and the advantage of dealing with an established money lender in the Ang Mo Kio area.

Don’t Need A Loan? Here Are the Best Things to do in Ang Mo Kio

There aren’t many Ang Mo Kio attractions per se, but there are definitely things you can do in this charming neighbourhood.

#1 Soak in the greenery or engage in fitness and recreational activities

Options are aplenty when you’re looking for fitness and recreational-related things to do at Ang Mo Kio. Our top pick is the sprawling 62-hectare Bishan-Ang Mo Kio Park, one of the biggest urban parks nestled in central Singapore. This particular green haven boasts features that are highly inclusive and great for the young and old alike.

For other options, consider visiting Ang Mo Kio Town Garden East and Ang Mo Kio Town Garden West in your free time.

#2 Relax at Aramsa – The Garden Spa

Nestled within Bishan-Ang Mo Kio Park is Aramsa – The Garden Spa, an award-winning, highly reviewed resort-esque spa that promises you a fabulously relaxing experience. Reviews from customers rave about their sublime experience, thanks to the friendly and attentive staff.

Apart from massages and facials, Aramsa – The Garden Spa also offers eyelash extensions and eyebrow embroidery services, as well as yoga sessions.

#3 Enjoy a quiet time at Ang Mo Kio Public Lbrary

If you’re the sort who recharges by burying your nose in a book, Ang Mo Kio Public Library is for you. Set amidst lush greenery, this well-loved library offers a peaceful ambience that lets you relax with a good book in hand.

Opened way back in 1985, the library has undergone massive changes to become what it is today — home to two active reading clubs, a café with full meal options, an abundance of books and reading materials for different learning and reading needs, multimedia stations, activity area, eNewspaper stations, etc. In case you’re wondering, the library is wheelchair-accessible.

#4 Go on a food hunt

What’s an established neighbourhood without food that is cheap and good? Thankfully, there are plenty of inexpensive and delicious food options peppered across the entire Ang Mo Kio area.

Don’t know where to start? Refer to this compilation of cheap and good eats done by The Straits Times’ senior food correspondent for a leg-up. From chicken rice and yong tau foo to kway chap and banh mi, you’re bound to find something that tickles your taste buds!

About the Author
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With over 5,756 5-star Google reviews and counting since our inception in 2010, Galaxy Credit is more than well-equipped to share our insights on all aspects of loans, both through the content we publish and in conversations with borrowers.

Disclaimer

While we strive to provide the most accurate information on this website, it may not reflect the most current developments. The information on this website may be changed without notice and is not guaranteed to be complete, correct, or up-to-date. All information provided is for informational purposes only and should not be relied upon as professional advice. We shall not be liable for any loss or damage resulting from the use of this website.

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