Frequently ask question

Below are the generally made inquiries that we frequently get from our clients. However, in the event that you do discover the data you require here, please don’t hesitate to drop us an email or drop by to our office.

I am eligible for a loan?

The minimum age for a loan is 18 years old. Besides that, the monthly income must S$ 1,500 and above. You will need to provide with latest 2 months payslip or your most recent CPF statement during your action. For self employed, you will need to provide the latest 2 years of your IRAS statement and a copy of your ACRA business profile if applicable. Taxi drivers must bring together with taxi driver vocational driving license and a copy of taxi driver identification label.

What must I bring to apply for a loan?

If you are a Singapore citizen or a PR, you should bring the following documents:
1. NRIC
2. Latest two month salary slips
3. Latest two month bank statement that reflecting of your monthly salary.
4. In case, you do not have any real estate, you will need to bring the additional documents:
a. Your existing tenancy agreement
b. Latest phone / PUB Bill / Bank statement (from your letterbox)

The amount can be borrowed?

The maximum amount you can take is reliant on your monthly income and is subjected to our loan officer’s approval.

For secured loans, you can acquire a loan of any sum. For unsecured credits, you can get:
– In case your yearly income is below S$ 20,000 you can loan up to S$ 3,000.
– If your yearly salary is between S$ 20,000 and below S$ 30,000 you can loan up to two months’ income.
– In case your yearly pay is S$ 30,000 or more yet under S$ 120,000 you can loan up to four months’ income,
– Any loan amount, if your yearly pay is S$ 120,000 or above.

How long is the processing time?

Fill in the loan application form. The loan application upon approval is between 30 min to 60 min, as long as you submitted all required document and meet all criteria set by Ministry of Law. You can get the money within one hour.

If I am a foreigner can I get a loan?

Yes, you can get the loan even you are foreigner and you have a minimum income of S$ 2000. You will require to have the following documents:
1. S Pass / E Pass / Work permit
2. Passport
3. Employment letter
4. Staff card (if any)
5. Latest Phone / PUB Bill / Bank Statement (from your letterbox)
6. Tenancy contract
7. Bank statement showing of your monthly income

How much loan should I take?

You should always apply a loan at the scale that you are able repay. A typical guideline is to utilize your monthly income pay as the amount you can loan. Additionally it is important that you assess the financing cost before conferring into applying a loan.

All things considered, realize that all moneylenders can offer distinctive rates for a similar kind of loan. Therefore you should research among various moneylenders to get the lowest interest rate.

Why choose 1st LG Credit?

1st LG Credit Pte Ltd formerly named as Lekshmi Moneylender. 1st LG Credit is a best legal money lender in Singapore since year 1990. We are giving assist with best solution all the time. Our well trained loan advisor, always examine the market and update them with latest information. Therefore, they are able to provide best advice and services to you. In addition our professional loan advisor, are able to give best explanation on your understand language. Here are some of the best things 1st LG Credit can do for you.

Firstly, your loan approval upon application is almost instantly.
Secondly, our office operation hours are everyday including Sunday but except public holiday.
Thirdly, we are offering competitive interest rate.

In fact, the growth of money lending trend is benefit to the most of the borrowers. In case you facing emergency finance problem there are many resources available. Normally, legal money lender loan approval process is quick than bank. Across Singapore not much money lender recognizes by Ministry of Law but 1st LG is one of the top legal money lenders.

 

How do I know a moneylender is legal?

You can check with the Registry of Moneylenders ( IPTO ) to see if the specific moneylender is a legitimate moneylender. Licensed money lenders will only approve loans exclusively within their premises. Usually, the unlicensed moneylenders will resort to prohibited technique in getting customers. Here are some of the approaches they will take:

  1. Cold call and pretending to them is licensed moneylender.
    2. Short Message Services ( SMS ) for promotion.
    3. Providing mobile services for customers to apply loan.
    4. It is important that you never take a loan from illegal sources and that you always borrow from a licensed money lender to ensure that you will never be caught in unending financial debt.

https://www.mlaw.gov.sg/content/rom/en/information-for-borrowers/list-of-licensed-moneylenders-in-singapore.html

Can I believe on the content of an advertisement to apply a loan from a moneylender?

You are advice to get explanation on specific item of the loan contract before applying a loan with a licensed moneylender. Besides that, do not to trust solely on the content of advertisements from the money lender.

What should I do after get the loan?
  • Ensure the money lender passes the correct amount of the loan to you. The money lender is just permitted to minus out 10% of administration fees from the loan amount.
  • Making payment on time to avoid late interest charges.
  • Ensure the money lender issues to you a dated and signed receipt every time you repay for your loan or pay any fees in cash. Remember to check the correctness including name, amount, and date.
  • Assure you receive statement of account for all your every six months. Remember to check your particular including name, amount, and date.
  • You should keep all statement of accounts and receipts of repayment, as documentation and confirmation of payments.