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About Us
Jefflee Credit Pte Ltd

Jefflee Credit is a licensed moneylender (License no. 180/2011). We provide personal loans with different repayment terms to suit your needs.

Think before you loan:
- what is the loan amount that I require
- what type of repayment term suits me
- what is the interest rate like
- what is the acceptance fee like
- what is the late fees like
Consult before you take a loan.
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24 Dec 2015 04:23:51
Products & Services
Notes to Borrowers When Obtaining Loans from Moneylenders
1) What should I look out for when considering a loan that is being offered to me?
You need to take note of:
• The amount of the loan that you are taking from the moneylender;
• The interest rate that you will be charged;
• The manner in which interest is calculated;
• The schedule of repayment;
• The additional fees and charges and when these apply to you;
• Your monthly take-home pay, and existing and foreseeable financial obligations,
eg. debts or other loans, instalment and insurance plans;
• Your ability to repay in full
• Your ability to repay the full loan and interest to be charged, and at the same time, be able to
pay all other existing and foreseeable financial obligations on time. the instalments
on the loan on the scheduled dates, or
2) What should I bear in mind before I borrow?
• A loan is a legal and financial commitment;
• Always ensure that you ask enough information from the moneylender before you commit yourself;
• Beware of and report moneylenders who are evasive about the terms and conditions of a loan;
• Make sure you fully understand the terms and conditions of the loan, such as what will happen if you
make a payment late or if you are unable to pay;
• Know what the late payment fees or administrative charges are, when they apply and how they will
be computed;
• The law requires moneylenders to fully explain the terms and conditions of a loan to you in a language
you understand and to provide you with a printed loan contract according to a prescribed Note of
Contract form (see sample Note of Contract in Annex A);
• The law requires moneylenders to fill in the correct amount of the principal and interest rate in the
prescribed Note of Contract form (see sample Note of Contract in Annex A); and
• Borrow only what you really need and are able to repay.
3) How much can I borrow?
You can obtain an unsecured loan of:
• Up to $3,000, if your annual income is less than $20,000;
• Up to 2 months’ income, if your annual income is at least $20,000 but less than $30,000; and
• Up to 4 months’ income, if your annual income is at least $30,000 but less than $120,000.
Consider carefully the total amount of debt you have, including what you might already owe to other
moneylender(s).
4) What is the interest rate?
Under the Moneylenders Rules 2009, the maximum rate of interest a moneylender can charge is
as follows:
Maximum Interest Rate
A Loan granted to an individual whose annual income on the date of grant of loan is less than $20,000:
 Secured loan up to $3,000
 Unsecured loan up to $3,000
12% per annum 18% per annum
B Secured or unsecured loan of up to $3,000 granted to an individual whose annual income on the
date of grant of loan is $20,000 or more
To be agreed upon between moneylender and borrower
C Secured or unsecured loan of more than $3,000
To be agreed upon between moneylender and borrower
5) How do I compare loans and their interest rates?
Interest is usually charged on the original amount loaned (also known as the principal amount).
However, how the interest is calculated will depend on the terms and conditions that were agreed
upon at the time when the loan was given, which in turn will determine how much interest you
actually pay over the tenure of the loan.
You should always read the Note of Contract and the terms and conditions carefully before
taking any loan.
If you do not understand the Note of Contract or the terms and conditions, you should ask
the moneylender to explain it to you in a language that you understand.
sent.
Specialty

All about Personal Loans

Personal Loans are loans that can be used to meet your personal financing needs. Such include purchasing your dream car, paying off your mortgage, settling your dues and utilities, et al. Personal Loans can be availed thru banks or various private financial institutions.


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