Atlas Credit provides responsible financial assistance tailored to your needs. We aim to support your financial well-being with transparency and integrity.
Our tailored financial services are designed to support your business growth, optimize cash flow, and help you seize new opportunities efficiently and effectively.
Tailored financial solutions designed to fit your unique needs, offering personalized guidance every step of the way.
02
Trust & Transparency
We prioritize honesty and reliability, ensuring you have a clear understanding of your financial options and outcomes.
03
Customer Support
Dedicated customer service committed to assisting you promptly and effectively, providing peace of mind in your financial decisions.
Find Out Answers Here
What are the interest rates moneylenders can charge?
Effective from 1 October 2015, the maximum interest rate moneylenders can charge is 4% per month. This cap applies regardless of the borrower’s income and whether the loan is unsecured or secured. If a borrower fails to repay the loan on time, the maximum rate of late interest a moneylender can charge is 4% per month for each month the loan is repaid late. The interest charged on the loan must be based on the remaining principal after deducting any repayments made. For example, if X takes a loan of $10,000 and has repaid $4,000, only the remaining $6,000 can be taken into account for the computation of interest. Late interest can only be charged on amounts that are repaid late, not on amounts that are outstanding but not yet due. For example, if X takes a loan of $10,000 and fails to pay the first installment of $2,000, the moneylender may charge late interest on $2,000 but not on the remaining $8,000 as it is not due yet.
What are the fees that moneylenders can charge?
Effective from 1 October 2015, moneylenders are only permitted to impose the following charges and expenses: – A fee not exceeding $60 for each month of late repayment. – A fee not exceeding 10% of the principal of the loan when the loan is granted. – Legal costs ordered by the court for a successful claim by the moneylender for the recovery of the loan. The total charges imposed by a moneylender on any loan, consisting of interest, late interest, upfront administrative, and late fee cannot exceed an amount equivalent to the principal of the loan. For example, if X takes a loan of $10,000, then the interest, late interest, 10% administrative fee, and monthly $60 late fees cannot exceed $10,000.
In the event that I am standing as a surety for a loan, what should I look out for?
You should ensure that: – You understand your responsibilities as a surety. – You receive a copy of the Note of Contract when the loan is granted to the borrower. – The moneylender has explained the terms in the Note of Contract in a language you understand. – The moneylender does not keep your NRIC card or any other personal ID documents (e.g., driver’s license, passport).
What should I do after being granted a loan?
– Make sure the moneylender delivers the correct principal amount of the loan. The moneylender is only permitted an upfront deduction of a loan approval fee of up to 10% of the principal amount. – Pay the loan installments on time to avoid incurring late payment fees and late interest. – Ensure the moneylender issues you a receipt every time you make any repayment towards your loan, and check it for correctness (e.g., name, amount, date). – Make sure you receive a statement of account for all your loans at least once every January and July, and check it for correctness (e.g., name, amount, date). – Retain all statements of accounts and receipts of payments as documentation and evidence of payments.
Client Stories
What Our Clients Say
★★★★★
Atlas Credit made my financial goals achievable with their personalized service. I highly recommend them to anyone seeking trustworthy financial assistance.
Lim Zi Kang
★★★★★
I was impressed with the professionalism and care shown by Atlas Credit. They provided clear guidance and support throughout my financial journey.
Jonathan Lee
Stay Connected
Join Atlas Credit for Reliable Financial Solutions Today
Subscribe to our newsletter for the latest updates and financial tips delivered to your inbox.
