Licensed Moneylender Watten Estate

Located along the Bukit Timah corridor, Watten Estate is a residential area known for its luxury apartments and landed homes. 

Watten Estate is in close proximity to educational institutions like Raffles Girls’ Primary School, Nanyang Girls’ High School and National Junior College. 

The area also has several playgrounds for children, including the Orchid Village, Watten Heights and Greenwood Crescent playgrounds. Amenities like these make Watten Estate an ideal residence for families with young children. 

Plenty of restaurants, cafes and grocery shops can be found around the Watten Estate area, giving its residents access to a variety of cuisines and fresh ingredients. 

If you require reliable licensed moneylender services easily accessible from Watten Estate, look no further than Quick Loan’s office on Anson Road. 

To get there, board the MRT from Tan Kah Kee Station and alight at Bugis Station. Transfer to the East-West Line and stop at Tanjong Pagar Station, where Quick Loan’s office is just a short walk away. Our dedicated staff are on hand to help you with our fuss-free loan services.

What is a Bank Overdraft and How Does it Work?

A bank overdraft, also known as an overdraft loan, allows you to withdraw more money than is available in your account at the time. 

Businesses and individuals can use overdrafts as a source of funds for unexpected expenses or short-term needs. As a bank overdraft is a type of revolving credit, you do not have to apply for a new loan each time you need cash. 

Applying for a Bank Overdraft in Singapore 

You can visit your selected bank’s website or branch to begin your overdraft application. Generally, banks require overdraft applicants to be at least 21 years old, have a regular income and have a positive credit history. When applying for an overdraft for your business, you may be asked to present other essential documents, including financial statements and Myinfo Business details. 

Advantages & Disadvantages of Bank Overdrafts 

Bank overdrafts offer several benefits if you’re looking for a flexible source of funds:

• Convenience
  • You can quickly access additional funds without needing a formal loan application process.
• Emergency Funds
  • A bank overdraft can be a financial safety net for unexpected expenses or emergencies.
• No Major Impact on Credit Score
  • Overdrafts are not usually reported to credit bureaus, so they do not directly impact your credit score.

On the other hand, here are some pitfalls to be aware of when you’re considering taking out an overdraft:

• High Fees & Interest
  • Banks usually charge fees and interest on the overdrawn amount. This can make overdrafts a costly form of borrowing over time.
• Debt Accumulation
  • Depending on overdrafts can lead to a cycle of debt accumulation, with costs continuously piling up.

Differences Between a Bank Overdraft and a Personal Loan

When deciding whether to take out a bank overdraft or a personal loan, it’s important to compare both and choose the option that best suits your current situation.