• Home  / 
  • Author's archive:
About the author

    Kally

    Why It Is Crucial To Have Emergency Funds

    Many people in Singapore fail to plan for their future. Having financial security is crucial for everyone. Having emergency funds can help you have peace of mind. This is because you can look forward to the future with no worries so you do not feel unprepared for any unforeseen expenses.

    Emergency funds are important to your family’s financial security. Through finding out more about this fund will help people better prepare. They will also start saving for those who have not done so already.

    The What And Why For The Fund

    This type of fund is basically money that has been put aside. The aim is to later cover life’s unforeseen events. The emergency fund will let you live for several months in case of a job loss. Or when unexpected event crops up that may cost you huge amounts to cover.

    Consider it to be like an insurance policy. Instead of paying monthly premiums to insurance companies. You are, however, are putting aside some money for yourself that can be used at a later date. This money can then you and your family. This money can come in handy when unforeseen events occur.

    Even then there are options available for you. To help you out an alternative would be taking out a personal loan. You could also use the payday loan from legal moneylenders in Singapore. Although this direction might not be the most ideal. But it truly will go along way. The loan amount will help you deal with your current issue. Thus it will get solved a lot faster as compared to the other options like the banks.

    Deciding on an Amount

    Financial experts and most banks advise that you need to save some cash. This should be about 3 months the value of your salary towards your emergency fund. In so doing, in case you lose your job, you will have sufficient cash to cope. This should sustain you for several months before you could find another job.

    Even then, based on your income level and preferences, the fund amount will vary. First, you will need to calculate your monthly expenses to know the exact figure. Work out the amount you spend every month on rent or mortgage. Also calculate what you spend on groceries, vehicle expenses, and utility bills.

    When you have some insurance policies which will cover you. Especially when you are facing unexpected emergencies. Then you can manage with a bare minimum. Even when you have family that can support you during the financial downtime.

    It is advisable that everyone makes a point to set aside some money. This should be intended for the emergency funds. This will help you later for the unforeseen expenses.

    How To Build Your Emergency Fund

    There are no shortcuts when it comes to saving up for your emergency fund. This boils down to several factors. These are individual discipline, your financial status, and your determination too. An emergency fund could take a rather long time to grow. That is when your monthly wages are acceptable.

    Yet your monthly expenses are rather high. Bearing that in mind, realize that everyone has got to start from somewhere. Therefore, it is important to start growing the fund. This is because it is difficult to predict any emergency events.

    Given that for example, that you earn a set salary of S$4,000 each month. However, your liabilities use up a total of S$3,000. This will leave you with an amount of about S$1000 every month. This is what you is to go towards the emergency fund.

    Based on this for you to have 6 months’ the sum of your expenses to grow the emergency fund. Then it means that you need a minimum of S$18,000. Thus you will need 18 months of savings to grow it by putting in S$1000 each month.

    What Your Emergency Fund Should Cover

    Job-Related Move

    When a job opportunity comes your way. You will not want to have to turn it down. Simply because you will not afford the move from one state or city to another.

    Medical Bills

    Most of the people in Singapore are covered by MediShield. Thus they are able to utilize Medisave. However, you may have to take a personal loan offered by moneylenders. This will help you pay off the expensive medical bills. This mostly depends on how long you stay, the conditions, and class of the ward. With all that is is easy to drain off all your savings.

    Home Renovations

    There are some home renovations cannot wait. Broken water heaters, leaky roofs, old cooling and heating systems that do not work. Some of the home repairs may not be covered by insurance. Thus that leaves the responsibility for them to you.

    Also, most Singaporeans carry high deductibles for their policies. Thus even though you hold insurance, it is a good idea that you come up with money for the essential repairs.

    Job Loss

    Most experts often recommend this as the first reason to have an emergency fund. Although you may lose your source of income, the bills still need to get paid. That includes mortgage/rent, food, utilities, car payments, and the credit cards minimum due amounts.

    Bottom Line

    An individual and family need to be prepared for the for the unexpected. Home repairs, Medical emergencies, retirement and auto repairs are some reasons for having some emergency fund. Most people will want to have sufficient savings at retirement, to live comfortably.

    Having Social Security does not guarantee that you will have enough funds to enjoy retirement. But, when you start making preparation now. Then you get to look forward to your retirement.

    An emergency fund is important for your health. Having to live in fear that you are not secure for the future. it will only cause you unnecessary stress. Getting stress may lead to numerous health issues. Additionally, health issues might lead to loss of income.

    Hence, an emergency fund will help you eliminate this stress. This will allow you to lead a more comfortable and peaceful life.

    Continue reading >
    Share

      This Is What You Should Do During A Financial Emergency

      At times emergencies are beyond your control. It could be car accidents, health crisis or your home gets damaged in a fire. However, at times it is easy to prevent when you choose to be proactive. When you are faced with an emergency. There are some things you could do to help prevent it from wrecking your finances.

      A financial emergency can easily make you lose your perspective. This will cause making poor decisions. That will have long-term effects on your finances. However, when you follow the tips listed below. You will minimize the damage to your finances. This will also help you get through the emergency fast and pain-free.

      Do Not Panic

      In a financial emergency, the first to do is- not to panic. This may be hard to do. Even the try and face the difficulty with no much fear. Keep calm and rationally think about ways to deal with the situation.

      Do realize that any decision you will make can affect your future. When you are not certain on what to do. Seek counsel from someone more experienced. This will help make the best possible decisions.

      Find Out The Main Cause Of The Problem

      Going through a financial emergency can be stressful. The stress can affect your ability to assess the condition logically. Thus the first thing to do is calm down. From there try to look for the cause of your problem. After you find out the origin of the financial emergency. It will be easy for you to get a lasting solution to your problem.

      Cut your Spending

      Certainly, if the emergency causes a big dent in your finances. It means you may have to cut on your spending. Do this as much as you possibly can until you recover. At this point, having a good working budget will come in handy.

      Utilize the budget to help prioritize your spending. This will also help you stop spending on what you do not need. This is will also help in the recovery process.

      Look For Ways To Make Extra Cash

      This is amongst the best strategy you can use to help repay emergency bills. It will also help you as you try to get rid of debt. Earning some extra cash money speeds up the time you would take to settle any debt. It also lets you cope for a much shorter period with emergency expenses. This is when you compare when you have to manage without the extra income.

      Get a Loan

      When you are sure that the problem is short-lived. You may consider making use of a loan. This would be for short term. It is easy to access a personal loan in Singapore from legal moneylenders. The type of loan that you need to take will depend on the situation. It will also be influenced by the amount of money you require.

      Of importance, your capability to repay will play a role. For example, for a salaried professional, taking out a payday loan will be convenient. When you prefer the unsecured loan that has a repayment period of a year. Then you may consider making use of a personal loan.

      Prioritize Your Expenses

      When facing a cash crunch, make every penny go a long way. The point here is that you try and save money as much as possible. To achieve this, you will have to prioritize your expenses. You could consider differentiating between ‘wants’ and ‘needs’.

      Omit any unnecessary and not-so-important expenditure. Be sure to only spend when it is very necessary. For example, to pay utility bills is very necessary. However, you could delay your yearly trip for a while. In following these easy steps you will be able to deal with any financial emergencies.

      Contact Your Lenders

      When you realize that you might have a problem paying your bills. This is owing to the financial emergency. It is advisable that you immediately contact your moneylender and service providers.

      Most Singaporeans have a trend of putting this off. This then results in lots of late fees. Eventually, you start getting nasty calls from moneylenders. If you get proactive, often times you come up with suitable payment options. These solutions can help you prevent a lot of stress, for instance.

      A few credit card companies are ready to put off payments for a while. They can also help you draw up alternative payment solutions. There are programs established by utility companies. These are intended for borrowers who have trouble managing their bills.

      Contact them to get more information about the options available. Keep in mind not to put these off when you need assistance. The sooner you tell your moneylenders the better.

      How To Prevent a Financial Emergency

      You might face a financial crisis at any time in life. This will also cost you lots of money. However, most Singaporeans are not prepared financially. Thus may not know where to start when it comes. Therefore, to help you minimize and avoid a financial crisis before it occurs. To get you prepared for ways to prevent a financial emergency. Below are some tips:

      • Have an Emergency Fund – Having some money saved up for an emergency. It will mean that there are less panic and stress. You are then able to pay for it and get on with your life.
      • Ensure that you are financially prepared for an emergency before it occurs.
      • Be debt-free – By having lots of debt, emergency expenses might send your finances out of control. However, when you are debt free. You will not experience the stress of dealing with debt collectors. In addition to handling a financial
      • Have Insurance – It is worth noting that insurance could be expensive. However, it will be is less expensive for you than when you do not have At the very least, make certain that you hold health insurance. But, life insurance, home insurance, car insurance, and maybe disability are needed. This will help you head off some life-changing emergency expense.

      Continue reading >
      Share

        3 Types Of Lenders In Singapore: What Works For You

        Singaporeans are spoilt for choice.

        This is when it comes to accessing loans in the market. The options are endless. On the other side, not all these choices are ideal. By picking the wrong moneylender, and you might end up deeper in debt. More than you would have suspected.

        Below are differences between these lenders:

        You can legally borrow from 3 types of lenders in Singapore. Their practices will vary and these lenders cater for different borrowers:

        Pawn Shops

        Pawn shops usually let you “pledge” a valuable item in exchange for loans.

        Once you present valuables to pawn shops (e.g. a gold watch). Pawn shops will lend you some money. The amount ranges from 60 to 80% of the value of your item. Therefore, when you are to pledge a watch worth $ 9,000. You might get a loan amount of $72,000.

        Pledge is the valuable item you present to the pawn shop dealer. Once you receive the loan, you get 6 months you to pay back the whole loan and interest. Failure to that, your valuable item will be auctioned. Typically interest rates on this loan are 1 percent for the initial month. Subsequent months will attract 1.5% interest. The rates are lower compared to the normal credit card, that charges 2% a month.

        Realize that these repayments amounts are not fixed. For instance, you may decide to repay $50 for one month. You could also pay $700 for the following month. Thereafter, $400 for the month after, etc. Whenever you make a remittance, the auctioning of the pledge will be postponed by six months.

        Note: Do not use pawn shops as a “quick sell” place for watches, jewellery, and other valuables. Usually, you will get less cash from pawn shops. That is more than you might get when you sell it to a watch dealer or goldsmith, etc.

        Pros

        What you need to acquire a loan is a pledge and Identification (your IC). Income, outstanding loans, and credit history are not required.

        Failure to repay your loan, you only lose your pledge. That is not the same for personal loans and credit card line. This debt only keeps compounding when you do not repay.

        Cons

        A rate of 1.5% each month, maybe lower compared to credit cards. It still very high when you compare it to personal loans offered by banks.

        These lenders offer a single loan. Thus no revolving credit products.

        The loan you may borrow depends on the value of the pledge.

        You should own an item worth being pawned for you to access a loan.

        Banks

        Banks the popular sources of credit. They widely can be divided into private banks and retail banks.

        Retail banks provide “mass market” type of loans. These come in forms of business loans, credit cards, car loans, personal etc. Their range of products is too big. These lenders are able to fulfill most borrowers needs.

        The second type of bank, the private banks, provide primarily to high net-worth borrowers. These lenders provide unique loan choice when you have valuable security. For instance, given that you own an extensive fine wines collection.(the private bank can conduct valuation exercise for it). They then can offer you the loan using your wine collection. This will act as the collateral.

        Pros Of Borrowing From the Banks

        Banking institutions think highly of their reputation. Thus they are subject to strict industry regulations. They also keenly adhere to government policing.

        Most banks may offer you revolving credit products. These they do use loan products like the credit cards. By using revolving credit, will require that you make a new loan application. That is each time you wish to take out a loan.

        They can offer bigger loan amounts compared to other lenders listed.

        Banking institutions might charge lower rates. That is when you compare them to other credit sources listed here. This is especially for specific loans like the education loans and home loans.

        Making repayments to banks is normally more convenient. The repayment methods are many. You could do so from the bank’s ATM, online, by mail and through its branches. The other lending options listed here will often require that you make remittances in person.

        Cons

        Banks follow strict standards for their borrowers. These include things like Debt Servicing Ratios- DSRs. Additionally, they use minimum salary requirements. This means not many Singaporeans will qualify for bank loans.

        When you fail to pay off banks promptly. It might damage your records with all the other banks. This could even include other financial institutions. When you failed to repay bank loans before. You will not have the chance to borrow from banks at all.

        The private banks are generally not accessible to borrowers without several extra million dollars.

        Licensed Moneylender

        This type of lender often times deals in small loans. That is loan amounts of up to $10,000. Though some licensed lender might be ready to give larger loans. This is however for few clients. Loans offered are either secured or unsecured.

        Accredited moneylenders transact individually with their customers. Although these lenders also assess your income and credit history. They may offer different interest rates and the loan size based on the own judgment. It is for this reason, it is hard to make general statements regarding legal moneylenders.

        Owing to the high risk involved in the money lending business. Licensed moneylenders in Singapore will charge high interests. These rates depend on a borrowers income:

        Most legal moneylenders need fixed monthly remittances. However, these terms can be negotiated.

        Pros

        These are providers of last resort. These lenders can give you loans even after banks have rejected your loan request.

        Cons

        They have in the past ugly incidents that engaged services of debt collection bureaus. There has been alleged harassment of borrowers. Banks are big enough to take in bad debt. Yet they generally care much about their reputation. Thus they will never result in using such strategies. Not the case for moneylenders. Few lender charge interests that are almost exorbitant. Therefore it is important that you do your own research in getting the best service from the best moneylenders in Singapore.

        Continue reading >
        Share

          How To Manage Debt Consolidation

          Following the economic challenges over the past few years. In addition to nearing government shutdown. Most Singaporeans have moved from having manageable debt. At present, it is gone to minimum unmanageable debt. Debt for some has spun out of control. Having a manageable debt means that a borrower is able to repay their debt. At the same time, they remain financially solvent.

          Oversplurging on Credit Cards

          Sadly, most Singaporeans with debt issues depend on credit cards. They also choose to use short-term loans, disregarding the existing issues. In some instances, they simply are not able to pay off their bills. This is without using these means. However, this leads to interest repayments that suddenly get out of control.

          To most, this spells a financial trap which ends badly. Thus they find themselves facing unmanageable debt. However, when you look for a solution for your financial problems. Yet, fail to address the main causes of debt. It will only result in your getting into more debt in future. This comes about because when debts are merged into one loan.

          All credit cards, as well as other newly accessible financial options, will be leveraged again. This starts the very process that brought about your seeking help. You will find yourself facing debt all over again.

          Professional Consolidation Loan

          Professional consolidation services are one of many reasons why many seek this option. This loan product not only offers the necessary resources. It offers help for borrowers to get rid of debt. More importantly, this option will help you address the main cause of the first debt. It is important for you to realize that all these services are not equal. Different providers will offer many varying service terms.

          When you choose to use online resources to review the best debt consolidation loan. It will provide you with a complete list of the offers from different companies. It will also show the products they do not offer. It will include how a borrower should go about the process.

          However, realize that there is a lot involved in debt management. This is beyond review companies and what companies offer. Each moneylender may have particular areas that make them stand out. This includes the methods they apply to help borrowers manage debt.

          Above all, licensed money lender in singapore have best practices that they should follow. As you review and consider the companies, ensure that you thoroughly examine each. At the same time stay away from any lender that will promise instant results.

          The best place for you to start is asking yourself these three questions:

          Are You Committing Assets To Consolidate Your Debt?

          This may be the most crucial consideration. Like it can happen in some situations. It is possible for you to provide your home to consolidate debt. However, you should not take this step lightly. Although the interests are relatively low at present. However, using your home to guarantee unsecured debt is a risky move.

          A responsible debt consolidation lender will only bring this option as the last resort. They will also ensure you keep at least 20 percent equity for your home. This is after you have taken out a credit line or even a second mortgage. At the same time, you still have to be open with your money lender. The intention is to ensure you do not incur penalties. Additionally, you do not incur unexpected fees.

          Is The Lender Presenting Debt Consolidation As The Cure-All?

          When a lender does this, then it is best you avoid them. Consolidating your debt involves a lot more than just merging all your debt. This is also about evaluating the grounds for your debt. It also has to do with getting counselling. It involves helping in understanding ways to avoid situations that led to the initial debt. Therefore, be careful with the lender you choose to work with.

          Is The Moneylender Charging Unreasonable Fees?

          Most providers do not anything different. That is from what the average person cannot do. However, they have the experience and connections. This is what allows their borrowers to merge debt more effectively. They at times also offer them better rates.

          Keeping this in mind, the total rates charged by the lenders need to be manageable. They can come in the form of interest charged on personal loans. Or they can be upfront fees. Importantly, take a keen note of the total fees and interests of the consolidation loan. It should not exceed the overall interest of all debts you want to consolidate.

          For instance, $10,000 credit card debt accruing 18% interest. When repaid using the minimum payments each month. It will take you 28 years and 6 months to repay. Within that period you will have paid $14,423.30 total in interest. This will bring your sum of principal plus interests to $24,423.30. The combination of payments, fees, and personal loan interest should not exceed this.

          Actually, often times this figure needs to be substantially less. Consolidating the same $10,000 debt attracting 10%. Having a monthly amount of $250 paid for your loan. This will lead to the whole debt getting repaid in only over 4 years. And you only pay about $2,200 in interests. This will save you over $12,000. This is what you need to expect from any suitable consolidations company.

          Conclusion

          The above-mentioned considerations are 3 very important questions. Especially as you look into any type of loan for debt consolidation. However, there are more. Although there are some unscrupulous lenders in the market. Most of the moneylenders are transparent and dependable. Most will offer you access to bargaining and negotiation. This is one thing that most borrowers might not know about. Also, the ideal debt consultant will offer borrowers free consultation. This allows you to take concerns and any questions concerning their recommendations to your lender. You can also check with a certified financial advisor. In so doing you can get a sound second opinion.

          Growing and maintaining your credit is not easy. However, managing excessive credit is equally tough. Through careful consideration of the options will help you make an informed decision. You will get to maintain a healthy credit. At the same time, you will to your finances will stay in order.

          Continue reading >
          Share

            What Does It Mean To Have “Bad Credit”?

            When lenders talk about borrowers with “bad credit”. What the actually mean is borrowers with high credit risk. Or, this means that a low credit rating signifies a bad credit. ( The credit score is the number that lenders use. This is for measuring the level of risk a borrower might be).

            Normally these individuals have a bad credit score for different reasons. This could be that they owe a large loan amount. It can also be that these borrowers did not manage to pay promptly in the past.

            Difficulty In Getting Loans

            Owing to this, these borrowers will have a more difficult time to get loans. This will mean they might miss opportunities to get the suitable loans available. This is because their loan choices are limited. This is because of their bad credit record. This will often affect the perception of money lenders. This will make them question the borrower’s ability to pay off a loan.

            Even then, It is very important for you to manage your credit rating. The reason for this is because it will affect impact your being able to get personal loans. Without having a good credit rating. This will mean your chances of qualifying for a loan are much reduced.

            It is for this reason why you should protect your credit score. This you can do by making on-time payments. You should also avoid any situations that might seriously harm your credit well-being.

            Unavoidable Financial Situations

            Unfortunately, it so happens that not many Singaporeans can to do this. This is because of a number of unavoidable situations they face in life. For example, medical emergencies or being retrenched can cause you great concerns. This is especially as far as your finances are concerns.

            When such things occur, you will have an urgent need to get some extra cash. This amount is meant to help you manage your personal expenditure. But by having bad credit can prove to be a challenge. This whole process of acquiring a personal loan can be tough. This when you wish to get the loan from licensed moneylenders and banks in Singapore.

            Possible To Get A Loan?

            Even when you are faced with such a tough situation. Do not give up as yet. Realize that it is possible for you to access a loan. Even for someone who has bad credit. The important thing for you to do is start rebuilding the credit status. This will help you get in control of your own finances.

            Actually, there are many different types of loans available for individuals with bad credit. Therefore, be sure to do lots of research work before you request for a loan. This will help ensure that you locate the lending option for you.

            The one major disadvantage of this type of loans is their rates of interest. This is because they are normally very high. That when you compare them to the normal bank loans. This means the loans offered to borrowers with healthy credit scores charge lower interest. Even then, these loans have some positives as well.

            For instance, few moneylenders offer borrowers with low credit loans. This opportunity allows them to work alongside a co-signer. This needs to be someone who has a healthy credit record. In so doing, the borrowers are in a position to access a loan. This loan will often come with a lower rate of interest. This is much lower than what they can get with no cosigner.

            Also, when your credit rating is very low such that you do not qualify for an unsecured loan. There are a number of moneylenders who might offer you the secured loan. Under such a situation, you could consider using your car, for instance. This will help you secure this loan.

            Be Aware

            Be careful when you are seeking a loan with bad credit. At times you might find you are trapped in bad credit scam. Be on the lookout for the following:

            • Money lenders who will pressure into making a deal. This is especially before you get to consider all the options available;
            • Lenders who will ask for money for you to fill a loan request (that is illegal);
            • Lending companies that pressure you to share your personal information. This is especially those that insist you do so over the phone;
            • Finally, always ensure that you are dealing with a legal and licensed moneylender.

            Things To Consider Before You Apply For Loans With Bad Credit

            You will need to keep the below-listed guidelines in mind. This particularly when you would like to get a loan:

            You can start off by analyzing how you got into the situation. Do this ahead of actually applying for a new personal loan. By doing this it will help you in finding a lasting situation. This is because you avoid making the same mistakes. More so after you have taken this new loan.

            By looking into the bad credit condition you get to analyze it. You can also see whether you are able to settle the new loan.

            This will allow you to ensure that the new loan does not aggravate your score. Considering it is is already in a bad state.

            You constantly need to take small steps towards enhancing your creditworthiness. This is essential to ensure that the creditworthiness is growing. This is because lenders will confirm if you actually are making attempts. These are aimed at making your credit score better.

            Ensure that you start making timely payments on all your bills. Do this before you apply for the new loan.

            You have to stop stressing about the bad credit record. It’s fine that you made wrong choices concerning your finances. All you should do is rectify them step by step.

            Avoid applying for several credit options. By now you are aware of the consequences of such actions.

            Ensure that you keep consistency as you follow the above-mentioned strategies.

            In conclusion, ensure that you always evaluate all available loan options. That should be before you apply for any loan. You need to try and find a moneylender who understands your needs. Importantly ensure the lender is certified.

            Continue reading >
            Share

              How To Deal With Loan Sharks

              If you have had trouble in the past dealing with loan sharks. Being pressured by fraudulent lenders can be stressful. This is especially on a financial level. This article will look at some guides on the basics of handling loan sharks.

              In Singapore, loan sharks are unlicensed moneylenders. These lenders usually illegally offer personal loans. They mostly provide loan money using unfair terms. This includes things like exorbitant interests.

              Since loan sharks are not bound by law. They often tend to be unscrupulous. Loan sharks even use violent harassment methods. This is a way to make you pay back your debt.

              Ways of Spotting a Loan Shark

              Usually, loan sharks start out by being friendly. When you continue to promptly make repayments. They could stay this way. However, the reality remains. Even when you do, all the loans you take often come at high a price. To help you spot a loan shark, you will notice:

              • Your debt has increased or they might add extra charges without notice.
              • These lenders provide almost no paperwork. This is documents like loan agreement and also a record of payments.
              • They get nasty towards you. These lenders might turn to threats, intimidation, or even violence.
              • Loan sharks refuse to offer you important information. This information like interest rates and the amount you currently owe.
              • They might even refuse to let you settle your debt
              • They could take items as collateral. Things like bank cards, passports, or even a driving license

              Dealing With Loan Sharks

              Below listed are ways for you to deal with loan sharks.s

              Report your Situation to Proper Authorities

              The dealings of loan sharks are prohibited by law. Therefore, the next logical move is to report them to relevant authorities. Be sure to give details of who this loan shark is.

              Explain also how this lender operates. When you have records of previous transactions made with this loan shark. It will greatly help in the investigations. Ensure that all the details you know, you let the authorities know also.

              Avoid Dealing With This Lender

              When it happens that you have not to date made deals with loan sharks. It is recommended that you keep it that way. It is not easy trusting loan sharks.

              Regardless of how need and desperate you are. Keep in mind to never get personal loans from the loan sharks. The one rule when dealing with loan sharks is. Stay away at all costs from the loan sharks. Besides, it is better to be safe than sorry.

              Keep Your Cool

              The first step you need to take is to stay calm. Do not panic. It is not a good idea to let a loan shark see this. Even when you already are aware that they are attempting to victimize you. You could be risking yourself and get into more problems than you are in.

              Confirm the Lender’s Credibility

              Often, borrowers fail to confirm whether their money lender in singapore is accredited. This is simply because their operations appear legitimate. Consider this carefully because most loan sharks appear as legitimate money lenders. But this is only for appearances. However, upon further inspection. It will be revealed that they are fraudulent lenders.

              The first thing to do is identify whether they are certified. A legal and reliable lender holds a government-issued license. The license allows them to operate a lending business. When the moneylender has no license, consider it your red flag. Therefore, do not transact with them.

              But, if you already have borrowed money. Then you realize this rather late that this moneylender is an illegal lender. You are still able to get out of this situation unhurt. When you already have fallen victim to the illegal money lenders. Do not give up yet. There is still some hope for you.

              Stop Payments and Do Not Yield to their Threats

              As soon as you have reported your situation to the right authorities. You may now safely stop making payments on your debt. Since loan sharks operate unlawfully. It means that they legally not allowed to lend money. Neither should they be receiving repayments from debtors. Get informed regarding your rights and the law. Then you can use it against these lenders.

              Report Any Pressure And Further Threats

              Loan sharks could resort to making threats and pressuring you. Even then do not yield to these threats. You should also immediately report them to authorities. This will help your case since any more threats can serve as evidence.

              Consult a Financial Adviser

              It is a good practice to consult a certified financial adviser. This will be useful for you in future. In doing this, you do not face the risk of dealing with loan sharks. Additionally, you get to learn much better methods of getting loans.

              Who Loan Sharks’ Often Target

              The rise in living expenses in Singapore has contributed to need for loans. The ongoing need for low-interest personal loans is on the increase. The possibility that you might get caught in loan shark traps is on the increase. It just happens that loan sharks will always look for ways to contact borrowers.

              These lenders target those individuals with low income. These individuals also struggle to get a personal loan from legal sources. These lenders aim at reaching borrowers who desperately need loans. Loan sharks offer fake support for their borrowers on the initial meeting.

              Though people use personal loans to enhance their financial situation. They are not aware of what a loan shark is capable of. Typically, loan sharks appear to be friendly at the initial meeting. However, their behaviour quickly changes into intimidation and threats. It at times can escalate to violence.

              How To Confirm If a Lender Is Legal

              The Moneylenders Registry keeps an up-to-date full list of all licensed moneylenders. They usually have the list posted on their official website. When a moneylender does not appear on the list. Do not borrow from them. Also, you should not let them visit your home. Always take the time to check a lenders license. Be sure to confirm that it is valid.

              Continue reading >
              Share

                10 Tips To Pay Off Your Loan Easily

                One main aspect to look at when seeking a personal loan. Do ensure you consider the monthly repayment amount. Carefully consider how your repayment amount will impact your lifestyle.

                That is all for the duration of your loan. This could be for about 5 years. Taking out a personal loan nowadays has become a norm. This is as far a most people’s finances are concerned. This usually allows you to do much more. That is when you get to meet an emergency. It will also help your financial challenges. This is often that you are able to pay your bills in a single lump sum.

                You could be in some desire situation. It could happen that you are not able to access a personal loan. You should not be afraid. This is because debt can easily be repaid. This is doable when you try out a number of steps.

                When you truly need that personal loan, go ahead and acquire it. Below are several the tips that you could try, when you are struggling with debt. Continue reading, you could find some useful tips that will help you to regain control of your finances.

                Get One Loan To Consolidate All Debts

                The most practical tip in repaying your loans easily is not to add any more debt. Do consider getting one loan to consolidate all your debts. This is especially if you have huge loans to repay.

                Eventually, for you to be able to repay your debt easily. You will need to work on being able to meet your daily expenses. At the same time, you have to be able to earn extra money. Continue working towards being debt free. Eventually, you will be able to repay your loans.

                Have a Goal In Place

                Another tip when trying to settle your debts. Ensure that you have a working goal in place. Have a date in mind when you should be able to repay the loan. That is no matter what. By working with the set debt, it will keep you focused. This way you will be more determined to pay off that loan. This will also make it easier for you to repay the loan. More so since you have got the motivation to do so.

                Reduce Your Expenses

                For you to manage to pay off your loan easily. It may be a good idea that you consider saving up some extra cash. This you will be able to achieve through reducing your expenses. Do not spend any money on the items that you do not need.

                When you can live much simpler, you may try it out. In addition, stop spending on things you easily can do without. Such small cut back will eventually save a substantial amount of money. This can go to reducing your outstanding loan amount.

                Create a Working Budget

                Something else you could to help you save some extra money is the use of a budget. You could start off by creating a daily and a weekly budget. Eventually, work out a monthly budget to help you come up with something to repay your loans.

                You may make adjustments to your budget to find out how far you will stretch it. This you can do bearing in mind that you will be saving some extra money. The more money you manage to save. The faster you will make settling your outstanding loan.

                Find Ways To Earn Extra Cash

                When your income does not seem to be sufficient to settle those loans. Looking for ways to bring in extra cash seems like a good idea. You could at this point try to get part-time jobs that pay quite well. These part-time jobs should not impact your current schedule much.

                Having more money coming in means that you can easily contribute a higher remittance. At the end of the day, you will manage to greatly reduce the loan amount. You can also choose to increase your monthly repayments. This is however based on how much extra cash you have each month.

                Prioritize

                You need to learn to rank your money lender loans, assuming you have several of them. Look at the loans that are more crucial. Then pick out the ones that you can repay now and clear off.

                Consider the loans that you should repay the interest and which you may keep. Make sure you consider these things as you prioritize your loans.

                Make a Repayment Schedule

                Make sure you have noted the due dates for repayment. This way you will not incur penalties for late payments. Doing so will help you save some money. The cash you will need to pay for the late payments. May be used for settling the rates of interest on your other remaining loans.

                Try Using The Snowball Method

                One rather famous method of settling loans is the use of debt snowball system. This repayment method states that you need to repay the smallest loans first. Then you work your way up to the much larger ones. This you need to do until you have finally settled all your outstanding.

                Utilize Your Savings

                When you have some savings leftover in your account. It is not that bad to utilize it to repay your current loans.

                Benefits Of Repaying Any Loan Early

                The point is that repaying your credit card or loan debt early is useful. It will help save you some money in interests. It will also decrease the entire period of your loan. Consider what you would do with the extra cash: repay other debts, save for retirement, or even do home improvements.

                Certainly, there are many benefits to repaying your loans early. However, one of the main ones is less risk and reduced stress. This is because you will not be tied down to your moneylender anymore.

                Conclusion

                If you are ready to make changes wisely. You definitely need to be able to settle your personal loans. In fact, you will become a much better planner. This is owing to the experience. Thus you will manage your finances better in future.

                 

                Continue reading >
                Share

                  How Can The Foreigner Loan In Singapore Help You?

                  Without a doubt, Singapore is among the most beautiful place to live in. However, for foreigners, living in Singapore can be rather difficult. Considering the cost of living here is among the priciest in the region.

                  For an expatriate living studying and working in Singapore, it can drain you money-wise. And when your only income source is your employment, you could face some difficulties with your finances at any time.

                  When you are in such a situation, it would be time for you to consider taking a foreigner loans from a moneylender. When you are low on cash plus there are bills to pay. Consider getting some additional money. This you can obtain using a foreigner loan offered by moneylenders in Singapore.

                  Foreigner Loan

                  You might be questioning what a foreigner loan will do for your current financial situation. Actually, this is a very important thing for you to question about and consider. When uncertain on using these sorts of alternatives for money, educate yourself on the way they work. This might help you resolve the hesitance.

                  Different from the widely held belief system, the foreigner payday loans are not there to add you more debt. Actually, they are offered to help you settle any immediate financial obligations.

                  Mainly those that won’t be put off till the next payday. You might be wondering how you’ll endure additional fees and rates. In particular, if you are making use of a small amount through this loan type. Even then there are some costs connected to taking out the cash advance or short-term payday loan. It’s for this reason why the use of a foreigner loan needs to be done after a thorough research.

                  A foreigner loan can help you pay off several bills or a bill on time. This way you do not incur all the extra late fees as well as bank fees. This makes it a smart method of making use of this type of quick cash. This is provided that the charges from your payday loan lender are not higher. This is when they are compared to other charges. More so those you would incur when you didn’t pay the bill on time.

                  There are many benefits of using a foreigner loan. Another being that it will also give you the comfort you need in your financial situation. This is because the payday foreigner loan will relieve pressing financial strain. Given that you have a pile of bills which seem to keep growing. Or late fees which also seem to increase daily. Making use of a payday loan will offer you some short-term break. Plus it will help you regain your financial control in between your monthly wages.

                  Keep in mind, that even though these loans help you manage a temporary financial setback. This means that the foreigner payday loan is not intended for use as a long-term option. One thing you need to realize is that most moneylenders anticipate being repaid. And always the loan is to be cleared with your following paycheck. Therefore, it is very important that you make a budget to guide into getting this done.

                  You need to realize that the procedure for the short-term payday foreigner loan is very simple. In addition, the request for a loan is quick and simple. Thus it is possible for you to receive the funds you require within the shortest time possible.

                  An added benefit you need to be aware of is. That choosing a payday loan will help protect your credit rating. This is because the two will rarely interfere with one another as they are kept separate. At the end of the day, this will keep your payday loan unreported. This method is particularly great for individuals who do not have any existing credit. Also, it’s helping those individuals who’ve had troubles with their credit. Thus it will be useful to help you improve your credit score.

                  A payday foreigner loan will help you manage of all of your bills immediately. And at the same time, you will be protecting your bank account from incurring overdraft charges. At this time it is upon you to maintain the bills down. This you can do by making repayment of the payday loan. Hence you can continue to live healthier and happier. And without you experiencing financial burden pressuring.

                  Even then, there is a very important aspect for you to keep in mind. A foreigner payday loan attracts rather higher rates of interest. The reason for this is because foreigners don’t own any properties in the country. The property when present can be used as a type of collateral.

                  Therefore, the rates of interest will, of course, become a lot higher. This, however, is not a key concern amongst most foreigners bearing in mind of how urgently they require the funds. Also, they look at their ability to pay off their loan using their next salary. What the moneylenders tend to keep in mind mostly is your having the ability to repay your loans. And this they do. Depending on the deadline put in place during the signing of the loan contract.

                  How you Qualify to access a Foreigner Loan

                  For you to access this loan type here are some of the basic requirements that you will need to meet.

                  • You have to be between 21 to 55 Years of age
                  • Be sure you have a valid pass of Employment in Singapore
                  • Important make sure your Passport is valid
                  • You need to have Full-Time form of Employment
                  • Also, you need to provide your lender Proof of Billing (an example is any receipts indicating your current residential address)
                  • And finally, you need to submit your most current payslip from the past 3 months

                  Conclusion

                  Living in Singapore can be rather difficult. Since the cost of living here is among the priciest in the region. A foreigner loan can help you pay off several bills. Thus, it will also give you the comfort you need in your financial situation.

                  Continue reading >
                  Share

                    Overcome Financial Stress Through The Help Of Money Lenders In Singapore

                    Changes in life are occurring each day thus you will realize that your needs that require cash continue to increase. This situation can at times exceed your income, thus it’s easy that you might find yourself in a debt emergency and stress, and you don’t have anywhere to seek help.

                    You also could realize that you have amassed debts on your homes, while others might increase for the wants of your investments as well as other credit card debts. The family is one more priority you can’t neglect particularly when the children begin growing fast, thus their needs continue to increase, and this may lead to you taking more debts. Our Government has introduced different services as a passing assistance for low-income families and even those who need urgent cash.

                    Get Help

                    At times the pressure might go beyond when you don’t apply the safety measures early enough before you go to the degree of getting depression.

                    Under these circumstances, you should seek assistance from a professional or get someone to talk to. You may involve a partner, and as you talk about the matters, you will easily come out with a harmonious solution which you’ll be capable to try and implement as well as follow up.

                    Talking to somebody is a helpful way since it’s been proven to be a healthy way for relieving stress. For that reason, you need to talk to a person you trust about your money troubles, and you may be surprised at how you will be able to resolve the issue.

                    Visit Moneylenders For Assistance

                    Once you have established that your day job will bring in some income, you will have an approximation and prospect of the funds you will be earning each month. This can help you in many ways since you can now get a payday loan offered by moneylenders.

                    And since you know that you are able to repay the set time after working out your monthly wages and also what you get to keep after following your budget. You could begin by applying for small loan amounts and gradually increase them depending on the amount of your income, and this can instantly help you meet your daily needs.

                    Need For Money

                    Many people are afraid of being sidelined by their friends, and they get stressed over this issue about where they can find a source of cash to meet these needs. This mental state isn’t healthy and it can harm your life when you don’t overcome it on time.

                    It’s for this reason why you need to have a clear mind as well as find a solution to help you get the cash to help satisfy your needs. At this point is when you will find it essential that you visit a licensed moneylender who could be the right companion in such financial crisis.

                    But before you visit moneylenders to get a personal loan or a payday loan, you have to make the right decisions so that you don’t find yourself not able to repay.

                    Follow Your Planned Budget

                    Once you have set up your priorities, you have to put together with a sensible budget plan in which you list all your provisions. When you adhere to the budget, you will have it easy because you’ll get the chance to determine when it’s possible to reach your planned budget based on your income.

                    There’s no chance for you argue with a partner over this issues, since the choice is already made, and it’s clear. Emergency cash is very essential and you could start by putting aside some money.

                    Focus On Your Priorities

                    The best approach is when you focus only on the essential things at present. Let yourself understand the needs that may come soon and start working on saving for such priorities. You need to understand that all that you desire has to be within reach to avoid a situation whereby you would like a luxury car, yet you know rather well that you can’t afford.

                    For someone with kids, you will need to buy essentials first like diapers and milk as a substitute for spending your income on luxuries like Chinese New Year TOTO draw. Also, you could start saving for kid’s education as well. In so doing you will be to set your goals as well as your living standards according to the amount of money you have plus what you can borrow from a moneylender in Singapore. And also be able to relieve yourself of the stress over money.

                    Get A Job

                    It important for you to realize that you are in an urgent financial situation and that it’s only you who has the right solution. It is advisable that you make use of the skills you have to find an appealing job that will make you some money.

                    Everybody has some skills and knowledge which they could implement. You may even realize that what you’ve started as a small company might turn into a very big corporation. You could also begin your job search through an online portal like Jobscentral, JobsDB and also jobs bank which is under the support of the local government

                    Summing Up

                    In Singapore, life at present is very demanding and given that you have the cash to sustain these needs, you may easily find that you are in financial crisis. It’s becoming rather hard to get peacefully coexisting families that can come together and work out their issues.

                    You need to stick out for yourself as well as strive to bring the family together to talk about all issues that concern your family. Be it in times of anger or happiness. This can greatly assist your family in realizing that you are troubled and they’ll support your efforts and everyone will take up their roles dutifully.

                    When you have some free time, you could use it for your hobbies. Eventually, you will realize that after a busy day at work, you don’t have time to stress over financial issues.

                    Continue reading >
                    Share

                      How To Identify The Right Licensed Money Lender For You

                      It’s almost not possible to live without borrowing from time to time. The best solution to getting a peaceful debt is in using a certified moneylender. For instance in Singapore, loan sharks are everywhere. Luckily, the difference between unlicensed and licensed lenders is rather clear.

                      Licensed moneylenders are ruled by law and they always stick to the contract stipulations. Loan sharks, in contrast, operate illegally and will treat you as they wish. Therefore it’s important that you find a licensed moneylender always and make sure you sign a loan contract. Here are some important that will help you locate the best-licensed moneylender.

                      Verify That The Moneylender Is Registered With The Singapore Ministry Of Law

                      When you decide on a given money lender, do confirm whether they are registered with the Singapore law ministry’s website. All legal moneylenders in Singapore must be listed on the moneylender Registry. In so doing it’s easy for the lender activities to be monitored by the ministry thus ensuring they follow the set regulations and rules. Any moneylender that goes against these laws definitely loses their license. Meaning that only honest, serious, and law-abiding money lenders will retain their registration standing over the years.

                      Do Background Search For The Lender

                      It is essential for you to do background checks to confirm the lender’s information. Luckily with the current technological advancements, this won’t be hard to do. Many certified moneylenders have websites which can be used to help you get more information about them prior to making an appointment. Then again, there are individual websites as well that conduct a direct review of money lender singapore.

                      The Moneylender Must Have A Physical Office

                      Licensed moneylenders must have a physical office that will conform to what they have indicated online. Loan sharks, however, will act as if they operate fully online. A genuine moneylender has to maintain an office and a sizeable number of staff.

                      Once you get the entire information online, then follow up with a call and at last attempt to go to their office. Even when you are signing the agreement ensure that it’s done only at the moneylender’s office.

                      Examine The Sort Of Fees Charged

                      Singaporean licensed moneylenders are permitted by law to only charge 3 types of fees excluding the interest. It’s important for borrowers to be aware of what to expect. Soon after you pay these 3 levies don’t anticipate hidden charges to arise. These fees include:

                      • Primary service charge. The lender charges this fee to assist processing your personal loan. It must not be over 10% of total loan cost
                      • Late repayment fees that are paid when the loan defaults. A lender needs to be ready for you to sign an agreement
                      • Legal cost charged only when there’s a court case

                      The Interest Charged Shouldn’t Be Extremely High And Varying

                      Licensed moneylenders, in contrast, abide by the interest rates depending on the rates in the market. This offers the borrowers some serenity since the rates of interest will not be different at any time. Also, do remember that the Singaporean registrar of money lenders clearly states what the interest rates charged should be for all the licensed lenders. Provided that the money lender you choose is registered and they use that rate or else their license will be revoked. When you choose to work with a loan shark make certain that the rates will change whenever.

                      Remember that the loan agreement is the only document that binds you and the lender. Don’t under any conditions agree to sign any blank or an incomplete document. The agreement must be done by a lawyer and should include all the things you talked about with your lender.

                      The personal loan period, interest rates, as well as all the other fees, need to be indicated clearly in the agreement. Make sure you understand all things written in the agreement before you add your signature. The agreement has to be signed by both of you. Make sure you remain with a copy of the agreement.

                      Loan sharks, in contrast, will not be firm on a contract because it’s a drawback for them. Also, don’t let the lender keep some of your personal papers like your identity card.

                      Licensed Lenders Should Not Engage In Telemarketing Or Send SMS

                      When you meet a moneylender who sends you spam SMS as well as does telemarketing, then simply drops that deal. Such lenders are not registered in addition to them obviously not sticking to the guidelines issued by the money lender Registrar. The regulations strictly forbid approved money lenders from promoting their services via SMS. This is because of the reality that many prospective customers have been deceived by swindlers as well as loan sharks through fake SMS.

                      Be Cautious When Getting A Loan

                      Most licensed moneylenders in Singapore are aware that personal loans area legal obligation and for that reason always carry out an upfront due diligence. Things that concern with your monthly wages, loan repayment plan, as well as outstanding financial obligations, need to be looked into. On the other hand, loan sharks won’t mind if you can repay the loan comfortably and yet be able to lead a serene life. For instance, when you have a job a loan shark may not mind even though you end up using all your income to settle the loan.

                      Conclusion

                      Every time you have an urgent need for funds, always think twice prior to approaching a money lender. Also, check whether that lender is approved or just a regular loan shark. In following the above-mentioned distinctiveness of legal money lenders, being able to identify one will be rather easy for you.

                      First impressions also last, thus a licensed lender always exercises excellent customer service skills and are familiar with the respectful and polite language. Licensed moneylenders are stable and so cannot deceive you or even consider unscrupulously slashing off some of your loans. Additionally, your rights are fully protected since the licensed money lenders are stringently working under the set law.

                      Continue reading >
                      Share
                        Page 2 of 19