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How Licensed Money Lenders Aid You In Business

As a borrower, you may have to get in touch with your business moneylender. Private business advances and gear loan advances are rather simple to get. This is business lending rules are often not similar to private lending.

When you look for a business loan to manage your business. You will need to consider working with a licensed lender. One that is ready to work closely with your company. As well as help raise the funds you require. The lender should look at your business financial needs.

This way they can offer you a stable set up with many different funding choices.

Some Types Of Business Funding Accessible

Credit extensions

This can be used for getting new equipment. It can also finance your working capital and big and small purchases. You need to borrow loans that have flexible terms and fixed interests.

Letters of Credit

They promote exchange and decreases the importer’s country risk. They also reduce the issuing lender risk. Often time the rotating credit extension bode well than one advance.

More so when deciding on whether to purchase important things. Or even to cover income or pay for improvements. This gives you access to an extension of the rotating credit. That comes with flexible repayment terms and options.

Some Critical Features Of The Loans Offered By Licensed Moneylenders:

  1. In most cases, accredited lenders are experts in personal financing. This also includes contract organizations, government lenders, etc. The conditions and terms of the loan can vary for each lender. You need to audit and look at different crucial factors. These include things like the moneylender’s financing charge. Also, the prepayment penalties charged. Also, consider the APR, make arrangements that way you can choose the right lender. When you are not sure about finding a reliable accredited moneylender. Doing a web search is among the routes to locate them.
  2. You will benefit from these loans regardless of your business standing. That is your profits and the rating. This loan may be offered mostly based on the appraisal of the pledged property.
  3. The loan is an instant advance. You can access it in times of financial emergencies. It may be used when business owners are liquidating and abandonment.

Types Of Business Financing

Equipment Financing

It can involve transport, assembling, large equipment, yacht. This also includes corporate expansion funding.

Asset Based Lending

This is a non-customary option for resource growing companies. It helps them grow their acquiring limit.

Government Contract Financing

Offering a large variety of budgetary solutions for companies. More so companies that perform specialized assembling. It can also be for administrations of any construction.

As you search for business loans. It is always advisable to work with one moneylender. This is rather than having several of them at the same time. In so doing you will save large amounts of charges in the end. The key thing when improving your business status. Therefore consider utilizing the loan options in the market.

Accredited moneylenders offer instant business loan for capital. This will, however, depend on the asset presented as security. Loans offered by legal lenders might be costly and could higher interests. This is when you compare it to different kinds of loans. More so those done using your salary records.

Offering borrowers large loan amounts with no security. This can be a huge risk for the moneylenders. Unlike the banks and different traditional loaning institutions. The legal moneylenders do not consider a borrower’s income. They also do not look at their record, while offering loans. The moneylenders provide loans after evaluating assets used as security. Thus a borrower’s wage and resources do not get considered here.

Factors To Consider As You Decide On Licensed Moneylender Loans

  1. As you decide on licensed lender loans. It is important to have the repayment plan. This is because first, the loans use your property as security. Furthermore, they could come with rather high personal loan charges. You need to take specific prudent steps in settling these loans. For instance, you use the personal loan to settle earlier obligations. This could be loans that attract high funding costs. Settling your past debts will adequately improve your credit rating. This makes it an advantageous option for you when you require it.
  2. At this point, you need to consider the loan type. This depends on your intention of getting the loan amount. In so doing you will be able to decide on a moneylender. This could depend on your financial needs.

Different licensed money lenders will offer varying loan conditions and terms. For this reason, it is important that you carry out thorough research. This will give you a feel for the various loan terms currently offered by different lenders. Then from that, you can choose the lender that is best for your business needs.

In those situations when you realize that you do not have enough information. More so regarding the lending industry. You may even consider visiting a licensed lender in Singapore. You can also seek the advice from a financial counsellor. Large companies and privately-owned companies in most instances regularly use this support. In particular in making land bargains.

Also known as “Private Cash Loans.” These payments can be a significant source of funding. Especially for individuals who want to buy land. Yet they require funds on temporary terms. Another thing to think about is the ease of accessing the loan.

Oftentimes, when you find a good speculation property. You will need to act fast. Your ability to get funding fast will have a major effect on the payment arrangement. Traditional personal loans might take around 30 days even more.

Then at times, it is rather long. Accredited moneylender loans can help you purchase land. Particularly when you do not have the funds. It can also be used by individuals with bad FICO scores. This will make it possible for you to buy property and even benefit from it.

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    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


    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.

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      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.

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        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.


        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.

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          Tricks To Get A Personal Loan With Bad Credit History

          Just like the questionable multimedia documents you have on your hard drive, a few things cannot be removed regardless of how hard you might attempt to delete it. These files always leave behind a track that is easy to dredge up. The same goes for your credit practices as well; in this particular case, deleting will only come by means of getting rid of the debt fast, so that you can enhance your credit score.

          However, it always does not work that way. In desperate attempts to apply for personal loans – whether to help you cope during a tough period and even for financing medical bills, banks will always have a record of how you have been managing your line of credit.

          Give that you have a poor credit history and at the same time you have to obtain a bank loan, do not give up yet, there’s still hope even when the only loan option you were considering goes poof. The below-listed ways will very well reverse the fate of your personal loans and help you get the emergency funding you urgently need.

          What You Need The Personal Loan For

          Having to deal with your loan application being rejected isn’t the end of your life. It simply is the end of a disappointing attempt to obtain a loan. Even as there are many alternatives to the banking institutions, there are choices available to you for the loan as well. As soon as you have clearly outlined the purpose of the personal loan, your Plan B will also become much clearer.

          For instance, when you require the personal loan for startup use, or maybe for kick-starting the start of a revolutionary personal project, it’s time you discovered the surprises of peer-to-peer lending plans, crowdfunding as well as the microloans issued by SPRING Singapore.

          Consider Other Funding Avenues Available

          When in urgent need of funding, bargaining for personal loans with banking organization can feel rather pointless. Large financial organizations as such always have a set of stringent practices and protocols to maintain, thus a no from them is simply that. Instead of fussing about it at the banking hall or even giving up all the same, possibly the answer is as easy as circling the set procedures.

          Do realize that banks are big financial institutions, and not the one and only. It is worth noting that there are many other avenues for funding that can give you the second chance such as the licensed moneylenders. Let’s look at pawn shops, for example; you could and un-hoard the luxury pre-90’s goods for you to get a loan. When you also require a more time for your repayment and you do not mind losing your ‘assets’, then go ahead and coax them to the willing buyers. However, in some cases, you may not have much control of the trend.

          When you would like an alternative that is on the same level as the banking institutions in terms of speedy approvals and high loan limits, you may think about shopping around for the right licensed moneylenders despite the many preconceived notions some people have. These lenders are more ready to accommodate your loan requirements.

          Furthermore, owing to the new effects that started last year, these legal moneylenders will no longer overprice their rates of interest to their borrowers. It was amended from a high of 20 percent per year to 4 percent each month.

          Request For A Loan But With Help

          Before you jump to the wrong conclusion, the idea here is not asking you to commit an identity theft. On the contrary, what is being suggested is that you enlist the assistance of somebody who trusts and knows you well enough to take out a personal credit on your behalf. If you are someone who used to take out credit in past, it’s likely that you were always asked to list your guarantor.

          In this case, it will be like you are getting the guarantor to do the borrowing. Likewise, you will, in addition, be putting the individual’s credit score in jeopardy, therefore be even more accountable for your personal loans as you would your own it. The loan is your, the more reason you need to be accountable.

          Show The Lenders The Proof Of Money

          It might happen that you are back in the money; however, the bank still puts the rejection stamp on the loan application since that one bad financial choice you made many years ago has left a lasting mark on your credit record (and let this be your learning point!). In spite of everything, no one likes the feeling of continuing risks even with the hope of beneficial returns.

          Before you despair, there are very many local and foreign banking institutions in Singapore available for you to choose from in case when your first choice of lender turns you down for a loan application. It still is possible that you to negotiate with the mortgage officer.

          One important thing for you to keep in mind before you go straight to your lender to give your case, make sure that you have armed yourself with the right documentation for instance bank statements and also the latest credit report for you to submit them to your potential lender to show them that you’ve been careful in servicing your debts.


          Having a bad credit score can leave a lasting mark on your credit history. The solution to a bad credit rating is only doable by getting rid of the debt fast to help improve your credit score. Even then it is important for you to realize that all your credit practices are always recorded in this statement.

          Thus a low credit score can remain in your credit history for a long time and it will certainly have an impact on your future loan applications. Before you give up you need to realize that there are many other alternative sources of funding besides the banking institutions. Therefore shop around for the right lender who is ready to offer you a loan despite your poor credit rating.

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            10 Borrowing Tips For A Short Term Cash Loan

            Short term cash loan in Singapore, are often taken out by individuals who urgently need fast cash for an emergency purpose. The short-term loans are an unsecured type of loans and in order for you to qualify for one. You are required to have regular wages from some sources like from a business or a job. You are also required to be a Singaporean or a resident of Singapore and can work here as well. In addition, the law instructs that you need to be 21 years and above before you are able to take out a short-term loan

            Unexpected events in life can at times pressure many people into taking up short term types of personal loan. One thing tough banking institutions don’t offer their loans to every person. It may happen that a borrower needs a short term loan straight away but they may not hold a good credit rating.

            However, licensed moneylenders are able to extend short term loan types to help their borrowers manage their financial deficit. During times of extreme anxiety, some borrowers may overlook the important conditions of the short term loan.

            One important thing that borrowers need to keep in mind is that that they should avoid borrowing a loan for servicing games of chance that can include games like betting, gambling, investment trading and also undertakings that aren’t a guaranteed thing. The amount of money you borrow needs to be utilized for the particular need it was borrowed for.

            When you have borrowed too much cash instead of using it on imprudent ventures, make sure that you repay it in huge sums as part of the loan repayment agreement.

            How To Qualify For A Short Term Loan

            Given that short term loans are unsecured, the money lender will require evaluating first your capability to pay back the loan. The assessment done also gives the potential lender a good plan of the sort of repayment scheme that will best suit you to ensure that you aren’t overburdened. Your money lender will examine the below-mentioned things for you to qualify this type of a loan:

            Credit Rating – when your credit rating is poor, your lender is able to still help you access the credit you require on condition that your financial situation at present is able of supporting your loan.

            Employment Proof – You also need to present your employment agreement. This contract should contain things like your monthly salary clearly indicated. Also, this serves as an indicator of your ability to service the loan taken with ease.

            Your Recent 3 Months Payslips – this is only for foreigners. These documents enable the money lender to evaluate your income, debt servicing ration, and other expenses. Using this information, a licensed moneylender will know the amount of money they can extend to you in loan money as well as work out a repayment schedule that can work best for you.

            This loan type is specifically ideal for individuals in business and those that are paid on commission. By using such information your money lender is able to work out the amount of money you earn each month on average. This way they are able to calculate the loan amount you are able to get as well as the repayment scheme that is best for you.

            Bankruptcy – when you have in the past filed for bankruptcy, you will still qualify to get a short term loan with a licensed money lender by presenting your discharge letter. Unlike the traditional banking institutions which require a previously bankrupt individual to wait for as many as 5-7 years before they can be able to access credit, there some licensed money lenders who are able to assist you now.

            10 Useful Tips To Consider Before Taking Out A Short Term Loan

            When you are not sure about how the process works and whether you simply would like to access a loan fast and without hassle, it is advisable to read through these 10 tips listed below to guide you.

            • A licensed moneylender needs to explain the conditions and terms of a short term personal loan to their borrowers using a language that is easy to understand and in a clear manner.
            • Borrowers need to ensure that they get a copy of their Note of Contract during the time the funds are being issued to them.
            • It is important that as a borrower you ensure that the Note of agreement is correctly showing the principal loan amount of your short term credit and rates of interest charged as well as dates of the contract and the loan disbursement as well.
            • Borrowers should make sure that the licensed moneylender had issued the accurate loan amount with no portion of it being withheld for whichever reason at all.
            • It is important that borrowers ensure that they pay their monthly installments promptly to avoid incurring additional late payment charges.
            • Borrowers need to get a dated and also signed receipt each time they pay back the short term loan and also any costs charged by their moneylender
            • The receipt needs to bear the certified moneylender’s name, telephone number, address, the cash amount repaid as well as the date when the payment were made.
            • The borrower needs to ensure that they get their accounts statement for all their loan(s). The statements need to be issued at least once in every 6 months. Borrowers should make a point to request for one when they do not receive any from their money lender.
            • Borrowers also should maintain proper records of all their short term personal loan repayments
            • And above all borrowers should not rely on any verbal commitments made by lenders. They should ensure that they always obtain a written proof from their licensed moneylender.


            Short term loans are often taken out by individuals who urgently need fast cash for an emergency purpose. Unexpected events in life can at times pressure many people into taking up short term types of personal loan. One important thing that borrowers need to keep in mind is that that they should avoid borrowing a loan for servicing games of chance. And above all be sure to work with a licensed lender.

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              How To Get Best Car Loans Even With Bad Credit Score

              It can be frustrating when you love a car only to realize that you aren’t able to take it home with you since you are not eligible for financing because of your bad credit. One thing to note is that bad credit does not have a specific range. It’s an issue of opinion that if different from every moneylender. When one moneylender deems your credit to be poor another will place you in the subprime range.

              Having bad credit record doesn’t imply that you will not be able to ever acquire a car. In spite of this, you are able to even get a new car even with your poor credit status, since many reliable licensed money lender in singapore are ready to approve your poor credit car loans.

              Don’t give up hope yet, below are a number of tips that can help you get your car using a car loan even when you have a bad credit score.

              Some Issues That Might Destroy Your Credit Rating

              • Defaulting on your other loans, foreclosure, and bankruptcy.
              • Missed or late payments
              • No or little credit history
              • Lots of existing debt
              • Not having assets to act as collateral (a car or a home etc)

              Confirm Your Credit Rating

              Different moneylenders will have different methods when evaluating a borrower’s credit score, but to help give you a clue, it could range as follows:

              • Excellent credit; 740-850
              • Good credit; 680-740
              • Acceptable credit; 620-680
              • Subprime credit; 550-620
              • Poor credit; 300-550

              For you to be able to get your credit report’s copy, you only need to get in touch with Singaporean Credit Bureau Ltd and the DPC. Both of these credit bureaus are gazette as the only credit bureaus permitted by the Singapore Monetary Authority (MAS) to produce copies of your credit statement. Immediately after you have received a copy of your history, make sure you evaluate it to confirm to ensure that you do not fall into poor scores bracket.

              To help give you a better point of view, you do have a possibility of receiving a personal loan as compared to those individuals having to rely on their credit history. When you are certain and ready to get an auto then you better plan to get a good car loan way before you start shopping for your dream car.

              One thing to keep in mind is that your credit report may include your personal information (apart from your contact information), any default records (that is the unpaid debts), each and every credit checks made, bankruptcy records which will remain in your record for 5 years, your credit accounts, loan inquiries and outstanding balances, credit repayments made within the past 12 months.

              Since you now know the things that affect your credit score, make an effort to find a few mistakes in your credit record and do fix them. The previous moneylenders, when you have a few, are the one who records all your payments. And it can happen that on some occasions they may fail to record your timely payments and get to only report the failure to repay on schedule.

              When you come across some mistakes, be sure to get in touch with the credit bureau that had provided you with the data. The credit bureau will then post your argument on your credit record to indicate clearly that it’s under investigation.

              Thereafter they will regularly keep informing you on the progress of this investigation. As soon as adjustment has been done, the credit bureau can then send you the modified copy of the credit statement to you as well as to the companies that made inquiries regarding your record within the past 3 months.

              It is recommended that you take the time to shop around for car loans, however, be cautious with the period of the car loan inquiries you send out. Having too many inquiries will certainly bring down your credit rating further. For this reason, try to apply for a personal loan after 14 days, as this will be reflected in your history as one solid inquiry.

              Also, ensure that you compare your rate of Annual Percentage (APR) for the car loans rather than looking at the low monthly payment it has. When you only focus on monthly interest and payments, you may not make out the bigger picture that you will be paying a lot more than you should. Don’t get trapped in making the personal loan period much longer only to have lower interest for each month, eventually, you may be paying extra in interest.

              Always bring with you someone when you go to a moneylender’s office. The companion may act cynical or unconvinced and can even pose questions that you will have overlooked. Some moneylenders possibly will want to convince you into taking the highest possible interests that they can offer, but your friend can help negotiate for you when you do not have the nerve.

              As soon as your credit is in good standing, be ensuring you keep track of the credit report. Also, make certain that your payments are recorded well to avoid mistakes. When you can, by making your monthly payments in full. When you would like to settle your cash loan earlier than it’s time period, confirm you will not incur penalties. Some moneylenders do charge prepayment penalties. When you choose to have several loans, it can be helpful that you have it with a single provider. In so doing you will easily be able to track your outstanding dues and payments.

              Because your credit record is bad doesn’t mean you have to forgo owning a car. You simply need to do work more, but in the end, it will pay off. Once you get a cash loan to suit your financial standing and need, confirm the amount you can spend on your car. Select your car prudently. Rather than choosing based on style, pick based on your need. Car loans for individuals with bad credit are available; just take the time to research.

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                Are Business Loan Myth Preventing You To Grow Your Business?

                The main purpose of any business loan is to increase revenue as well as achieving a competitive edge. When you are in need of funding, but you are uncertain about how to go about getting your business loan approved in Singapore, this guide can help you clear all your doubts.

                Often at times, you will need a business loan to help you purchase new equipment or even for clearing any pending purchase payables. It can, however, happen that when the banks reject your loan request, you may worry that your business will shut down.

                It is important for you to realize that business loans are an excellent source of funding that will help you operate and grow your business. This loan type may be used for the purchases of business machinery, financing your company, new premises, or for paying the employees salary and bonuses.

                For this reason when you decide to apply for business loan issued by the licensed moneylenders in Singapore, its imperative that you are clear on how you will use the money soon as the loan is approved

                An additional advantage of a business loan is avoiding the danger of seasonality. Lots of businesses bring in the most profits during the holidays season or in summer. This means that they have to purchase more inventories as well as advertising discounts well in advance. These investments may seem hazardous, but, considering that they have to be made during the low-season when the sales are often down.

                A business loan can also help you increase revenue through accepting expensive yet profitable projects that, the lack of a business loan’s help, might tie up a lot of your working capital, which would make it hard for you to run your business.

                Many business owners unaware to the idea of private lending thus forgo this important option because of the misconceptions that are floating around.

                It can happen that one of the below-listed myths is stopping you from going for a business loan issued by licensed moneylenders. Keep reading to identify those that might be preventing you from growing your business.

                Focusing Mainly On The Interest Rates Offered

                Always try to look at other factors other than the rates of interest offered on the business loan you would like to take out. Although you are not the only one who makes this crucial mistake, you, however, need to remember that you need to look at other aspects aside from the lower interest rate being offered.

                These should include the loan amount, processing fees, tenure, hidden charges, monthly instalments, penalties on missed and delayed payments, prepayment charges, as well as loan extension plans.

                It’s Not Easy to Get Money for New Businesses

                A lot of small businesses happen that they believe this myth. Partners and individuals miss out on crucial opportunities of turning their idea into a reality or even to grow their fledgeling venture. a number of Singapore’s licensed moneylenders do offer loans to help set up businesses and also fund the marketing campaigns you would like to run.

                These ventures may range from start-up loan to short-term SME loans for the salaried individuals, self-employed as well as contracted individuals as well.

                To Approve Business Loan You Require The Perfect Credit Rating

                For some individuals, poor credit ratings might pose an obstacle for raising money from lenders or even through the government offered grants. A good number of Singaporean moneylenders will approve a business loan even when it happens you have a less than ideal credit score, given that you meet the required business loan necessities.

                The provisions of the loan range from yearly revenue along with profits, cash flow, business size, business age and the nature of industry you are in.

                Each Licensed Lenders Are Scammers

                Some misinformed well-meaning friends and family may recommend that you stick to business financing from banking institutions or nothing, even when your company is suffering or even stagnates from the lack of funds. Do not let previous and bad lending experiences cloud your view of private funding.

                Always choose trustworthy certified money lenders over the unlicensed hacks. The earlier is a professional and also follows principled business practices. This also means that you will get credit on schedule and under affordable terms.

                Lenders Favor Larger Company Loan Compared To Small Business Loans

                Although certified moneylenders hardly get profits from large advances or even the loans that are for long periods, most of them are ready to work with all kinds of establishments – both small as well as large. Even then do not let this myth prevent you from seeking SME financing offered by legal money lenders in Singapore.

                In its place, you will need to focus on the cash flow and your capability to pay off for you to be able to make out the amount of money you will need to borrow.

                Unsecured Loans Come With Rigid Payment Schemes

                The traditional bank loans usually have fixed loan tenures plus EMI rates. Thus you will repay money based on a fixed schedule, not considering how the business is performing. When you have a small-scale company or your company produces seasonal goods, and that your company has flows and recede. This, in the end, affects your capacity to pay and it may also put strains on your finances.

                With the private lending option, you will get reasonable repayment plan or even tenure plans depending on the business needs. Of importance make sure that you pick short-term credit for all the transitory cash needs.

                Banks Are The Single Source Of Financial Support

                Traditionally SMEs in Singapore often turn to banking institutions and other similar financial organization for their funding needs. Even though this might be the custom in your chosen industry, however, you can rest assured that there are many other funding options that are worth exploring.

                Licensed private moneylenders in Singapore also offer working capital loans, and on many occasions without the tedious paperwork. With this in mind, you could get your funds approved under a week in many instances.

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                  4 Serious Consequences Of Skipping Your Loan Payments

                  In Singapore, avoiding your loan repayments has severe consequences that may interfere with your future plans. One thing you need to keep in mind is to take out moneylender loans that you are always in a position to pay back on time. It may seem like an easy solution for you to default on your personal loan, but in the end, it will create much bigger issues that will follow you for many years.

                  Most Singaporeans Get Unsecured Loans

                  It’s impractical for a licensed moneylender or bank to require secured loans in small amounts such as S$10,000 or even S$20,000. Although these are huge amounts of money to an individual, they are small when compared to the sums of money handled by many big companies such as banks. For such small loan amounts, the moneylenders, as well as banks, often make use of products such as personal credit lines, personal loans, in addition to the credit cards.

                  These types of loans do not require any sort of security – the moneylender basically trusts that their borrowers will pay off their loans. When a borrower is not able to make repayments, the money lending institutions will, in the long run, be required to write off these debts as a loss. This often means that the individual is in default.

                  Although this may seem like a dream come true for a borrower, that’s not the case. You need to realize that you will incur dire consequences for defaulting on your loan, even when it’s unsecured loan type. These consequences may include:

                  • Denied access to important loan types
                  • Money in your accounts being seized
                  • Difficulties landing a job
                  • Facing Legal proceedings

                  Denied Access To Important Loan Types

                  When you do not pay off your loans, it will reflect in your current credit report. Having a poor credit rating may, in fact, make it hard for you to obtain important loans, like a home loan or even the education loans. This may actually deprive you of essential financial opportunities.

                  For instance, people who are not able to access a home loan will many times be forced to rent. Such is a major waste of money since they are not able to purchase a home for reselling or to rent out.

                  Also, the individuals who are unable to access education loans might end up struggling to land better job opportunities, or even obtain promotions. For that reason, even though getting your debts written off might appear to be a good thing for a short period, the actual costs are hardly worth it.

                  Money In Your Accounts Being Seized

                  Although the money lending institution determines whether the money in your account will be seized, the conditions and terms of the loan also have an influence. However, under certain circumstances, when you hold money with the lending institution, they will be able to repossess it and use for repaying the outstanding debt.

                  Make sure you read through the loan details before you sign it. Obviously, when you have some money in your account, it begs the question why you aren’t making the repayments.

                  Difficulties Landing A Job

                  When you have failed to repay your moans in the past, it more likely will be reflecting on your credit records. When your debt is cancelled and you have made no attempts to settle it or even negotiate, the non-payment will indefinitely stay on your records. When you have made satisfactory efforts to repay your debt, for instance through the help of credit counsellors. After that, the defaults and partial defaults will be removed after three years from your credit record.

                  A would-be employer cannot access your credit records, but they might request that you present them with a copy. Several companies have strict policies against employing individuals who are deep in debt or even those who’ve defaulted in the past.

                  A hiring manager will consider this as an indication of irresponsible behaviour, and might even decide that your fiscal woes may affect your quality of work. In a few industries, for example, finance, the position can be almost impossible to obtain when you have a poor credit report (not many people will trust a financial counsellor who has a long default list!)

                  Facing Legal Proceedings

                  When the bank thinks that you have some money but you simply don’t feel like repaying it (this happens at times), they might open legal proceedings. Depending on the agreement you signed for your loan or the credit card, legally you are obligated to repay your debts.

                  Usually, you will receive the initial legal warning when you fail to make your repayments in excess of 30 days. However, in some situations, the legal action might take place much earlier (for instance when the money lending institution finds out that you are making arrangements to go away from the country.)

                  Secured vs. Unsecured Loans

                  As a borrower, you are able to access both unsecured and secured loans from licensed moneylenders or banks. When a personal loan is taken as a secured loan then you will need to present some form of security (it’s used to back as a promise by the borrower), and as unsecured when it is issued based on reputation and a borrower’s trust.

                  One example of the secured loan is a car loan, and a housing loan. In such situations, the security (your assurance that you’ll repay your loan) is your house or car in question. When you are not able to pay off your home loan, for instance, the lending institution has the right to repossess your home.

                  A further kind of secured loan, that is often limited to well-off borrowers, is the Lombard lending. For these types of loans, the security maybe almost anything that is of high value (an example antiques, a set of vintage cars, or wine.) when the borrowers do not pay back the loan, the lender will acquire their collateral. Therefore, the result of not repaying your secured loan is easy: you’ll lose whatever security you presented for your personal loan.

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                    Should You Consider Going To A Pawnshop For Money?

                    You could be in a tight spot financially. You require a meaningful cash amount for an emergency; however, the banks will not lend you some. In addition, the credit card debts along with the moneylenders are too costly.

                    In such circumstances, you will need to figure out a way to help you access the cash fast and all this without risking facing financial ruin. When you find yourself under emergency circumstances, you might have to consider paying a pawnshop a visit.

                    In Singapore, pawnshops are fairly common, and according to the Singapore Law Ministry, there are 226 accredited pawnbrokers in the country. These types of lenders, in reality, might not be that bad as a choice for you, provided that either doesn’t mind having to lose the valuable item. Or when you are able you could comfortably repay your money within a period of 6 months.

                    Below, are various features you need to be aware of when dealing with pawnbrokers. This will help you evaluate when this lender is the best choice for you.

                    Features Of Pawnshops

                    Quick Access To Fast Cash

                    In Singapore, pawnshops are an interesting option when compared to visiting the banking institution or the licensed moneylenders to get a personal loan. You do not need to have proof of identity as well as income when you need to get the loan issued by a pawnbroker. What you require to have is a valuable piece that you could present as collateral to your lender.

                    Once you’ve offered this, pawnbrokers may then provide you with some money rather easily since they are able to make some cash through selling the valuable even when you run off with the money. In addition to that, whereas banks may take some days in approving the personal loan, most pawnshops can pretty much offer you money upfront once you have brought in your pledge.

                    Exchanging Your Valuable Item For A Loan

                    In most occasions, Pawnshops are rather easy for you to work with. To start with you will need to take one or even more of the valuable items you own to a shop. The pawnbroker there will then appraise the products, and then give you the loan.

                    For instance, when you take a watch worth S$15,000 to the shop, the pawnbroker might end up valuing it at about S$10,000 and thus offer you a loan amount of S$10,000. Normally you could expect to be given 60 to 80% of the entire value of your pledge (which is your watch) for your payday loan from the pawnshop.

                    It is essential for you to keep in mind that you will be borrowing from the pawnshop, and not selling the item to them (although you might sell it to them when you choose to). Normally, you have 6 months to repay the cash back.

                    Every time you offer partial payments, the 6 months repayment period would be reset. It is only when you are not able to pay back the loan money that you will end up losing your valuable item forever. In such a case, the pawnshop broker might auction off the watch in order for them to get better their loan money.

                    Cost Of Pawnshops

                    Getting a loan from the nearest pawnshop in the country is in fact quite cheap. In recent times it looks as if there has been rapid growth in the numbers of pawnshops available in Singapore. This has led to a rather heated competition amongst them.

                    For them to be able to draw in more customers, these types of lenders have been reducing their rates thus giving a higher value to the customers’ possessions. They normally would only charge 1 to 1.5% a month, which is a lot lower when compared to the 2%, charged each month by credit card companies. At present, the biggest players in the country are Value Max, Maxi Cash, Money Max and Cash mart.

                    Other Noteworthy Features

                    In several occasions, when your items are sold during an auction for a lot more than the amount you owed the broker, it can so happen that you could even be given the surplus sum. For instance, given that you still have a loan from the pawnshop of S$11,000 that attracts interest as well as fees.

                    When the watch is finally auctioned off it sells for S$12,000, it is then possible for you to make the additional S$1,000. Although this is much better than you losing the watch completely, it is not advisable that you do this. And besides, you would have earned a lot more money if you had sold your watch on eBay by your self.

                    In so doing you would be avoiding all the fees and interest you would pay to a pawnshop broker. Besides that, you might probably end up selling the item for the much higher price, since most pawnbrokers will only be incentivized to only make a sale as fast as possible.

                    Personal Loans vs. Pawnshop

                    Even though pawnshops aren’t as bad as you may have expected, taking out a personal loan issued by the banking institutions is still a cheaper alternative. It so happens that most banks may charge you around 1% a month on the interest rate on the personal loan as opposed to. 1.5% which is charged by the pawnbrokers in Singapore. in addition, with banks, you do not have to be troubled about losing the valuable item since personal loans often come as unsecured loans. This means that you do not have to present any collateral for you to access some loan money.

                    However, when you do not have a credit rating or even annual income to get approved by your bank (or maybe for a new credit card), the pawnshop could be a better idea, and especially when compared to the more expensive alternatives such as the licensed moneylenders that might charge an interest of up to 4% a month.

                    Ensure that you are comfortable with letting go of your bag or jewellery, or even that you could certainly afford to pay the entire amount within 6 months for you to regain your item back. Otherwise, without any collateral, legal moneylenders are still your best bet when it comes to the quick and easy way to obtain cash to cross over your current financial difficulty.

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