All posts in "Moneylenders"

How In 3 Simple Steps Is Certified To Check A Singapore Moneylender?

How can you know if the firm is certified or not, although getting funds loans from a Singapore moneylender is simple?

There are times that you need immediate money to satisfy with an emergency. Perhaps, your unsecured loan demand doesn’t satisfy with the qualification standards of institutional lenders as well as banks.

Moneylenders are your absolute best choice to improve cash. As a first-time borrower, your familiarity with private lender might be limited.

Have you been coping using a loan-shark?

Signs you’re transacting with the credit business that is illegal:

  • Contacts you through WhatsApp or text messaging advertisements, advertisements, flyers or e-mails in magazines
  • Uses acts in a manner which is endangering or abusive language along with you
  • Inquires you for SingPass person the password ID and/or
  • Keeps another personal ID files or NRIC card even after confirmation is finished
  • Pressurises you to signal blank or in complete Notice for the cash loan of Agreement
  • Supplies loan without will not provide a replica of the Notice of contract and describing terms and problems
  • Approves your mortgage over phone text messaging, call or e-mail without supporting records or getting application for the loan

Cease dealing together, in case your lender indulges in these acts. Prior to starting any loan discussions better still, discover when they’ve been valid or not.

Check legal standing of moneylenders readily

Their title will show up on the listing kept by MinLaw along making use of their license quantity and company tackle.

Their authorized position can be confirmed by you in three simple steps:

Visit the official web site of Singapore’s Ministry of Legislation. Click the link – Listing of Accredited Moneylenders in Singapore.

Scroll through the listing to discover the title of your finance company that is future to validate their credibility.

The PDF also supplies a set of firms whose license is suspended. Assess that listing to ensure you’re not coping with an LML who doesn’t possess the licence to provide money loans that are un secured.

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    Searching for Reputable Moneylenders in Singapore

    As with the various changes executed by the Authorities, like modifications in late re-payment charges or monthly rate of interest, the work of accredited moneylenders has impacted. One driving factor was the rate of interest change, it’s driven out the poor ones who abused the program greatly by billing rates of interest that were more than normal.

    This direct to debtors succumb to an extended cycle of credit repayments and being not able to settle their loans. Trusted moneylenders in Singapore have adapted to these adjustments, that debtors will change to them and revealing their adaptability.

     

    Creditability, Reviews & Standing

    As with purchasing shopping on the net, one frequently looks at number and creditability of critiques a particular product has. This determines the trustworthiness of standing and the business enterprise of the organization. Critiques can tell a great deal about how exactly this and a particular product or business work could be applied to discovering reputable moneylenders that are accredited . With licensed money lenders heading on the web, there’s an extensive variety of stuff to consider.

     

    Locate reputable accredited moneylenders in Singapore evaluations before borrowing

    It’s possible for you to take a look at the critiques like testimonials or google critiques by clients, read on the business, see how frequently they may be upgrading their web site. The reputable accredited moneylenders in Singapore upgrades their web site exhibit and to reveal the countless changes which can be executed particularly and also news updates the ones that are changing borrowers.

    Critiques can let you know by the mortgage officers regarding the customer support as well as the way in which they prepare borrowers on the periods as well as the different loan types involved. Great reputable accredited moneylenders in Singapore may fix the re-payment phrases that debtors have to service and will advise borrowers on the loan sorts that are appropriate. That being private to clients and ’s client servicing. Something which every one can connect with.

     

    4% Month-To-Month Curiosity Rate

    Together with the newest opinion of no authorized money lender may charge charge over 4 4% curiosity fee each month, it’s caused a drop in borrower loans and client enquiries. Perceived moneylenders that were trusted in Singapore mistreatment interest rates by large late-fees curiosity charges and price multiple charges. With this specific new law set up, these money lenders go out-of-business.

    Actual trusted moneylenders in Singapore adjusted quickly to the modifications and have comprehended the scenario. It’s generated lenders being client oriented, as now money-lenders can check an expected borrower’s credit credit rating although the majority are are now particular on debtors.

    A far better customer experience could be felt. Trusted moneylenders in Singapore have continuing keep standing and their support levels to basically protect their company. They could have their licence taken off if your succession of criticisms were produced.

     

    Licence and Certification

    Reputable and good accredited moneylenders in Singapore get training before having the capacity to guidance prospective borrowers. Finding a moneylender permit in Singapore is hard. There are constrained permits issued and certified money-lender must work closely using the authorities. An accredited moneylender must satisfy with the many different changes produced by the authorities and conform to the the principles of being a licensed money-lender established up on. Thus, legal demands govern any support rendered by lenders.

    Certification is to be a licensed money lender they must be accredited and also provided by professional organizations. This is the reason one must discover reputable moneylenders that are accredited as they constantly change to the the guidelines established up on them to keep up permit and their certification.

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      Why borrow from a licensed moneylender?

      At some point of time everyone has had moments of financial difficulty, like sudden emergency or needs a fund for big purchase. Loan come in handy to bridge the gap but it can be hard to taking out a loan.

      Thinking of getting quick cash loan, licensed moneylenders help to tide through your financial crisis.

      Licensed moneylenders are a financial entity which authorised to provide loans to people. They provide loans that can be repay in a course of time, thereby reducing the repayment amount for the borrower to pay each month within the term. Moneylenders are a great source of short notice loan. Licensed moneylender offer loan that include personal loan, payday loan, bridging loan and foreigner loan. Payday loan are most popular type of loan for borrowers that have unexpected expenses need to paid before their salary come in. It is a common situation for moneylender to provide this service due to a lot of people fall into it.

      It is important to determine whether the moneylender is on the list of registered moneylenders in Singapore when seeking a loan. Or else, you will run the risk if you getting loan from illegal and unregistered organization. These unregulated moneylenders may involve in unlawful lending practise or even worse using your personal information to carry out unlawful activity.

      To ensure the moneylender you have chosen is licensed and dependable, let us find out more information about licensed moneylender.

       

      Licensed Moneylender

      Verification of licensed moneylender on list of Register of Money Lender is important. All moneylenders require to operate under a license and strictly regulates what lender can charge based on Singapore’s Moneylender Act. Most licensed moneylenders do their best to work within the law as it can be difficult to get the license. Information about loan terms should not be withheld and they should able to explain in detail of the loan with the way you can understand. Avoid lender who is cagey to show you their license and refuse to provide terms of loan in writing.

       

      Unlicensed Moneylender

      Avoid at any cost for unlicensed moneylender which also known as loan shark. All kind of stories had been told of borrowing money from them encounter major harassment issues. They will harass you in exchange for quick cash or engage in violence against you to collect the debt. Unlicensed moneylender may change the payment terms without warning or even demand payment early. There have been instances unlicensed moneylender poses as a licensed moneylender. Ensure extreme caution research process for licensed moneylender, make sure their license number, certificate and documents are legitimate. Signing blank papers or incomplete contracts are also a definite characteristic of an unlicensed moneylender.

       

      Benefits of Licensed Moneylender

      It is hard for most people to have successful loan from bank. Banks usually have low approval rates for loans of any kind. Bank is stringent in lending money based on credit rating and financial performance. A licensed moneylender allows people to apply for loan in variety of different situations. Licensed moneylender provide flexibility for loan request and fast loan process compare with bank. On the other hand, borrowing from licensed moneylender protect you from illegitimate moneylender harassments. It avoids SMS spams and illegal ways on obtaining your personal information. In addition, loan from licensed moneylender also avoids very high interest rate which impose by unlicensed moneylender.

      It is much easier getting money quick from a licensed moneylender when unexpected expenses needed. No matter what reason make you in need of a loan, ensure you looking up for a potential and licensed moneylender. This help to save you from signing up with unregulated organization which make your life more difficult. Securing your loan through a licensed moneylender, know what you need and be a smart borrower in picking a lender.

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        Interest rate for licensed moneylender is capped at 4%

        The government has been in the talks with the people recently and after so many protests finally they have taken their decision to put a capping on the interest level of the money lending and that is 4% a month. The decision has already been announced and will be processed by the July of this year that is 2015. This news, which has already reached the ears of the money lending companies have created quite a mixing in the industry and the people have started murmuring around the plight of the money lending companies from there on.

        As this can be a memorable decision for some people while for the others, it can be a destroying as well, the decision undoubtedly is taken to protect the interest of moneylenders and the people too. There can be havoc or lots of companies can be at stake due to their concerned policies. But we in the Empire Global were prepared for this day for a long time as we were already ready to accept these recommendations. The total 15 recommendations were made by the committee through which 12 of them were accepted. The 2 of the recommendations were to lift the various moratorium on granting new licenses to the money lenders and to regulate various debt collection behaviour and they will be reviewed by the passing time as the industry of money lending could able to adapt to the new changes.

         

        How the 4% Interest rates will affect everybody:

        To protect the interest rate of borrowers, the advanced changes in the regulations will place a cap on interest rates. As of now, there is no capping on interest and late interest rate for the borrowers who are earning 30,000$ on an annual basis. Some of the licensed moneylenders have been examined to change the borrowers the additional fees for being subjected to dishonoured cheques or when repayments fail.

        Today there have been no restrictions in the borrowings various costs by the moneylenders.

        With the advanced measures and regulations coming in the various moneylenders with license will also be restricted to the maximum rate that is being capped by the government. They will not be able to charge the interest rates that are more than 4% of any of the borrowers per month, in addition to the same the money  charged needs to be on the basis of reducing the balance. If any of the borrowers is late in repaying the amount then the licensed moneylenders can charge the borrowers extra. The extra charges will be for the late fees, but then to the charges will not be more than 4%. Similarly, the late fees cannot be in any case exceed by 60$ a month.

         

        In the long run with the new regulations the total amount that can be borrowed will be capped by the regulatory bodies at 100 % of the various original loans so that the debts can keep spiraling over. Additional fees like we can say the unsuccessful GIRO and early loan redemption will not be possible and allowed by any moneylenders. Moreover, the total cost needs to be heard by the borrower will not exceed by 100% in any case of the principal loan which will be a remarkable measure to prevent the debt going out of control.

         

        How the new regulations of money lending will affect the moneylenders?

        Mr. Manu Bhaskaran, have made the statement that the industry will surely become the commercially feasible with the new capping for the moneylenders.

         

        In the 4 % capping, the moneylenders are allowed to charge the borrowers with some additional fees.  These additional fees can be like administration upfront fees, which is capped up to 10 percent of the principal amount. The other various legitimate costs like securing various credit reports can also be asked to pay by the borrowers too.

         

        As per the borrowers who are earning more than 20,000$ on an annual basis, the various new rules will be levied on them. They are said to come under the loan amount which is approximately 6 times of their salary. And these measures are said to be followed by all the licensed moneylenders. These kinds of borrowers can opt for the loans that can be four times of their monthly salary. These are some of the vague calculations to give the investors an idea of their loan worth, but the majorly you will only come to know once you are with any of the companies. The money lenders also act as a consultant to identify your needs and propose you with the best solution they have for you.So, do consultant and take the advice not only one, but multiple money lenders and then decide to go with your best interest only.

         

        Let’s discuss the measures that are not included in the recommendations:

        The government did not approve for the moneylenders that they can advertise in the newspaper by using templates. According to them, these kinds of publicity will definitely increase the borrower’s numbers in the industry.

        The new Moneylending credit bureau, which will form will be having a centralized data of the borrowers. The data they will maintain will be off, who is using the licensed money lending services from the established players.

        The new regulations will start with the announcement of 4% of interest caps for the borrowers and are said to be rolling out the same in within a month by the Ministry of Law. Centennial Group International  director and chairman, Mr. Manu Bhaskaran, have already said that the committee has taken the decision to help, the money lenders to cover up the various administrations and the resources cost of the loans and the repayment fees. In their report, they will surely put the measures to cover up all the cost so that the moneylenders don’t end up in vain.

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          Difference between Payday Loans and Credit Card Cash Advances

          If you have been researching on the various credit card advances and the Payday loans in Singapore, you can be confused for a while too. With the different product offering and the new schemes launched every day, the loans are easy to receive in Singapore. Banks, licensed money lenders, and the other loan companies offer a variety of products as required by the consumers. Now let’s discuss the types of Payday loans and credit card advances:

          Payday Loans:

          They are referred to as short-term loans that allow a person to opt for a loan on the basis of his or her salary. There is a minimum capping also on the amount of loan and that will vary as per the moneylender rules. The payday loans do not require any collateral and they are a tailored product for the borrower’s ability to pay the loans back. Sometimes they can be payback in split payments, but most of the time they do take the payment in a go with the agreed interest. Only the licensed money lenders can provide the Payday loans and the interest rates can also vary accordingly based on the different

          Another advantage of the licensed money lenders is that they offer simple policies based on their rates. And the interest is charged on the total amount with zero hidden charges.

           

          What are Credit Card cash advances?

          The credit card advances are based on the credit card limit available on your credit card rather than on your monthly or annual income.  A credit card cash advances are more like a purchase that is made through your credit card. But do remember the repayment terms are very strict in nature.

          A cash advance on any credit card can offer you a better deal than your Payday loan or may not too. These deals are dependent upon your credit ratings or for how much credit that you qualify for. Some credit card company’s offers high interest on cash advances when compared to the Payday loans which are offered by money lenders.

          Cash advance loans get along with the various smooth functioning of credit card bills and are also repaid according to the rules as well. The interest is said to be compounded on a daily basis, and they do require substantial application fees when you request a loan from them. There are hidden charges to which can be asked from you. The hidden charges like to set up fees, late repayment fees, withdrawal fees can be levied. The borrowers are sometimes not aware of talk of them so do ask the question before going forward for the credit card cash advance.

          The curry of credit card advances is spoiled by many credit card companies as they require you to pay off all the no- cash advance that you have on your card. This clearly means that you are required to pay the amount which has lower interest fees, but on the other hand, your credit card cash advance amount remains untouched. And moreover the amount gets increased and the compounding interest is calculated on the same as well.

          Have you ever received a credit card cheques from some credit card companies in your mailbox? Or any cheques that are offering a higher lump sum to

          These are some of the misconceptions that are faced by the people. These cheques should be treated as credit card cash advances by the credit companies and they do have the disadvantages attached to them. Many people feel like them as an easy credit, but they do have multiple charges levied on you if you avail them,

          In Singapore, the various credit companies are said to cap the maximum loan amount based on the credit limit of the borrowers. Cash advances do charge the finance or hefty interest charges from the day one of the loans to the completion day, but on the other hand, they do have their advantages as well. Like, you can withdraw easy cash on the credit company’s ATM or you can request the loan to the borrower’s bank account as well. Some credit card companies do offer loan application through phones or SMS.

          Do check your amount on your credit card every month. And you can also ask your issuer to explain how the interest rate can be computed. And he will guide you in various tit-bits of the loan.

           

          Outcome and Comparison, Choose your option wisely:

          So what is the action that is viable for the borrower, what’s the best possible? At times these Payday Loans can offer you higher interest rates than you have imagined. This phase is due to the money lenders as they face higher risks of not getting repayment on the said date. However, if you are a repeated customer who has maintained a good credit history of repayment. The licensed money lenders can offer a better rate with a good repayment policy for you. You can discuss with your loan officer to provide one of the best policy to you as well.

          Undoubtedly Payday loans do offer great flexibility for the various repayment fees, and if the time periods. And if the repayment time periods are a consideration for you then do go for the Payday loans as they are one of the best resorts for you going further. And their best part with Payday loans are they do not offer any kinds of hidden charges. They do allow the people in the lower income to avail the loans, who cannot afford to keep the credit card with them.

          Choose your option wisely as which side you want to go for. As these are some of the great options that you should have, so do have a look at them and choose which one suits you well. So do have a look and go forward. We wish a GOODLUCK!!!!

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            New MinLaw rules for money lenders

            Are you aware of the money lending rules of the Singapore that have been in the news lately? The section in the Singapore is going towards the drastic change and the regulatory body has changed the moneylender’s pattern. The pattern has changed altogether about how they will manage their borrowers. IPTO sees the regulation and licensing of pawnbrokers and moneylenders along with the other duties of administration.

            So, IPRO assists the registrar of Pawnbrokers and Money Lenders in licensing and smoother working throughout. They also safeguard the interest of the borrowers to protect them from the faulty practices of moneylenders. They keep a check on money lenders to see that none of them are breaching the act of Money lenders.

             

            Various Simplified MinLaw rules and recommendations:

            1. The borrowers are legally obliged to fulfill the contract made by the licensed money lender. So, in other words, do read all the terms and conditions before signing off the loan papers. And try to gain the maximum from the loan officers so that you do not face any kind of problem after signing up.
            2. Things about all, the fact priory only like loan obligations and current debt. And it will be very, much beneficial for you if you calculate the interest repayment and late fees too. It will help you in making your life simpler.
            3. The borrowers are also provided with the loan copy for their reference. The Moneylenders Act clearly says that you need to explain the borrowers the terms clearly in whichever language he understands.
            4. Do take a look on almost all the money lender, do not stop at one. Calculate the interest level of all the money lenders before settling on one. We are from Empire Global but do check others as well. And do check with our loan officers about the services that we can offer you.

             

            How much we are allowed to borrow from Moneylenders:

            Licensed Moneylender should always look upon to proceed with them. And they allowed the measures according to the below guidelines:

            • Up to $3,000, if your annual income is less than $20,000;
            • Up to 2 months’ income, if your annual income is $20,000 or more but less than $30,000;
            • Up to 4 months’ income, if your annual income is $30,000 or more but less than $120,000; and
            • Any amount, if your annual income is $120,000 or more.

             

            What is the different interest rate that the Moneylenders can charge?

            In your past the loans contracted between the dates 1st  Jun 2012 and 30TH Sept 2015 the licensed moneylenders required to disclose the rates i.e. EIR. If a borrower’s annual income is more than 30,000$, then the money lenders can charge approx. 20% of EIR on any unsecured loans.

            You can also visit the below-pasted link to calculate the respective EIR on your own as well since 1st June 2012.

            https://www.mlaw.gov.sg/content/rom

            These measures are to find out to calculate the respective EIR i.e. to calculate the effective interest rate. However, you should know that is your annual income is above 30,000 $ then the interest cap is not applicable to you. And these terms should be clear between the borrower and money lender.

            However, with the new changes coming into effect from 1st October 2015. The maximum interest rates that money lenders can charge on any borrower is 4%. The interest rate will not change as per the annual income of the borrower or whether he is opting for secured or unsecured loans.

             

            What are the different fees that money lenders can charge from the borrowers?

            From the loans that are passed between 1st June 2012 and 30th September 2015, money lenders can charge the borrowers with 6 types of fees are those listed below:

            1. The Moneylenders can charge the borrowers for every late repayment of interest or principal.
            2. For every occasion, the loan contract terms can vary according to the request placed by borrower.
            3. For every dishonored cheques issued by the borrower.
            4. Various legal costs that will be incurred for the repayment of the loans.
            5. For early redemption of the loan or early termination of the contract.
            6. For each unsuccessful GIRO deduction from a bank account, as payment to the moneylender.

            Any other fees are not enforceable by any money lenders part of the listed above.

            With the effect and regulations of 1st October 2015, all kinds of money lenders are permitted to impose the below expenses and charges from the borrowers:

            1. They can charge you a fee that is, not exceeding 60$ a month of any late repayment.
            2. The fees cannot exceed 10% of the principal amount of the loan once the loan is guaranteed
            3. Moreover, the legal costs for the successful claim for the repayment of the loan will also be heard by the money lender itself. The total charges that the borrower can pay to the money lender for the late repayment, interest, administrative costs, and late interest cannot exceed a specific amount of the loan. The specific amount will be the principal of the loan.

             

            Summary of the various aftereffects of the new Moneylending Rules:

            Only the licensed Money lenders will be taken forward by the MinLaw, this will help in giving better structure of the sector. And hopefully, this will also help in making a good name in the sector as well. With the government imposing the hard rules on unlicensed moneylender’s and the other errant licensed moneylenders, the borrowers will also understand their working. These rules will be in the interest of the borrowers and they will also come to know through them about how the licensed money lenders can be beneficial for you.

            Maybe going forward the number of licensed money lenders will decrease due to adherence of new rules. Or due to their unavailability for adapting to the new money lending rules as their existing business model ought to change. Do identify only the licensed money lenders for better working and rules.

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              Banks, Pawn Shops, and Money Lenders: What’s the Difference?

              Have you ever thought about taking the loans from the banks, Pawn shops or licensed moneylenders or if you have then which option you prefer to choose upon? As with the matter of fact, all the three options are not good, they offer you money but you can end up losing more than you thought or expected. But yes, making a choice can be tough, let’s learn the difference between them.

              Although there are non-authentic sources too who can lend you some money without any paper works like friends, family, and fools? But if none of them works we have others as well then you can surely go for some other resources. Below we have listed some of the vendors who can offer their services to you if none of your acquaintance will be able to help you out:

              • Banks
              • Non-Bank Financial Institutions
              • Pawn Shops
              • Licensed Money Lenders

               

              Let’s discuss them one by one:

              1. Banks:

              • They are the best resources known to provide credit to the masses. They are further classified into two categories and i.e. Private Banks and Retail banks.
              • Retail banks cater to the mass market like car loans, personal loans, car and business loan, etc. This section caters to almost all kinds of categories of consumers. If we talk about Private Banks their target HNI clients that can be provided the loans by keeping their collateral properties.
              • The banks have some advantages attached to them, which you cannot receive from the other credit agencies. The advice can be like they do adhere to the government policies and provide you the genuine fee structure according to the market trends. Banks have the lower interest rates. Moreover, if you are catering to the home or education, land, then you get additional benefits as well. The banks are easy to payback as well. As you can proceed via paying online through ATM, by mail etc.
              • With the advantages attached, the banks have some disadvantages as well. They are quite stringent to handle like you need to fulfill particular income requirement for applying for the loan. Everyone cannot qualify for the loan as well. If you, in any case, fail to repay on the said date your credit worthiness will surely get a hit. The other effect of the same will be that no other bank will able to provide with an option of loan for you.

               

              1. Pawn Shops:

              • The pawn shops are said to allow or pledge you’re valuable or collateral for the loan that you take. When you bring your valuables to any pawn shops, they will loan them for a sum of money. This ranges from approx. 60- 80 % of the value of the valuable. So if you pledge a ring of 1, 00,000$ then you will receive a loan of approx. 80,000$.
              •  The valuable which you carry to the pawn shop is known as the pledge. And you need to leave the valuable at the pawn shop only and get back with the loan money. Starting with the time when you receive the money you have total 6 months to repay with the interest. Failing which the pawn shop will surely auction your pledge. The first-month interest in approx. 1% and going forward it can be 1.5% for the subsequent months as well. The repayments cannot be fixed as well as agreed upon by you at the time of giving you the money. They can differ as in the first month it can be 50$, in the second 700 $.
              • Once you repay some amount the pawn shop will delay the auction by six months. It is not recommended to sell your gold, jeweler watches at pawn shops as you get the money a bit lower than you sell at goldsmith.
              • Their some advantages attached with the Pawn shops as well. The basic advantage that you will have with the pawn shops as you do require only loan identification number for the loan. No credit or income history is checked, unlike other loans. If you fail to repay also you just lose the pledge and that’s all.
              • If we talk about disadvantages then we will see that it is just a one-time loan. And the value is also dependent on the type of pledge that you have given. The interest rate is 1.5%, which is quite higher as compared to the other personal loans as well.

               

              1. Money Lenders:

              • Licensed money lenders usually deal in small loans like up to 10,000 $. Although for selective clients they can take a call. The loans can be secured by the collateral attached or unsecured ones too. Licensed money lenders deal the clients on an individual basis. While they also check your credit history and income.
              • They may vary interest rates or the size of the loan based on their personal judgment. As such, it is difficult to make generalized statements about money lenders. Due to the significant risk involved in their business, money lenders charge high interest. The rate depends on your income, if you earn less than $30,000 a year, licensed money lenders can charge a maximum of 13% for secured loans, and 20% for unsecured loans. If you earn above $30,000 per annum, then the cap does not apply. It is not unheard of for interest rates to reach above 25%.
              • There are some of the advantages attached with the money lenders as they are lenders of last resort. They may give you a loan even when the banks have turned you down.

              And if we talk about the disadvantages then, here have been ugly incidents involving the hiring of debt collection agencies, and alleged harassment of debtors. A bank is big enough to absorb a bad debt and typically cares too much about its reputation to resort to such methods. Not so for money lenders. Some charge interest rates that are almost extortionate. In other words, you can say money lenders are the option for the people who the bank doesn’t cater to. But the pawn shop can be a lucrative option as they have the interest rate lower than the personal loan as well.

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                17 myths about the moneylending services in Singapore

                There are various myths about the money lenders in the market, but are these true? They are called as a real business person, but do they take their clients for granted?

                Yes, the money lenders are in the market to make money like every other business person. But the best possible thing with them is they never do business on the stake of their clients. As they do know the value of them because if they spoil them, then who will be available to give them value in the market. Who will do business with them? Let’s discuss some of the popular myths in the market about them:

                 

                1. Seriously, I am confused about whom to pick?

                 As there are many players in the market and everyone is ready to provide you the similar facilities. But it is totally up to you to research on them well and then go forward for the best one. Never land on the first one does compare and research based on the factors that matter to you and then take a decision.

                 

                1. How do I know, am taking the loan from the best in the town?

                With the invention of the internet, everybody seems to be one in a while and nobody has left apart. For better results, you can check the websites of the money lenders singapore and also the reviews of them on various forums and platforms. And then decide as the people who are happy have must have given them good reviews while the others who doesn’t seem to leave with a good impact will definitely warn you before. You can check the various products and services they are offering and pick the one that best suits your requirements.

                 

                1. What makes a reliable money lender?

                 As there are many money lenders which will try to allure you from many enticing offers but for taking the decision you need to find the one that will best suit you? Believe us it will not be an easy process. Do look for a licensed money lender as they will able to offer you the best services in the town as per the compliances of the Singapore government too.

                 

                1. What should I look out if the moneylender is an unlicensed one?

                 We will not suggest you go forward with an unlicensed one as it can have the adverse effect for you as well. First of all, you need to cater and recognize the money lender as you can be confused, so do not go on talks just look forward to the one that has all the paperwork at the place. Do not sign on any blank paper or cheques as it can end up harming you as well.

                 

                1. How do I classify between licensed and unlicensed one:

                If you are looking forward to a classification then do take care of the few things for your interests never hand over your original documents to any agency. As if they are the licensed they will make a copy, but will never keep your originals with them. And the licensed money lender only requires your NRIC card to be displayed rather than any other documents. Think twice before submitting your originals. Do not come in any shady talks.

                 

                1. What are the kinds of money lenders in Singapore? Are all of them “Ah Longs”?

                 No, they are not, there are two types of money lenders in Singapore and that is licensed and unlicensed one. If you want to look for the licensed one, then the best and authentic resource will be to go to the website of Registry of Moneylenders in Singapore and look for the list as they keep on updating them monthly. So, do have a look at the same and carry forward your actions as suits you.

                 

                1. Are there different Kinds of loans in Singapore?

                 Yes, there are two types of loans and i.e. Secured and Unsecured ones. The difference between them the secured requires a collateral property to settle, whereas the unsecured doesn’t have any provision like the same.

                 

                1. What are unsecured loans, actually?

                 Unsecured loans are like the personal loans from money lenders or Payday loans. The unsecured loans are the amount borrowed and lent it in the absence of assets. For the lenders, the only recourse is to go for initial legal proceedings for the defaulters.

                 

                1. What are the advantages and disadvantages of the unsecured loans?

                 The advantages of the unsecured loans are they do not have any risk attached to your assets. They are much faster to process. And if we talk about the disadvantages then we will know that they come at a higher rate than secured loans. They have strict repayment period, which is not flexible too.  They have limitations to the amount of money that can be borrowed.

                 

                1. What is a secured loan, actually?

                Not every asset is a valuable one. But yes the precious jeweler, watches, etc. can be the lender to have money instead of they are also known as the pledge. They are also the sources to lend a large amount of money to the borrowers. As the banks will not approve the loan unless the credit rating is good. But you can surely opt for a secured loan if it is not good too.

                 

                1. What are the advantages and disadvantages linked to secured loans?

                They have lower interest rates as the risk is lower and can loan hefty amount in ago also are some of the advantages linked to the secured loans. If we talk about the disadvantages of secured loans, then the worst part with them is their process is very long. They take a long time to initiate the process with the asset valuation. The bank has the right to seize your property if you could not able to pay for the loans. And the assets on which the loan can be taken are also very limited.

                 

                1. Why should I consider buying a land over the loan?

                The assets like land and flat or home appreciate with time. Like if you are buying an asset for 100,000SGD, then within ten years it will become 120,000 SGD but your invested amount will be much lower than you thought of and appreciates by 2% every year.

                 

                1. I currently live with my parents, renting my house. Why I still want a loan?

                If in any case you are looking forward to buy another home, you can mortgage your first home and the loan repayment can be taken care by the monthly income from the rent. And if your second home is in a good location then you can have an income much more than you are paying for mortgaging.

                 

                1. Why would I take a loan when I earn enough?

                Congrats!!!! If you are doing well. But it is never advised to break your savings to buy the assets, so if you are looking for one. Don’t go for the same. If you are looking forward to buy an asset evaluate them and then look forward.

                 

                1. What possible situations in the market can drive you to take loans?

                Sometimes market declines due to various reasons. So, if you could take the advantage and have the loan to a lower interest than it surely helps you in the long run.

                 

                1. What kind of emergencies that you can be in that will press you to take up a loan in the first place?

                 It can be any like you need to buy a car, home or any asset, then you can consider taking up the loan in spite of cancelling your savings.

                 

                1. Why do I take the loan when I am not financially inadequate?

                In being different circumstances also you can apply for the loans. It’s not just the financial requirement only that you should go forward. The reason to go for loans doesn’t need to do anything with your financial status as well.

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                  Never borrow more than you need

                  Financial difficulty seems to be common matter in society nowadays. Unforeseen expenses always needed without you really being aware of it. Monthly budget may come up a bit short from time to time. When you not able to fulfil the end meets or before your finances steady once more, a loan can help to bridge the gap. But whatever has happened and you need to be in the need of loan, there are a few things that you need to take into consideration.

                  Understand How Much You Need

                  Do carefully consider and understand there is a different between how much you think you need and how much you really need. Sometimes, lending sources might be offering a sum that higher than you initially apply for, but always ask yourself do you really need that high amounts and are you capable to handling it. Knowing the exact amounts of money needed is important, so do not take the loan offer more than you need. Don’t get blind by a larger loan sum up front, keep in mind you need to pay back someday.

                  Ensure You Can Afford the Repayment

                  When you end up in situation of needing to get a loan, you need to understand how much money that you can afford to borrow. This factor decided by how much you can repay each month. Identify how much monthly income you able to allocate into loan repayment with consideration of your monthly expenses. This is to make sure you have enough money to solve current finances problem and still have enough money to live decent until cover entire loan. Study and understand more about the interest rate and period of the loan to make a good planning on your monthly budget for repayment.

                  Restrict Spending on Unnecessary Purchase

                  Extra money mean more possibility. Eventually, money goes to all kind of unnecessary spending. When you borrow more than you need, with extra money on hand, unnecessary expenses increase, you will end up with higher debt burden which you can’t afford it. Nowadays, we need a lot of things in our life, latest technology product or something much different. But stay focus on what you really need to spend money on. Keep in mind borrowing for emergency expenses should be reserved for emergencies.

                  Flexibility in handling financial problem take place when having the ability to borrow money when you need.  But borrowing more than you need is a habit that you should not fall into. Temptation always be there, to ensure loans and repayments are easily to accommodate in future, you need to setting and sticking on restrictions and expectations to yourself.

                  Inconvenient issue turn up when having lesser money than usual month. To pay the rates or the repayment amounts and monthly requirement expenses, you need to let go many of things that you used to do. You will need to face cutting down from your preference list, stick to strictly necessary only. Thus in conclusion, always keep in mind do not go overboard with the loan and only take the money you need.

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                    Best List of licensed money lender in Singapore

                    People who have faced the urgency of seeking a loan would only understand how important it is be educated in this matter. This is an article that would provide and guide you with some of the best and most useful things to be considered before applying for a loan. One can always go ahead and opt for the list licensed money lender in Singapore in order to find out about the best lending companies in this business. Without gathering proper information and knowledge, one must not choose to go ahead and trust any random money lender blindly. It could lead to several kinds of trouble and hassles in the near future. The listed licensed money lenders in Singapore will always be able to help you ion this matter.

                    Consider trustworthy and list licensed money lender Singapore experts

                    There are several people who are really knowledgeable in this particular matter. So, one can definitely go ahead and contact them in order to consult and discuss before actually stepping ahead to apply for a loan.

                    • List licensed money lender Singapore is always helpful
                    • They are really honest and maintain clarity
                    • Licensed money lenders in Singapore have experiences and concepts in this field

                    These qualities and factors are really very important for a person to understand. These are some of the most vital things that define a genuine and honest money lender in Singapore. So, it is really very important for an individual to keep these things in mind while applying for a loan.

                    Make a list of reputable money lenders before applying for a loan

                    This is one of the most important things one must consider while applying for a loan. You should always cerate you own list of money lenders based on your researches and words of mouth.

                    • Once the list is crated, it is time to shortlist the most reputed names
                    • Based on detailed insights and research, go for the best known money lender in Singapore
                    • This will really be an useful thing to consider

                    It would automatically reduce the worries and other hassles of applying for a loan since you know that you are consulting and seeking help from an absolutely trustworthy and renowned person in this field.

                    Consider consulting before confirming

                    This is precisely the thing that has been discussed in the aforementioned lines. It is really very important for a person to consult an expert in such matters before approaching a money lender. The list licensed money lender Singapore would always be helpful for you. However, before you trust the person, always gather proper knowledge and do a bit of research.

                    • This would instill confidence in you
                    • You can have an idea about the person
                    • Thus, things would go sooth and absolutely hassle free

                    So, these are the things one must definitely take note of. Lending money and trusting upon a person who lends money are things that require utmost care, attention and precaution. So, such helpful tips and suggestions would always come into play if you consider going through them the next time you would apply for a loan in Singapore.

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