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Finance Archives - Page 19 of 20 - #1 Loan Directory in Singapore | Loan Singapore
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Ways to Earn a High Credit Score

Credit score plays a role in many areas in our life which depicts a person’s creditworthiness. Credit score is important, it might control your financial destiny. Getting loans from bank or moneylender, your credit score is the key. It provides lender’s first impression on your financial situation. Understand more about what goes and affect your credit score, it will be easier to maintain a good one and getting a high score.

There are many elements as a factor which can affect your credit score. It will be a good start to maintain a good relation with your credit company. Besides that, following are few tips which can help to keep your score up. Let’s find out more.

 

Pay Your Bill on Time

Always make your payment on time, every time. Setting up automatics payments, or set up a reminder to prevent missed up payments. This not only for your credit card, that goes for all your bills and fine. Bank tends to like you if you pay your bills on time or even better make an early payment. Keeping your payment on time, it helps to build up your reputation. Without missing a payment for a year or more, here comes an increase on your credit score.

 

Stable Employment

A long service history in your company also is one of main score to be evaluate. Lending sources will feel more reliable if you keep a steady job. Compare with a few months’ job, far less likely for you to miss a payment on your loan if you have been in the same company for two years’ time. There will have higher chance for you to get loans from bank or moneylender when you stay longer in your job.

 

Manage Your Debt

Nowadays, there are times for people slip and fall into debt. Everyone need to manage their debt even a little bit of it. Your capabilities to be out of debt quickly make lenders get great interest on you. Keep your debt payment under control and pay it off as soon as possible. Your credit score will grow by time to time, as you have strong ability in paying off debt.

 

Increasing Assets

Increasing your assets and decrease your liability. You will own a positive net worth when your assets exceed your liabilities. When applying for loan, net worth is important for lenders to measure overall financial strength of you. Showing a good financial condition by owning property, vehicle, or other assets. Banks and lending institutions are likely feel more reliable with the more you own. That increase the chances for you to get the loan.

Chances of getting approval of loan influence by your credit score. As we need to understand it is important to know that no one factor works independently although some of factors are weight more than others. Each one of the factor take the role for your score contribution. Your financial condition is one of the proof you can provide to financial institutions for your ability to pay them back. So starting from now, get helpful tips and steps to improve your credit health.

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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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            Debt Management

            Debt is a part of our life in our society. It can be a stressful experience being in debt. Although sometimes debt is form due to unintended circumstances which make us overspending within our budget. But most of the debt are from our daily life like education fee, house and car loan or business expenses.  Undue stress start to haunt you down and keeps you up at night when your debt become more and more.

            Well managed debt become stepping stone that enables us to improve our life and get things accomplished. Otherwise, if you cannot manage your debt well, it become stumbling block and hinder our progress for better life.

            To prevent financial status spiralling downwards, you need to learn how to manage debt more wisely to clear it off faster. Commit a healthy debt management habits as quickly as possible. Here are few steps to help you manage your debt.

            Prioritize Higher Interest Debts

            Understand and identifying all your debts. Lists your debts from highest interest rate to lowest. Pay off the most expensive interest debt first since the one is costing you the most money. It helps to save you from giving away tremendously expensive interest rates. Continue this method and focus on the second expensive debt after the most expensive debt is paid off. With this strategy, you will have left with your least expensive debt to pay down last.

            Pay At Least The Minimum Payment 

            We are always being encourage to pay every payment or instalment promptly to avoid interest and penalty charges. But bear in mind if you cannot afford paying more, you must make at least the minimum payment. Although we all understand minimum payment does not help in paying off debts, but it keeps your debt from growing. Eventually your accounts could go into default when you miss your payments because it gets harder and harder to catch up.

            Pay More with Excess Cash at Your Debt

            It will be great if you able to pay more than the minimum or even better increase your regular repayments amounts. Besides that, make a lump sum repayment of your loan with extra money you can spare also put wind in your sails that enable you focus on clearing other debts. Throw any excess cash at your debt, the more cash you can put, the faster it will disappear.

            Draw Up a Budget to Plan Your Expenses

            Evaluate and analyse your expenses to create a realistic budget and stick on it. It is crucial to develop a budget to tracks your income and your expenses to getting out of debt. Balance the amount of your expenses and try to get more from your income to put into loan payment fund. You need to trim your expenses if the outgoing funds more than incoming funds. In addition, getting a second job or picking extra shift to increase your income. You need to apply all your extra income to debt repayment to pay down your debt aggressively.

            No matter how hard the life is, don’t give up to get up of debt. It is important to have a plan to tackle the debt. Be ready to get on the path to financial freedom, start rationalising your budget and stay debt free.

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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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                  How much is Licensed money lender interest rate in Singapore

                  From 1st October, 2015, there has been a change in the licensed money lender interest rate. The rate of interest is now 4% for each month along with no caps of income. The amount of the applied loan will depend on the borrower’s annual income along with the fee of administration. If you are looking for the licensed money lender interest rate online, you need to know certain facts. These facts are as stated by the Registry of Moneylenders.

                  Essential Facts of Licensed money lender interest rate

                  • Effective Interest rate of about 13% is for assured loans
                  • Effective Interest rate of about 20% is for uncertain loans like those of personal ones.

                  If the yearly income of a person is less than $30,000, then the aforesaid rate of interest will be capped. An authorized money lender will reveal to his or her clients about the Effective interest rate of the amount of loan in writings. However, it is important to note that the licensed money lender interest rate might differ from one another for their clients.

                  The effective rate of interest considers the amalgamate effect of the installment frequency for one year. This means that the Effective rate of interest displays the real borrowing cost of a period of one year.

                  However, if a person’s annual income is $30,000 or above it, then the aforesaid caps will not be pertinent to the person. There will be a personal agreement about the rate of interest between the borrower and the moneylender. Several licensed money lender interest rate has discounts for their clients if they are repeat ones. However, the repeat customer has to have a good credit history and rating to enjoy the discount.

                  Other rules and regulations about licensed money lender interest rate

                  The new rules regarding the licensed money lender interest rate on loans is subjected to various caps. They are like,

                  • an administrative fee will not be more than 10%,
                  • each month the interest rate will not be more than 4%,
                  • each month the late interest will not be more than 4%
                  • Per month late fee will not be more than S$60%
                  • Total cost of borrowing will not be more than 100% of loan principle.

                  These following caps will not be pertinent to the loans given to the business that was registered for about two years prior to granting of loan. At present, if a person earns less than S$20,000, they can take secured or assured loans for S$3,000 maximum. As per the Ministry of Law, the aim of the new rules is to protect the borrowers who have no choice other than going to money lenders.

                  The Advisory Committee of Money lending has made such recommendations on the licensed money lender interest rate, after which Government accepted it. According to the Association of Money lender in Singapore, the new regulations have created anxiety among the members. However, before signing a contract of loan, it is important first to research about the money lenders to know about the best options of cash loans.

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                    Fast Cash Loan : How to get loan in Singapore

                    How to obtain fast cash loan in Singapore

                    Need a fast cash loan right away? There are a few ways to obtain an urgent loan in Singapore. The best option we would suggest is to approach a legal money lender for a fast cash loan. Just make sure that the money lender you approach is enlisted at the Registry of Moneylenders, as you do not want to end up with a private money lender that claims that they are a Legal moneylender. Licensed moneylenders in Singapore offer huge number of loan packages and payday loan is the most popular choice when you are requiring a fast cash loan.

                     

                    Why choose a Licensed moneylender to obtain a fast cash loan?

                    Licensed money lenders approval process will only take less than an hour unlike the bank which will need a long process of approval. Money lenders will design a plan of repayment keeping in mind your financial capability which will consider your present as well as future commitments and income. Procedures of obtaining a fast cash loan is simple. You will just need to provide your employment documents and Identification card for the loan officers to process your loan. Usually you will be able to get cash loan within an hour time.

                     

                    How can I get professional advice?

                    You can call or visit the Licensed money lenders before taking up a loan from them. Loan officers will always available to help you whenever required. They handle and respond to all their questions in just a professional way and will assure that all your financial issues will be confidential. Utilizing their experience, they will frame the loan packages to make it suitable for the requirements of ongoing changing market.

                    You don’t have to worry if you have a bad credit score as you can simply contact them and to allow Loan officers to give you advice on your financial situation.

                    Usually loans will be determined on your present income instead of your past history of credit. If your income is eligible for the repayments of the applied loan, loan will be approved and cash loan will be handed to you immediately after signing some documents that is required by the Registry of moneylenders.

                     

                    The Most reputed as fast cash loan in Singapore

                    The relationship of creditor and debtor is very sensitive. A little bit of carelessness about choosing the creditor can lead you to a difficult situation. There are many creditors who are not reliable for having secret charges, less concerns about their clients’ requirements and threats of problems.

                    But we, the provider of fast cash loan in Singapore, can assure about our reputation in this business which we have earned for decades. We assure to treat you professionally and ethically. We will never let you in any risk with our services. We are always available to help you in every financial need.

                     

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