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How Credit Scores Are Calculated

A lot of people in Singapore overlook the significance of the credit score and simply don’t think about it at all. The individual credit record is in fact quite important since it’s used to review whether you qualify for a loan; therefore it is a significant source of information.

Particularly during times when you want to access some quick cash, for a personal loan or a mortgage loan. Although you may possibly assume that you have not done anything to jeopardize the credit score, but little things like late repayments and also forgetting to repay the credit card debts may actually have an effect on your ability to get loans.

Credit reports in Singapore are kept by the Singaporean Credit Bureau (CBS). The credit Bureau maintains full-industry uploads from all key financial institutions and retail banks in the country. CBS keeps a collection of information related to credit between the involved members and then presents a full risk report of potential borrowers to their credit providers.

With this information, credit providers are able to establish the chances of a customer defaulting, therefore, improving their risk evaluation capabilities.

What Story Your Credit Score Says About You

A score is assigned to you and it comprises of a 4-digit number which is depending on your payment history from loan accounts you hold. This score ranges from 1000-2000, whereby individuals who have a 1000 score are more likely to default on their payment. While those with scores of 2000 have the lowest possibility of getting a delinquency standing. A person’s score is one part used during the process of loan application.

Most moneylenders also review your worthiness to get loans using other additional factors, like your annual earnings, litigation/bankruptcy information, the length of time you’ve been employed, and all the accessible number of loan facilities. Using the score, a risk score is then assigned to you. The best credit grade possible is AA. While grades of BB with CC indicate that you may have several delinquencies in your payments, and D grades and below are possibly caused by defaulting.

Find Out Your Loan Choices With Moneylenders

When you wish to obtain a credit history, you could do so for a fee of $6.42. However, when you read through the credit details and discover that you don’t fall in any of the above-mentioned grades. There are other gradings known as the “Non-graded Risk Grades” which are also important for you to know.

Non-graded Risk Grades


In public record mark (Given whether you trade or not). It means there may be in the past and current writ summons or bankruptcy evidence filed not in favour of you


HZ risk score is given when there is outstanding debt balances >=$300. You may also hold accounts marked with one of these grades: D: 90 and above days past due date; F: closed account with outstanding balances; H: involuntary account closures with balance /surrendering of security having an existing balance; R: closed and restructured loans; S: closed, with a negotiated settlement before the charge off; W: closed for non-payment recorded by Member


An inquiry records without existing Public Records and Trades. It means only personal-enquiries to no enquiries have been made from banks since no credit records exist.


Only dormant operation “Other”, Bridging Loans or a Margin Trading accounts exists. It means either the trade accounts have been closed or only a bridging loan and margin trading accounts. Or you have accounts marked ‘Others’ by the lender.


Not enough Credit Activity. It means ‘very limited’ data is available such as your Credit Applications as well as Accounts Status records such, or the score can’t be derived.

Information From Singapore’s Credit Bureau

Given that you are rather young and have not applied for loans or credit card, you may find yourself getting a CX score. This is because there isn’t much credit activity information regarding you. It for this reason that it’s important you learn ways you can “dress up” the credit rating ahead of sending your loan requests.

Factors Influencing Your Credit Grade

Your credit grade can be affected by several factors which include:

1. Pattern of Utilization

The utilization pattern is the credit amount used or even owed on an individuals account.

2. Recent Credit Taken

When you have recently booked loan facilities within short periods of time, you may come across as though you maybe over-extending yourself to potential moneylenders. It is for this reason advisable that you do not take out many credit lines within short periods of time.

3. Delinquency Data on your Loan Account

There being records of late payments on your credit or loan will more likely decrease your credit grade.

4. Credit History of Your Loan Account

Individuals who have long and well-established credit record are considered to be more reliable borrowers compared to those with no or a limited credit history. It is for this reason you are advised as a minimum to have a single credit card. With which you hold a long credit history and maintain prompt payments on. The score is calculated for a period equal to a year of your account repayment activities. This will also include defaulted and closed accounts.

5. Available Credit Accounts

This is the several credit accounts available to you. This includes both active and open accounts.

6. Loan Enquiry Activity

It shows the how many current loan application enquiries were created in your existing credit account. Every time a moneylender or a bank pulls out your credit history as a response to an application for a loan, they place an enquiry on your credit file. When you have several requests in your loan file, it shows that as a borrower you are attempting very firmly to borrow. This, as a result, will affect the likelihood of your application being successful.

Quick guidelines for Improving your Credit Grade

  • Constantly pay back your credit card debts and loans on time
  • By no means do not fail to pay your credit lines and loans
  • Avoid sending out a lot of credit applications or loan enquiries at once
  • When you currently don’t have a credit account, get one and then build your credit standing slowly by making prompt payments.

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    Should You Save Or Repay Your Debts First?

    In many occasions, Singaporean are caught up in the dilemma of whether to repay their debts or save. The answer to this may seem obvious to some individuals but once you take a harder look at your financial standing that might change. It is important that you take time to look through your credit reports for you to have a much clearer picture of the standing of your personal finances.

    There are several people in Singapore who have both savings and debts account running concurrently. Therefore, to such individuals, they have familiarized themselves with the situation of holding debt and having money saved up in their savings account. A lot of people in Singapore hold some type of debt in their lives. The debt may be a short-term moneylender personal loan, a car loan, a study loan, or maybe a mortgage loan.

    Although you may not be in a position to repay the mortgage loan considering it is a large sum of money involved, there are in fact some ways for you to pay off you study and car loan using your savings. But on most occasions, people prefer not to because of various reasons. Some of the fears people may have included being afraid that they need to have some ready cash available to them in case an emergency happens. It is for this reason that some people would rather spend money paying for interest on loans for them to have a bit of safety by having money in their savings account. Even then, there is really little logic in such an argument.

    Read on for you to better be aware of some pointers that will help you resolve your dilemma on whether to save or repay your outstanding debts.

    The Price Of Debts

    In making use of a very easy example this will show you the amount of money you may be forfeiting when you are holding both a savings and debit account:

    – $2,500 worth of credit card debt for each year will cost you about $550 in interest

    – $2,500 worth of savings for each year will be earning you about $10 in interest

    Therefore, whereas you are not earning a large amount by having the $2,500 in a savings account, you would be saving yourself $550 in interest when you take the $2,500 in the savings account and paying off the existing credit card debt. Thus it is easier for you to pay off your outstanding credit card debt and save the $550 instead.

    This rule holds true considering the charges of debt are normally a lot higher compared to any interests you earn from saving money in your deposit account. Nevertheless, there are a few exceptions to this rule.

    These exceptions include:

    1. Early Payment Penalties

    There are some debts, like the moneylender personal and mortgage loans which involve you in taking them for a minimum period of time. To which when you make early payments will attract a penalty.

    In such occasions when you are paying off the existing debt it instead attracts a penalty, it is better for you to keep your money in a savings account. This is until you are able to clear the debt without incurring any pre-payment charges.

    It is always advisable to make this clarification before signing your loan contract. This way you are aware of the additional you will be taking on in case you choose to do an early payment.

    2. Interest-Free Credit

    It is important for you to recognize that most debts will cost you more than the interest amount you may earn from having a savings account. Even then there are some debt types that do not fall into this category. These debt types include the interest-free debts. It’s probable you may not be aware of this, but there are several products that will offer you interest-free debt.

    In essence, these products offer to loan you cash at no additional cost. The interest-free debts available in Singapore include the balance transfer cards, various student loans, and the 0% interest credit card payment plans.

    For example, most student loans are in general interest-free as you are studying. And banks only start charging interests once you have graduated. One smart way for you to handle your money is by putting whatever money you may have in your savings account or even a fixed deposit. This is all through your studying period and then pay off a large amount debt as you can once you have graduated. Of importance is that you need to make payment of a debt a priority for you given that debt entails a cost.

    The key here is to start by paying off the most expensive debts first. Some of the expensive debts may include moneylender personal loans and credit cards. One thing to note is that mortgage loans are a bit different because their rates of interest are somewhat lower. But since of the large amount you are taking out, it may perhaps be difficult for you to pay them off at once.

    What you could do instead is to repay as much of the debt as you can following the lock- period. And also before you can refinance this debt this way you will only need to take on a much smaller debt thus greatly reducing your interest cost.


    A lot of people hold some type of debt in their lives. The debt may be a short-term or even a long-term type of loan. Even then there are a few people in Singapore who keep both savings and debit account running concurrently. It is important that you recognize that the interest charges on debt are normally a lot higher compared to any interests you earn from saving money in your deposit account.

    Nevertheless, there are a few debts that are an exception to this rule. These include the interest-free debts such as student loans. These debt products offer you an interest-free debt of which when you make early payments you end up incurring a penalty.

    In such cases, you may consider putting your money in savings to later use once the lock period has elapsed.


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      Short-Term Financial Crisis: How Will Payday Loans Will Help You Through?

      Money lending institutions make small personal loans accessible to individuals who have a limited access to banks. Singaporean money lending institutions are licensed by the Registrar of lenders and are bound by rules and regulations that guarantee they follow all money lending and financial institutions laws.

      Financial emergencies can happen unexpectedly and especially when you are least prepared. That is why trying to handle them can be quite challenging, particularly for those Singaporeans living paycheck to paycheck. The dilemma becomes severe when you don’t have sufficient money in the emergency fund.

      Payday loans are intended as cash advances on your next paycheck. For you to qualify you have to be over 18 years old. You also need to hold a steady job and a bank account. Payday loans from moneylenders do not depend on your credit history, credit report or the absence of it. But instead, a fee ranging from $10-$30 is charged for every $100 you borrow. This makes the payday loan more costly than normal loans.

      The positive side is that they offer you quick cash for those emergency times. Payday loans are mostly approved within 24 hours after you have submitted your loan application.

      What You Need To Do

      When you have family or a friend to whom you can count on, you will need to talk with them for help. Although there are situations when there is no one for you to contact for assistance. And to make things worse, getting a loan from a bank loan in this situation is barely feasible.

      This is considering most banks take longer to process your loan application. And at the same time, they are not exactly bothered by your situation. On the other side, taking a loan using your credit card may be an option. But it is costly compared to banks, and again, it takes a long time to get the loan application processed.

      Therefore, when you are in need of a short-term loan which you can repay using your next salary, then a good option for you to seriously think of is the payday loan. Every one of the legal moneylenders in Singapore offers this loan type to the suitable candidates.

      One of the main benefits of this loan type compared to other loans is the speed with which the application is approved. You are able to get your payday loan in 1-2 days, and at times even within the same day.

      Who Qualifies?

      As its name suggests, the payday loan is issued based on your salary. Nearly every person that is employed can access this loan type from licensed moneylenders but the highest amount of money you can take out in loan depends on your monthly income. You are able to access a payday loan even when your credit record is not that good. Provided you are able to show a proof of employment. Thus this is an additional advantage of the money lender payday loan. Individuals who have a bad credit are able to access it. The payday loans are very easy to obtain because they are based on the status of employment and also your pay level.

      Things To Bear In Mind

      There are some important things that you need to take into account when you are applying for a payday loan. These include:

      • Payday loans are meant for financial emergencies and are not best for long-term financial solutions. In addition, when you are getting a payday loan for each month, you need to seriously evaluate your spending. You shouldn’t make it into a habit; this loan type is for emergencies.
      • You need to pay off your loan using the next salary. Similar to other loans, the payday loan also comes with interests. And a quite high rate at that. Hence, you need to only take the amount that you can pay off using your next salary. Don’t be tempted to extend your loan period by paying in smaller amounts or even the bare minimum. In so doing, you are more likely to end up paying more money than your original amount.
      • Be sure you do some research, this way you will get the best deals possible. Each moneylender may offer you a different rate for the same loan amount. Hence, by shopping around a little, can help you get a much favourable deal. Borrowers are cautioned to first confirm the rates being offered by the certified moneylender before settling for a payday loan. This will help when you are comparing the terms and rates to help you pick the terms offered, that best meet your financial situation. Approach a few moneylenders and, compare their interest rates they offer to help you pick the one with the most favourable terms to fit your budget.
      • Ensure you understand your needs, terms, and conditions of the loan contract before signing it. Bear in mind that you are duty-bound by law to honour the terms of the contract once you sign.
      • Payday loans are processed much faster time owing to the effortless verification procedure of income and status of employment. Lastly, at all times take loans from legal moneylenders.
      • Payday loans are the easiest to obtain as with a valid work permit, confirmed employment status and a bank account, a foreigner can have their loan approved fast. This loan is usually repaid once you get your monthly wages.


      Payday loans are intended as cash advances on your next paycheck. Financial emergencies can happen unexpectedly and especially when you are least prepared. But first, when you have family or a friend to whom you can count on, you may need to talk with them for help. When that fails, you can consider taking a payday loan, which is issued based on your salary.

      Nearly every employed person can access this loan type from licensed moneylenders. But the highest amount of money you can take out in loan depends on your monthly income. Of importance is to confirm the interest rates being offered and also be sure to pay off the loan using your next salary.

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        Practical Steps To Lower Your Debt-To-Income Ratio

        Most moneylenders in Singapore use the debt to income ratio as a way of measuring an individual’s ability to manage their debt repayments and other payments in each month. This is intended for comparing your debt amount you owe against your overall income.

        Having a good credit score may always not guarantee that you will get a loan from a bank or other money lending institutions. Often Banks reject loan applications from individuals whose debt-to-income percentage are high. Therefore, it is important for you to know what debt-to-income ratio is and why it is as important to you as a borrower

        The DTI ratio is a key factor that most banks and moneylenders consider before disbursing loans. Nonetheless, it isn’t part of an individual’s credit score. DTI is worked out by dividing the total monthly debt payments by total monthly earnings.

        When your debt-to-income ratio is more than 36%, it means that you have a high DTI. Moneylenders and banks use the DTI to establish your ability to pay back your payday loan. Here are some strategies to help you lower your DTI ratio.

        Clear Your Smaller Debts First

        It is advisable that you start by paying off all your smaller debts. This is regardless of the amount, from hundred dollar credit card balance to any other small loans. Keep in mind, that even smallest debt repayments are indicated on your loan account, which thus raises your DTI ratio. Make sure you pay off the small debts in full. When you follow this strategy, you are then able to decrease your debt much faster such that in the end, it will lead to your DTI being lowered.

        Also, you need to consider debt settlement as a key option for you to reduce the high debt-to-income ratio. When you take on a debt settlement plan, you are able to give a lump sum of money to your lenders. This way you will reduce the actual payday loan amount you owe.

        This also contributes positively to reducing your DTI ratio thus giving potential moneylenders’ confidence in your ability to repay the loan taken. This will also make them approve your loan applications in future easily and fast.

        Use A Low APR Card To Repay Credit Card Debt Of The Higher APR Card

        The Annual Percentage Rate (APR) is the actual interests you pay each year on your credit card balance. This is the right way to consider interest rates charged. Thus you should avoid examining the introductory plan which allows you to pay lower interests on your credit card balance.

        Your credit card issuers always give low APR cards to individuals who have a good credit score. You can contact your credit card issuers to inquire about the lower APR card. Once you receive your low APR card, make sure you transfer the outstanding credit card balance from the higher APR card to the new card that has a low APR.

        Once you do this you will end up paying lower rates thus reducing debt. This also leads to lowering your DTI ratio. When your credit score is bad, credit card issuers may not give you low APR card. In such cases, you may approach legal moneylender for a small loan then use it pay the credit card outstanding debt with high APR.

        Refinance Your Loan

        When you have a high debt which may include home loan, auto loan and another loan type, you could try refinancing it. For this, you need to contact your creditor and ask for your repayments to be extended to a term that is to lower the debt instalments for each month. And lower the debt-to-income as well. Approved moneylenders are said to offer loans of up to $20,000 though some may give more. You need to approach legal lenders with a payday loan application to see the loans they can give you.

        You can also transfer your loan to a plan you are able to pay using a credit card which will help you pay one of the smaller debts you owe using the cash advance option. Despite the fact that the amount you owe stays the same, your debt instilment for each month are greatly reduced after you have closed one instalment account

        Withdraw Money From Your SRS Or CPF Account To Pay Down Larger Or Smaller Debts

        The Supplementary Retirement Scheme (SRS) is useful when you are cash-strapped and can’t get payday loans from banks. Therefore, you need to think of withdrawing money from CPF or SRS account. But, you should know the cash withdrawn from your SRS account will be taxed. So weigh your options before taking funds from the CPF or SRS.

        You should draw a plan to ensure the DTI is successfully lowered. Also look for strategies that will work for you then follow it diligently.

        Increase Your Income

        In order for you to increase your monthly earnings, you need to consider taking a second job. There are many job offers in Singapore today hence do a good such for a job that will not affect your usual 8-5 job timing. Any employment that increases your earnings for each month will positively assist in doing away with your debt easy and fast. It will also help reduce your debt-to-income ratio on your personal finance.

        Asking for a pay rise will also increase your income level and it’s also a lot easier for you to do. You may also consider turning your hobby into a business, this way you are able to bring in more money. The goal is to offset all your urgent debt you owe and in turn, reduce your DTI ratio.


        Debt-to-income ratio-DTI is not part of your credit score. It is instead a ratio that banks and moneylenders use to establish your ability to pay back the loan taken. It is advisable that you start by paying off all your smaller debts regardless of the debt amount. You could also contact your credit card issuers for the lower APR card. Once you receive it, make sure you transfer the outstanding credit card balance from the higher APR card to the new card.


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          4 Tips To Make Your Payday Loan Go Smoothly

          Payday loan types are useful for borrowers and a lot of times are convenient when you urgently need cash to resolve a passing financial crisis. Through payday loans, you are now able to repay your rent and other everyday expenditures that can’t be delayed. This type of loan is generally the fastest way to get ready money from a certified moneylender in Singapore and this does not put you through in-depth credit inspection and utterly long approval processes. Then again, most moneylenders will not just give the loans to anyone who submits an application to them.

          For you to ensure your payday loan request is approved by a moneylender available in Singapore, you need to meet all the requirements. Also be sure you have checked your finances to confirm how you will be able to repay the loan off without causing you any strains.

          There are some occasions when the payday loan offered by the licensed moneylenders in Singapore is the best option for a borrower. So that you can ensure that your payday loan goes as smoothly, below are some guidelines that you will need to bear in mind.

          Ensure That The Other Options Cost Less Compared To The Payday Credit

          In order to illustrate the point, here is an example. Let us assume that you didn’t get all your whole pay because of an error on from your employer’s end. This means your employer will send you the remaining sum in a few days. But the setback is you by now have 3 bills that need to be paid by today. And when the draft bounces, you will be charged fees.

          At the same time, you will also be charged for the returned draft costs to the company which you owe. Let’s say the bank charges $10 fee for any bounced draft and the company you owe charges $10 for returned draft fees as well.

          Therefore, in this case, the whole amount you will pay at the end, in fees for all the 3 bills is $60. Thus in case, your payday loan will cost you $70, it is advisable that you do not take it. In reality, most banks charge a fee more than $10 in penalties for each bounced draft, and this also applies to companies.

          In reality, the total amount you will incur in fees and fines may total to several hundred Singaporean dollars. Thus said, when then the fees charged on a payday loan are much less, the right thing for you to do would be to apply for the loan.

          Repay The Whole Payday Credit Using Your Next Income

          Make sure that you do not to extend your payday loan. In so doing your loan will become costlier than it actually is. Payday loans on average have rather steep interest rates. Therefore when you delay in making full payments, you may end up paying a good deal of extra money.

          For that reason, make sure that you don’t take more money than you are able to repay using your next salary. Also keep in mind that once you’ve taken enough loan, resist the desire to extend the time period of the loan.

          From this what you need to be able to reimburse back the loan as you had pledged, is some cutting back on your daily expenses and lots of financial discipline.

          Don’t Take More Than You Require

          One thing borrowers need to be aware of is that payday loans from moneylenders are for meeting short-term financial emergencies or a crunch. Thus they are not the perfect solution to long-term financial problems.

          As a result, it is important you use payday loan wisely. For example, when you are faced with unexpected but not a big expenditure which you can’t put off in until the month ends. You may consider getting a payday loan. This will help you take care of this expense.

          On the other hand, if you plan to go for a week-long holiday but you may not have the necessary funds, it is ideal for you to hold up your holiday except for when you have enough money saved up.

          The other important thing is for you to ensure that you do not take any more money than you already need.

          Top 7 Peer-to-Peer Lending Platforms in Asia

          Make Inquiries

          Different certified moneylenders in Singapore give different interest rate charges. So it is ideal that you do a bit of research to make sure you get the best deal. Before applying for a loan, make sure you look around for the right moneylender singapore who can meet your financial needs.

          Read through all the interest and the penalty clauses and also take note of any other additional fees. This way you will be familiar with terms and conditions of the loan agreement before signing it. Be certain that you can make regular instalments on the set upon date to avoid getting defaulting charges. Ensure you check the legality of the lender’s license to verify they are registered with the Registrar of Lenders.

          Ensure you know the set terms of the loan and when you are unsure ask for clarification on the conditions and details of your loan request. Ask a lawyer to assist with explanations the fees of defaulting you might face. When the conditions are not suitable, you can choose to work with a different approved lender who will offer you the better loan conditions to meet your financial obligations.

          Choose a moneylender who will give you the lowest rates possible, and a favourable repayment time. The repayment amount should also be affordable for you and not cause you more financial strain.


          Payday loans are an important source of funds and often come in handy when you urgently need quick cash. For you to make sure that your payday loan goes as smoothly, be sure to shop around for a reliable moneylender who will help you meet your financial wishes. Also always take the loan amount that you need.

          And above, all make sure that you don’t to extend your payday loan, as in so doing your loan will become more costly than it actually is.


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            Need A Small Business Loan? Here Are 10 Things To Consider

            For a business to move forward, it needs to have a working capital. This is in particular during its initial three years. Each entrepreneur dreams of building a better business, get more clients, make profits and expand. Being able to access a business loan cannot be done out of impulse. It instead needs lots of preparedness and planning.

            Singapore has, however, a very small number of moneylenders who operate strictly independently. These moneylenders ensure clients information is completely not to be disclosed to anyone and that it does not get distributed. Here listed are 10 things you need to consider if you decide to take a small business loan.

            Why You Need A Small Business Loan

            A straightforward answer would be to expand or even maintain your business. But even then, that would be the end result. However, you will need to be a lot more specific with the purpose. There are business owners who take out loans to help maintain the businesses production.

            An example is a business owner who sells cupcakes. There is a high demand for cupcakes during occasions like Valentines or Christmas day. The owner will require some additional operating capital to help meet the demand. This will also ensure the quality of the product is not sacrificed. This may also mean hiring extra staff to help in the production process.

            A business loan can also be used for purchasing equipment, paying rent for new premises for expansion and even paying off existing loans. Depending on the intended use of the loan, being specific in your business plan will help keep you focused. You need to consider that a loan is an investment to help grow your business in the future.

            Whether You Can Afford Getting A Loan

            It so happens that when taking loans, most people focus more on the interest the money attracts. They seem too shocked on discovering the extra charges financial institutions and banks charge onto the principal amount. When you opt for a loan, do ensure you do a financial analysis. This will help you know whether you can comfortably handle the repayments.

            Shop around comparing different loans and be sure to ask for quotes. Also, take consider what online moneylenders have to offer. This is because banks can offer you set loan packages which may not be flexible to fit your unique business needs.

            How Fast The Money Is Needed

            You will also need to think about how soon you need the money. It could be you have found a business opportunity. You may have been looking for equipment which suddenly goes on sale. Your own saving may not be sufficient, but in making the purchase now could lead to you saving more.

            Bear in mind that although bank loan processes take weeks, it does not guarantee you will get the loan. Licensed moneylenders provide online business loans and take a shorter time to process. You could even get your loan approved within 24 hours.

            How Much Working Capital You Need

            You could seek financial advice from your bookkeeper or accountant. This way you are able to come up with a realistic business plan. This plan will be more accurate and not an estimation or underestimation of the business needs. Also only take the loan amount required.

            Taking a loan means you have a financial responsibility. Therefore you should meet it to avoid long-term costs of bad credit. A loan calculator will help you know how much you will be paying in full and how many repayments you need to make.

            The Type Of Lender You Are Looking For

            Different moneylenders offer varying loan products. Therefore you have a bigger choice than just banks. Consider that banks provide loans with strict eligibility lists and for a specific purpose. On the other hand, licensed moneylenders offer small business loans that could be suitable for your needs.

            Your Readiness To Tell Your Story To Your Lender

            Moneylenders always want to know your type of business, credit experience, goals and previous ventures. You may have to share who your clients are, how you take care of credits, the managing style of your business and achievements you made. This will help prove the potentials your business has to make sufficient income to help repay the loan.

            Whether Your Documents Are Ready

            Moneylenders are rather strict with a person’s qualification for a loan. You need to be able to prove that your business is thriving to help you get the loan. Provide documents to help prove that you merit getting the loan. This includes the company’s recent account statements, Tax Notice of Assessment and other needed financial statements.

            Your Credit Score

            Get a copy of the credit score to help save time before applying for a business loan. Your credit score will help know which lender will best help you. You can also build your credit score before taking a loan. This is because bad credit means your loan will be declined. And also the application could lower the score since each application is accounted for.

            Other Debts

            With an existing debt, you will need to show that the cash inflow is sufficient to cater for the added financial responsibility. It’s better to declare all your existing debt to a moneylender before they discover it. Even when you get a loan without declaring all debt, you will financially strain yourself when making the repayments.

            The Relationship With Your Previous Moneylenders

            Building faith between you and moneylenders will earn you financial partners. This way you can turn to them should you need a new loan. You can also expect faster loan processing and even a higher loan amount.


            It may not be an easy task when applying for a small business loan. Even then being ready and your knowing what to anticipate will make the process manageable. This will also help you get the most suitable choice to suit your needs. When seeking a small business loan, licensed moneylenders are worth considering. And they also have knowledgeable loan officers who will help process your loan.

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              Why Is It Important To Have Moneylender Reviews?

              License moneylenders in Singapore are the saviours of those with bad credit or lack of collateral, things that prevent them from getting loans from the banks. Licensed moneylenders are also handy when you need urgent cash for an emergency, which they can give to in an hour or less.

              Despite all the goodness of licensed moneylenders, there is still the problem of loan sharks and unlicensed moneylenders. Though the government has done its best to crack down on illegal moneylenders/moneylending activity, they are still open for business. Also, people still go to them for loans and end up in serious financial trouble. The government has done its part and put out information regarding licensed and unlicensed moneylenders. It is now up to you to protect your interests.

              There are several ways to find licensed moneylenders. One of those ways is checking the Government Directory for licensed moneylenders. Every licensed moneylender in Singapore is on that list, and you can make your pick from there.

              Another way to figure out if a moneylender is licensed is by checking their accreditation with the Moneylenders Association of Singapore. Every legal moneylender in Singapore is registered with them.

              A third way to find legal moneylenders is to read licensed money lender singapore reviews.

              Importance Of Moneylender Reviews In Singapore

              To get moneylender reviews in Singapore, you can visit websites for moneylender reviews. These platforms are a good place to meet other borrowers and learn from their experiences with moneylenders.

              Moneylender reviews are important because they guide you in your decision of choosing a moneylender. Poor reviews mean that you may have bad luck with that moneylender. Good reviews mean that you could be safe with a certain moneylender.

              Moneylender reviews are also important because you have a wide pool to choose from. Licensed moneylenders differ in their operations. Some will not give you a loan if you have bad credit. Some will insist on a background check before assessing your application. And there are others who will give you a loan, regardless of your credit score. They will even create a repayment plan that will suit your income and ability to pay back that loan. You can get all this knowledge from moneylender reviews.

              By going through moneylender reviews, you can learn which moneylenders are licensed or not. With the knowledge gained from these platforms, you can confidently go and get your own loan. Then you can come back to share your experience with others by writing a review.

              The Importance Of A Moneylender’s License

              Though it is important to assess moneylenders based on their reviews, it equally important to make sure that they are legal. You can do this by checking their license.

              First of all, you need to check the license number of the moneylender you are considering. The Registry of Moneylenders in Singapore contains the list of licensed moneylenders in the nation, as well as their license numbers. If the license number does not match or is not on the list, then it is not valid. The Registry updates the list of moneylenders every month: if a license number is absent on that list, do not approach that moneylender.

              Legal moneylenders in Singapore go through a rigorous process to obtain a license. Disobeying the rules and regulations set down by the Ministry of Law attracts heavy sanctions for moneylenders. This means that no moneylending company can operate without a license. The license is what gives that business credibility.

              If you are still uncertain after meeting a moneylender, ask to see their moneylender’s license. The number on that license should match the one on the registration certificate. The name on the license should also be the same as that on the registration certificate.

              Read The Terms And Conditions

              After reading moneylender reviews and checking their license, you should look and study the terms and conditions.

              While there are some universal terms that the Ministry of Law has set out for all moneylenders to follow, there are others that the moneylender has for giving you a loan. For instance, the Ministry of Law insists that:

              • The interest on unsecured loans should be capped at 4% per month
              • Moneylenders can only charge S$60 to every late repayment
              • The only a moneylender should charge you is 10% of the principal loan amount. You pay this fee once you get the loan

              The moneylender will have their own terms and conditions, all of which will be explained to you till you understand what they entail. You will also get your copy of the terms and conditions.

              Compare Moneylender Reviews; Evaluate And Make A Decision

              The availability of and ease of access to moneylender reviews gives you many options to choose from. As you try to make a decision, make sure that you check the information you get from the actual moneylender’s website.

              As you compare moneylenders, do some research on their terms and conditions. Find out what their interest rates are. Ask about late repayment penalties. Contact the loan officers of the moneylender companies through their phone numbers or their websites.

              Check the terms the loan officers offer you against what they have put on their website. Go through several moneylender reviews in Singapore to get more insight into what they do and the services they offer.

              As stated earlier, the Singapore government has capped the interest that moneylenders can charge you at 4% per month. Confirm with the loan officers you have contacted that this is the interest rate they are charging. The Moneylenders Credit Bureau is the governing body of all licensed moneylenders in Singapore. Notify them if you have noticed any moneylenders charging an interest rate higher than 4%.

              Moneylender reviews are important in guiding you to licensed moneylenders in Singapore. Using the information from these platforms, you can check to make sure that the moneylenders are actually legitimate businesses. Look them up in the Registry of licensed moneylenders in Singapore, and talk to their loan officers about their terms and interest rates. After you have successfully chosen a moneylender and acquired your loan, leave a review on a moneylender in Singapore review site. This will aid others in choosing licensed moneylenders to get loans.


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                How Long Does It Take Before Your Credit Score Looks Good Again?

                Singapore has a high standard of living. It is not unusual for you to go to some financial institution to get a loan. You may need a loan for several reasons, such as taking a vacation, buying a house or car, or paying for tuition.

                For you to get that loan, from banks or moneylending companies, your credit score has to be sound. Some people don’t pay attention to their credit score till they apply for a loan. Knowing your credit score is important, just as maintaining a good credit score is important.

                Then you get your credit report and your score looks horrible. This is because all your repayments are late, and you never pay off your due balances in full. You need to get a loan, but your credit score says ‘that’s impossible’. You are at your wits’ end, fretting over how you can make your credit score look decent once more. If this is you, read on.

                Credit Score – What Is It?

                A credit score is a group of numbers, or just a number, that financial institutions such as banks use to prove that you can repay a loan, or you are most likely to default on loan repayments. For instance, the Credit Bureau Singapore (CBS) uses four-digit numbers to grade, or score, your loan history. This score, called the CBS Credit Score, goes from 1000 to 2000. If your credit report has a score of 1000, it shows that there is a high probability that you will be late on your loan repayments, or even avoid paying them. If your score 2000, it is certain that you will repay your loan, and on time too.

                You should note that CBS does not make the decision for banks to give you a loan or note. They just provide your credit information upon request. Note too that other factors affect your eligibility for a loan, such as your income, number of credit facilities you have used, length of unemployment or employment, and so on.

                Credit Score – How does it Affect Me?

                Your credit score has an enormous effect on your ability to obtain a loan. If you are aiming to get a new car or buy a piece of property, you will have to apply for a loan. This would be a car loan or a mortgage. Once the banks see your poor credit report, none of them will approve your loan request. There go the house and that sweet car.

                A poor credit report doesn’t affect just car loans and mortgage. Any type of loan, such as a payday loan, and educational loan, or a loan for a new credit card, will be denied you with that bad credit score.

                How Do You Fix A Bad Credit Score?

                If your credit score is bad (which is why you are reading this), do not lose hope. You can redeem your bad credit score, although this may take you some months to accomplish. For instance, Credit Bureau Singapore will consider your credit score clean and healthy once they can provide evidence that you have repaid loans and balances on time for 12 months.

                Therefore, you can wipe out your terrible credit past by changing your repayment attitude. In the past, you were repaying very late, not completing balances due, and constantly paying below the minimum amount. Now, you are making all monthly repayments on your loans and credit cards on time, always paying above the minimum amount. Do this for 12 months, and you will effectively clear your poor credit history.

                There are other things that you can do to keep your credit score in good light, such as:

                Reducing the number of credit cards you apply for. Credit cards can lull you into spending too much: try to use cash more often.

                Stop all activity on credit cards you aren’t using.

                Always make your payments on time. Relating to credit cards, your credit card bills need to be paid on time and in full. Even if you can’t make the minimum payments, the time you pay back every month should stay the same.

                Applying for numerous loans in very brief intervals is a no-no. Avoid this at all costs.

                Credit Score – The Unfixable

                Unfortunately, there are issues on your credit report that can’t be fixed. These problems go past the stage of late loan repayment and advance into the areas of bankruptcy and payment defaults. Irrespective of how healthy your credit report looks, once you have entered those stages, they will always appear on your report. Regardless of how much time has passed since then.

                While your redeemed repayments and what-not are reflected in a section called ‘Account Status History’, the issues of bankruptcy and defaulted payments are shown in a section titled ‘Summary’, which is at the top of the report. Specifics of the current state of those problems, such if they are in progress or discharged or outstanding, can be seen as you go on reading the report.

                What Else Do Banks Don’t Want To See?

                When you pay off your loans or bills, there are certain codes that you get. You can visit the website of the Credit Bureau to get more, in-depth knowledge of what the codes mean. The codes are denoted by letters, each with a different meaning.

                However, some of those codes can damage your credit score. These include:

                • H –This shows that your account had to be closed (involuntary closure), and it was done so while there was an outstanding balance
                • R/S – either one of these codes means that your bank has closed your credit facility or your account. Also, it shows that there has been a restructured outstanding on that account
                • W – This code stays on your credit report for life. It shows that you have defaulted on your payments, and it is the most damaging code for your loan application.

                While it may take you at least 12 months to clean your credit history, there are problems like defaults that can still affect your credit score. Nevertheless, there are some moneylending companies that can give you a loan, once there is proof that you are good for it.






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                  Best Personal Finance Tracking Apps In 2017 That Help You With Financial Problems

                  Many people are not able to stay for an entire day without regularly checking their smartphones. Considering checking text messages, checking emails and chats has now become part of our daily routine. Smartphones are very smart that they enable us do shopping and pay the bills and yet be on the go. Smartphones can enable us to maintain a track of our finances as well.

                  By use of downloadable apps, you are now able to create a budget that you can stick to and even making investments through your phone. There are numerous finance tracking apps available in the market that it is rather frustrating to find a suitable one for your needs.

                  Why The Need For A Finance App?

                  There are a large variety of financial challenges that people face in their everyday life. Financial challenges are hard to tackle since they involve the much-dreaded balancing of financial accounts. When your financial problems are not handled immediately, they could eventually lead to a major financial setback. You will to first identify the root cause of the problem you are facing and then work at finding a suitable solution to overcome it.

                  You will need to recognize the things you often spend your paycheck money on and ways in which you can holistically make a move towards better money management practices. You will need to break off the habit of living from paycheck to paycheck or borrowing from legit sources like moneylenders. You will also need to establish ways of ensuring you have extra savings using the least effort possible.

                  Some Of The Best Personal Finance Apps In 2017

                  Wally: Best For Tracking Your Expenses

                  Wally is a free personal finance app, which helps you recognize all the areas where your money goes, and ways in which you spend and when you do the spending. This app also allows you to save photos of your receipts for purposes of records.

                  Your financial lives can sometimes be complex and not every one of us loves accounting. In using Wally, you will be able to easily to notice what happens to the money you bring in, what was saved, what you earn and what you need to adjust to your budget.

                  The Wally App is very easy to use and it makes tracking your finances very simple as well as convenient for you. The time you spend some money, you will only need to take out your phone. The graphs generated will give you insight into areas in which you spend money on. In this manner, you can well understand your spending behaviours and ways you can save up more.

                  Mint: To Help Manage Your Money

                  The Mint application is the creation of the Intuit Inc. the company responsible for creating QuickBooks –accounting software used for smaller to medium-sized businesses and the Turbo Tax- American tax preparation software.

                  Like the real mint gives you a fresh breath, the Mint App has a refreshing effect on your finances. This app is web-based and is a free financial tool used to tap into your credit cards, bank account, investments as well as other financial accounts you may have. With this App you do not need to log into different sites, you only require to open a Mint account.

                  The Mint App gives you the visual of the areas you often spend your money in, how much money you have in the bank accounts, which of your accounts need additional funding and whether you will end up messing with your own budget. The Mint App makes it possible for you to handle your finances in ways that are beyond simple budgeting process.

                  You Need A Budget (YNAB): To Help You Get Out Of Debt

                  If you are tired of living in the endless cycle of paycheck to paycheck expenditure, then You Need A Budget (YNAB) will help you keep track of your finances. It will help you define your spending patterns, paying your debts, coming up with a workable budget and having some extra cash should you experience an unexpected financial bump.

                  You Need A Budget pushes you to make a workable budget which differentiates it from other apps which require you to make a budget with money you may not have. And should you go off track, YNAB App will help you make necessary adjustments to your budget so that you don’t wreck the entire budget plan.

                  The main purpose of this App is to have extra money for you to spend from the previous month’s earnings. This for you means you have broken free of the cyclic pattern of living paycheck to paycheck and you have some money to pay off debts and remain with some extra cash for your use.

                  Despite the fact that users have to pay $50 annually, the support and services it offers are well worth it and it even comes with a money-back guarantee.

                  Acorns: To Help You Make Extra Savings

                  With the Acorns App, micro-investing becomes a natural way for you to earn more cash on the side making your spare change work for you. Each time you purchase using the card connected to the Acorns App, the app converts it to the next highest dollar. The distinction between the amount changed and the estimated cash amount is automatically invested in a portfolio of a low-cost exchange-traded-funds (ETFs) at the end of each year.

                  Acorns app sends out a questionnaire to get to know your financial goals and situations and thereof the app makes recommendations which are a mix of ETFs that you can invest in. you are able to manually set up a one-time and even recurring investments. The app charges account having less than $5,000 a monthly fee of $1 while those accounts with more than $5,000 are charged 0.25% each month.

                  The different apps can turn your smartphone into a financial companion driving you towards better money management practices. You can use apps for different financial reasons but they are effective depending on how you change your spending patterns.

                  For you to reach your financial goals it will take time and discipline on your part, however, you will from time to time experience some financial gaps. Even then do not panic since you can access a personal loan from moneylenders in Singapore.

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                    3 Ways To Get Emergency Cash In Singapore

                    An emergency can happen at any time. When such a need arises you will, of course, need to remain calm and focus on finding a way of getting funds for your urgent financial obligation. This will put in a position to better weigh your options and choose the right solution for your financial challenge. Among your options, choose one that is easily accessible and feels safe for you. 

                    The Singaporean Instant Cash loan

                    A registered moneylender would be the option for you to apply for a personal loan when you are in urgent need of fast cash. This is because loan processing is a lot faster than personal loans offered by banks. In Singapore, a loan company often offers short-term loans that can be repaid, either on a weekly basis or every month based on the repayment mode that is convenient for you.

                    In order for you to have an idea of the amount of money you can have access to, a loan calculator will come in handy to help you work out the number of months you will need to clear the loan taken and the interest rate charged.

                    You will also be able to work with moneylenders who process personal loans online. This application process is a lot faster and can take 30 minutes to 1 day to approve and disburse the loan amount to your bank account.


                    When taking this type of a loan, be careful to apply from a registered moneylender by confirming with the Moneylender’s Registry held in the Singaporean Ministry of Law official website.

                    Although moneylenders offer assistance when you are in need of fast cash, some loan sharks pretend to offer you financial help but only end up sucking on your finances. Ensure you are able to spot loans sharks to help you avoid being a victim of their scam.


                    Credit Card Cash Advance

                    This type of loan is easy for you to access as long as you have a credit card. What you will need is to key in a one-time PIN. This you can do from any of the affiliated ATM within the island to access cash. The withdrawn money is charged directly to your credit limit. Ensure you withdraw cash within your cash advance limit, which is often lower than your credit card’s credit limit.


                    The cash advance is only available to credit card holders whose credit standing is good. It means you need to be able to pay the monthly bills on your credit card on time.

                    Credit card advances are short-term loans issued by banks. Therefore, expect high-interests charges for you applied from the moment you withdraw the cash. Credit card advance interests often range from 28-29.9% each year.

                    The interest charged on a cash advance is compounding. Meaning, it is charged to the existing balance and not the principal amount already withdrawn. The longer the credit card cash advance remains unpaid, the higher the amount you will be required to repay. This can later affect your credit score as well.


                    Line Of Credit Or Credit Line

                    The line of credit is a cash pool that is readily available for an individual in need of quick cash. Like the credit card advance, you will be required to go to an ATM machine and withdraw the cash amount you want. This cash can be used anytime you require some fast cash and for any financial commitment and obligations, you may have.

                    How it works

                    You will be required to visit your bank and apply for a line of credit also known as a credit line. Your bank will then ask you to provide the necessary documentation for them to assess your creditworthiness. You will then be required to wait for several days to get your loan application approved.


                    Although you may be able to have access to instant cash, you will be required to first make an application for the loan, and then stay for some days for it to be approved.

                    Once approved, the bank will issue you with an ATM card. The card will enable you to access the loan amount on the line of credit account. You are able to have a loan of any amount without incurring a withdrawal fee. However, the loan amount attracts an annual fee whether you make use of the cash or not.

                    In order to qualify, you will be required to be creditworthy for a bank to extend this service to you. This is because the banks are at a high risk averse where loans are concerned. Some banks will require you to offer them some form of collateral while others will give this loan type to any of the bank’s longtime customers.


                    Personal loans are your best choice when having access to fast cash is concerned. For emergency situations, credit card advance is a convenient way to go but the inability to repay the loan amount on time can put you in serious financial distress.

                    The line of credit will require you to prove you are creditworthy as well as have an existing line of credit account for you to use it. Opening a line of credit account takes days while applying for a personal loan takes a few hours.

                    When applying for emergency cash, ensure you familiarize yourself with the limitations and benefits of the options available to you. It is advisable to first shop around to ensure you get the best solutions possible despite the emergency and the pressure it comes with.

                    Ensure you read through all terms and conditions of the loan type you apply for to avoid making mistakes. Even though you have an urgent need for cash, do not let the urgency of the situation lead to your financial downfall.

                    Above all, it is always advisable for you to have an emergency funds account. Despite the fact that finding ways of borrowing cash can be helpful in raising the needed cash amount, having ready cash savings is certainly more helpful in any situation.

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