Get Rid of Loan Shark Harassment! Do Not Fall To Be a Victim

Pros And Cons Of Debt Consolidation Loan In Singapore

Getting into a financial situation where you don’t know where to turn to is very difficult. Borrowing cash from a close friend or relative can be somehow hard because you will not know when the time comes when you will have issues. 

There might be times when you need to return the cash because the one who loaned you need it and you still do not have enough to give it back. In this case, it will be more practical and convenient to apply for a personal loan as this will allow you to have more flexible repayment time so you do not have to worry about one time payment and other things. 

There have been a lot of reports to Singapore police and from the press that there are numerous times when someone borrowed from a friend and was not able to repay it on time, this might cause tension and issues that will affect their relationship. 

 

Opt for Personal Loans

Receive Money

A personal loan will also allow you to have fixed monthly installment repayments that will be based on the agreement with the moneylending. They might sometimes provide you with options that will be easy on your budget and will allow you to handle your cash every month. They will base your monthly repayments on your salary and you might also have options with the duration on how long you can repay it.

 

Dealing with your finances may sometimes give you a hard time but it just takes a lot of effort and discipline. However, if you see that you are having a hard time making ends meet, you can always opt to have a personal loan in Singapore wherein you have the option to pay it in installments and budget your cash every month. 

This will give you the responsibility to pay your monthly dues so that you won’t have to deal with a difficult situation financially. Moneylenders are very flexible with options that their clients are looking for. 

They can offer a lot of packages that will be provided to their customers that will fit their needs and their budget. Having a personal loan will teach you to be more careful with how you spend your cash.

Understanding how Loan Sharks work

Loan sharks are those moneylenders who gives a very high interest rate to borrowers and they seem to have suspicious conditions on their terms. 

They are the ones who sometimes, if not most of the time, use loan shark harassment and threats for them to collect debts. Singapore has a mandated interest rate for moneylenders and these loan sharks are charging above that mandated interest rate. They also are often times members of syndicates or crime groups.

A loan shark take advantage of the vulnerability of a person when it comes to their finances. The funds from these unlicensed lenders came from unknown sources and they are not registered with the Singapore government. 

The best thing that they can offer the client or borrower is that they do not have credit checks, this is how they lure customers to borrow cash from them especially if a person has a bad credit record. 

They provide a very high interest rate that is not regulated by the laws of Singapore. By the time you are lured and got a loan from them, you might end up being harassed and violated to repay your loan amount anytime and they will force you to repay.

It is very important to check if the moneylending company that you are dealing with is legit or not. Know the mandated interest rate in Singapore and if you are being offered a loan package that is not in the regulated interest rate, you might want to think twice about them. 

You can do a research regarding the cash lender that you are having transactions with and make sure that you are in a licensed moneylending institution. Taking the risk of dealing with loan sharks can be very dangerous.

Close up female hand counting Japanese yen back notes, Concept o

Are Payday lenders Loan sharks?

Payday lenders may be mistaken as loan sharks because they also offer a huge interest rate to their borrowers. However, most payday lenders are legally supported by the government. 

They still follow the guidelines from the government even if they give high interest rates. There are special exclusions and provisions that are being given by the government to payday lenders. They are registered, require proof that the borrower is employed and check how much salary the borrower has. 

They still study the capacity of the client to repay the loan and the cash that they offer to loan will be based on their income and profile. Loan sharks are still above the interest rate that payday lenders give their clients.

When it comes to repaying of debts, payday lenders are not using loan shark harassment and violating the rights of the borrower when it comes to collecting. They are still following the procedure of collection and if delinquency occurs they are directly reporting it to the credit bureaus hence, affecting the borrower’s credit score.

Choose Wisely:

There are a lot of options when it comes to borrowing cash. Money lenders are offering their clients a variety of options that can be compared to those of traditional borrowing of cash. 

They can also give packages that will fit the needs and capacity to pay of the borrower. Applications will also be like that of the traditional ones. You will just need to make sure that the lender you are dealing with is licensed and follows the standard regulation of the government. 

There have been people arrested for loan shark harassment hence, close their business, they are also being fined by the Singapore police for operating an unlicensed business. It is very important to read and understand every content that a contract is consist as well as make sure that the terms are updated. 

If you have been a victim, do not hesitate to share your experience to the public so that it can also be published and people will learn from it.

How to Obtain Quick Cash

Loan Agency

Money is as important as oxygen when it comes to our daily lives but you might sometimes have difficulties when it comes to your finances. You may from time to time discover yourself in a monetary situation whilst you are wanting more however is thinking where you can get quick cash.

 

There are some cash creditors wherein you can get a loan quicker than the conventional ones. You might need additional money for a sure domestic repair, brief budgeted for the following payout or handling some emergency situations in life wherein you do not have enough to spend, there will usually be a private money lender who can provide you with what you want.

 

There are also some options to make money online or you can definitely opt for a quick loan that will make your finances in tact.

 

Credit cards are not always the solution to every financial issue because you still need to pay your bills and the bills comes with interest rates that goes with the terms and conditions of every credit card company.

 

Life is not always convenient and the reality is, there will always be a time when you are required to have additional funds to compensate for unforeseen costs that will need immediate attention.

 

During these trying times when one might be hesitant to searching a financial assistance from friends and relatives, legal money lenders can be the best solution to help you with this kind of monetary crisis. A quick cash loan can be most helpful. Or there are also other ways to earning money online. 

 

Loan Agency

Ways To Get Quick Cash

There are different ways to have quick cash, some of them are getting loans through legit companies that offer legal money. Here are some of the loans being offered.

1. Instant cash loan

  • Can also be called a quick cash loan. There are a number of lenders that offer this kind of loan. You can go with versatile repayment schemes and an instantaneous approval that will provide you with a solution in case you are short of cash for an emergency. 
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  • Interest rates for personal and instant loans are set at 4% monthly or 48% annually.

2. Personal Loans

Mostly called unsecured loans as they do no longer require you to submit a collateral by the point of your application, much more likely to be risky to creditors because if you do no longer pay your loan, they will not have whatever to sequester for them to encash and constitute as a price for your loan. 

 

They however have a credit score check that wishes to have a very good records. A person’s credit rating is being calculated thru the paymenthistory that they’ve that entails their price range consisting of their monthly utility bills.

 

In order to possess a good credit score rating, you must be an amazing payer but if you have been skipping payment schedules, your credit rating may additionally be affected and that is one of the factors that allows you to be authorized of borrowing money. 

This can be a better choice in case you are without a doubt needing cash and willing to pay the loan within a certain length of time. Paying your dues on time will also come up with the capacity to boom your credit score and have higher options financially in the future. 

Most of the inquiry are processed in a span of a week or maybe during the same day hence, giving you a quick cash.

Asian with Credit Card

3. Payday Loans

Payday loan is another way to get a quick loan. Payday loan does not require a credit check due to the fact that this needs to be paid in a short duration of time. 

You can observe for this if you are brief on a price range and also you are waiting for your income to be released however is wanting the money earlier than the exact day of your payday. 

This kind of loan gives an excessive interest rate and charges that is probably tough to preserve up with in case you are suffering along with your finances. 

Make positive that your profits are high enough for you as a way to repay this sort of fast loan.

Shake Hand Man

There are also some ways on how to  earn money online if you are interested to boost your savings and your income. You can likely add $30 000 in your bank account if you want to. 

You can even put up a business when you have enough money while you online earn money and increase your annual income. 

Earn money online how it will improve your financial life and be able to give yourself the perks of having more than what you used to have before and what is better is that you will be debt free.

There is nothing bad though with getting a fast loan application that can help you through the days of difficulties. There are loads of businesses who are giving exquisite loan packages, you can certainly discover a lending agency that will fit you and will help you to gain the financial need that you have usually wanted. 

Personal loans can provide you with lots of options that you could pick from while trying to get into financial matters. Try to weigh things out and do whatever it takes to be able to get on your feet once again if you are having financial difficulties. 

Manage your finances well and be disciplined enough when you spend. There will always be alternatives if you encounter these difficulties. Getting quick cash nowadays is not that hard with the resources that you have all around you. 

Just always make sure to deal with legal companies whether you try to acquire money over the internet or choose to get a loan that will be most convenient for you. Advance Planners can give you assistance when it comes to financial matters. 

You can definitely reach us for more information.

 

How Will Your Credit Report Impact Your Unsecured Loan Application?

Credit Report bestmoneylender.sg

A credit report is generated by the Singaporean Credit Bureau. This report gives a summary of credit acquisition. As well as usage and repayment record. It is issued to the Bureau members. These members ask about credit status of a borrower. You can also get your credit report by approaching the bureau.

The credit report contains specific details regarding a borrower. This includes details such as a borrower’s name. As well as their profile. This is excluding their phone number and physical addresses. Data about past credit assessment is used. Also, the manner of repayment for a year is indicated too.

Any default records including the dates are in the report. Bankruptcy records for a period of 5 years after discharge are in it. All terminated and closed account records going 3 years after closure. Lastly, aggregates of credit limit allowed and outstanding balances are included.

How Will Your Credit Report Impact Your Unsecured Loan Application?

Role of Credit Bureaus

Bureaus are credit records repositories. They provide information which enables members to assess a borrower. That the risk involved in lending to a borrower who applies for loans.

Informed loaning decisions help moneylenders protect the profit margins. Even so, the bureau does not provide credit facilities. Banks, however, use this information regarding a borrower. By applying their own policies. They can choose to reject or accept credit.

Your credit report is accessible to bureau members and to you alone. The bureau members are only allowed to use it to assess credit. A written Code of Conduct regulates the access means. This has strict privacy regulations. These rules should be followed by its members.

Credit Report Data Providers

Just two bureaus have authority to offer credit reporting services. They also are permitted to run credit checks for their members. As gazetted by the Singaporean Money Authority (MAS). These are the Credit Bureau (Singapore) and DP Credit Bureau Ltd.

Associates of either of these credit bureaus can deliver a credit report. These include banks, moneylenders, and other financial institutions. Other are utility and credit card companies. The associates may also access data such as bankruptcy proceedings. They get from the public domain records.

Factors That Affect Your Credit Score

You score is computed following based on several factors. These include:

Recent applicationsMoneylenders that see several recent personal loan requests on your record. They may consider you a bigger risk. This is since you seem financially desperate. That is why you should limit the new credit you request submit.

Default – Overdue payments and late payments on your personal loans are noted here. These together with utility bills lower your score.

Usage – This refers to the amount of credit that a borrower has used. It can also be what they owe on their credit account.

Inquiries – All the new loan applications you make translate to a credit inquiry. These are then posted on your credit report. Having too many credit inquiries within a short time does affect your score.

Credit available – They get the difference between total credit limit and credit used. This will give the available credit. Having a higher availability can be good for your score.

Credit history – By having a longer credit history, shows you are more stable. This means as a borrower you are considered less risky. When your history is short, not enough information is provided. This makes it hard for lenders to assess your credit-worthiness. It is for this reason you should start building your credit early. When possible you could start after you have reached the age of 18. The report also shows the repayment conduct for a period of 12 months.

Importance Of Credit Reports

Your credit report gives a breakdown of your repayment ability. This is based on the historical data on your report. This enables moneylenders and banks evaluate your ability to repay your loan. This is should they decide to grant you credit.

Realize that it is for your own benefit. More so when you maintain a good repayment record. Overdue/non-payments and other credit defaulting are on record. This can stay on your report for many years after. This will lower your score. They might also make you not access borrowing chanced in future.

When you monitor your report, you can prevent fraudulent acts against you. This is where an individual uses your private details and rating to get credit. Although other aspects play into the getting of credit from a lender. You may greatly improve chances of getting credit. This you can do by having maintained a great repayment record. This will translate to a high credit score.

A credit score is often posted at the end of your report. This is usually indicated using a four-digit number. This is issued based on the information included in your credit report. This number can range from 1000 to 2000. Where 2000 shows the least tendency to default. The ranges in between are then set from AA to HH. Here AA shows a borrower is the least risk to lend to.

It is advisable that you examine your report at the least monthly. This way you will know the status of your credit. You can obtain this information from both bureaus. Ensure you compare the records to make sure they are correct. Your record should show the actual state of the credit history. It can sometimes happen that erroneous entries are posted. This is not uncommon for these reports. This is why you need to ensure to keep track of your report. This will ensure the accuracy of your records and rating.

How To Get Your Credit Report

You could get your credit report from the Singaporean credit bureau. Other sources are CASE offices, CrimsonLogic Services and any Sing Post branch. You will need to pay a transaction fee for the service. You can subscribe to the premium service known as “My Credit Monitor”.

This service evaluates your record on every day. It will also send you an email when there are changes to the data. By using this service, it is easy to detect changes. It will alert you to possible identity theft. Thus you can take action to prevent any major damage.

Why I Should Repay My Student Loan As Quickly As Possible

Why I Should Repay My Student Loan As Quickly As Possible

Tertiary education makes it possible to have access to a broad variety of careers choices. Unfortunately, although there are government grants available to students, there is a pricey toll charge for obtaining this opportunity which comes in as tuition fees. The benefits of tuition fees are often felt mostly by the students who do not have scholarships or even family members who can help them foot the bill either using their savings or CPF.

For these students, working with moneylenders in Singapore to access a student loan seems to be the best solution for them. These students’ loans, for the most part, begin attracting interest immediately upon their graduation.

The widespread tendency of avoiding debt has led many Singaporean students to instinctively want to pay off their student loans once they are able to do so. The reason for this is the fact that the more time you take to repay your debt, the more the interest it is going to accumulate. This, in turn, will mean you will be paying more in total. Therefore, when you want to make savings on interest, you will need to consider doing all you possibly can to rid yourself off of this debt.

However, it is important for you to look at the many possible ways of handling your student loan debt to help be financially wise. Listed below are some factors for you to think about when formulating a holistic and sustainable plan to help you repay your moneylender student loan.

How Debt is Affecting You

It is important for you to realize that there is a lot more to repaying your debt than money and also incurring interests. Taking on debt means that you also carry the emotional price that comes with it, which can impact people in varying ways.

Some people are comfortable taking their time to repay their debt, recognizing that the accumulated interest for the charges is an essential part of taking out loans. In contrast, there are individuals who are irritated about having their loans accumulate interest over time. This should make them strive towards repaying their debt soon as they are able to.

So, although a little debt is no big deal, and when it helps your sense of safety to an extent by knowing that you have fewer commitments, then prioritizing the debt repayment is important for both the intangible and tangible benefits it brings.

Why I Should Repay My Student Loan As Quickly As Possible

Number Crunching

Numbers are fundamental to your loan and the plan you come up with needs to be based on the math.

Below are a few questions you need to ask yourself to assist you in planning the personal loan settlement strategy:

  1. What is the total loan sum of your loan?
  2. What‘s the interest charged on the loan?
  3. What amount are you able to pay for each month?
  4. How much time will it take you to offset the loan?
  5. What amount of interest will you have paid over the whole loan settlement period?

It is essential for you to work out these particulars about your student personal loan. This is because they will have an impact on your priorities. Evidently, you need to work towards paying off your debts the minute you are able to do so as this will help you to avoid paying too much in interest.

Yet, all in all, it is rather simple to just apportion each dollar you can to pay off your personal loan. This is without taking into account what portion of your salary you will, in fact, afford to allocate to loan repayment, yet having sufficient to help you meet your other essential expenses.

Cost Of Huge Monthly Loan Installments

Having to apportion a big part of your monthly salary for loan repayment will mean that you are able to pay off your student loans a lot faster. However doing this will also give you a smaller amount of cash for taking care of other important things in life, such as insurance as well as cash savings for urgent situations.

It is important for you to have in place an emergency fund. This can typically be an amount worth of 4- 6 months’ of your expenses while you are repaying your personal loans. This way, you will be financially prepared, in case unexpected situation befalls you. For instance, should you experience a job loss, or when you go through a mishap that entails you having to pay large hospital bills, an emergency fund is able to sustain you during the difficult period.

When you do not have an emergency fund set up, you might wind up adding to your parents’ financial burdens. This is because you won’t be having enough cash flow to help you survive on during the tough period. What may well begin with good intentions could well get you into much worse circumstances than before.

Realistic Next Actions

You may begin by organizing your expenses to help you calculate the amount you will need to survive. Ensure that you set up realistic expense targets, therefore don’t put a significantly low budget for your own expenses. Even though you may do this with good financial intentions, you could end up breaking your budget for each month. This would impact your morale, together with your will to repay your debt over time.

It may be better, to begin with, a reasonable loan repayment amount for each month and then eventually increase the amount whenever you can. Possibly you will learn how to better optimize your spending, or also be rid of some recurring expenses by changing your lifestyle. Pay raises and periodic bonuses are a great way to reduce your debt, without having to “suffer” more.

There is no fast or hard of how you need to best divide your salary – each person has different priorities and needs. Even so, make a point to have an emergency fund, put in place a realistic budget for your expenses. And from there consistently yet patiently make the student debt repayments.

Help! 3 Ways To Get Emergency Cash in Singapore

Help! 3 Ways To Get Emergency Cash in Singapore

Emergencies can happen to anyone and at any time. It may be important for you to consider where you can get your quick cash from when a sudden need arises. Certainly, you would have to calm yourself first. This way you will be able to figure out a way and obtain your funds. You will be able to easily evaluate your options and find the best solution to your financial challenges.

Among the below-listed options, you may need to consider the one that would be more accessible to you.

Line Of Credit Or Credit Line

The line of credit is a pool of money readily on hand for you for easy access. Like the credit card advance, you simply need to go to your nearest ATM and withdraw the amount of money you require. This amount can be used with any intention that you have, at any time you require it.

How It Works

You will be required to visit your bank and ask for a “line of credit” or credit line. The bank will need you to give the required documents for them to assess your creditworthiness. While this is being done, you will have to wait for some days to obtain the approval.

Limitations

Although you might say that you have instant access to cash, you will, however, have to make an application and then wait for some days.

Once your application has been approved, you are issued an ATM card. This is what you will use to have access to the money on your line of credit account. You are able to borrow any cash amount without attracting withdrawal charges. However, it is important for you to recognize that you will be charged an annual charge whether the money is used or not.

You are required to have a good credit rating for you to make use of this service. This is because most banks are risk averse concerning loans. Some banks will even require you to offer collateral while other banks simply offer this loan facility to individuals who have to be their customers for a long time.

Help! 3 Ways To Get Emergency Cash in Singapore

Credit Card Cash Advance

When you get a credit card, it means that you also hold the key to accessing quick cash from all the affiliated ATMs within the island. It is important for you to be aware that all the cash you withdraw will be charged directly to your credit limit. It’s very easy; you will require entering in your one-time PIN. Please remember that you need to make withdrawals within your cash advance limit. This amount is often lower than your credit limit on your credit card.

Limitations

This service is only available for credit card holders whose credit standing is good. Meaning, that you need to be able to repay your credit card bills for the month on time.

The cash Advances are a short-term loan facility from banks. You should expect high-interest charges starting from that day you make the cash withdrawal. Cash Advance interests range from 28%-29.9% for each year.

You need to be aware that cash advance interests are compounding. That means that interest is charged on the existing balance and not on the withdrawn principal loan amount.

The more time you take in settling your cash advance, the more you will end up paying. This might also drag down your credit score as well.

Help! 3 Ways To Get Emergency Cash in Singapore

Instant Cash Loans

When you are in need of emergency cash payday loans issued from registered moneylenders are among the best options. Often times the loan process is a lot faster compared to that of bank’s personal loans.

Most loan companies in Singapore often offer short-term loans which are can be paid either each week or on a monthly basis depending on what you prefer. You can also make use of loan calculators to assist you to get an idea of the amount of money you can borrow. This will also help you know the interest charged and the monthly instalments as well as the loan tenure.

There are some moneylenders who work online to process loans. This means is faster since the process takes from 30 minutes to about 24 hours.

Limitations

You need to be very careful when selecting a moneylender. Ensure you borrow from registered moneylenders by checking the Moneylenders’ Registry found in the Ministry of Law’s official website.

Although moneylenders are helpful during emergencies, there are loan sharks who act as if they want to assist you financially. They, however, end up sucking on your finances. Discover ways of spotting loan sharks to help you avoid falling for their scam.

Conclusion

When you are considering accessibility to loans, personal loans may be your best option. When you are facing an emergency, credit cards might be used without paying much attention. And the inability to repay its monthly dues on time may well put you into further financial distress.

A line of credit requires that you have a good credit record as well as have a credit line account on hand to be able to make use of. The process of opening your credit line account can take some days. On the other hand personal loans will only take hours for you to be able to have the ready cash in your account.

When you are applying for emergency cash, ensure you learn the advantages and benefits of the options available to you. It is advisable that you shop around for a moneylender that will offer you the best solution even with the pressure the urgent situation may have.

And regardless of what the reason for your payday loan may be, make certain that you take the time to read all the conditions and terms to avoid making mistakes. Although there is an urgent need for money, you should not allow this urgent need be the cause of your financial ruin.

In addition, it’s still suggested that you keep emergency funds. Although it is helpful to get ways for borrowing cash, having ready money savings is certainly a lot more helpful for you.

Death Of A Breadwinner: What Happens When Household Income Is Not Enough

Death Of A Breadwinner: What Happens When Household Income Is Not Enough

Loss of a dear one is not easy on anyone. In most cases, many people often find themselves unprepared as soon as it occurs. As most people mourn the loss, it’s only expected that most will wish to give their dear one a befitting send-off. This can be a respectful and simple wake as well as a funeral. This will be as meaningful as a way to express their sorrow and also pay their respects. This can be helpful for you in dealing with the departure on an emotionally level.

How To Cope With Loss

With the death of the family’s breadwinner, having to confront the sudden cut of the major source of your household income might appear overwhelming. This is especially so when you are dealing with this loss emotionally. This means that you may have a number of financial matters that you need to quickly attend to before it escalates into an impossible situation.

Death Of A Breadwinner: What Happens When Household Income Is Not Enough

Below are a number of financial suggestions to assist you during this challenging time:

Financial Adjustments

You may consider starting by making adjustments to your expenditure and budget help you adapt to this change in your home finances. You will also need to review your existing lifestyle as well as your financial goals. At the same time be ready to lower several of your expectations. This may be the time for you to tap into the emergency savings to help tide you over the difficult period.

Talk To Your Lawyers

When it happens that your dear one left a Will, be sure to speak to the executors to make sure there is a smooth allocation of the estates to you and relatives. You might have to do a formal transfer of any assets as well as existing investments to be under your name. Be sure to speak to the banks and moneylenders to recover the money from your joint or their personal bank accounts. When you are a chosen nominee to their CPF savings, Singaporean CPF Board (CPFB) certainly will contact you for the smooth transfers.

Handle Any Debt Swiftly

If you have any existing personal loans or debts, make sure that you get in touch with the moneylenders right away and see what has to be done to handle the debt. If the amount is manageable, do consider taking a personal loan to consolidate all the debts into one so that repayments are consistent and easy.

Look Into Insurance Claims

Take the time to consolidate all their insurance policies as well as confirm whether there will be any payments following the death. Also be sure to confirm the nominees to these policies are. Thereafter, you can submit a claim to their insurance companies. when it happens that your loved one had an insurance policy under the Protection Scheme for Dependants’ (DPS), you could get in touch with their insurer (this can either be NTUC Income or Great Eastern’s Life) to present your claim application.

Most insurance companies in Singapore may advise you regarding the claim processes as well as any extra information that you may have to present to them for the processing requirements. It is important for you to keep in mind the set time limits for making the death claim. You will need to report the claim immediately to help prevent any delays or complicated claim processes.

Once the claim has been approved, your loved one’s insurance companies often times make payments in one huge amount, totalling to the amount assured. When your dear one had an insurance policy under the Singaporean Scheme for Home Protection (HPS) and they hold an existing housing loan, Singapore’s CPFB will certainly contact you as well as your family members regarding the claim process.

Investing Your Future

It is recommended for you to look for help when you require planning for your finances in advance. Do take time to carefully think about your family’s needs as well as the circumstances. When you aren’t able to afford to lose your money that you got, you need not take these unnecessary risks. You may consider aiming for lower risk or even the conservative investments.

Although these investments come with a little lower returns, you need to be aware of the greater risk of losing the family’s capital you may face through taking higher-return products. It is also important for you to remember that every investment products, even including the insurance policies such as the products linked to investment (ILPs) as well as endowment policies. These investment products often carry a definite amount of risk. When unsure, it is best to have a chat with a professional.

Conclusion

When you have received some benefits from your loved one’s insurance payment or have been left some assets and money, you may most likely be trying to figure out ways to manage the money.

Although it might seem like its a big amount of money, it’s important that you keep in mind that these amount of money is for paying for both your family’s everyday requirements as well as future needs. You may also have to take care of your aging parents (both your own and your spouse’s), pay for the children’s education as well as take care of any existing personal loans.

Even under such challenging circumstance, it is important that you be aware that you have a significant role in ensuring that the cash lasts longer to help meet your family’s future needs.

Several Singaporeans might not have assets or existing savings to depend on. When times get tough, instead of obtaining extra cash through illegal loan sharks, approach any legitimate moneylenders for a personal loan to tide the emergency financial period. Such loans are usually quick to approve and easy to apply with simple documentation required.

What You Should Do In 2018 To Improve Your Finances

What You Should Do In 2018 To Improve Your Finances

If “saving more money” was on your 2017 to-do list, then you may well possibly still keep having it there in 2018. Even then, you may need to consider having specific and easy-to-fulfil resolutions. Such as transfer an $x to your savings account at the start of each month can be a lot more successful. This can also prove to be better than inventing a vague, big resolution that you have no clue of how to accomplish it such as becoming a billionaire.

Therefore, here are some simple things you could commit yourself to doing in 2018 that can help put you in good financial health.

Look For New Credit Cards To Sign Up For

Since your earlier favourite credit cards may possibly no longer be of use to you, it may be time to consider taking new ones. The new cards may have been modified or released, and could now be just the thing for your present spending habits.

During the New Year, you may consider it to be the best time to withdraw those credit cards that you no longer use. Thereafter you could sign up for the new ones that will be your go-to credit cards for 2018.

Hence take your time to look through a number of Singapore’s moneylenders’ card guides to help you find the ideal credit cards for groceries, cash back, online shopping, entertainment, shopping, rewards, dining, petrol and air miles.

Make Sure That You’re Suitably Insured

When you already have an existing form of insurance, it is possible that you bought these policies several years ago. For this reason, 2018 may be time for you to evaluate your existing insurance policies to make out whether they are still useful for you.

Despite the existing insurance policies, it is important for you to make sure that you are sufficiently insured. At this point, you may consider taking a personal loan or even a payday loan to help you repay your insurance. This you may have to do depending on where you at present are in life.

For example, for young working adult, it is possible that you may by now have bought medical insurance for yourself. However, for someone who is slightly less young, already married and at present expecting the first child, you need to without doubt consider taking a life insurance too.

The beginning of the New Year may be a good time for you to also properly compare your existing health insurance plan to the other offerings in the market from the other companies in Singapore.

What You Should Do In 2018 To Improve Your Finances

Cancel Credit Cards That Are No Longer In Use

The credit card world is rather fickle. One day, your favorite credit card is offering you rewards with 8% cash back on all that you might possibly buy. The following day, the banks have revamped their whole benefits programme. They have even added on a minimum spending condition that is more than you make in a month.

With these conditions, the credit card is at this time even less handy for you. You could use a payday loan to help you pay off any existing credit card debt before you can get rid of it.

Therefore, when a credit card does not serve your purposes, it may be a good financial decision to cancel it as soon as possible. You may think that there is no harm in having your credit card lie innocuously in the wallet. However, the more time you let it stick around, the higher the likelihood you will end up getting charged yearly fees unknowingly. You will even have to pay them if you are paying using Interbank GIRO. You could even fall victim to credit card scam.

Verify Whether It’s Time To Refinance The Home Loan

If it has been a number of years since you took out your home loan, it is possible that your interest rates are no longer as competitive. For this reason, refinancing your home loan using a personal loan could mean that you may have to switch to a loan that has more attractive rates, in so doing you will end up saving some extra money.

You will need to take time to consider whether 2018 is the year that you have to refinance your current home loan. You could make use of bank’s refinancing applications to help you find out.

Consolidate All Your Existing Bank Accounts

It is possible that you have over the years opened a number of bank accounts then later abandoning them. It is possible you will be leaving a little money on every account so that you wouldn’t need to pay fall-below charges.

However, 2018 could be the time for you to consider consolidating all your existing bank accounts. This means you will have to withdraw the cash from all your accounts that are no longer serving you. Thus closing these accounts along with depositing the cash in one of your accounts that you wish to continue using.

You will need to think about which account you need to be using. For the mass of the cash savings, it is an excellent idea for you to look for a high-interest savings account. These accounts need to be offering you rewards that are a little more for keeping your money in there.

When this isn’t the bank account you need to be withdrawing cash from (a number of high interest attracting savings accounts could reward you a lot more generously when you do not make withdrawals), you will want to consider maintaining a second bank account that will give you access to a good distribution of their ATM machines.

Conclusion

Saving more money may be in your 2018 resolutions, however, there are a few things to take into account to make this a reality. It is also advisable that you come up with resolutions that can easily be fulfilled. You could start by getting rid of credit cards that no longer serve your interest.

Also, take time to shop around for suitable cards befitting your current spending. You may also need to consider whether your home loan needs refinancing which may end up saving you more money. Above all ensure that you have insurance that serves you where you are in life.

3 Situations Personal Loan Makes Perfect Sense

3 Situations Personal Loan Makes Perfect Sense

The majority of Singaporeans think that taking a loan isn’t a healthy thing, as far as their finances are concerned. There is a belief that loan only interferes with you saving money because of the debts to be paid every month. To them saving a huge portion of your salary is better than having to use a fraction of it for settling debts.

Thus, budgeting can get a bit tricky because of the loan payments you have to make. Even then the question is, whether loans are at all bad and if they serve any purpose at all. That is beside helping you experience a difficult financial life situation.

Personal Loans

There are many types of loans in Singapore you may use for different purposes. Different from other types of loans, personal loans are normally of a smaller amount that you can obtain for emergency purposes. Usually, people obtain personal loans for uses like covering an unforeseen expense as their emergency savings aren’t enough.

Although personal loans work much like credit cards, there are, however, different interests and repayment terms, depending on your lender. It is for this reason that you need to have a clear understanding of all the details set in the loan contract. This will be important in ensuring that you adhere fully to the conditions and terms of the licensed moneylender.

When you end up in a tight financial spot in life, a personal loan will be useful for you. But do remember that the loan is not meant for spontaneous and low-priority spending. A personal loan has a bigger function, and below are top reasons as to the use of a personal loan.

3 Situations Personal Loan Makes Perfect Sense

Furthering Your Education

There are different reasons as to why people want to further their studies after college. Some of the reasons could be them having a strong desire to learn more about different fields. Others want to have another degree for greater career prospects. While others further their studies for them to get an opportunity for a promotion at work. With these great reasons, you will certainly have an incentive to having an additional degree with regards to a salary increase or a career promotion.

Even then, continuing your education is not exactly cheap to do. It involves a specific budget, which may possibly not be enough for individuals who aren’t earning a lot of money from their job. Luckily, taking a personal loan offers you the opportunity to continue your studies. When you decide to get a personal loan for your studies, you can choose to split the amount into terms. For example, you could consider repaying your loan for a 7 year period. This will help make your monthly instalments a little smaller as well as more affordable.

In most occasions, personal loans that have a longer tenure are generally more appealing to individuals who would like to repay lower fees for each month. However, there is also another option that you can use to shorten the time of the loan if you consider you have extra money available to pay every month. In so doing you will be saving yourself a large amount that you would have paid due to the longer tenure.

Managing Your Debts

To help you manage your debts there is an option whereby you to obtain a single loan and use it to repay all your outstanding debts. All that you need to do is get the total amount of the credit card bills you owe and then borrow an amount equal to the total debts. Once approved, you then just pay off your huge debt, then remain with a single loan that you can focus on and is easy to manage.

The main idea about this method is for you to get debt-free as soon as possible, even though you still owe money on the personal loan. On the other hand, you will have one debt to manage instead of many. With one loan you can focus on paying it based on the period you decide on, be it 6 months or longer. Through consolidating your credit, you will slowly be able to work towards being debt- free.

Maybe your only challenge would be in making the monthly loan repayments. Being alert to the exact date when you have to repay your loans is essential to prevent the accumulation of the high interest through penalties. Together with that, this can help give you the opportunity to achieve financial freedom and be debt-free sooner.

Improve Your Credit Score

A low credit score can affect your eligibility for a loan when you need it. It could be that you need a home loan you’d wish to take out when you are ready to make a purchase of a home of your own. But this may not be possible if your credit score is rather low. When you are frequently taking credit line on your credit card, it does affect your credit score rather negatively. This is one reason why some Singaporeans find it hard to access a loan when compared to others.

  • What To Do About This

The suggestion here is for you to obtain a loan, however, you make sure you repay it on time. Starting with a smaller loan is better, as this will let you make regular payments based on the period set by your moneylender or a bank. By making regular monthly instalments will also prevent massive fees because of late payment penalties. Though at the same time it will be helping you keep track of your monthly budget and expenses.

Ensure you only get a loan that you know you can repay with ease. Try and limit your loan amount to a few hundred to begin, and then ensure you pay it off in good time. This will help you in building your credit record over time, which will make you appealing to many financial institutions. Before long, the credit rating will have improved, together with your financial well-being. All things considered, a personal loan provides you with a win-win situation.

How Do You Manage Your Loan Repayment?

How Do You Manage Your Loan Repayment?

Taking out a personal loan can be a scary for some individuals. Regardless of the interest being charged, both high and low, a personal loan is a debt that might burden your finances. This can create obstacles to your journey to attaining financial freedom. Even though taking loans is often the last option on anyone’s mind, there are situations that do call for the urgent need for cash that personal loan offer.

Often times people take loans for different reasons such as to finance a business project and for the need of a home. However, once received, a lot of borrowers are troubled by the matter of managing their monthly loan repayments.

Some borrowers have shocking stories to tell regarding loans stretched out till their retirement, late EMI’s, heavy penalties and even the harassing calls received from their moneylenders. The one reason that makes people face difficulties when repaying their loans is a lack of planning their finances.

By taking a closer look at the outflow planning and financial health of your money will help you settle the matter of personal loan repayments. When you have recently taken out a loan and you have a difficult time managing them, below is a short guide that will help you manage the repayment of your personal loan.

How Do You Manage Your Loan Repayment?

Prepare A Monthly Budget

Having a working budget is always useful as you work towards gaining financial freedom. Drawing up a monthly budget will greatly ease your loan repayment plan. Make sure you list down your expenses for the month as well as your income, including small details of everywhere your money goes. This will come in handy as you analyze on areas that you need to cut back on to help pay back your loan much faster. Additionally, you will get an idea regarding your savings and salary that will assist you in prioritizing your loan repayments.

A key point to take note of is ensuring that your debt commitments for the month do not go above 35% of the gross monthly earnings. Always be aware of this every time you are requesting for loans as it can be useful.

Prioritise Settlement Of The High-Interest Loans

Although the repayment of a single loan is a lot easier, lots of Singaporeans face some difficulties in managing several loans. The reason for this is that many people fail to rank the repayment of their loan even after they have drawn up a budget. The reality that you hold a debt is certainly a burden, but what adds-on the pressure are the interests charged. The higher the interests charged, the more the pressure to repay the debt. Reducing the total interests being paid on all your loans can help ease up the weight of your finances.

A helpful strategy is the use of a debt avalanche. This strategy works by you putting a maximum amount against the high-interest loans without affecting the repayments of the other loans. You will first need to list all your loans along with their interests. Then allocate the highest amount of the loan that has the highest interest such as credit card bills. Once that is cleared, move to the next using the same strategy. This strategy will help simplify debt management for you.

Increase Your Regular Repayment Amount

If you have recently received a pay rise or a fat bonus you can use it to pay off some of your debts. Gains will come in a variety of ways such as bonuses, pay hikes, profits on some of your investments, tax refunds, etc. putting some of your financial gains to repay debts can help ease your financial obligations.

Every time you have extra cash to spare, contact your moneylender asking whether you can increase your instalment. If you have accumulated a good amount, you can even consider paying off in a lump sum. However, ensure that no penalty charges are attached to your early payment.

A few loans may have conditions such as penalties on increased or early repayments, therefore be giving an advanced notice ahead of increasing regular payments. Make sure you confirm with your licensed moneylender during the contract signing phase.

Use Schemes And Investments For Debt Commitments

Debts are divided into two; bad and good debts. Debts with a futuristic monetary gain or that pay you are good. But debts that don’t bring gains to your economic value are in fact a burden. Debts like car loans and credit card payments are bad and only add a load on your financial commitments. Although using other investments or your retirement savings is typically the last choice, they might be helpful if your debts go beyond and you are near insolvency.

Furthermore, Singapore provides some schemes such as Debt Management Plan, Debt Consolidation Plan, and Debt Repayment Plan to individuals who are struggling with repaying their debts. While DRP and DMP help you to repay your amount outstanding, DCP merges all your debts owed from different money lending institutions into a single debt to help you reduce your monthly commitments. Be sure to read through the conditions and terms of your investments along with those of the schemes to ensure you get the right one.

Adjust Your Lifestyle To Help Repay On Time

Expenses and your spending practices can affect the ease with which you repay your loans. Besides the above-mentioned guidelines, there are other habits that will ease your debt obligations and bring you closer to achieving financial freedom.

Check your spending practice to identify how you often use any extra cash you get. If you, however, splash your money aimlessly instead of putting it down on clearing debt then you could do with changing your lifestyle. Work towards trimming your expenses such as movies, shopping, and dinners, so that you are able to repay your debts faster.

Balanced financial habits are great, but ensure you prioritize your obligation in alignment with your goals. By being aware of these strategies it will be easy for you to manage the process of repaying your personal loans. Maintain balance is the answer. Adopting healthy financial practices will guarantee you become debt-free and achieve financial freedom

4 Misconceptions Borrowers Have About Loans

4 Misconceptions Borrowers Have About Loans

Most people do make the use of loan from time to time. It could be a home loan, study loan, personal loan or even a car loan. Although most people in Singapore consider study loans and home loans to be essential forms of loans because of the purpose and the amount.

There are individuals who will be more undecided when it comes to getting a personal loan. Them being undecided could be coming from the idea that taking out a personal loan needs to be considered as a last result. Or it could be to them getting a personal loan means a person has got into a desperate state thus they opt to use credit cards for purchases instead.

In addition to that, there are some Singaporeans who think that it will be hard for them to have their loan request approved. For varied reasons most people don’t trust that they are able to get personal loans from licensed moneylenders in Singapore. Even with the different reasons, it is important that you take the time to understand the different ways a personal loan can work for you by contacting your financial advisor or moneylender near your area.

Below is a quick look at some misconceptions that once clarified, you will be able to see the benefits of you taking out a loan.

4 Misconceptions Borrowers Have About Loans

Borrowers Require Good Credit Scores

In Singapore, having a good credit score is certainly very important, especially when you want to get a loan from the banks. What most Singaporeans fail to consider is the fact that there are other options open for them when accessing a personal loan is concerned – accredited moneylenders.

Licensed Moneylenders maintain a credit bureau of their own. And are a bit more relaxed when they are considering your creditworthiness based on your credit score. The legal moneylenders also rarely reject borrowers loan requests unless they have past records of defaulting on their repayments.

Each Lender Provides Similar Interest Rates

It is easy for many people to think that in Singapore, most money lending institutions give their borrowers the same interest on the loan in order for them to remain competitive. But this is not even the case here. Starting with personal loans to home loans, the different moneylenders available in Singapore offer varying rates. And it should not come as a surprise that other factors do come into play in affecting which loan type a borrower will eventually apply for.

Also, it is important to note that many money lending institutions will offer varying loan interests depending on the level of credit risk status you hold. This risk status may be based on your financial needs, ability to pay off loans, as well as ability to provide collaterals. The lenders in most cases want to know the risk level you are as a borrower and they are able to recover their money once it has been lend to you.

You Have To Be Employed To Get A Loan

Although having a steady job is a requirement when getting a loan from money lending institutions, it is not the state for you to qualify for a loan. As long as you can prove your ability to repay the loan taken, most moneylenders are willing to work with you in helping you find the suitable financial solution for your needs. This is in particular regarding a lot of startup entrepreneurs as they may not have adequate savings to cover them during the startup phase, or they could risk facing cash flow problems.

For those individuals who are self-employed, they are able to request for loans provided that they present income tax statements and an official proof of income to the money lender they are dealing with.

There are useful schemes available in Singapore like Business First Loan, a collateral-free business loan offered by Singapore’s SPRING Micro Loan Programmes. This programme is intended for new business startups to be able to get funding in the fastest and in a hassle-free way. It comes with a flexible repayment time of 4 years or less. However, you will need to have a guarantor and be able to let the bank review the financial status of your company.

You Must Always Get A Loan With The Lowest Interests

As earlier mentioned, it is possible for you to have more than one feature to consider when you are thinking of taking out a personal loan form a legal moneylender. Although interest rates are equally important criterion you need to consider since it determines the general borrowing costs, there are other factors that you will have to think of. These include administrative and processing fees, loan tenor, prepayment penalties as well as the ease of your application process. All these factors will greatly affect your choice of loan type you end up making use of from a moneylender.

Given that you want to take out a loan amount of $5,000 which you intend to pay off within 3 months. It is important to consider if you would rather pay a somewhat higher interest and have the loan repaid in three months or opt to stretch out your loan tenor to about a year with which you will get a slightly lower interest rate.

Bearing these aspects in mind will help you make a better-informed choice. As you will choose the one loan that will offer you the best deal, convenient loan period and manageable monthly instalments.

Conclusion

There are individuals who will be more undecided when it comes to getting a personal loan. Their indecision could be coming from varying misconceptions which will make them hesitate to take out a personal loan. Some of these misconceptions many people face in Singapore include; you have to be employed to get a loan, borrowers should have good credit scores, each lender has similar interest and you should go for loans with the lowest rate.

Even with such convictions, it is important that you gain an understanding of what your financial needs are and what a loan can mean for your financial health. And above all always take loans you are able to repay with ease and on time.