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

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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.

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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.

Avoid the Hassle by going Cashless Payment In Singapore!

online payment concept

Cashless payments are payments made without using cash on your hand, they are being transferred through electronic transfer that is provided by our modern technology. 

As time passes by, most of the consumers nowadays are opting to go with cashless payments although there are still some people who pays with cash. Cashless payments are most of the time through bank transfers, credit cards or mobile payments.

Cashless payment Singapore offers many benefits that will allow you to make life easier when it comes to paying. You do not need to have physical money to pay for your bills. 

 

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Payment is quickly processed without even going to the billing payment stations or through its partners. You can also do multiple and huge transactions through cashless pay Singapore. 

You can also send payments overseas without a hassle. You can even make a payment even though you are at work, so cashless payment can be very flexible.

The cashless society in Singapore has been very abundant and successful because of the many advantages that they offer and the convenience it brings most of the people. 

Some of the payment options and methods of paying cashless are through payment apps, nets QR, mobile payment, QR code, credit card, digital payments, dbs paylah, paynow and a lot more. 

Most of the people who are users of credit cards are having the convenience of paying electronically and handling their bills over the internet and elsewhere.

 

Digital Payment

Cash or Cashless in Singapore?

Cashless payment has been popular in Asia especially Singapore because of the busy lifestyle of the people but there are still people who do not choose to go cashless with spending especially when it comes to food. 

They still opt to spend cash instead of an app or a mobile payment. As trends have grown to be successful with the payment cashless however, there are still more people in the US or Europe that are going cashless. 

There has been security issues in some transactions that is the reason why other people are being more careful and still go with cash.

You still need to get cash from your ATM if you want to pay with physical money, compared to going with non-cash payments, you will not need cash at all. Transactions are all being done electronically in a cashless society. 

However, for some people who are not tech savvy, it will be easier to use cash if they really don’t want to accept the convenience of noncash transactions.

Here are some advantages of paying non-cash

1. More convenient

Conducting electronic transactions can give you ease that might be the largest motivator to go digital. You are not carrying a huge amount of money or even fall in line just to withdraw from the ATM. it would also be safer and less complicated if you are travelling.

2. Get more discounts

Digital paying can give you more discounts because most of the time, digital platforms are giving out cashbacks. This will provide you with more savings.

3. Records visible

All transactions are being recorded so that it will be very easy for consumers to maintain intune with their spendings.

This will also enable you to file tax returns in the future. Digital transactions are easily tracked and explained.

4. Less risky

In the case when credit cards are stolen, you can always call the bank and have it blocked so that no one can use it. Also, mobile wallets have PINs and security options that can make sure that your digital wallet is secured. 

5. Environment Friendly

Using digital transactions can save the trees hence, you can contribute to saving the environment. Papers are being used in most transactions with cash and papers come from trees.

6. Effective budgeting

You can manage your transactions effectively with this option. You can keep track of every transaction and transfer money from one location to another instead of going somewhere else to meet someone just to hand money to them.

This is mostly advantageous to many businesses as they do not have to protect a load of money for their transactions.

7. Economic boost

Cashless societies ought to have a positive effect on the economy. Studies show that users are likely to keep away from small purchases in the event that they do not have cash on them.

people online banking

Among the countries that is popular with digital transactions is Sweden. Their transactions have been booming and becoming the normal thing on their people. 

Sweden has taken a variety of initiatives that enables the users to continue with digital spendings. Some of the countries are being popular in this field too, like the US and Canada. 

These countries have a very busy lifestyle, the main reason why they opt for better transactions as these also give them the convenience of real time paying. Also, some countries that have the most digital transaction users are millennials, those who are growing with the technology more and more each year.

Some people say that having this transaction is giving them great convenience because they sometimes, if not most of the time, do not want to go out of their homes and can just pay for whatever it is that they need to pay digitally. 

This gives them the privilege to be at the comfort of they homes and pay for their bills of shop for items that they need and pay it cashless. 

There are a lot of options to choose from when you want to experience the convenience of not paying cash in your transactions. 

It will still be your choice on whether or not to use cash or not but do consider digital transaction and assess how you go about it. You can try and do it first before you just close your mind into this option. Go to homepage for more information. 

Numerous Ways on Earning Passive Income in Singapore

Way to create Passive Income

Passive income is a monetary earning acquired from a small partnership, rental property or other earnings when the person earning is not physically or actively involved. 

Passive income is normally taxable however, it is regularly handled in another way with the aid of the tax bureau. Portfolio income is taken into consideration as static earnings so dividends and earnings from a hobby would consequently be considered passive. 

Rental homes are considered as static income with a couple of exceptions because if you are an actual property professional, the rent income make is considered as active income because you are earning to look for people to rent a property. You are actively involved in making the profit. 

The tax records of losing quiet activities can be deductions offset in place of the whole profit as it would be taken into consideration for a person to make sure all the static activities are being labeled in a manner so that you can make the maximum benefit of the tax deduction. The deductions will be reflected in the year after and will have reasonable manner to take into account the earnings and losses of the business.

Way to create Passive Income

How can I make passive income?

Interested to earn money while you sleep? There are definitely a huge option of ways to online earn money even if you are not active. You can make money online, through real estate, rental income, you can invest in a company, make an investment in a share market and so on and so forth. 

A huge variety of choices is up for you to choose from. We will be wanting to have an extra income to add up to our daily budget and there will be no better way to earn without shedding a sweat. 

Here are some of the ways on how to earn money online and generate passive income.

1. Get your photography visible on the internet

Photography sites like Shutterstock and iStockphoto can give you the benefit of having a platform to sell your photos. You will be able to convert your photos into a passive income source. 

They may offer both a percent or a flat rate of every photo this is offered and sold on the site. One photo should constitute a flow of cash since it can be purchased over and over again. 

You simply need to create your image folder and put it on as many picture platforms after which the activity will become completely passive. All the technicalities of the image income are dealt with via the internet platform.

2. Have your property rented

If you own properties that are just stagnant and you do not know what to do about it. Try to have it rented. You can build apartments to be rented by tenants and earn income returns every month or every quarter. 

 

It just depends on your terms. This is much protected by the Singapore government and can give you enough to earn passive income.

Asian with Credit Card

3. Earn rewards from credit cards

Some might not be aware of this because they are merely being focused on the spending that they do when it comes to credit cards but some banks do offer cashbacks and rewards that serves as passive income. 

 

The cashback and rewards might range from 1% to 5% of the purchased amount from a credit card. You can definitely be earning more when using credit cards and use it in the near future.

4. Acquire dividend stocks in Singapore

Gaining money from stocks can sometimes take a lot more time than you expected but still, there is an opportunity that your money will grow over time so you still have income out of it no matter how long it takes. 

If you entered the marker at the time that the price is good, dividend yield stocks are a good way to get a better passive income before you sell them. 

Basically, the very best dividends tend to come back from telecommunications companies, some banks and developers. You will usually get hold of your dividends quarterly or annually and the money can just be credited directly to your bank account. 

You can also monitor the stock prices if you want to sell your shares and earn more profit.

5. Gain interest rates from your bank

Singapore banks offer a low interest rate but there are banks that offer a significantly higher interest rate than that of the others.


You just need to do some research regarding this so that you can gain a certain amount while you invest your money in a bank.

6. Create a book to earn royalties

If you are a writer by profession, you can basically create your own book. There might be a lot to work on to while you are starting but once this is done and the book is going into the sales stage, it becomes a completely passive venture. 

 

This is mainly true if you can promote and sell the book to a good publisher who is willing to give you royalties for the distribution and sale of each book. You will then get a certain percentage of each sale made and if the book is fairly famous, the royalties can be hefty. 

 

Plus, the royalties that you will receive will keep flowing as long as the book is being bought.

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7. Be a small and silent business partner

You can be a partner without any effort. If you know someone who needs investors and you can give them a hand, go ahead and invest in the business. 

The main owner will handle the daily needs of the company while you just sit in the comfort of your own home while drinking your favorite drink or doing what you surely love. 

You can enjoy life without doing anything and you will have your returns in time. Click here to find out more.