Where To Find Low-Interest Moneylender In Singapore

The reviews of moneylenders are useful for first-timer borrowers as well as those individuals who are in search of a better loaning experience. Even then, it is important that you are clear as to whether this is a foolproof method of searching for an ideal licensed moneylender.

But having different money lenders in the country claiming to each offer low interests, it can be difficult for you to choose the one who can actually assist with the finances. It’s no surprise that many Singaporean go to the moneylender review sites for them to find out the experiences and opinions of other borrowers.

What This Mean For You

In order for you to avoid being taken advantage by the loan sharks in Singapore, always make sure you obtain a personal loan from a reliable licensed moneylender only. An accredited money lender may not charge unfair interests on your loan. It is important that you realize that money lending business is based on trust, and most individuals typically become faithful clients when they are contented.

Thus the more satisfied the customers are, and then this money lender will remain in business for many years to come. We have been offering loans in the country since 1969. And over the years, the company has grown to include a long list of customers with fair rates of interest and flexible terms. Some money lenders in Singapore can offer you a peek on ways that some money lenders relate to their customers, but the actual results always speak for themselves.

Locate Low-Interest Moneylender In Singapore

Confirm with the most recent 2018 list of legal Moneylenders in the Moneylender’s Registry. In Singapore, moneylenders are strictly regulated. Their licenses can be revoked when they disobey the 2008 Moneylenders Act.

In accordance with this Act, licensed money lenders may only charge a rate of interest equal to 4 percent each month. This interest cap is valid for both unsecured and secured personal loans.

Given that a borrower has failed to pay back their loan on the arranged date, the maximum rate of interest that the money lender may charge should not exceed 4 percent on the outstanding loan balance for every lapsed month.

What this implies is that the interest has to be calculated based on the outstanding principal loan money after deducting the full amount of the payments made. When you take out a personal loan amount of S$ 11,000 and so far you have paid off a total of S$4,000, thus the rate of interest for your late payment can only be worked out against the outstanding S$7,000.

This shows that the late interest cannot consider the initial principal loan amount except for when the borrower didn’t pay anything so far.

Consequently, what will happen when you have a remaining balance but it is not yet due for repayment. Given that a borrower has taken out a loan amount totalling S$ 11,000.

When the borrower does not make to pay their first instalment amount of S$2,000, in that case, the money lender will only charge the late interest rate on the S$2,000 repayment that was not made. The outstanding loan balance which isn’t due yet cannot be affected thus it is not to be taken into consideration.

Benefits of Moneylender Review

Most Singaporeans think that the moneylender review sites provide them with the advantage of insight. Form this sites it is easy for borrowers to get the insight of how some licensed money lenders in Singapore deal with their customers depending on the experiences that their customers have had.

Moneylender review sites offer the borrower the guarantee that a specific money lender has excellent services as well as personal loan products. Therefore depending on the ratings and testimonials from other past borrowers, you will be able to tell how contented the previous clients were.

Then again, there are a few borrowers who will share the bad experiences they have had so that other people can know what they should expect when they opt to borrow from the particular money lender. In using these moneylender review sites, locating the best reliable money lender becomes rather fast and easy for you. However, always remember to do your research and not have to believe everything you read on the moneylender review sites.

Limitations of Moneylender Review

Just about 58 percent of respondents of BrightLocal yearly survey shared have the average star ratings are the largely a significant factor when it comes to an online money slender review site. On the whole, 84 percent of the consumers owned up that they actually trust online the reviews. However, you do not have to trust each statement written by some people that you actually do not individually know.

Review sites may not all the time give you the entire picture. Also to note is that many consumers tend to write a rating or review only when they have a poor experience. On the same note, a few consumers who have a positive experience will not be that concerned about writing feedback reports at all.

One thing worth noting is that people have very different opinions and viewpoints. What might be an annoying factor might be just acceptable to you. What one customer may rate to be 2 stars might be a 4-star for another. Therefore, when you are in search of a licensed money lender, you may have to consider taking the time research and shop around for you to get concrete details about the different lenders.


Moneylender reviews are valuable for first-time borrowers and those individuals who want to have a better loaning experience. Although reviews can offer you the information that you may require, it is important that you be aware that you do not have to believe everything you read in them.

Be sure to take the time to carry out your own research as well as shop around for the right lender for your financial needs. And of importance be sure to work with a licensed money lender.

Taking Personal Loans? Don’t Commit These Mistakes

There are a lot of different reasons why people apply for cash loans, without knowing they are making mistakes that will cost them time and money. Even then some mistakes can easily be avoided, continue reading to find out more and understand every mistake. This way you will not end up with regrets like most people do.

Not Dealing With Licensed Moneylenders

Even though there are many money lending companies to be found in the net, you will need to pick a certified moneylender in Singapore. Also be sure to confirm the number of years the lender has been in operation. A company that has been in business for a long time means they will offer quality service sufficient to keep them in business.

Scanning The Stipulations And Conditions

Make sure that you go through the loan conditions and understand the fine print in them. Above all do take your time. Be sure to examine the conditions as well as do note all the certain specifics that could cause you to lose money and even end up having bad credit.

Going for the First Offer

Before taking out any loan, be sure to shop around and take your time and carry out some research. Considering that you will be the one who needs the cash then shopping around will help you avoid those lenders who might take advantage of your urgent financial needs. You, however, might be considering taking loans from banks but it’ll take a lot longer because banks typically require lots of paperwork.

You could consider approaching a private moneylender who will offer you more options with repayments, terms, and interest. The money lending industry is rather competitive thus you will certainly locate the ideal personal loan that suits your requirements and ability to repay.

Not Confirming Additional Costs

When you decide to take out a personal loan, always remember to add extra fees as well as closing costs to your total amount of the amount you have to repay. Another important thing for you to keep in mind is to cautiously read the terms and ensure you ask your moneylender as many questions regarding the loan terms to ensure you understand the whole agreement.

Unaware Of Your Credit Rating

Before you think about taking out a loan, it is recommended that you check your credit rating because the personal loan approval significantly depends on it. Also, ensure that your credit rating is accurate.

Realize that your credit history is always updated by your moneylender, for that reason make certain they include all the times that you had made on time repayments. Your credit score always reflects your credit record.

With that in mind, you need to realize that there are many ways to maintain it in good standing like not taking out a big loan amount, repaying credits promptly and not failing to repay a loan. Having a good credit rating will ensure that your personal loans are easily approved and you may even get lower rates of interests.

Getting Emotional

When taking out a loan from a moneylender, it’s advisable you think prudently and not let yourself go over the top through your emotions. Don’t get too excited. Always get a loan that best suits your needs and financial status. It is not a good idea to take out a loan to help out a friend or family member.

Overlooking the Fine Prints

You need to be careful since some terms might bring additional costs to your loan. Thus avoid late payment penalties as well as prepayment penalties.

Lying About Your Information

Do not lie about your credit rating and income. Your moneylender has the means to confirm your info. When you are caught, you will be in big trouble by paying a huge penalty and losing your loan.

Not Asking Questions

It is encouraged that you ask your lender to clarify any unclear conditions. Ask away, it might actually save you on money and time. Be sure to explain to your lender about your financial state since they are likely to offer you a loan deal that serves your needs.

All borrowers have different situations, thus when there is a setback its best you let your money lender know. Don’t get scared when they try to get in touch with you. They only want to assist you to repay your loan following what you had agreed on.


Even if you have a stable income, it’s easy for you to think that you will effortlessly repay your loan. Keep in mind that you still have a lot of bills, needs, and expenses that require your attention. Stick to your budget and promptly repay your loans.

Borrowing More Than You Actually Need

Be sure to take out a loan amount that you can repay. When you aren’t able to repay your loan, you may perhaps end up defaulting. Once you default, the interests will increase dramatically, and you could lose your property. It might also lead to your bank accounts being seized or getting closed.


There are lenders who persuade their customers into extending their personal loans. When you don’t need it, don’t get excited to do so. It will only make the credit score seem bad and in the end, you’ll pay a lot more than you’d borrowed.

Not Negotiating

Most people simply accept what is presented to them by their lenders thus they don’t negotiate the terms. Borrowers should negotiate the terms to avoid being constraint financially. You should not be adding up your loan problems when getting a loan to assist with your monetary needs.

People take out loans for different reasons. They could be stuck in their budget, would like to repay the debt, go on a vacation or settle a medical bill but all require extra cash. It’s tempting to have extra cash, but don’t open a loan when you actually don’t need it. Follow your repayment plan and don’t hide from your money lender. Loans are meant to help you, so don’t overuse them.

How Authorised Moneylenders Can Help You To Cope With Financial Crisis

In spite of the reasons for choosing any loan type in Singapore, rest assured that a Licensed Moneylender will be very useful. This type of a lender has the ability to sort out your budgetary issues effortlessly and successfully.

For Singaporeans who need a cash advance, they could contact a licensed moneylender who is ready to give them the loan amount that meets their financial needs. There is a broad range of advances that are offered by a moneylender in Singapore. You may also select a plan for your loan advance and ensure that you repay the cash back on time. Even so, when you are planning to take out the payday loan, be sure you contact a legal moneylender for assistance.

Moneylenders Have Their Parts To Play

Licensed moneylenders are more trusted since they hold a legal permit thus assuring people that their dealings are legitimate. Most of them have the capability to offer great cash advance deals together with great repayment plans to their customers. They also help people have access to credits when the need arises.

The services offered by the payday loaning companies are of the highest quality, and the manner in which the clients are dealt with is an additional reason why people take loans from these lenders. They also securely keep their client’s information confidential and never disclose it to anybody.

Moneylenders in Singapore are renowned for offering different types of cash advances from the personal loan, home loan, remote advances as well as fast cash to people.

Benefits Of Borrowing

The benefit of borrowing credits from licensed moneylenders in Singapore is the flexible repayment options for the loan. The interest rates offered by the money lending organizations are focused, thus an individual can secure the perfect arrangement for their individual credit advances. Fast, the proficient loan processing is a part of the watchwords for the process example of the money lending associations in the city. Their dedication to their work is what helps in keeping their customers fulfilled and happy.

It is possible for Singaporeans to apply for personal loans by submitting an application form online to start with. After the essential checks have been made by your moneylender, there are several documents that you have to get checked by the lender to help in the processing of their loan application.

Importance Of A Role Of A Legit Moneylender

The main focus of the association of moneylenders in Singapore is to keep their procedures as straightforward as possible. Their aim is that it does not confuse the client when applying for the advance. Apart from the online method, there is also round the clock customer assistance accessible to their customers.

The licensed moneylenders help their customers and also offer them the essential data regarding the credit. In additional they help to clarify the questions and inquiries concerning the loans offered and their repayment options.

The most important thing is if you have approached an approved moneylender, then you won’t need to get stressed over the steadfast quality and legality of their operations. Be sure to confirm with the Law Ministry’s website whether the moneylender is licensed as there are loan sharks in the country who outrightly misuse the identities.

Help From Licensed Moneylenders for Your Budgetary Emergencies

Everyone comes across budgetary troubles from time to time. Once in a while, the needs are not urgent, and you could be able to get an additional job to afford yourself a decent living. At times, you may be able to look for assistance from your loved ones.

On some occasions, you are more likely unable to see an easy method for you to find a solution. On these events, finding a legal moneylender may be a decent option for you.

A moneylender is a company that holds the assets in addition to experience to provide instant loans to Singaporeans from all income levels made to suit their ability to repay. These lenders have the capability to lend you cash for various reasons and needs. Some lenders include additional assets for occasions, crisis car repairs or even pay your bills.

Individual loans are available to help you meet your daily needs. Just complete the loan application and expect your approval. The loan approval is usually fast with just confirmation of pays and personal information required.

Repayment plans can be different, given your ability to repay and the detailed organization’s provision. Licensed moneylenders will attempt to give you a repayment plan so that you are not left in debt and that the situation does not persist long enough to give you the feeling that you’ll never escape commitment.

Moneylenders often handle the low-income credits, thus offering you the amount that you require an affordable repayment plan that you can repay with ease. Essentially, they are helpful when you are worried that you may not be able to get a loan because of your poor credit.

Moneylenders make their loans just suitable for your ability to repay, and not based on your history of the payday loan repayments. This type of loan can also be advantageous, thus helping you to improve your bad credit.

Instant cash loans are a moneylender’s claim to fame. Having a short-term loan, you will need to make several instalments before you can repay the loan. Small payday loans are an appropriate way to extend your expenditure when the paycheck falls short. These types of credits are at times known as payday advances. This means that the money is loaned to you with the aim that you will manage until the time when the next paycheck arrives, and also the time you will have to repay the advance.

For all types of loan that you may need, not considering whether it’s additional cash for something amazing or simply some small amount to help you cope before the next payday comes. A moneylender can work with you to help you find a loan that meets your needs. Make sure you confirm the accreditations of every moneylender that you’ll work with. Also be sensible on the amount of money you take and how fast you can repay it.

What You Should Know About A Licensed Moneylender

A moneylender may be described as a person or group that is able to offer small types of personal loans to individuals or groups that need financial help but at high-rates of interest.

These lenders typically offer personal loans to Singaporeans who have a very legitimate financial need. And when borrowers delayed the repayment, they don’t take inconsiderate actions for instance harassment of their customer but instead, they usually send reminder notices.

In Singapore, legal moneylenders are confirmed by the Law Ministry.

Types Of Loans

– Secured Loans

It’s important that you realize that for you to access a personal loan, the item you put in as collateral needs to be valued at more than the loan amount you wish to take out plus the interest amount that will be charged on the loan.

Once you have signed over your rights of your pledged items, your lender will keep its titles in addition to the transfer forms. They keep them nearby in case you don’t follow the agreement and failing to make payments on the borrowed amount.

When it happens that the worth of your item declines under the outstanding sum remaining, the lender may demand a one-time payment to cover the difference. Secured personal loans often come with rather lower interest rates.

Unsecured Loans

This loan type allows you to borrow a certain amount using only a promise to protect the moneylender’s investment in case the borrower defaults. To obtain this loan type no assets are required and the moneylender may only have a lawsuit which involves court procedures against the debtor. The court can then make the defaulter repay the outstanding loan amount.

When they don’t have the required loan amount, an order may be placed to sell their property to help settle the loan. However, this doesn’t guarantee the moneylender that he’ll get the entire investment amount back.

Benefits Of Choosing A Licensed Moneylender

  • These types of lenders will not harass borrowers from the moment they start the entire loan application procedure to finish. In Singapore, licensed moneylenders operate following the guidelines set by the government. Failure to adhere means that they risk legal actions such as revoking of their business licenses, fines, etc. Due to this, the lender’s repayment schedule is always reasonable.
  • Moneylenders always have affordable interest rates. Licensed moneylenders have to stick to the government issued regulations. The process of determining the amount of loan money you are qualified for is standardized.
  • When working with a certified moneylender, the waiting period before the loan requested is approved can be notably shorter. This usually happens within a few days. The lenders will not be focused much on a borrower’s credit history. The moneylender process of borrowing a personal loan is incredibly efficient.
  • The licensed moneylenders have a legitimate permit of operation, registered landline and a physical office where you can acquire extensive information or even go to when authentication or confirming of personal information is needed for you to be qualified for a loan. As a result, you will not require giving the lenders access to your own SingPass Login in particular since it holds sensitive information about each citizen in Singapore.
  • The Moneylenders’ Registry in Singapore has stringently set rules of how moneylenders can carry out advertising for their financial services to the community. The moneylenders have a specific way through which they are able to communicate with their customers. It is a requirement by law that there should be physical office present for potential borrowers to visit given that they would like to make any queries. In addition, when you ever get an advertisement SMS from any approved moneylender, it is your right to report the number to Moneylenders Registry.

Things To Keep In Mind Before Borrowing From Licensed Moneylenders

  • Before you visit a licensed moneylender it is important for you to consider other alternatives available that can help you access the finances. Some options like government agency schemes are available.
  • Recheck the stipulations of the loan contract you are about to enter into with your licensed moneylender because usually, agreements bind people. Evaluate whether you are able to follow the terms when you consider your income along with your financial obligations. And above all only borrow the amount that you need and don’t get excited by the large amounts that you won’t be able to repay.
  • Ensure that you fully comprehend the conditions of the loan agreement and in particular how you can repay your loan. Confirm the amount of time you will be required to pay back the loan. Also, confirm the interest rates charged on your loan. The moneylender should communicate the comprehensive information to you during the signing of the loan.
  • It’s recommended that you locate a moneylender who has the best terms. Don’t rush to access a payday loan before you are pleased with the conditions and terms. Remember you will be repaying thus it’s important that these terms be favourable for you.
  • Be cautious before signing any contract that has a caveat. A caveat is a notice that stops certain proceedings from being done before informing the issuer of the particular notice.
  • Be careful when a moneylender inquires about your SingPass password or even user IDs and when they keep important documents like your national ID card, work permits, ATM cards, driver’s license etc.
  • Ensure that your approved moneylender gives you a payday loan with sufficient information. They also have to follow the right processes of lending.

Ensure that before getting a loan from licensed moneylenders, that you read as far as you can about the different laws and rules governing money lending. Such information is accessible from the Law Ministry’s website.

This way, whenever you ask for the lender’s certificate, which you always should do, you are able to judge against the details it holds with the one you got. Even though it’s rather safe to borrow from legal moneylenders, you should be cautious because you are the one to pay back the borrowed money.

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.

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

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.


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.

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.


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.

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.


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.


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

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.

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.


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

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.

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.


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

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.

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.

Business Loan Myths In Singapore Busted

Business loans can be a good source of money to help you run and grow your business. This type of loan can be used in the purchase of business machinery, new premises, finance your company or for paying your employees bonuses and salary.

When applying for a business loan from licensed money lenders in Singapore, it is important that you have a clear outline of how you plan to use the money once your loan has been approved. By so doing, your money lender will be able to get a clear picture of how you intend to use the borrowed money.

When a bank has turned your loan request, you may get worried that this spells the end of your business. There are numerous business owners in Singapore who unaware of the concept of Singapore’s private lending companies. They miss this helpful option because of the misconceptions floating around. When you are in urgent need of funding for your business, but you are not sure about of how you can get your business loan accepted.

The below pointers will help you clear some of the doubts you may be having. Read through the points below to identify whether some of the mentioned ones may be preventing you from getting a business loan from legal moneylenders.

Only Banks Offer Business Loans

Under normal circumstances, most SME in Singapore usually turns to banks as well as other similar money lending institutions for money. This could be the custom in the industry you are in, however, rest assured there are many other options for you that are worth exploring.

Besides the banking institutions, licensed private moneylenders also offer working business loans to borrowers. These moneylenders also do so with little paperwork attached to the loan application process. Once you have presented all the necessary documents, you will be able to access your loan money within a week.

Of importance is you take time to shop around for the right business loan for your business. Compare interest rates offered by various licensed moneylenders in Singapore before settling for one lender. And always make sure you read and understand the loan contract before signing. Also, make inquiries about any charges that you might incur in case of late and early payment and any other charges included during the loan processing.

A Perfect Credit Score Is Needed To Have The Business Loan Approved

Having poor credit scores can create an obstacle when you are seeking to raise money from banking institutions or through government-issued grants. A lot of Singaporean licensed money lenders will on many occasions approves your loan even when you have a bad credit score. This is provided that you are able to satisfy a number of business loan requirements.

Some of these requirements range from business size, annual profits and revenue, type of industry, business age and cash flow. Therefore other factors are considered by moneylenders besides your credit score making them a reliable option for your business loan needs. So do not hesitate to contact your nearest licensed moneylender to see what they are able to work out for you and help you meet your financial business requirements.

Lenders Prefer Giving Large Company Loans Than SME Loans

Although legal moneylenders in Singapore do profit from working with huge advances and long-term loans types, they work and are open to doing business with different types of establishments available in Singapore both small and large. Therefore do not allow this misconception stop you from looking for SME funding from them.

Look at Focusing instead on the cash flow as well as your ability to pay off the debt for you to know the amount of loan money you have to borrow. You can seek financial advice from the moneylenders to help you know the best loan type for your business they may have for you. Even then they are ready to support you on your journey as you grow your business.

All Private Moneylenders Are Scammers

Although well-meaning some well-wishers could advise you on getting your business funds from banks only, while your company stagnates and suffers from lacking a much-needed financial boost. However you should not let past, bad loan experiences cloud your perceptions of getting private funding. Once you decide to work with moneylenders in Singapore, choose reliable and the licensed lenders over the unlicensed hacks. Licensed moneylenders follow the right business practices and are professional. Through them, you are able to get your business loans under reasonable terms as well as on time.

Focus Only On Interest Rates

There are individuals who solely apply for loans based on the loan’s interest rates. Even then you are not the only one who makes such a crucial lending mistake. Although you need to choose lower interest rate loan, it is important that you consider other aspects of a loan as well. These may include processing fees, loan amount, monthly instalments, tenor, penalties on missed and delayed payments, prepayment charges, hidden charges, and loan extension plans.

Unsecured Loans Have Strict Payment Plans

The long-established bank loans often come with fixed loan tenures as well as EMI rates. Using the bank loans you will be repaying the money on a set schedule, regardless of how your business is doing. This can be challenging for a small-scale business or if you produce seasonal goods since your business has its flows and ebbs. This can greatly affect your ability to repay and it puts a strain on the finances. However, working with a licensed moneylender, you will be able to get a flexible repayment plan and loan tenures based on your business needs. Therefore choose short-term loans for passing cash needs.

It’s Hard Getting Funding For Startup Businesses

Most small businesses in Singapore, unfortunately, believe this myth. Business partners and Individuals miss out on chances of turning their ideas into reality as well as expanding their growing enterprise. Some licensed moneylenders give loans to startup businesses and may well fund your advertising campaigns. These loans will range from the short-term SME loans to the start-up loans for the salaried, self-employed and contract individuals.