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.

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

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.