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Tips in Paying Off a Personal Loan

No matter how much one tries to budget his expenses, there would come a time that unexpected events happen which would require him to apply for a personal loan. As some financial experts would advise, one should only live within his means and getting a Singapore loan will only bury a person further into debt. But this is not always the case. One can get a loan and successfully pay it back and retain a good credit score. Here are a few tips on how to successfully pay off a personal loan.

First, one should check if the bank or financial institution charges a prepayment penalty.Some banks will not even allow a borrower to pay the loan early before the term is up. It is important to check if the bank allows the loan to get paid off early and whether or not they offer a special discount. This is important especially to people who have only experienced a temporary financial setback and has already bounced back from it and would like to pay off the debt early. Next, a borrower should always try to haggle and get his interest rate lowered. This is especially true if the borrower has been vigilant in paying instalments on time. A good payment habit can be a spring board to haggle the interest rate to be lowered.Next, one can automate his debt payments to ensure that all debts are paid in a timely fashion. This also lessens the trouble of going to the bank and paying over the counter. This also adds to a person’s credential and history of being a good payer. Additionally, a borrower should set up a budget and cut expenses that are not deemed to be necessary. If a borrower does not make the appropriate lifestyle changes, he may find himself deep into the quagmire of financial debt. If expenses can simply not be lessened any further, one should find ways of increasing his income. One can set up a garage sale or put up a home-based business, like selling cupcakes, which will surely help a person keep his head above water.

If a person has quite a few Singapore loan and has found himself in a financial turmoil, one should not give up. By following the above mentioned tips, he can pay off a personal loan one by one, until all debts are paid for. It is surely a great challenge to undertake but certainly not an impossible one.

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Why Choose a Licensed Money Lender

There are a lot of financial institutions rendering money lending services during these tough financial times. More and more people have turned to such financial institutions for quick solutions to their money problems. Indeed, a point would come in a person’s life wherein he may feel suffocated with the financial obligations that he faces, and borrowing money from a money lender can provide the needed breathing room. However, it is important that a borrower only transact with a licensed money lender. Why so? Consider a few points when applying for a Singapore loan.

Obviously, a licensed money lender will seek accreditation from the government or the organization of money lenders. And before a license is issued, the money lender is checked for its compliance to the rules and regulations imposed by the government or organization that aims to protect the interest of the borrower. This, alone, can provide peace of mind to a borrower that he is transacting with a legal business and that he is not getting a run for his money. This can ensure a borrower that his interest are protected by the government, and he can file a complaint at any time should he feel that his best interest was not prioritized. On the other hand, a money lender without the appropriate accreditation or licensing cannot be assured to comply with any regulations imposed by the government. These money lenders may offer appealing packages and offering quick cash loans with very little documentation needed. Indeed, this is very enticing especially to a person who needs cash fast and doesn’t have a very good credit rating. But one should be wary that these money lenders may resort to other ways of getting a borrower to pay his loan. Some money lenders may impose very high interest rates which buries the borrower deeper into debt.Some “illegal” money lenders harass their borrowers through incessant calls or mail, or even resort to violence once the borrower has missed payments on his loan.

Getting a personal Singapore loan from a money lender can certainly help a person in times of financial trouble. But this should cause a person to become mentally or physically harassed. Indeed, getting a loan from a licensed money lender is still the best option to go, even if the process appears to be more tedious. One can be ensured that his interest and welfare is prioritized once he transacts with a money lender that is licensed and recognized by the government.

What to Look for in a Money Lender

Posted in Loan Services by elitemoneylenders on April 20, 2012
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The global financial crisis has certainly changed the way people go about their financial businesses. As a result of the financial turnaround, most banks and financial institutions have made their loan approval process more stringent and rigorous. This makes it harder for people to get financial assistance during these tough times. Thus, some people turn to a hard money lender in order to get cash fast. For those who are considering the same, here are a few things to look for in a hard money lender.

First of all, check to see if the money lender has the appropriate licenses and accreditation to operate as a money lender for a Singapore loan. The last thing one would want to do is to transact with a fly-by-night company who is only out to charge huge interest rates and get a person buried further in debt. It is also an advantage if the business in part of an organization of money lenders. This is because these organizations aim to protect the interest of borrowers and avoid them getting a run for their money. Next, a borrower should check their interest rate and payment terms being offered. Some money lenders may advertise to release fast cash loans, only to charge the borrower very high interest rates. One should be wary of such scams of money lenders who only aim to make as much money in the expense of the borrower.It is best to check several money lenders and compare their interest rates and payment terms side by side in order to see which one will be the best option. Lastly, if the money lender will be requiring any form of collateral for the loan, it is important to check the agreement if in case the loan will not be paid resulting to the repossession of the property. It is important to iron out these details before signing any agreement to make sure borrowing money from money lenders will not further worsen your current financial situation.

Sometimes, there are just occasions wherein one needs a little extra financial help. Applying and getting approved for a Singapore loan from money lenders is a great option that would ensure a person to get a substantial amount of cash in a very short amount of time. But just like with any investment, it is important to think things through before making any final decision so as to ensure that borrowing money will not result to a huge debt.

What to Know About Payday Loans

Posted in Loan Services by elitemoneylenders on April 11, 2012
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At least once in a lifetime, a person will feel suffocated and overwhelmed with the financial problems that he faces. Because of the recent global economic crisis, no matter how much a person tries to budget his finances wisely, there would come a time that it is almost impossible to make ends meet. And during these tough financial times, one can lean on Singaporean money lenders who offer flexible payday loans which can certainly help a person get by until the next pay check. Here are a few benefits that these payday loans offer.

First and foremost, these moneylenders who provide quick payday Singapore loan offer instant cash without requiring a lot of documents to be submitted.This is veryadvantageous for people who have just started working and have not established a very good credit rating yet. The requirements to get approved for such loans are not that extensive and the approval process is not as tedious as compared to applying for other types of loans. Additionally, applying for a payday loan can release a substantial amount to a borrower at a very short amount of time. Some moneylenders can release a payday loan within hours of the submission of the application. This can be very beneficial especially for people who need cash instantly because of an unexpected event such as an emergency. This can provide a person a quick solution for a financial problem without any hassles. Lastly, most moneylenders who offer payday loans offer flexible terms which can be paid off when the payday comes, hence the name. Depending on the moneylender, the interest rate can vary between ten percent to twenty percent. Some offer payments in an instalment basis that is to be paid off in several payments. These types of loans can offer a lot of flexibility that would especially fit the borrower’s capacity to pay.

Indeed, a payday Singapore loan can be an answer to one’s prayer in times of need. But as with any type of loan, it is still best to perform a little research before applying for such loans to ensure that a person is getting the best deal possible. It is recommended to shop around and compare the rates and terms of different moneylenders before settling into one. By doing so, one could make sure that he gets his finances in order and back on track instead of getting further buried in a payday loan.

Applying for a personal loan for foreigners in Singapore

Singapore is known as a melting pot of culture. A lot of foreigners from different countries travel to Singapore for work, tours or even shopping with numerous shops and boutiques. But during these travels, a lot of foreigners find themselves in the thicket of a financial crisis. Good thing, foreigners can turn to foreigner loans offered by Singaporean money lending companies.

Most banks or financial institutions that offer Singapore loan will require several requirements before a person can apply for a loan. A person must be able to present a good credit score as well as his capability of paying back the loan. And any bank or financial institution will perform extensive credit check on the individual to make sure that he does not have a background of bad credit. Thus, if applying and getting approved for a personal loan for a native-born inhabitant is hard, it is understandable that applying for personal loan for foreignersis twice as hard.Since a foreigner will not have extensive background that can be checked, most banks or financial institutions will require additional requirements and documents from foreigners in order to present their credibility in paying back the loan. Depending on the bank, a foreigner must present documents such as proof of permanent employment or residence. Thus, foreigners who need cash right away will have great difficulty getting extra cash immediately. Fortunately, there are Singaporean money lenders who offer customized packages that fit every foreigner’s needs. Whether it is just for emergency funds or additional funds for relocation expenses, a foreigner can apply for a personal loan quickly and without hassle. Foreigners can apply for a personal loan and get approved within hours of presenting the necessary documents.But one should be wary that some of these customized packages for foreigners can include high interest rates. Thus, it is still best for a foreigner to shop around and check different money lenders who offer personal loans to foreigners and see which ones offer the lowest interest rates.

This personal loan for foreigners can be very beneficial for someone who has just moved in to the city waiting for his first pay on his first job or perhaps a foreigner who had just shopped way too much. Money lenders that offer a personal Singapore loan, whether to a native-born individual or a foreigner, truly provide a quick and easy way of getting instant cash right away just when you need it.

Tips on choosing Money Lenders

Posted in Loan Services by elitemoneylenders on March 27, 2012
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Financial problems can cause much stress, let alone the stress of choosing the right money lender. There are numerous money lenders out there all advertising to give the lowest interest rates and the longest terms. This makes the selection process for Singapore loan even harder. For those contemplating on getting a quick loan from a money lender, here are a few tips in choosing the right one.

First and foremost, it is important to make sure that the company has the appropriate licenses to operate. Licenses and certifications from the government can give a potential borrower the assurance that the company is complying on government imposed laws and rules. It is also best to check with the local government regarding the authenticity of these licenses. One must also check if the company is registered with organizations or councils of money lenders. These organizations or councils also take care of the welfare of borrowers.

A potential borrower should also check the place of business. A legitimate money lender will have a formal office set up as well as office staff. This can give a good impression if the business is a legitimate one or just a scam. Visiting the place of business can also give the opportunity to speak with the sales person face to face, rather than just conversing through email or phone. This can also work to the advantage of the borrower as he can personally negotiate the terms of his loan.

Lastly, it is still best to keep all options open and gather as much information from different money lending institutions before making the decision. Before visiting the place of business, one can gather a lot of information on the internet, including the requirements to be submitted. One can compare the terms and rates offered, or he can seek the advice of someone who knows more about the subject. Once he has narrowed down the selection, he can now visit the establishment personally and apply for a quick loan.

Although it can be quite tempting to just borrow money from money lenders that offer huge cash outs and require very minimal documents, one should be wary that these companies may impose huge interest rates as well. Remember, if it is too good to be true, then it probably is. Choosing the right money lender for a Singapore loan will certainly help a person to get some financial breathing space and avoid getting him buried over huge debt.

 

Singapore Personal Loans for Foreigners

Singapore – the very name breaths mystery. Since the early days of the British Empire, Singapore has been a hub of industry, a land of fast-paced buying and selling. People from many places in the world, foreigners to Singapore, come there for many reasons. They may be tourists or business people whose jobs have brought them into this small country.

There are many reasons why a foreigner may need a personal loan while in Singapore. They might need a car or money for an investment. They may have over-spent and find themselves without a way home. Or they may have a medical emergency. Being in a foreign land without funds can be a frightening experience. This is where a Singapore personal loan for foreigners can come into play.

Borrowing money should never be approached lightly; borrowing in a land not your own should be approached with extreme care. First of all the borrower should make sure that the lending agency is a licensed money lender or a business that is registered as being exempt from needing a lending license.

In 2008, regulations were passed to govern money lending. As a result, the Ministry of Law in Singapore publishes a list of all licensed money lenders. Such agencies must renew their license yearly, and the renewal depends upon good behavior. Exempt businesses may lend money to workers in the form of payday loans or to shareholders. Before borrowing, a foreigner needing a personal loan should make sure that the lending agency belongs to one of these two groups.

The borrower will need to provide proof to the lending agency that they have an income or some means of assuring repayment of the loan. This may be more difficult for tourists than for workers. Such assurance may come in the form of personal assets or proof of income, such as pay slips.  It may not ever take the form of the lender keeping personal papers such as a driver’s license or passport.

Borrowers may find it easier to obtain credit from international lenders, such as HSBC, who have offices in their home country as well as in Singapore. Regardless of the lending institution, they need to pay close attention to the repayment schedule, interest rate, and type of forfeiture should they be unable to pay the loan for any reason. The Singapore Ministry of Law offers counseling services to habitual borrowers who need assistance in developing a responsible financial plan.

Singapore Payday Loans

Payday loans, anywhere in the world, refer to short-term unsecured personal loans. They may be obtained from two sorts of establishment: one’s place of employment, which can issue the loan as an advance upon an expected paycheck or a regular money lending institution.

In Singapore, a business does not have to have a Money Lending license to issue a loan against a future pay check. However, the business must register as an exempt lender in order to make loans of this nature to employees. Regular money lending institutions must be register with the Singapore office of Insolvency and Public Trust as a money lender. They must meet stringent requirements to receive and maintain a license for their business in order to make a Singapore loan.

Before applying for a Payday loan in Singapore, check to make sure the lender is registered as a money lender or as an exempt lender. Read the repayment terms – rate of interest, calculation of interest, and due date for payment carefully. This avoids surprises when repaying the loan.

A common problem with payday loans is that the borrower requests the full amount of a pay check or a major portion of several checks, leaving nothing on which to live. This causes him to borrow more money, creating a downward spiral of financial indebtedness. Singaporean law sets a limit on the amount that can be legally borrowed as a payday loan. Singaporean Ministry of law also offers counseling for habitual borrowers to help them break the cycle of credit dependency.

With that said, payday loans can meet the need for quick cash for unexpected expenses or opportunities. Repayment is usually set for the next payday. However, the interest rate may be higher than that on a standard loan, particularly if the repayment of the debt is not met in a timely fashion. Borrowers should realistically assess their ability to repay the loan before signing any agreement with a lending institution.

Lending institutions should check borrowers’ credit rating and other particulars before issuing a loan. They should also be on the look-out for people who have become trapped in the payday credit cycle and point them toward the debt counseling services available through the Ministry of Law. Quick credit can be a valuable tool in an emergency, but can become a trap when used too often. A Singapore loan is no exception to this sound financial rule.

How to Become a Money Lender in Singapore

Anyone wishing to become Singapore loan broker should become intimately familiar with the Singapore Money Lenders Act of 2008 and should also consult the Information for Money Lenders posted by Singapore Government Insolvency and Public Trustees Office. The Insolvency and Public Trustees publication lays out the requirements to become a Singapore lender in detail.

Prospective money lenders must first pass some basic competency tests. They must be able to successfully complete the Money Lenders test administered by the Registry of Money Lenders. They must be able to pass an “O” level test for English usage, and they must post a security deposit of $20,000. A money lending entity can be a corporation, a partnership or a sole proprietorship. But regardless of the type of business, someone within the organization must meet these criteria.

Once the tests are passed, the business is able to apply for a license to operate. There is a one-time application fee of $600, and the licensing fee is $1320 per year. Applicants are required to be truthful and accurate with information given on the application. False information will cause the application to be denied.

Singapore loan brokers can operate in more than one location, but must file an application requesting additional offices.  Keeping all offices open requires that the applicant continue to meet the general requirements. From time to time, it may be necessary to update an address, to change or add loan officers, or to file other types of forms. These are provided by the Insolvency and Public Trustees office, as well as a description of all procedures.

Money lender licenses must be renewed yearly. Renewal depends upon good conduct of the licensee, four “O” level credit passes, and a credit agent who has passed the requisite exams. Renewal must be filed yearly, and is due by January 1.  Should a company decide to discontinue operating as a money lender, they must file an application to cease business operations.

Lenders can file an application to be exempted from being a licensed lender. There are fees involved for operating an unlicensed lending business and there are some restrictions upon the type of loan that can be issued. An exempt lender is allowed to lend money to his employees or to stock holders. He must operate a business that is not involved in money lending as its primary product.

Singapore Credit Companies

Posted in Loan Services by elitemoneylenders on February 22, 2012
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A credit company in Singapore must meet certain requirements to operate as a lending institution. They must have at least one person on staff who can pass the Money Lender’s Test. The Test has a $130.00 fee which can be paid using SingPass. Singpass is an internet authentication system set up by the Singapore government to assist users in preventing various kinds of identity fraud. The Singapore government disavows any responsibility for wrong doing by a company that requests Singpass, but does request that suspicion of wrong-doing be reported immediately. The accredited staff person must also be able to pass an English test.

Institutions that occasionally issue loans, but do not make lending their primary business, may apply for an exemption to qualifying for the Registry of Money Lenders. These institutions may make loans to their employees or stock holders, but not to the general public. An applicant for a credit loan should check MinLaw listings to make sure the lender appears on one or the other of these two lists.

A Singapore credit company has a vested interest in maintaining a good reputation with borrowers. The Money lending license needed to make a Singapore Loan is renewed annually. Renewal is contingent upon continuing to meet the initial requirements and upon “good behavior” during the year. The “good behavior” requirement serves as protection for borrowers. A credit company may not use abusive language or violent means to recover borrowed funds. It is not allowed to retain personal papers, such as a driver’s license or passport in lieu of payment. Borrowers are instructed to report threatening behavior to the MinLaw department of Insolvency and Public Trust or to the police.

The Ministry of Law or Minlaw of Singapore is dedicated to making sure that obtaining a Singapore loan is a properly conducted business affair.  The Money Lender’s Act of 2008 is an effort to make sure that obtaining a credit loan is merely a matter of maintaining good faith and responsibility on the part of the borrower and the lender. The act is also an effort to ensure that money is not being borrowed by terrorists or money launderers. A credit company that wishes to operate in an above-board and businesslike fashion should have no problems with establishing an office in Singapore. Obtaining a credit loan should be a business transaction honored by both the lender and the borrower.

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