Loan Article Resource Blog


Applying for a Singapore Loan

Posted in Loan Services by elitemoneylenders on February 15, 2012
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Emergencies, unforeseen expenses and unexpected opportunities can all be good reasons for seeking out a loan. For individuals needing a Singapore loan, the Singapore Government office of Insolvency and Public Trust publishes a guide to selecting a lender, repaying the debt and protecting oneself and family in the event of having problems with a lender. Although the advice is specific to Singapore, much of it can be applied to selecting a lender and responsible loan management anywhere.

First, it is important to select a licensed money lender from whom to request a loan. Licensed lenders are required to pass exams and they must renew their license to lend money yearly. Renewal of their license depends upon “good behavior” so it is in their best interests to maintain a professionally correct relationship with borrowers. The exception to this might be if the borrower requests a payday loan from an employer. Employers who allow payday loans can be granted an exception to being licensed.

Second, the document issued by the office of Insolvency and Public Trust details things a person seeking a loan should check before signing an agreement and accepting the cash. These include: interest rate, and how it is calculated, repayment schedule, personal funds and means of repayment, consequences if unforeseen circumstance prevent timely repayment.

Third, the document instructs loan recipients in steps to take if they find they have a problem with the lending company. First, they should avoid any company that uses threatening language or implies any kind of threat during the application process. Second, if the loan company makes any threatening comments or suggestions, the loan recipient should notify the Money Lending Registry or the police right away.

Finally, borrowers are cautioned to borrow only the money they need and that they know they can repay. The amount that can be legally borrowed by loan applicants is detailed according to income. The document lists the information that the borrower should keep on hand as well as things the lender should not do. One of the things that a licensed lender is not allowed to do is to retain personal identification papers such as a driver’s license or passport. Nor should lenders request personal passwords to any financial account, such as their bank account or their SingPass account.

When obtaining a Singapore loan, recipients should receive courteous treatment and a written copy of all the loan papers.

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Advantages of Payday Loan

Posted in Loan Services by elitemoneylenders on February 10, 2012
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In these hard financial times, making ends meet can seem extremely difficult. Some people are living paycheck to paycheck, barely making it to the next. Thus, some people opt to avail of a payday loan in order to get by. A payday loan is a short-term loan with the purpose of only covering the borrower’s expenses until his next payday. Such short-term loans offer several advantages and here are some of them.

An advantage of getting a short-term loan is that it is almost the same as a cash advance. Most money lenders will not require a credit report before granting such loan and only requires very minimal credit check. In fact, getting a short term loan can help raise a person’s credit score rating. One can get the loan released in an hour or two of application.

Next, payday cash advance is a better alternative to credit cards. Most people opt to have credit cards in case of emergencies. However, if a person is not careful, he may fall deeply in debt from credit card companies. Alternatively, payday cash advances are easier to manage as the borrower will be automatically deducted with the payable amount. Such short-term loans can provide the same peace of mind as a credit card would do in times of emergencies.

Another advantage of payday cash advances is that it could help avoid mortgage foreclosure. Every year, more and more homes in Singapore are given up to foreclosure as homeowners are unable to pay the mortgage and arrears. With a payday cash advance, the borrower can pay off mortgage and arrears instead of it just piling up with a hefty interest rate.

Lastly, a payday cash advance can ease up a tension in these tough financial times. It can be truly stressful to have bills and expenses stack up, unable to figure out which one to settle first. This can cause physical, emotional and mental stress to a person and his family. However, such short-term loans can provide a quick answer to one’s problems and can also give a person some breathing room.

Payday loans are becoming increasingly popular in Singapore and more and more people prefer it compared to installment loans. However, one must still be cautious in availing of such short-term loans in order to get a good deal with the money lender. It is best to research and shop around before availing any type of loan.

Personal Loan for Foreigners

For foreigners, getting a loan approved in a different country is quite tricky. However, getting a personal loan might be the only answer especially when adjusting to a new city. Unexpected expenses such as apartment renovations or down payment for the apartment can certainly derail one’s finances. Personal loan for foreigners can certainly be a challenge as they would not have a credit track record for banks or money lenders to check on and assess your credit history. For those looking into getting Singaporean loans for foreigners, here are a few loan places to check out.

There are Singaporean banks that offer short term personal loan for foreigners. Most banks will require more documents to be submitted including proof of employment and working pass (if the reason for living in Singapore is work). This can certainly be quite tedious and may take some time to get approved. It would be a good idea to apply for personal loan to several banks and just compare the ones that would respond to your application.

Another place where foreigners could apply for personal loan is licensed money lender. There are different financial institutions in Singapore that specializes in money lending and can offer loan options to foreigners. Again, same with applying for personal loan with banks, it is useful to have important documents on hand if in case they would require it. Furthermore, a foreigner will have a peace of mind with applying for loan with a licensed money lender as they adhere to set rules and regulations by the Registry or Money lenders and Pawnbrokers.

Lastly, one can take his chances with unlicensed money lenders. The application process with unlicensed money lenders is less restrictive and foreigners can borrow a huge amount of money in a short amount of time. However, these unlicensed money lenders do not adhere to any guidelines that aim to protect the interest of foreigners. Furthermore, some unlicensed money lenders can resort to violence when the borrower is unable to make payments. Also, some unlicensed money lenders can take advantage of the personal information of their clients and commit identity theft.

These are just some options in getting a personal loan for foreigners. A foreigner should conduct ample research before making a decision as each source of cash will indeed have its own advantage and disadvantages. These factors should be carefully considered when applying for a personal loan to ensure a seamless transaction.

Singapore Home Loans FAQs

Posted in Loan Services by elitemoneylenders on January 30, 2012
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Most financial experts would advise that renting a home is not a wise financial move and that purchasing a home is still more cost effective. However, in these tough financial times, purchasing a home can seem impossible. However, Singaporean home loans offer more flexibility for potential homeowners to own their own properties. For those who are looking into applying for such a loan, here are a few frequently asked questions that will be helpful in the application process.

 

What do banks or financial institutions refer to when determining my eligibility for a housing loan?

Banks and financial institutions will have their own screening process for applications for housing loans. In general, they will be checking your monthly income, your Central Provident Fund contributions and savings, current credit rating and other financial commitments and other factors such as your age, nationality and employment.

How much will be the loanable amount for a home loan in Singapore?

A borrower can usually borrow up to ninety percent of the value of the house or the purchase price, depending on which one is lower. There are also other factors to consider such as the borrower’s income and credit background.

Can I use my CPF to purchase a house?

Yes. However, there are certain criteria that should be met such as the amount of time the house in on lease as well as the borrower’s financial background. There are other guidelines that should also be considered and it would be best to refer to the CPF website.

Can the down payment for the house be included in the home loan as well?

Unfortunately, no. The down payment should be paid in cash separately. However, one may try to venture other options such as borrowing money from personal loans or credit cards.

How much is the minimum down payment when purchasing a house?

The minimum down payment is twenty percent of the purchase price. If one is using his CPF savings, he can use it to pay fifteen percent of the down payment but the other five percent should be paid in cash.

Are there miscellaneous fees that I should prepare for?

There are other fees that one should prepare for before purchasing a home. Depending on the bank or financial institutions, miscellaneous fees may include the processing fees, stamp duty and legal fees.

 

These are just some basic information that would be helpful in applying for home loans. It is best to do ample research on banks and other financial institutions in order to get the best deal possible that is most suitable to you and your current finances.

Get a Personal Loan Fast and Easy

Posted in Loan Services by elitemoneylenders on January 26, 2012
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The times have indeed changed. Gone are the days where one job would support an entire family. Most people need to work two jobs just to make it through every day. But no matter how much a person tries to organize his finances, there are unforeseen events and expenses that will certainly disrupt the budget. For such unexpected expenses, one can try to apply for a personal loan from banks or other financial institutions. Here are a few tips on how to apply for such a loan and get approved faster.

First, it should be noted that each bank or financial institution will differ with its application and processing time of personal loans. It is best to research on these banks or financial institutions in order to find out their interest rates and payment options. It is also best to check on the bank’s reputation in terms of customer service. Some banks may have a bad record of harassing their clients when they are unable to settle their debts.

Next, applying for a loan online can also help speed up the application process. For as long as all requirements are submitted over the internet, the approval time can also be sped up. Furthermore, it lessens the hassle of the borrower going to the bank personally to submit any needed requirements. By applying online, one can submit these requirements in a click of a button.

Another way to help speed up the application process is to, of course, maintain a good credit score. Having a low credit score can certainly hamper in the approval process and will surely cause the rejection of the application. The bank will surely run a credit check, thus is it best to always settle debts and any outstanding balances even with a different financial institution. If a person already knows he doesn’t have a very high credit score, he can opt to have a co-maker or co-signer who has a good financial background apply for the loan with him. A co-signer can help increase the chances of the loan getting approved. Thus, one must find a person who is willing to co-sign the loan application with him.

There are several banks and financial institutions in Singapore that offer a personal loan. By doing these simple tips, one can speed up the application process as well as increase the loanable amount or even lowering the interest rate.

Tips When Borrowing Money from Money Lenders

Posted in Loan Services by elitemoneylenders on January 16, 2012
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As the saying goes, “Money makes the world go round.” And during these tough financial times, being without money can truly cause a lot of problems to an individual and his family. Some people resort to selling their possessions and properties just to keep their head above the water. However, another fast way to get quick cash is to borrow from money lenders. A money lender is willing to loan money but with a load interest. But before deciding to borrow money from them, here are a few tips to consider.

First, it is best to do ample research or “shop around,” so to speak. Most lenders will advertise through print ads and the internet. One can easily call over the phone or visit their website on the internet to gather important information such as the kinds of loans that they offer and their interest rate.

Next, it would be best to narrow down your choices to at least three lenders. Once the final three choices are identified, it would be best to set up a meeting in order to ask for a quote or estimate on the payment options of your loan. Most lenders will be more than happy to give a quotation. This can be done personally, or even through e-mail.

Next, it would also be a great idea to check the company’s customer service and reviews from other customers. There are some companies that may seem to be customer friendly at first, but when the borrower is not able to make payment, they resort to harassing or even threatening phone calls in order to get the borrow to pay. This aspect is also important as it can truly be stressful to deal with such companies.

Lastly, and most importantly, it is important to check if the lender is legitimate and licensed. This can be checked with the Singaporean Registry of Money Lenders and Pawnbrokers. Licensed lenders are regulated by the said registry and adhere to set rules and guidelines. Thus, it can be expected that they put the interests of their clients at top priority.

By taking into consideration these simple tips, one can be ensured that he getting the best deal and is not taken advantage of when borrowing money from money lenders. Although it might seem quite complicated and overwhelming, ample research can truly help a lot in making the process as seamless and as faultless as possible.

Licensed money lender

In these tough financial times, there would come a point wherein you would have no other choice but to borrow money just to get by. There are a lot of money lenders that will offer fast and easy cash loans in an instant. However, one must make sure to only borrow money from a licensed money lender in order to protect the borrower’s best interest. It would be best to check the Registry of Money lenders and Pawnbrokers before borrowing money from any money lender. All money lenders in Singapore are required to apply for license with the Registrar of Money lenders. According to the Money lenders Act of 2008, certain criterion should be met by money lenders to qualify for such license. An applicant should be of good character, above 21 years of age and a resident of Singapore. More importantly, the applicant should be familiar with the rules and provisions of the Money lenders Act of 2008. Additionally, a new directive by the Registry of Money lenders dictates that licensed money lenders are only to advertise via print media, online media and in their place of business. In advertising using online media, the money lender is only allowed to advertise using their official business website. Also, the content of the ads are also regulated, such as including a fixed telephone line instead of just indicating a cell phone number. If ever a money lender advertises using other forms such as text messaging, flyers or newspaper ads, he may face monetary fines, suspension or even cancellation of their license. Additionally, should be ad content break any rules in the Money lenders Act, the money lender can face jail time up to six months. With this directive, the registry aims to tighten its regulations in order to protect the interests and welfare of borrowers. These same efforts by the government aim to lessen the borrowing culture of the society wherein they are reckless in spending and borrowing money. Finding a licensed money lender in Singapore whom you can trust and would not rip you off can be quite a challenge. There are a lot of people with ulterior motives that only try to give a person a run for his money. However, thanks to the efforts of the Registry of Money lenders and Pawnbrokers, one can easily locate a licensed and legitimate money lender. This certainly assures the borrower that his situation is not taken advantage by some fly-by-night money lender.

Tips to Choosing the Best Bank for a Singapore Loan

Posted in Loan Services by elitemoneylenders on January 9, 2012
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The lifestyle for the average Singapore citizen involves combining fun with business, including starting a company. Singaporeans seek loans from their financial institutions for varied reasons. Some personal reasons range from trips to furniture shopping. Other reasons include education, car and new businesses. Whether seeking a loan for personal or professional reasons, Singaporeans want the best bank for their loan. Choosing a financial institution for a Singaproe loan can become a long process. It does not have to take months. If Singaporeans use the following tips, they can find the best banks for their loan solutions.

 

Before Singaporeans decide on a bank a background check is required. The country supervises its financial institutions. This reduces the chances of citizen complaints and financial mismanagement. Singaporeans should contact the governing banking authorities and learn about each bank. The authorities may list the length of time the banks have operated, its board of directors and past service complaints. A review of the bank’s website can list similar information except for the complaints. Plus, Singaporeans can check with friends and associates who have done banking with the desired institutions. Banks who have recent problems may receive news coverage and bad publicity.

 

Using a good financial institution can save time and loan fees over the years. Singaporeans who narrow down their bank selections can check further. Begin with the financial institution’s marketing materials. These marketing materials should give insight about the bank, its core business and operations. Most well-known banks within the country will list their core services in their marketing materials. To save on loan fees, Singaporeans should try to do personal and professional banking with the same institution. Some banks do not offer business-related services. If this happens, Singaporeans can choose separate banks after reviewing their loan fees.

 

Some customers enjoy doing their banking in-person, including making money transfer. Singaporeans should should a bank with best access. Banks should be close to work, school or home. Otherwise, choose another bank that provides closer proximity. Even if banking is done online, a local bank branch should be available for emergencies. Singaporean banks should offer more than Singapore loans as part of its services. A bank with good customer service provides an ideal solution. The service representatives must gather information quickly and offer accurate assistance. For instance, Singaporeans should concentrate on banks which offer in-person, telephone and mail customer service.

Singapore Loan: Tips to Get a Personal Loan Faster

The uncertainty of today’s costs can create the need for a Singaprore loan, including personal reasons. Singaporeans can get a personal loans for two-week vacations, holiday gifts or even unexpected short-term car repairs. Other reasons include decorating a new apartment and obtaining college class books. The costs can add up to hundreds of dollars each. These loan amounts differ from financial institution to financial institutuion. Also, each institution has its own application form and application processing time. The typical application time can take up to three weeks. Any Singaporean who knows a loan is desired can take steps to speed up the process.

Singaporeans should know their credit history before filling out a personal loan application. The average instituation will double check the background of the applicant.  Financial institutions can perform an extensive credit check, review a low score and decline the application quickly. Do not let a poor credit history ruin the chances for a loan. One good idea involves tracking the credit history well before a personal loan is needed. This active preparation allows one to learn about outstanding balances and settle the debts. Plus, having a favorable credit history can lower the interest rate the bank attaches to the personal loan.

Applying for an online personal loan can speed up the process. Singaporeans should make sure the financial institution is legit before using its onlince application process. This reduces the chance for identity theft and fraud. An online loan application asks for similiar information as a brick-and-mortar company. The typical application will ask for the applicant’s personal information, such as an address. Additional information includes the amount of the loan, the reason for the loan and the desired date. If the applicatiion gets online approval, the applicant is receives notication and learns about any other steps. A declined applicant should receive similar notication.

Some Singaporean loan applicants realize their credit history will prevent a bank loan. Other Singaporeans know the loan amount will be substantially lower than desired. Having a co-signer can reduce application delays. The co-signer should have a good work history along with a favorable credit background. To reduce problems, the co-signer should request that the applicant takes a lower loan amount. For instance, an applicant who defaults on the loan will create hardship on the co-signer. The co-signer become responsible. The co-signer does not want to spend years repaying another person’s debt.

Singapore Loan: Things to Know Before Taking a Payday Loan

Posted in Loan Services by elitemoneylenders on December 30, 2011
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The lovely city of Singapore offers a cost of living comparable to other countries. The ability to enjoy comforatable housing, experience a diverse culture and benefit from a independent government makes Singaporeans want to stay. However, some of the country’s citizens can face financial challenges. The need of money between paydays represents one challenge. The higher price for heat, food and clothing leaves Singaporeans scrambling each month. A payday loan acts as a type of Singaporean loan. These short-term loans tend to require payment within 7 to 30 days. Before taking out this type of loan, Singaporeans should have more information.

Anyone considering a payday loan must remember one thing. The money must be repaid and repaid on time. Otherwise, the amount of interest charge goes up. Singaporeans should ask themselves if they truly need the money and the reason. For instance, the need for housing represents a demand while participating in a party is optional. Using a Singaporean loan for fun can lend to more problems. The person falls behind in debt, recives a paycheck, seeks a payday loan and gets into more debt. It is better to say not to the fun activity and concentrate on fixed expenses.

Singaporeans can analyze different options before taking a payday loan. Accepting a loan from a friend provides a better choice. The amount of interest should be lower and the repayment terms can be extended. Another option involves selling an item. Today’s fast-paced world allow us to sell via in-person, online or the telephone. Make sure the person to who the item is sold is legitimate. Always seek reputable place to sell the items, such as a well-known pawnshop. Deciding to sell a piece of furniture or electronics equipment may offer the same solution,. Moreover, a sold option does not require any repayment.

Singaporeans must check from whom they obtain the Singapore loan. Any person can offer a payday loan, including unlicensed money lenders. These lenders may not give favorable interest rates or practical repayment terms. Some lender may hide their fees inside complex legal documents. Once the person signs, the hidden fees are shown. Legitimate Singaporean bankers and financial institutions must disclose their details in writing. This reduces unnecessay stress and provides better customer service for Singaporeans. Any person who seeks a payday loan should perform careful research, ask questions and find out answers before signing for a payday loan.

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