Loan Article Resource Blog


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.

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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 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.

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.

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.

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.

Types of loans

Ever wondered how to have cash instantly because of an urgency to pay for something, or even came up short of money but you are confident you can repay it in a short period of time, or caught in a situation that you need money but you know that you can’t borrow it from anyone since you are a foreigner?

Elitemoneylenders have taken all these concerns into consideration and came up with different loan packages that they can offer.

Personal Loan

Be it for medical expenses, bill expenses or anything for personal expenses, one can avail of the Personal Loan package. Personal expense can be defined as any form of payment for something that we want, like paying for a vacation or for shopping. To obtain for a Personal loan, the borrower should be eligible by presenting that they are a Singaporean or Permanent Resident and proof of their local employment.

Payday Loan

Payday loan is a type of loan where you can borrow the salary you are expecting for the next payday. It is just like having a cash advance. Usually this type of loan is repaid after 14 to 30 days and is considered as short term loan.

Foreigner Loan

As a foreigner working in Singapore, we are sometimes faced with the situation where cash is needed urgently. It is a good thing that elitemoneylenders offers loan to foreigners who are faced in this type of situation. To be eligible, a foreigner needs to present different documents like, the 3 months payslip, Singapore employment pass and valid passport.

For more information on the required documents you may visit the website at http://www.elitemoneylenders.com.

An Elite Money Lender

Posted in Loan Services by elitemoneylenders on November 26, 2011
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An elite money lender company is not only seen on the name it carries but through the services it offers. Being elite for elitemoneylenders is very important because we need to prove our company name by giving the clients the best services they could ask for. We need to live by the name as being one of the best in money lending by setting a high standard in a hassle free loan application.

As licensed and authorized by the money lenders in Singapore, elitemoneylenders offers the best loan services online. It’s as easy as 1-2-3 steps to a fast and hassle free application. 1 – Just fill out the application form online by filling out the details and click submit. 2 – Submit the necessary documents to have your loan application approved. 3 – Once approved, you can get the amount loaned instantly.

There are also different kinds of loan that elitemoneylenders offer. You can choose from different loan packages, be it a personal loan for your personal expenses, or a payday loan for a short term basis or urgent money needs. Even a foreigner loan, which is for foreigners with a valid employment pass and passport who needs an emergency cash while in Singapore.

Usually, for Singaporean and permanent residents, you just need to have the latest 3 months payslip, CPF and income tax statements, original PUB bill or handphone bill stating your residential address, Singaporean or PR ID. For foreigners, valid employment pass with valid passport, tenancy agreement for address validation, appointment letter from your company, bank statement which states the current salary and the latest 3 months payslip.


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