Loan Article Resource Blog


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.

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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.

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.

Finance your needs

We are faced everyday with our miscellaneous needs and at the same time we also need to deal with our personal needs. The miscellaneous needs are usually the bills, rents or groceries that we need to pay for or simply, these are our living expenses. We may come up short for paying the current months’ rent and at the same time we need to pay for the credit card bill. Elitemoneylenders Payday Loan provides money just like a cash advance. The repayment period for payday loans are short term basis, where the borrower needs to pay the total amount borrowed plus the interest for about 14 to 30 days.

Aside from dealing with our expenses, we also have wants, like buying something or rewarding ourselves for working hard, which we can consider as our personal needs.We may have the money in the future, but we may want to spend it today for self relaxation and self rewarding treats. Considering this, we may opt to look for a money lender that can provide the package that we are looking for. Elitemoneylenders Personal Loan provides money that can be used for personal expenses. The repayment period for personal loans varies from the agreement between the lender and the borrower. Usually it takes more than one month to give more time for the borrower to pay for the amount borrowed.

The choice of whether to avail the Personal Loan or the Payday Loan still varies from the borrowers perspective. It depends on the capability to repay the amount loaned either for short term or long term.

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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