Loan Article Resource Blog


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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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.

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.

Loan 101

Posted in Loan Services by elitemoneylenders on December 6, 2011
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personal loanLoan is a settlement in which a money lender gives money or property to a borrower or an organization borrowing money.  The borrower thenagrees to return the property or pay back the money, usually with interest at a given schedule or mode of payments. There is usually a proposed schedule for repaying the loan, depending on the agreed time / schedule of both the lender and the borrower, but the lender has to generally bear the risk that the borrower may not have the capability to repay the loans in time or not at all. The process of having a formal agreement where in it involves documents and legalization of conditions between the two sides is very important, especially when it involves large amounts of money or a large property.

There are different kinds of loan; Demand Loan is if the full loan payment is insisted by the lender. Installment loan is if the loan can be paid in equal monthly payments. Time Loan is if the loan is paid in one full payment over its maturity date. Loan categories such as consumer, commercial, and industrial loans, construction, mortgage, and credit loans, and secured and unsecured loans are naturally being classified by banks. However the bank allows promissory letter or promissory note from the borrower for the legalization of the loan process between two parties, especially if it involves large amounts of money.


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