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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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.

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.

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.

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: Places for Getting a Personal Loan for Foreigners

Posted in Loan Services by elitemoneylenders on December 27, 2011
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As a well-known, Southeast Asian country, Singapore has become a hot spot for foreigners across the world. Some foreigners visit the country to enjoy its cultural events and history. On average, these visitors stay for two weeks. Meanwhile, other foreigners come to Singapore for a different reason. The desire for work represents a common reason for visiting foreigners. These visitors may decide to work in tourism, import or banking. Unforturately, foreigners can face the same financial issues as Singaporeans. When this happens, a personal loan for foreigners offers a potential solution. These Singapore loans come from different sources, including banks.

 

Finding a source for a cash flow issue in a foreign land can create a stressful situation. Some Singaporean banks offer a personal loans for foreigners. Although this route requires more documentation, foreigners work with a financial institution with set guidelines. For instance, the bank requires proof of an employment pass along with a valid passport. Any foreigner who requires a personal loan should contact more than one bank. Each bank offers pros and cons. Some Singaporean banks offer more flexible payment terms and interest rates. Careful research can ensure foreigners get the best Singaporean loan for personal reasons.

 

A Singapore loan can come from a licensed money lender. A licensed money lender undergoes a background check and must have good character. An extensive examination must be passed for these lenders to gain their license. Using a licensed lender offers peace-of-mind for foreigners who experience financial problems. Foreigners must do research when choosing licensed lenders, too. All lenders do not offer the same options. Some of these lenders will offer favorable rates for a personal loan for foreigners. Requirements for licensed lenders are similar to banks. A foreigner needs to have proof of income, proper picture identifcation and employment records for Singapore.

 

Another source of cash for foreigners involves unlicensed money brokers. Some of these lenders offer amounts ranging from hundreds of dollare to thousands. Unlike banks and licensed money lenders, no guidelines exist to protect foreigners who need a personal loan. For instance, the unlicensed lender can change the terms of payment, interest rate or the reduce the amount borrowed. Moreover, it is easy for anyone to claim qualifications as a money lender. The person places a business website with creative words. An unsuspecting foreigner enters personal information. Then the person steals the information. Foreigners In Singapore can experience identity theft.

Benefits of Getting a Singapore Loan from a Licensed Money Lender

Posted in Loan Services by elitemoneylenders on December 16, 2011
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Singapore represents an independent country found in Southeast Asia. The quality of life in the country rates high among its citizens. However, Singaporeans can face financial challenges like citizens of other countries, such as borrowing money. Borrowing money in Singapore can create a set of challenges. First, some Singaporeans may not know where to go for their loans. Second, foreigners living in Singapore may not know they can borrow money. Last, legal and banking regulations can quickly change. Singaporeans and foreigners should be aware of the benefits of getting a Singapore loan from a licensed money lender.

Anyone can claim to be a lender and offer financial help. A stable background provides one benefit of getting a Singapore loan from a licensed money lender. A licensed lender must fill out documents, demonstrate good character and not have a criminal record. The money lenders have to understand the Moneylender Act, which provides guidelines on lending matters. Moreover, money lenders need to possess a valid license from the right Authority in Singapore. These credentials help ensure that Singaporeans and foreigners have protected rights and receive accurate information. Without using a licensed lender, individuals may not obtain the correct financial assistance.

Another benefit of getting a Singapore loan from a licensed money lender involves the ability to confirm licensure. A list has been developed and added to the licensed Moneylender Registry. The list includes the business name, business address and the  lender’s license number. Since the list can change, Singaporeans and foreigners should check the list before making the decision to borrow. Be wary of lenders who claim their license is pending. Also, refuse to do business with lenders who do not register and obtain a license. Borrowing money is no small decision and requires understanding from whom one should borrow money.

Having a detailed paper trail offers a final benefit. Legitimate Singaporean money lenders understand the need to protect themselves. These professionals ask for details when individuals ask for loans, including personal loans. Examples of information include names, addresses and reason for borrowing money. Additional information includes the name of an employer along with proof of income. Singaporeans and foreigners gain protection from shady lenders who change exorbitant fees or unjust claims on personal property. A legal application gives a great paper trail. The application confirms who borrowed the money, the amount of borrowed money, and the payment plan for the money.

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.

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