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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.

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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.


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