Loan Article Resource Blog


What to Look for in a Money Lender

Posted in Loan Services by elitemoneylenders on April 20, 2012
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The global financial crisis has certainly changed the way people go about their financial businesses. As a result of the financial turnaround, most banks and financial institutions have made their loan approval process more stringent and rigorous. This makes it harder for people to get financial assistance during these tough times. Thus, some people turn to a hard money lender in order to get cash fast. For those who are considering the same, here are a few things to look for in a hard money lender.

First of all, check to see if the money lender has the appropriate licenses and accreditation to operate as a money lender for a Singapore loan. The last thing one would want to do is to transact with a fly-by-night company who is only out to charge huge interest rates and get a person buried further in debt. It is also an advantage if the business in part of an organization of money lenders. This is because these organizations aim to protect the interest of borrowers and avoid them getting a run for their money. Next, a borrower should check their interest rate and payment terms being offered. Some money lenders may advertise to release fast cash loans, only to charge the borrower very high interest rates. One should be wary of such scams of money lenders who only aim to make as much money in the expense of the borrower.It is best to check several money lenders and compare their interest rates and payment terms side by side in order to see which one will be the best option. Lastly, if the money lender will be requiring any form of collateral for the loan, it is important to check the agreement if in case the loan will not be paid resulting to the repossession of the property. It is important to iron out these details before signing any agreement to make sure borrowing money from money lenders will not further worsen your current financial situation.

Sometimes, there are just occasions wherein one needs a little extra financial help. Applying and getting approved for a Singapore loan from money lenders is a great option that would ensure a person to get a substantial amount of cash in a very short amount of time. But just like with any investment, it is important to think things through before making any final decision so as to ensure that borrowing money will not result to a huge debt.

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Applying for a personal loan for foreigners in Singapore

Singapore is known as a melting pot of culture. A lot of foreigners from different countries travel to Singapore for work, tours or even shopping with numerous shops and boutiques. But during these travels, a lot of foreigners find themselves in the thicket of a financial crisis. Good thing, foreigners can turn to foreigner loans offered by Singaporean money lending companies.

Most banks or financial institutions that offer Singapore loan will require several requirements before a person can apply for a loan. A person must be able to present a good credit score as well as his capability of paying back the loan. And any bank or financial institution will perform extensive credit check on the individual to make sure that he does not have a background of bad credit. Thus, if applying and getting approved for a personal loan for a native-born inhabitant is hard, it is understandable that applying for personal loan for foreignersis twice as hard.Since a foreigner will not have extensive background that can be checked, most banks or financial institutions will require additional requirements and documents from foreigners in order to present their credibility in paying back the loan. Depending on the bank, a foreigner must present documents such as proof of permanent employment or residence. Thus, foreigners who need cash right away will have great difficulty getting extra cash immediately. Fortunately, there are Singaporean money lenders who offer customized packages that fit every foreigner’s needs. Whether it is just for emergency funds or additional funds for relocation expenses, a foreigner can apply for a personal loan quickly and without hassle. Foreigners can apply for a personal loan and get approved within hours of presenting the necessary documents.But one should be wary that some of these customized packages for foreigners can include high interest rates. Thus, it is still best for a foreigner to shop around and check different money lenders who offer personal loans to foreigners and see which ones offer the lowest interest rates.

This personal loan for foreigners can be very beneficial for someone who has just moved in to the city waiting for his first pay on his first job or perhaps a foreigner who had just shopped way too much. Money lenders that offer a personal Singapore loan, whether to a native-born individual or a foreigner, truly provide a quick and easy way of getting instant cash right away just when you need it.

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.

 

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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