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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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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.

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.

 

How to Become a Money Lender in Singapore

Anyone wishing to become Singapore loan broker should become intimately familiar with the Singapore Money Lenders Act of 2008 and should also consult the Information for Money Lenders posted by Singapore Government Insolvency and Public Trustees Office. The Insolvency and Public Trustees publication lays out the requirements to become a Singapore lender in detail.

Prospective money lenders must first pass some basic competency tests. They must be able to successfully complete the Money Lenders test administered by the Registry of Money Lenders. They must be able to pass an “O” level test for English usage, and they must post a security deposit of $20,000. A money lending entity can be a corporation, a partnership or a sole proprietorship. But regardless of the type of business, someone within the organization must meet these criteria.

Once the tests are passed, the business is able to apply for a license to operate. There is a one-time application fee of $600, and the licensing fee is $1320 per year. Applicants are required to be truthful and accurate with information given on the application. False information will cause the application to be denied.

Singapore loan brokers can operate in more than one location, but must file an application requesting additional offices.  Keeping all offices open requires that the applicant continue to meet the general requirements. From time to time, it may be necessary to update an address, to change or add loan officers, or to file other types of forms. These are provided by the Insolvency and Public Trustees office, as well as a description of all procedures.

Money lender licenses must be renewed yearly. Renewal depends upon good conduct of the licensee, four “O” level credit passes, and a credit agent who has passed the requisite exams. Renewal must be filed yearly, and is due by January 1.  Should a company decide to discontinue operating as a money lender, they must file an application to cease business operations.

Lenders can file an application to be exempted from being a licensed lender. There are fees involved for operating an unlicensed lending business and there are some restrictions upon the type of loan that can be issued. An exempt lender is allowed to lend money to his employees or to stock holders. He must operate a business that is not involved in money lending as its primary product.

Singapore Credit Companies

Posted in Loan Services by elitemoneylenders on February 22, 2012
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A credit company in Singapore must meet certain requirements to operate as a lending institution. They must have at least one person on staff who can pass the Money Lender’s Test. The Test has a $130.00 fee which can be paid using SingPass. Singpass is an internet authentication system set up by the Singapore government to assist users in preventing various kinds of identity fraud. The Singapore government disavows any responsibility for wrong doing by a company that requests Singpass, but does request that suspicion of wrong-doing be reported immediately. The accredited staff person must also be able to pass an English test.

Institutions that occasionally issue loans, but do not make lending their primary business, may apply for an exemption to qualifying for the Registry of Money Lenders. These institutions may make loans to their employees or stock holders, but not to the general public. An applicant for a credit loan should check MinLaw listings to make sure the lender appears on one or the other of these two lists.

A Singapore credit company has a vested interest in maintaining a good reputation with borrowers. The Money lending license needed to make a Singapore Loan is renewed annually. Renewal is contingent upon continuing to meet the initial requirements and upon “good behavior” during the year. The “good behavior” requirement serves as protection for borrowers. A credit company may not use abusive language or violent means to recover borrowed funds. It is not allowed to retain personal papers, such as a driver’s license or passport in lieu of payment. Borrowers are instructed to report threatening behavior to the MinLaw department of Insolvency and Public Trust or to the police.

The Ministry of Law or Minlaw of Singapore is dedicated to making sure that obtaining a Singapore loan is a properly conducted business affair.  The Money Lender’s Act of 2008 is an effort to make sure that obtaining a credit loan is merely a matter of maintaining good faith and responsibility on the part of the borrower and the lender. The act is also an effort to ensure that money is not being borrowed by terrorists or money launderers. A credit company that wishes to operate in an above-board and businesslike fashion should have no problems with establishing an office in Singapore. Obtaining a credit loan should be a business transaction honored by both the lender and the borrower.

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.

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.

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.

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.

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