Loan Article Resource Blog


Tips When Borrowing Money from Money Lenders

Posted in Loan Services by elitemoneylenders on January 16, 2012
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As the saying goes, “Money makes the world go round.” And during these tough financial times, being without money can truly cause a lot of problems to an individual and his family. Some people resort to selling their possessions and properties just to keep their head above the water. However, another fast way to get quick cash is to borrow from money lenders. A money lender is willing to loan money but with a load interest. But before deciding to borrow money from them, here are a few tips to consider.

First, it is best to do ample research or “shop around,” so to speak. Most lenders will advertise through print ads and the internet. One can easily call over the phone or visit their website on the internet to gather important information such as the kinds of loans that they offer and their interest rate.

Next, it would be best to narrow down your choices to at least three lenders. Once the final three choices are identified, it would be best to set up a meeting in order to ask for a quote or estimate on the payment options of your loan. Most lenders will be more than happy to give a quotation. This can be done personally, or even through e-mail.

Next, it would also be a great idea to check the company’s customer service and reviews from other customers. There are some companies that may seem to be customer friendly at first, but when the borrower is not able to make payment, they resort to harassing or even threatening phone calls in order to get the borrow to pay. This aspect is also important as it can truly be stressful to deal with such companies.

Lastly, and most importantly, it is important to check if the lender is legitimate and licensed. This can be checked with the Singaporean Registry of Money Lenders and Pawnbrokers. Licensed lenders are regulated by the said registry and adhere to set rules and guidelines. Thus, it can be expected that they put the interests of their clients at top priority.

By taking into consideration these simple tips, one can be ensured that he getting the best deal and is not taken advantage of when borrowing money from money lenders. Although it might seem quite complicated and overwhelming, ample research can truly help a lot in making the process as seamless and as faultless as possible.

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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.

Singapore Loan: Tips to Get a Personal Loan Faster

The uncertainty of today’s costs can create the need for a Singaprore loan, including personal reasons. Singaporeans can get a personal loans for two-week vacations, holiday gifts or even unexpected short-term car repairs. Other reasons include decorating a new apartment and obtaining college class books. The costs can add up to hundreds of dollars each. These loan amounts differ from financial institution to financial institutuion. Also, each institution has its own application form and application processing time. The typical application time can take up to three weeks. Any Singaporean who knows a loan is desired can take steps to speed up the process.

Singaporeans should know their credit history before filling out a personal loan application. The average instituation will double check the background of the applicant.  Financial institutions can perform an extensive credit check, review a low score and decline the application quickly. Do not let a poor credit history ruin the chances for a loan. One good idea involves tracking the credit history well before a personal loan is needed. This active preparation allows one to learn about outstanding balances and settle the debts. Plus, having a favorable credit history can lower the interest rate the bank attaches to the personal loan.

Applying for an online personal loan can speed up the process. Singaporeans should make sure the financial institution is legit before using its onlince application process. This reduces the chance for identity theft and fraud. An online loan application asks for similiar information as a brick-and-mortar company. The typical application will ask for the applicant’s personal information, such as an address. Additional information includes the amount of the loan, the reason for the loan and the desired date. If the applicatiion gets online approval, the applicant is receives notication and learns about any other steps. A declined applicant should receive similar notication.

Some Singaporean loan applicants realize their credit history will prevent a bank loan. Other Singaporeans know the loan amount will be substantially lower than desired. Having a co-signer can reduce application delays. The co-signer should have a good work history along with a favorable credit background. To reduce problems, the co-signer should request that the applicant takes a lower loan amount. For instance, an applicant who defaults on the loan will create hardship on the co-signer. The co-signer become responsible. The co-signer does not want to spend years repaying another person’s debt.

Singapore Loan: Things to Know Before Taking a Payday Loan

Posted in Loan Services by elitemoneylenders on December 30, 2011
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The lovely city of Singapore offers a cost of living comparable to other countries. The ability to enjoy comforatable housing, experience a diverse culture and benefit from a independent government makes Singaporeans want to stay. However, some of the country’s citizens can face financial challenges. The need of money between paydays represents one challenge. The higher price for heat, food and clothing leaves Singaporeans scrambling each month. A payday loan acts as a type of Singaporean loan. These short-term loans tend to require payment within 7 to 30 days. Before taking out this type of loan, Singaporeans should have more information.

Anyone considering a payday loan must remember one thing. The money must be repaid and repaid on time. Otherwise, the amount of interest charge goes up. Singaporeans should ask themselves if they truly need the money and the reason. For instance, the need for housing represents a demand while participating in a party is optional. Using a Singaporean loan for fun can lend to more problems. The person falls behind in debt, recives a paycheck, seeks a payday loan and gets into more debt. It is better to say not to the fun activity and concentrate on fixed expenses.

Singaporeans can analyze different options before taking a payday loan. Accepting a loan from a friend provides a better choice. The amount of interest should be lower and the repayment terms can be extended. Another option involves selling an item. Today’s fast-paced world allow us to sell via in-person, online or the telephone. Make sure the person to who the item is sold is legitimate. Always seek reputable place to sell the items, such as a well-known pawnshop. Deciding to sell a piece of furniture or electronics equipment may offer the same solution,. Moreover, a sold option does not require any repayment.

Singaporeans must check from whom they obtain the Singapore loan. Any person can offer a payday loan, including unlicensed money lenders. These lenders may not give favorable interest rates or practical repayment terms. Some lender may hide their fees inside complex legal documents. Once the person signs, the hidden fees are shown. Legitimate Singaporean bankers and financial institutions must disclose their details in writing. This reduces unnecessay stress and provides better customer service for Singaporeans. Any person who seeks a payday loan should perform careful research, ask questions and find out answers before signing for a payday loan.

Singapore Loan: Reasons to Avoid Getting a Loan from an Unlicensed Money Lender

Posted in Loan Services by elitemoneylenders on December 20, 2011
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Today’s cost of living can create the need to borrow money. The need spans across different countries, including Singapore. Singaporeans may need to borrow money for varied reasons. Common reasons for borrowing include cars, vacations, home and personal needs. Some Singaporeans choose to take out  their Singapore loan from family and friends. This option can lead to stress between the borrowers and lenders. Filling out Singapore loan documents with a money lender provides another option. Many of these lenders have a license and must follow a set of protocols when dealing with customers. However, some Signaporean money lenders remain unlicensed.

Partnering with an unlicensed money lender can create problems for those who need a Singapore loan. The potental for fraud represents one common problem. For instance, any person can claim knowledge as a money lender. All he needs is a fancy set of business cards along with a website. A potential Singaporean customer goes onto the website, fills out personal information and waits. Weeks pass without getting a loan. However, the Singaporean customer begins to get past due notices and phone calls about financial charges. Upon an investigation, the customer learns financial information was stolen. Trying to re-establish a credit history  can be a nightmare.

Dealing with improper or incorrect loan documentation represents another reason not to use an unlicensed money lender. A legitimate money broker understands proper documentation is the key to legal protection. It protects the lenders from unfair charges from unsatisfied customers. Plus, it protect customers who do not receive the correct help. An unlicensed money broker can make threats, add excess charges to the loan or not give a note of contract. The note of contract acts as proof of a Singapore loan. The document includes the amount of the loan along with a payment plan and interest rate.

An unsavory money lender can suggest taking out higher amounts for a Singapore loan. Unsuspecting Singaporeans borrow more than they need and can not repay. If a home, car or boat is used as collateral, the money lender can take the property. Using a licensed money lender reduces the chance of borrowing too much. These financial professionals analyze if the loan amount is excessive, make adjustments and advice their clients. Most loans are based on  income, such as letter from an employer. Potential Singaporean clients should wary of any lender who does not ask for proof of income.

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.

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.

An Elite Money Lender

Posted in Loan Services by elitemoneylenders on November 26, 2011
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An elite money lender company is not only seen on the name it carries but through the services it offers. Being elite for elitemoneylenders is very important because we need to prove our company name by giving the clients the best services they could ask for. We need to live by the name as being one of the best in money lending by setting a high standard in a hassle free loan application.

As licensed and authorized by the money lenders in Singapore, elitemoneylenders offers the best loan services online. It’s as easy as 1-2-3 steps to a fast and hassle free application. 1 – Just fill out the application form online by filling out the details and click submit. 2 – Submit the necessary documents to have your loan application approved. 3 – Once approved, you can get the amount loaned instantly.

There are also different kinds of loan that elitemoneylenders offer. You can choose from different loan packages, be it a personal loan for your personal expenses, or a payday loan for a short term basis or urgent money needs. Even a foreigner loan, which is for foreigners with a valid employment pass and passport who needs an emergency cash while in Singapore.

Usually, for Singaporean and permanent residents, you just need to have the latest 3 months payslip, CPF and income tax statements, original PUB bill or handphone bill stating your residential address, Singaporean or PR ID. For foreigners, valid employment pass with valid passport, tenancy agreement for address validation, appointment letter from your company, bank statement which states the current salary and the latest 3 months payslip.

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