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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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.

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.

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: 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.

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.

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