Loan Article Resource Blog


Tips on choosing Money Lenders

Posted in Loan Services by elitemoneylenders on March 27, 2012
Tags: , , , , , , ,

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.

 

Advertisements

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
Tags: , , , , ,

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.

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 When Borrowing Money from Money Lenders

Posted in Loan Services by elitemoneylenders on January 16, 2012
Tags: , , , , , ,

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.

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.

Tips to Choosing the Best Bank for a Singapore Loan

Posted in Loan Services by elitemoneylenders on January 9, 2012
Tags: , , , ,

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
Tags: , , , , , ,

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.

Benefits of Getting a Singapore Loan from a Licensed Money Lender

Posted in Loan Services by elitemoneylenders on December 16, 2011
Tags: , , , ,

Singapore represents an independent country found in Southeast Asia. The quality of life in the country rates high among its citizens. However, Singaporeans can face financial challenges like citizens of other countries, such as borrowing money. Borrowing money in Singapore can create a set of challenges. First, some Singaporeans may not know where to go for their loans. Second, foreigners living in Singapore may not know they can borrow money. Last, legal and banking regulations can quickly change. Singaporeans and foreigners should be aware of the benefits of getting a Singapore loan from a licensed money lender.

Anyone can claim to be a lender and offer financial help. A stable background provides one benefit of getting a Singapore loan from a licensed money lender. A licensed lender must fill out documents, demonstrate good character and not have a criminal record. The money lenders have to understand the Moneylender Act, which provides guidelines on lending matters. Moreover, money lenders need to possess a valid license from the right Authority in Singapore. These credentials help ensure that Singaporeans and foreigners have protected rights and receive accurate information. Without using a licensed lender, individuals may not obtain the correct financial assistance.

Another benefit of getting a Singapore loan from a licensed money lender involves the ability to confirm licensure. A list has been developed and added to the licensed Moneylender Registry. The list includes the business name, business address and the  lender’s license number. Since the list can change, Singaporeans and foreigners should check the list before making the decision to borrow. Be wary of lenders who claim their license is pending. Also, refuse to do business with lenders who do not register and obtain a license. Borrowing money is no small decision and requires understanding from whom one should borrow money.

Having a detailed paper trail offers a final benefit. Legitimate Singaporean money lenders understand the need to protect themselves. These professionals ask for details when individuals ask for loans, including personal loans. Examples of information include names, addresses and reason for borrowing money. Additional information includes the name of an employer along with proof of income. Singaporeans and foreigners gain protection from shady lenders who change exorbitant fees or unjust claims on personal property. A legal application gives a great paper trail. The application confirms who borrowed the money, the amount of borrowed money, and the payment plan for the money.

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.

Next Page »

%d bloggers like this: