Loan Article Resource Blog


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.

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Singapore Payday Loans

Payday loans, anywhere in the world, refer to short-term unsecured personal loans. They may be obtained from two sorts of establishment: one’s place of employment, which can issue the loan as an advance upon an expected paycheck or a regular money lending institution.

In Singapore, a business does not have to have a Money Lending license to issue a loan against a future pay check. However, the business must register as an exempt lender in order to make loans of this nature to employees. Regular money lending institutions must be register with the Singapore office of Insolvency and Public Trust as a money lender. They must meet stringent requirements to receive and maintain a license for their business in order to make a Singapore loan.

Before applying for a Payday loan in Singapore, check to make sure the lender is registered as a money lender or as an exempt lender. Read the repayment terms – rate of interest, calculation of interest, and due date for payment carefully. This avoids surprises when repaying the loan.

A common problem with payday loans is that the borrower requests the full amount of a pay check or a major portion of several checks, leaving nothing on which to live. This causes him to borrow more money, creating a downward spiral of financial indebtedness. Singaporean law sets a limit on the amount that can be legally borrowed as a payday loan. Singaporean Ministry of law also offers counseling for habitual borrowers to help them break the cycle of credit dependency.

With that said, payday loans can meet the need for quick cash for unexpected expenses or opportunities. Repayment is usually set for the next payday. However, the interest rate may be higher than that on a standard loan, particularly if the repayment of the debt is not met in a timely fashion. Borrowers should realistically assess their ability to repay the loan before signing any agreement with a lending institution.

Lending institutions should check borrowers’ credit rating and other particulars before issuing a loan. They should also be on the look-out for people who have become trapped in the payday credit cycle and point them toward the debt counseling services available through the Ministry of Law. Quick credit can be a valuable tool in an emergency, but can become a trap when used too often. A Singapore loan is no exception to this sound financial rule.

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.

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
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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.

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.

Benefits of Getting a Singapore Loan from a Licensed Money Lender

Posted in Loan Services by elitemoneylenders on December 16, 2011
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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.

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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