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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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Why Choose a Licensed Money Lender

There are a lot of financial institutions rendering money lending services during these tough financial times. More and more people have turned to such financial institutions for quick solutions to their money problems. Indeed, a point would come in a person’s life wherein he may feel suffocated with the financial obligations that he faces, and borrowing money from a money lender can provide the needed breathing room. However, it is important that a borrower only transact with a licensed money lender. Why so? Consider a few points when applying for a Singapore loan.

Obviously, a licensed money lender will seek accreditation from the government or the organization of money lenders. And before a license is issued, the money lender is checked for its compliance to the rules and regulations imposed by the government or organization that aims to protect the interest of the borrower. This, alone, can provide peace of mind to a borrower that he is transacting with a legal business and that he is not getting a run for his money. This can ensure a borrower that his interest are protected by the government, and he can file a complaint at any time should he feel that his best interest was not prioritized. On the other hand, a money lender without the appropriate accreditation or licensing cannot be assured to comply with any regulations imposed by the government. These money lenders may offer appealing packages and offering quick cash loans with very little documentation needed. Indeed, this is very enticing especially to a person who needs cash fast and doesn’t have a very good credit rating. But one should be wary that these money lenders may resort to other ways of getting a borrower to pay his loan. Some money lenders may impose very high interest rates which buries the borrower deeper into debt.Some “illegal” money lenders harass their borrowers through incessant calls or mail, or even resort to violence once the borrower has missed payments on his loan.

Getting a personal Singapore loan from a money lender can certainly help a person in times of financial trouble. But this should cause a person to become mentally or physically harassed. Indeed, getting a loan from a licensed money lender is still the best option to go, even if the process appears to be more tedious. One can be ensured that his interest and welfare is prioritized once he transacts with a money lender that is licensed and recognized by the government.

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.

Singapore Personal Loans for Foreigners

Singapore – the very name breaths mystery. Since the early days of the British Empire, Singapore has been a hub of industry, a land of fast-paced buying and selling. People from many places in the world, foreigners to Singapore, come there for many reasons. They may be tourists or business people whose jobs have brought them into this small country.

There are many reasons why a foreigner may need a personal loan while in Singapore. They might need a car or money for an investment. They may have over-spent and find themselves without a way home. Or they may have a medical emergency. Being in a foreign land without funds can be a frightening experience. This is where a Singapore personal loan for foreigners can come into play.

Borrowing money should never be approached lightly; borrowing in a land not your own should be approached with extreme care. First of all the borrower should make sure that the lending agency is a licensed money lender or a business that is registered as being exempt from needing a lending license.

In 2008, regulations were passed to govern money lending. As a result, the Ministry of Law in Singapore publishes a list of all licensed money lenders. Such agencies must renew their license yearly, and the renewal depends upon good behavior. Exempt businesses may lend money to workers in the form of payday loans or to shareholders. Before borrowing, a foreigner needing a personal loan should make sure that the lending agency belongs to one of these two groups.

The borrower will need to provide proof to the lending agency that they have an income or some means of assuring repayment of the loan. This may be more difficult for tourists than for workers. Such assurance may come in the form of personal assets or proof of income, such as pay slips.  It may not ever take the form of the lender keeping personal papers such as a driver’s license or passport.

Borrowers may find it easier to obtain credit from international lenders, such as HSBC, who have offices in their home country as well as in Singapore. Regardless of the lending institution, they need to pay close attention to the repayment schedule, interest rate, and type of forfeiture should they be unable to pay the loan for any reason. The Singapore Ministry of Law offers counseling services to habitual borrowers who need assistance in developing a responsible financial plan.

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.

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.

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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