5 Boxes To Check Before Borrowing Money

It’s safe to say that in today’s world, far often than not, people are borrowing money to make ends meet, to meet then needs of our lifestyles, or to deal with a sudden financial emergency that forces out hand. And while there’s certainly nothing wrong with borrowing money, there are a number of boxes that need to be checked off of your list before making the choice to borrow money from a licensed money lender in Singapore. Let’s take a look down below! 

Find A Licensed Lender

Most importantly, finding a tested, trusted, and proven licensed lender should be of the utmost concern. Whether you’re looking for a personal loan or a business loan, or even a payday loan or some type of quick cash solution where they can lend you money on the very same day that you connect with them, you need to verify that everything is licensed and legal. Ask to see their license registered with Registry of Money Lenders  and don’t be afraid to verify their license number! 

Reputation

Singapore is home to hundreds of money lenders, but how do you know which one is right for you? Hopefully they’ve built up a reputation of being a fair lender and a reliable professional. Do you know anyone who has worked with your particular lender of choice before? If not, read some reviews, ask for past client testimonials, and be sure to do your due diligence to learn about their reputation.

Do They Have An Office That You Can Visit?

Does your lender actually have a physical office that you can visit? Far too many illegal money lenders in Singapore claim that they can lend money from a mobile device or some other SMS marketing technology – don’t fall for this. Only go with a lender who welcomes you into their office. This will ensure that the company you’re working with is legitimate and in full compliance with all appropriate rules and regulations.

What Is The Interest Rate?

For anyone looking to borrow money, interest rates should always be of the utmost concern. In Singapore, interest rates will differ from lender to lender and they’ll most certainly depend on the type of loan that you’re seeking – something we’ll get to next. You should definitely conduct some market research on local lenders in your area to determine the average or median interest rate. From there, compare that to the interest rate that your lender is offering to determine if they’re offering you a fair deal or not.

Loan Options

Last, but certainly not least, you’ll want to know the types of loans that are available from you from your chosen lender. Based on your income, your purposes, and your own personal preferences, you could open yourself up to a wide range or a small range of loan options. You’ll want to ask your lender about the types of loan options and packages that they can offer you – and before you agree to anything, be sure to inquire about the repayment plan! 

As long as you check off all five boxes listed above, you should be all set to finalize your borrowing decision. Remember, borrowing money can be daunting – which is exactly why you deserve to borrow with confidence!

2020 Is The Year of The Loan

Here’s Why You Should Apply For A Loan This Year

With the new year upon us and 2019 coming to a close, it’s time to look ahead in the bustling world of global finance to determine just how well the loan market is forecast to perform as we enter into the new decade. With 2020 just around the corner, it’s time to take a look at the ins and outs of the 2020 loan outlook here in Singapore. Now, no one entirely knows just what the future global economy is going to look like in 2020, but with investors worried about a possible recession on the horizon, now might be your chance to apply for a loan to take advantage of the low interest rates that are sure to come.

A Recession In 2020? Really?

If the American Federal Reserve – also known as “The Fed” – is any indication of what’s soon to come, it’s safe to say that the writing is on the wall. The Fed has been lowering interest rates at an exponential pace throughout the last several months. Typically, they do this when the economy enters into a downturn, and with the ongoing trade war brewing between the US and China, the Fed is concerned that the market just isn’t strong enough to sustain higher interest rates at the moment. So, what does this mean for you?

This means that interest rates are as low as they’ve been in quite some time – especially in the US. Here in Singapore, our interest rates are almost directly correlated with those of the US. For example, the Fed has been slowly increasing rates within the US as the economy has shown some recovery, which has directly led to SIBOR rising their rates as well here in Singapore.

Now would be the time to take advantage before these rates rise even more. The iron is hot if you’re looking to strike a housing loan or a personal loan. And as for the looming recession? Time will only tell what the current market volatility will bring. Some say recession, others say prosperity. 

It’s Time To Take Advantage

If now is the right time for you to apply for a loan in Singapore, we’d like to point you in the right direction. In terms of personal loans, interest rates are as low as 3.7% from HSBC, with POSB options increasing to 3.88%. 

Quick Cash loans are still just as competitive too. Citibank is offering new and existing loan customers an interest rate of only 4.55%, while OCBC is offering an interest rate for existing loan customers of 4.7%. 

And if you’re a low income earner, your best option for a personal loan in Singapore is one from DBS. If you’re looking for the best short term options, go with OCBC. And for the lowest interest rate, POSB has your back for a bank in Singapore. Again, no one really knows what 2020 is going to bring, but it’s surely going to be a wild ride on the market train!

Payday Loans in Singapore: Everything You Need to Know

It’s nearly impossible to avoid financially hard times at some point in your life, which is why none of us are immune to the possibility of debt. No matter how financially frugal you might be, the unexpected can cause your bank account to reflect an entirely different picture.

When this happens, people consider loans as a means to consolidate debt and pay it off in a respectable and predictable manner. Loans are an excellent way to get a fuller scope of the debt at hand so you can plan for the future with some peace of mind.

One of those loans to consider is a payday loan. What kind of loan is that exactly?

What Are Payday Loans in Singapore?
A payday loan is known as a short-term loan or salary loan. It’s also known as an easy loan that enables you to get money quickly while you wait to receive your next paycheck, which can sometimes, be too far away. Many salary workers will opt for this kind of loan to make ends meet or pay off bills at home that just can’t wait anymore.

They sound good in theory, but can come with some stipulations that you should know ahead of time.

For starters, payday loans are beneficial to those that need immediate money after some kind of problem or emergency. They are also beneficial to people that know for certain their paycheck is coming next week (as opposed to those that are unsure about future payments). With a payday loan, you can count on the following:

  • Quick, immediate approval for fast cash
  • Minimal requirements for approval
  • Easy loan process

But like every good thing in the world, there are also downsides to payday loans.

Payday Loan Risks

With a loan that is this easily accessible to you, it consequently comes with high interest rates that will climb 24x if you don’t pay on time. Therefore, a payday loan should only be used for something that is a very short-term requirement. Otherwise, the cost of the loan will slowly eat your bank account alive.

If you end up with a payday loan that starts to take on a life of its own, it can negatively affect your credit score, which will impact your financial standing with all other loans/major purchases that you wanted to consider in your lifetime. 

Therefore, a payday loan is only advisable for smaller, shorter purchases knowing that you will be able to pay them off when the paycheck arrives in 1-2 weeks. Lastly, never accept a payday loan from an unlicensed money lender. See our other blogs on identifying illegal money lenders for more information. 

Best Money Lender in Singapore

Regardless of where life has left you, we know that payday loans might be your only short-term option. We have worked on the best possible interest rate, providing you with access to our legal money lending team. We want to help you get back on your feet. That starts with a loan you can count on. Get in touch with us today!

Tips to Identify Illegal vs. Legal Money Lenders

Unfortunately, in the world of debt, money, investments, and loans, there are plenty of aggressors that want to scam you for your money. Especially in Singapore, which has made a name for itself as a place of rampant illegal money lenders, news article after news article is articulating the loan-shark activities too common in our communities. Whether through the disguise of ATM transfers or something worse, it’s definitely in your best interest to learn more about how to identify a legal money lender.

So how exactly does one do that?

Don’t worry, we’ve got you covered:

 

  • Legal money lenders do not use SMS marketing or other telemarketing services.
    A reliable money lender will leave your personal contact information out of their soliciting services. Sure, they may send an email every now and then letting you know about new rates; but, they will never send you texts and other aggressive forms of contact to get your business.

 

  • Legal money lenders will not ask about online bank transfers.
    One surefire way to know you are dealing with an illegal money lender is if they offer bank transfers online as a tool for sending cash. They will want to avoid paperwork at all costs so they can access the money as quickly as possible. Legal money lenders will sit down with you and file paperwork to back up your application. You will need to go to their office to finalize everything before the transfers occur.

 

  • Legal money lenders will not ask about your SingPass over the phone.
    As you know, every Singaporean resident has a unique SingPass that contains your sensitive information. Illegal money lenders want access to this information, so they will ask you to disclose it right over the phone or through text. There is no need for any money lender to access your SingPass.

 

  • Legal money lenders will have a legitimate website with terms of service.
    Do your due diligence to check out the money lenders’ websites. At this point, it’s pretty easy to spot the websites that are faulty or lacking in credibility. If the site looks like it was professionally made and comes with a terms of services, chances are, it’s a legal money lender.

 

  • Legal money lenders will have a registered landline telephone.
    A normal money lending company will have an official telephone number that is registered with their area of operation. They will not have the weird telemarketer digits that should immediately tell you to be careful.

After all of this, it’s up to you to read the contract and know what you are signing. Regardless of how busy you are, signing your name away to loan-sharks is not something you are going to appreciate down the line.

Please be sure to follow our tips above. 

Of course, if you want to save time and go right to the source of a legal money lender, then head over to our application form at Singapore Legal Money Lender.

5 Reasons to Consider a Loan

It’s no secret that the nation of Singapore is riddled with never-ending debt today. In fact, the average household in Singapore is carrying $55,112 per capita in debt. That’s why so many people, especially young adults, are forced to consider alternative purchase and investment arrangements so they can afford the things they need to be successful.

If you don’t want to let these kinds of statistics get you down, then it’s time for you to consider an urgent money loan.

What can loans do for you?

 

  • Help with Debt Consolidation:
    Urgent money loans enable you to take all outstanding debt with various dues and interest rates, and combine it into one monthly payment. When you have everything in one comprehensive payment, it’s easier to chip away at your debt while also ensuring you stay on top of payments. Now you can make a repayment timeline that is actually easy to understand.

 

  • Lower Interest Rates:
    Interest rates can creep up and completely destroy our ability to pay off loans over-time. With a personal loan, you can pay off all of your credit card debt with a lower rate, enabling you to actually get out front of your payments before they get out in front of you.

 

  • Easier to Manage:
    Juggling four or five credit card accounts with mounting debt can make it hard to really get a full, big picture. But, if you are able to consolidate all of these cards into one account, and worry about one singular payment, then you can control your debt with more ease. This will in turn give you some peace of mind along the way.

 

  • Predictable Repayment Schedule:
    Urgent money loans come with fixed interest rates, repayment terms, and monthly payments that are predicted, stated, and available to you. Upon your approval, you’ll know exactly how much you will need to repay each month, how many repayments you’ll need to make, and the total amount of interest incurred over the lifetime of the loan. There are no surprises.

 

  • Finance Options:
    Let’s say you want to do something monumental in your life, like buy a car or a house. With massive debt, this might not look like an option. That’s why an urgent money loan can provide you with choices that you previously thought were gone. You can now move on and do what you always wanted to do.

 

Singapore Legal Money Lender

We provide you with access to urgent money loans that come with stated repayments and a competitively low interest rate you won’t find anywhere else. Consider the value of a loan for your life today. Apply today now!

Your Personal Guide to Clearing Your Debt in Singapore

None of us want to amass debt over our lifetime, forced to forgo certain purchases and investments because we can’t think past the money we still owe. This is especially true in a country like Singapore, where it’s nearly impossible to buy a house or a car without registering for some kind of loan. As a result, we all end up swimming in debt by the time we reach adulthood, taking on too much debt in an effort to set up some kind of life for ourselves.

If you are tired of living with massive debt, or are incurring debt for the first time, we’re here to provide you with tips for mitigating your debt in Singapore. Are you ready to get started?

Clearing Your Debt

1. Create a Budget Sheet:
We all need help in the organization and management of our money. That’s why you need to create a budget sheet that reflects both your expenses and income amounts for the month, as this will prevent you from getting caught up paying your monthly installments. With this budget and everything out in writing, you will be able to prioritize your expenses from most important to least important.

2. Manage a Proper Debt-to-Income Ratio:
A general rule of thumb is to maintain a 35% debt-to-income ratio where the amount of money used to settle your debt each month should not exceed 35% of the money coming in. If you have a ratio that is higher than 35%, then it’s time to mitigate the debt you are carrying, consolidate, and figure out other plans. In this case: only borrow what you need so that you are cutting down on the amount of debt racking up.

3.Stay On Top of Repayments:
Late payments immediately impact your credit score, making it harder for you to secure fast loans with good rates. You can set up reminders for yourself on your phone, laptop, or on a calendar to ensure you are paying your installments in full and on-time.

4. Pay Off More (if Possible):
When you receive a loan, your number one priority should be paying off that loan. If you happen to receive unexpected money, like a bonus from work, be sure to put that money to good use and pay more than your monthly installment. This will shorten your debt payment period so you can see the light at the end of the tunnel.

5. Read the Fine Print:
There is always fine print when loans are concerned. Before you sign a loan, be sure to check interest rates and additional fees that might make paying off the debt nearly impossible. This is where a debt consolidation plan can come into the picture – see if you can combine different debts for one easy payment.
We provide you with access to fast loans that come with low interest rates and attentive staff so you can move on with your life. We want you to surge past the hold of debt, which is why you should consider a loan that is right for you.