A Simplified Guidebook on Singapore Legal Loan

In life, unplanned expenses can arise anytime irrespective of how financially prudent you are. If you are a small business owner, some pressing needs for capital can also force you to a corner and in danger of losing your investments. It is at a point like this where a Singapore legal loan comes in handy to save the day.

During an emergency, the ordinary financing options might not be ideal because of the arduous processes involved. This is why licensed money lender Singapore other than banks have even been recognized under Singapore Moneylenders Rules of 2008 Cap 188 among others. As a borrower, there are some basic aspects of a legal loan you need to understand in order to borrow wisely.

Essence of quick legal loans

Unlike conventional financing options, legal loans revolve around the concept of fast approval and minimal documentation. As long as you are salaried or self-employed, you are eligible irrespective of your credit rating.  It can be a secured loan with collateral or an unsecured loan where interest is deducted from your salary.

Types of legal loans

If you are in urgent need of finance a legal loan is versatile enough to tackle any needs you have. Common loans include payday, secured or unsecured loan, personal loan, instant online loan, foreign loan among other options. In essence, you can solve your needs from a medical bill to urgent car repair using these loans.

Eligibility requirements

This is one of the strongest points why a legal loan is your ideal financing choice in Singapore. Some of the stipulated requirements under the Moneylenders Rules include full time employment, age of between 21-65 years old, proof of income through pay stubs or income statements, appointment letter, NRIC card to prove nationality or an employment permit if you are a foreigner.

How do you apply?

The advent of the information age has made it very easy to apply for services online. This also applies for legal loans in Singapore. Moneylenders provide an easy application form on their websites. Others however might require you to visit their office personally.

Choosing a Lender

The popularity of these loans has spurned hundreds of lenders and it is advisable to choose wisely. As such, look for references from your friends or co-workers and also read reviews and testimonials from these company’s websites. There are also numerous independent comparison review pages giving different interest rates for different legal loan provides. These pages will also compare different levels of professionalism shown by particular lending companies. When you are armed with this knowledge, it becomes very easy for you to make an informed decision as opposed to approaching a moneylender blindly.

So, go on and let yourself free from financial shackles today.

Pitfalls to Avoid if You Want To Make Good Use of Your Inheritance

The thing about death in the family is that it brings several different emotions. There is the sadness of losing a loved one and the fear that comes with how to move forward from the loss. Things get more complicated when there is an inheritance to be received from the deceased. Depending on how that goes, you could be surprised, upset or excited.

Either way, you need to be able to make good use of the inheritance you receive, whether it is property, stocks, bonds or cash. Think of it as the capital that you have always needed to improve your investment portfolio (or create one) or to secure your financial future. There are things that you will need to avoid if you want to make proper use of the inheritance to live a worry-less life in Singapore. These include:

Ignorance

Always read between the lines. Make sure you fully understand the terms of accessing your inheritance. There may be certain terms and limitations that will determine when and how you can use your inheritance. Be sure to have the executor of the will explain this to you in simple terms so that you can understand what options you have.

Emotion

The thing about instant money or assets is that you can get pretty excited and all you would think about is that thing that you have always wanted to get. Stop! Do not be led by your emotions on how to use your inheritance.

While you may have immediate pressing needs, try not to see the inheritance as your ‘salvation’. As with any major decision, let the emotions die down before you make the decision on what to do with the inheritance.

Pitfalls to Avoid if You Want To Make Good Use of Your Inheritance

Solo act

Unless you are a professional fund manager or asset manager, avoid going solo on how you should manage the inheritance. You will need some advice on how to manage your inheritance. If they are stocks or bonds you can use your stock broker to help you navigate through it. If it is property, you will need to acquaint yourself with its management and perhaps think about further development.

Cash inheritance can be used in a thousand different ways so you can look at various investment vehicles and choose the best one for you based on your interests and on your risk tolerance.

All this should be done within the limits of the terms of the inheritance and certainly in consultation with other beneficiaries of the inheritance.

Why a Singapore Private Licensed Money Lender is Your Best Bet

Recent financial times have placed a huge burden on most people. With this there is a huge need for sources of funds when the need arises. Moneylenders are such a source and they have become very popular in recent times. There are several reasons for this popularity which are associated with the advantages of a licensed money lender. These are the reasons why this could be one of your best sources for funds when cash strapped.

The first advantage is the process followed when receiving money from licensed money lenders. Compared to other lending institutions, the process is fast and direct. Once you have established the payment terms you have very little to cover and the loan process can be completed in a day. This makes a licensed money lender the best choice for emergencies. In cases where you need money for medical expenses and other urgent bills you can rely on licensed money lenders for expediency.

Why a Singapore Private Licensed Money Lender is Your Best Bet

The licensed money lender offers you the finance to cater for utility needs from electricity, education and other contingencies. This helps you cater for your needs and make progress even with the harsh economical climate. Another advantage presented by licensed money lenders, is their availability. There are several of them both as groups or individuals. This makes it easier to find and locate them. You also have a wider choice of lenders to pick from. Thus you can find a deal that best suits your budget and needs.

Another reason why you should consider borrowing money from a licensed money lender is flexibility. There are no standard set rules set across the industry. This makes it possible for tailoring loans suitable to every individual. The variety of terms applied by each lender is also huge hence making them a very flexible option for financing your expenditure. Any borrower should always look to have a financing option that can styled to his or her needs. In this regard since the terms of operation are set by the licensed money lenders themselves, they offer great room for flexibility compared to other traditional financing options like banks.

Lately, what stands out with licensed money lenders as an option for financing are their criteria to determine qualified loan applicants. There are no considerations for bad or no credit. They cover their risk in other measures which allow you to get the amount of money you need even with a poor credit. A licensed money lender offers you a legit way of obtaining cash safer than loan shacks yet more convenient than banks.

How to Manage Debt in Singapore Effectively

Budgeting

You may have all the money in the world, but that’s no excuse for not budgeting. Everyone needs to have an income vs. expenditure ledger. Write down all your expenses and income, and allot money to the most pressing needs coming down. Having a budget will let you know how much you can spend on what every month. It must of course be accompanied by disciplined spending – if you have maxed out your clothes portion for instance, you can’t buy any more clothes even if there’s an 80% off sale.

Budgeting will show you where money is going through the cracks and is one way of ensuring that you don’t forget any important payments – like paying off your loans or insurance. An easier way may be having standing orders, but these may be expensive if you have multiple creditors.

Debt consolidation

At any point, you are likely to have more than one running loan or credit facility. Now, debt consolidation is about taking all those balances and putting them in one place. If you have four credit cards and are paying off a personal loan as well, talk to your licensed money lender Singapore about buying out all your other balances so that you have just the one payment to think about.

Apart from eliminating the pressure of multiple due dates, you’ll make great savings, since you will go for the creditor with the lowest interest rates. You might have maxed out your limit with that lender, but if you explain that you’re consolidating your debts, you might get more willingness to push it higher. After all, you are now paying the lender interest rather than paying its competition.

 

How to Manage Debt in Singapore Effectively

 

Negotiating terms

If you are in debt and are unable to make payments for any reason, the best thing you can do is to talk to your licensed money lender Singapore. Now, these are businesses that want to get paid and maintain good relations, because that’s what business is all about. If you avoid the lender and your debt is sent to a collection agency, it will not be as understanding.

Meet with your lender and renegotiate your terms given your current position, you may get a reprieve for some time or newer more manageable terms. Collection agency debts will hurt your credit rating and you will still end up having to pay the debt anyway. Plus, if you have been making repayments for a while, chances are that the lender has already gotten back its money plus change on top, so it won’t lose out either way.

The 28% rule

Going into debt is a necessary avenue in some cases – it gives you an initial outlay to carry out projects instead of saving for years. However, if your monthly repayments are more than 28% of your earnings, go for a smaller loan to bring that threshold down to below 28%, and always be keen to maintain it there. This is the best way to stay on top of your debt and maintain a good credit rating for future borrowing.

Friend or Foe? Things to Consider When Deciding to Take On a Singapore Mortgage Broker

When you are deciding on how to finance your mortgage in Singapore, along with the traditional option of a bank, you will come across a mortgage broker as an option for financing. So, who is a mortgage broker and more importantly, should you trust one for your particular situation?

A mortgage broker is an individual or a firm offering loan related products of several different financial lenders. Now, these brokers do not provide the actual funding for your mortgage. They provide services related to advising you on qualification, assisting in selecting the best loan package and in preparing the required documentation.

So, whom should you go with for your mortgage? Here are some the things you need to consider when making that decision.

Going it alone versus getting a helping hand

Should you choose to go it alone, you need to have a good (and long) working relationship with the lending institution for favorable consideration. If, however, you do not have such a relationship with the bank, you will need to look around to find a bank with a deal that works well for you. This can be very laborious and confusing because of all the jargon involved.

With a mortgage broker, you will get assistance in translating this jargon and have the advantage of getting assistance to choose an option that fits you perfectly.

Friend or Foe? Things to Consider When Deciding to Take On a Singapore Mortgage Broker | missworld.com.sg

Choices and Options

While there are many mortgage options among lending institutions, the mortgage brokers have more options.  This is courtesy of their knowledge of the market trends and understanding of the available options.

They also know which institutions offer the best deals for you, and they are able to direct you there, ultimately saving you some money. They even know about exclusive deals that are not in the public arena that you can take advantage of.

This, however, could play against you if they are friendly with the lending institutions because they may place the interests of the lender ahead of yours.

Convenience versus Cost

There is a cost to the services offered by the mortgage brokers as should be expected. It may be payable by the lender or the borrower or both. If the brokers receive payment from the lender, that could compromise their objectivity when choosing the best package for you. On the other hand, their fees could be quite stiff.

However, considering the hassle of finding the best institution with the best package for you, and the fact that you could get an insider tip on some under-the-radar deals, it might be well worth the cost.

Ultimately, this is not a one-size-fits-all kind of situation so you need to get some good advice and do some research to see what will work best for you.

Last but not least, you could take a Singapore personal loan if you need immediate financial assistance.

Demystifying the Eligibility Criteria for a Singapore Personal Loan

Truth be said, life is full of surprises and in most cases, they always entail quick financial solutions. Take for example a medical or business emergency; it requires urgent cash in order to avert disasters in your life. In Singapore like most countries, traditional loans are hard to come by hence the evolvement of personal loan providers who are more flexible.

An Overview of a Licensed Moneylender

When you are under financial strain, you are wont to accept any information you get. As such, you might come across reviews talking ill of moneylenders. In Singapore, under the Moneylenders Acts and Rules and under the close observation of Insolvency and Public Trustee’s Office (IPTO), you will be dealing with a professional financial loan provider.

This regulation guarantees you high quality service and very good terms and conditions unlike those given by traditional banks. What’s more, these financial institutions have the financial muscle to fund any of your urgent needs without the hassle associated with traditional borrowing. Simply speaking, your personal loan will be in your checking account in no time.

Demystifying the Eligibility Criteria for a Singapore Personal Loan

Busting the Myth of Loan Eligibility

If you are in need of a convenient and quick cash solution, then a licensed dealer is the best option for you. You should not listen to misinformed stories because eligibility for a loan has never been easier than what Singapore moneylender offer. Take a closer look;

  • Proof of income; you do not have to be in the good books of credit bureaus to get a loan. As long as you have gainful employment, you can get a personal loan. As such, you will provide pay slips, income tax statements, and CPF contribution statements over a few months.
  • Proof of residence/ nationality; this is an important requirement and if you are a Singaporean, your NRIC card will serve as proof. On the other hand, original utility bills or HP bills will help to prove your residence to a lender. For a foreigner, a work permit (S-pass), employer contract, passport and tenancy agreement are required as a proof of residence.

In most cases, your personal loan provider will just require an online application which means any documents can be attached or faxed.  Other minor requirements include being an age of between 21-65 years.

The terms and conditions are also clearly stipulated and in most cases, you can request for a customized loan package to ensure you pay comfortably. There you have it; a solution to your financial blues stands only a few clicks away.