Skip to content

LATEST MONEYLENDER SINGAPORE NEWS 5 smart tips to follow before taking a personal loan

LATEST MONEYLENDER SINGAPORE NEWS 5 smart tips to follow before taking a personal loan

If you have a pressing need for cash, then a personal loan is one of the options available to you. Their easy availability is one of the biggest draws. While it is certainly a good way for handy cash, they are expensive and you are best advised to look before you leap into them.

So, today we are going of share some smart tips about personal loans, which would help make this loan product work in your favour instead of creating a problem.

#Tip 1: Do a smart all inclusive comparison
When you plan to take a personal loan, you would observe that interest rates vary from bank to bank. The best way to get an optimal loan would be not just to compare the rate of interest or EMI, but also take into account the processing charges, documentation charges and pre-closure charges.

# Tip 2: Examine other options
Secured loans such as loan against gold or other securities usually come at a cheaper rate of interest. Hence, if you do have security that you can use, do examine that option before swinging in for a high interest personal loan.

#Tip 3: Do not over-shop for the loan
When you apply for a loan you leave a “footprint” on your credit record which lenders check before approving a loan. Too many loan applications bring down your credit score.
As a result lenders will see you as more of a credit risk, so your latest loan application is less likely to be approved or the rate of interest will be higher.

#Tip 4: Read the loan document
Before signing on for a personal loan, read the document properly. Ensure all the terms and conditions are filled in completely and match on those that were agreed upon while taking the loan. Very often, personal loans are marketed by agents who are more interested in meeting sales targets than giving accurate updated information to the customer. So beware!

#Tip 5: Use the money productively
Use the home personal loan for productive purposes. Personal loans are easily available, but do remember that you have to repay them and they do come with a high interest rate. It is wise to take a loan if you really need it or if it is being used to generate income that will help you repay the loan and interest.

LATEST MONEY LENDER SINGAPORE NEWS Top 10 tips when taking out a personal loan

LATEST MONEY LENDER SINGAPORE NEWS Top 10 tips when taking out a personal loan

December 2, 2016

LATEST MONEY LENDER SINGAPORE NEWS Top 10 tips when taking out a personal loan

Good moneylenders Singapore will be able to prequalify you with a minimal amount of information and without completing the entire application. The entire prequalification process should take no more than a few days. If it takes longer, it is probably indicative of the money lender’s inexperience and you may want to consider finding a new money lender Singapore. In the end, you should complete the process with an excellent loan product and outstanding terms that are tailored to fit your needs.

Apply Legal Personal Loans With above 17,000 Followers of www.SGmoney.sg and
 
 
 
Trying to secure Legal Cash Loans, Personal Loans, Payday Loans from Money lenders? Our Personal Loan clients are mainly from Pasir RisTampinesJoo Chiat, Telok Kurau, Simei, Bedok, Toa PayohMarine Parade, Geylang, Eunos, Chai Chee, Kallang and Bugis. Visit us ! 
 
Personal loans  make strong comeback riding on real-time credit scoring
Unsecured personal loans which had all but disappeared after record defaults in 2007-08 are making a strong comeback thanks to the Credit Information Bureau of India’s real-time credit scoring. Also expanding the market are new intermediaries who are generating leads that help lenders go beyond tapping walk-in customers at retail chains.
 
Consumer loans on equated monthly installments started picking up a couple of years back initially through credit cards. The EMI sales was also driven by subvention from the dealer or manufacturer who agreed to bear the interest cost but not the credit risk. Card companies were the first to tap this opportunity. But considering that there are only 1.9 core credit cards in circulation the market is quite limited. Lenders such as Bajaj Finance, Future Capital, and Fullerton have expanded the market by putting up their loan desks within retail chains.” In 2007 all finance companies did not have a clue of who the borrower.
 
The loans were on the basis of documents filed by the borrower. We found that even Form 16 documents were fake” said the chief of finance company. He added that loans were pushed by agents who had an incentive to get disbursements which created a moral hazard resulting in bad loans rising. What has changed now is that lender is now able to identify how leveraged the applicant is, they can also identify in five minutes if the borrower had missed out on any loan installment in the past.
 
Need Personal Loan Urgently from Legal Money Lender? Most of our clients are working in Orchard, Siglap, East Coast, Beach Road, Bukit Timah, Bukit Purmai, Telok BlangahBukit Merah, Hougang, Sengkang, Punggol, Jalan Sultan, Middle Road, KallangGeylang, Whampoa, Geylang Serai, Aljunied, Bugis and Ang Mo Kio. See us today for a chat! 
 
Disappointed with Banks? Need Cash? We provide Personal Loan, Payday Loan or Cash Loan to residents of Toa Payoh, Thomson, Woodlands, Yishun, Bukit Batok, Commonwealth, Jurong East, Ang Mo Kio, Bishan, Beach Road, Havelock, Rochor Road, Chinatown, Burn Road, Tanjong Pagar, River Valley & Orchard Road. Legal Moneylender. See us today!
  UC United Credit Licensed Money Lender, Call: 62220227
 
Our Personal Loan, Cash Loan & Short Term Loan clients are mainly from GeylangJurong West, Beach Road, Jalan Sultan, Lavender, Middle Road, Chinatown, Kim Kiat, Buangkok, Tanjong Pagar, Marine Parade, Balestier, Bendemeer, Serangoon, Woodlands and Ang Mo Kio. Licensed Moneylender 
 

Apply Legal Personal Loans With above 17,000 Followers of www.SGmoney.sg and

Need Urgent Cash Loans, Personal Loan, Payday Loan or Business Loan? See a Legal Money Lender today. We loan out legally to residents of Pasir Ris, Tampines, Simei, Commonwealth, Bedok, Kallang, Beach Road, Jurong, Thomson, Bishan, Jurong, Kaki Bukit, Ubi, Marsiling, Thomson Road, West Coast, Boon Lay, Mandai, Sembawang and Choa Chu Kang. 
 
Legal Moneylender, Cash Loan & Personal Loan for residents in Geylang, Jurong Town Hall Road, Beach Road, Orchard Road, Middle Road, Little India, Ang Mo Kio, Marine Parade, Bukit Panjang, Jalan Besar, Seletar, Paya Lebar, Bukit Merah, Clementi, Jurong West, Punggol and Tampines. 
AND MORE !
Log on to http://sgmoney.sg/index.html for more Licensed Moneylenders listings in Singapore.
Apply Legal Personal Loans With above 17,000 Followers of www.SGmoney.sg and
 

Moneylender and Personal Loan in Singapore

Loan available in Singapore

SGmoney features Licensed Moneylenders information on personal loanbusiness loanpay day loanforeigner loanshort term loan or any legal cash loan & money loan services in Singapore.

Apply Legal Personal Loans With above 17,000 Followers of www.SGmoney.sg and

Loan

SGMoney is a Loan Directory in Singapore, listings include renovation loan, medical loan, education loan service providers in Singapore.

Personal Loan

SGMoney includes Licensed Moneylenders personal loan packages in Singapore. http://www.sgmoney.sg/online.html
Cash Loan in Singapore http://www.sgmoney.sg/online.html
SGMoney helps you locate your preferred Licensed Money Lender fast and accurately.
Singapore Moneylenders Directory
http://www.sgmoney.sg/online6.html
SGMoney is a one stop platform for any legal Moneylender looking for interested consumers.
Personal Loan services in Singapore heading online
Licensed moneylenders in Singapore are targeting consumers looking for personal loans, business loans, short term loans, or simply fast cash loans but with less than SGD 30,000 income per annum. www.sgmoney.sg SGmoney® is an online media platform for legal loanapplications online.  For those whom wish to borrow money or are looking for a quick loan, cash loan, fast loan or any loan which are provided by authorized money lenders, they can do so online.
Bad credit loan is available via the SGmoney® licensed moneylender directory in Singapore, potential lenders with poor financial records will face difficulty when borrowing from banks. This online platform will be helpful to such consumers.  Pay day loan have been gaining popularity among this group of borrowers, but in order not to encourage a borrowing culture for the good of Singaporeans & permanent residents, the authority in charged had issued strict laws controlling licensed moneylender’s advertising activities in Singapore.
Borrow money only when really necessary
With lesser visibility of loan providers seen in the Singapore money lender scene, potential borrowers are expected to have more time to decide- The type of loans to choose, the loan amount and only if they genuinely need to borrow money in Singapore- be it personal loan, pay day loan, short term loan, foreigner loan or simply legal fast cash loan from any licensed moneylender in Singapore featured in SGmoney® The Personal Loan Directory in Singapore.

LATEST MONEYLENDER SINGAPORE NEWS Tips on How to Get Personal Loans When Your Credit is Bad

LATEST MONEYLENDER SINGAPORE NEWS Tips on How to Get Personal Loans When Your Credit is Bad

December 1, 2016

LATEST MONEYLENDER SINGAPORE NEWS Tips on How to Get Personal Loans When Your Credit is Bad

If you have a poor credit score and you need money in an emergency, it can be very difficult to know what to do. Normal means of borrowing are usually not available and so there may be very few choices for places to get personal loans from. There are things that you can do though.

Check Your Credit Score

It is important to check and see whether your credit score is correct. You may just assume that it is, but there may be errors in it. It is easy to have a look at your credit score and it does not reduce your score if you look at it. Check that all of the listed items are correct and if you find anything on there that shouldn’t be, get it corrected. This may not help you in the short term, because it will take time to change it, but it is worth doing nevertheless. It is also worth trying to improve your credit score, in case you need to borrow again in the future. Paying bills on time and paying off debts will help with this.

Moneylender

Use Credit Unions

A credit union is a non-profit organization that works similarly to a bank. They may be more likely to lend to a person than a bank, although they still need to break even and so will not take huge risks. Find out where your local one is and make an appointment. You will have to have a face to face interview and this could be in your favor as you will be able to put your case forward and explain how you plan to repay the loan.

Ask Friends and Family

If you need money fast then asking friends and family can be a quick way of getting some. This may not be something that you want or would like to do, but if it really is an emergency, then it is likely that they will be happy to help you. Of course, they may not have the money to give you. If this is the case then they may be able to help you by co-signing a loan agreement with you. They will need a better credit rating than you though and they will act as a guarantor so if you cannot make the repayments, then they will have to.

http://www.sgmoney.sg/go.html

Peer to Peer Lending

Peer to peer lending is almost like banking without the bank. There are people who are willing to give money to those that need to borrow. They will not lend to just anyone though, but they may be more prepared to take a risk. The loan may be more expensive, but it could be your only choice.

Money Lender

Cash Advance or Payday Loan

This type of loan normally requires no credit check. However, you will need to have a monthly income to show that you can pay it back. Normally you will be lent a small sum of money for a few weeks until you get paid when it is expected that you will pay it back in full plus the interest. These can be expensive but they are quick to arrange and therefore can help you out of a tight spot. Look for reputable legal money lenders Singapore such as those featured in www.SG-Money.sg they are licensed and more reliable sources of personal loans being legal moneylenders Singapore.

Loans Singapore

 

 

Trying to secure Legal Cash Loans, Personal Loans, Payday Loans from Money lenders? Our Personal Loan clients are mainly from Pasir RisTampinesJoo Chiat, Telok Kurau, Simei, Bedok, Toa PayohMarine Parade, Geylang, Eunos, Chai Chee, Kallang and Bugis. Visit us ! 
Personal loans  make strong comeback riding on real-time credit scoring
 
Unsecured personal loans which had all but disappeared after record defaults in 2007-08 are making a strong comeback thanks to the Credit Information Bureau of India’s real-time credit scoring. Also expanding the market are new intermediaries who are generating leads that help lenders go beyond tapping walk-in customers at retail chains.
Consumer loans on equated monthly installments started picking up a couple of years back initially through credit cards. The EMI sales was also driven by subvention from the dealer or manufacturer who agreed to bear the interest cost but not the credit risk. Card companies were the first to tap this opportunity. But considering that there are only 1.9 core credit cards in circulation the market is quite limited. Lenders such as Bajaj Finance, Future Capital, and Fullerton have expanded the market by putting up their loan desks within retail chains.” In 2007 all finance companies did not have a clue of who the borrower.
 
The loans were on the basis of documents filed by the borrower. We found that even Form 16 documents were fake” said the chief of finance company. He added that loans were pushed by agents who had an incentive to get disbursements which created a moral hazard resulting in bad loans rising. What has changed now is that lender is now able to identify how leveraged the applicant is, they can also identify in five minutes if the borrower had missed out on any loan installment in the past.
 
Need Personal Loan Urgently from Legal Money Lender? Most of our clients are working in Orchard, Siglap, East Coast, Beach Road, Bukit Timah, Bukit Purmai, Telok BlangahBukit Merah, Hougang, Sengkang, Punggol, Jalan Sultan, Middle Road, KallangGeylang, Whampoa, Geylang Serai, Aljunied, Bugis and Ang Mo Kio. See us today for a chat! 
   
 
 
Disappointed with Banks? Need Cash? We provide Personal Loan, Payday Loan or Cash Loan to residents of Toa Payoh, Thomson, Woodlands, Yishun, Bukit Batok, Commonwealth, Jurong East, Ang Mo Kio, Bishan, Beach Road, Havelock, Rochor Road, Chinatown, Burn Road, Tanjong Pagar, River Valley & Orchard Road. Legal Moneylender. See us today!
  UC United Credit Licensed Money Lender, Call: 62220227
 
 
Our Personal Loan, Cash Loan & Short Term Loan clients are mainly from GeylangJurong West, Beach Road, Jalan Sultan, Lavender, Middle Road, Chinatown, Kim Kiat, Buangkok, Tanjong Pagar, Marine Parade, Balestier, Bendemeer, Serangoon, Woodlands and Ang Mo Kio. Licensed Moneylender 

Apply Legal Personal Loans With above 17,000 Followers of www.SGmoney.sg and

 
Need Urgent Cash Loans, Personal Loan, Payday Loan or Business Loan? See a Legal Money Lender today. We loan out legally to residents of Pasir Ris, Tampines, Simei, Commonwealth, Bedok, Kallang, Beach Road, Jurong, Thomson, Bishan, Jurong, Kaki Bukit, Ubi, Marsiling, Thomson Road, West Coast, Boon Lay, Mandai, Sembawang and Choa Chu Kang. 
 
Legal Moneylender, Cash Loan & Personal Loan for residents in Geylang, Jurong Town Hall Road, Beach Road, Orchard Road, Middle Road, Little India, Ang Mo Kio, Marine Parade, Bukit Panjang, Jalan Besar, Seletar, Paya Lebar, Bukit Merah, Clementi, Jurong West, Punggol and Tampines. 
AND MORE !
Log on to http://sgmoney.sg/index.html for more Licensed Moneylenders listings in Singapore.
Apply Legal Personal Loans With above 17,000 Followers of www.SGmoney.sg and
 

Moneylender and Personal Loan in Singapore

Loan available in Singapore

SGmoney features Licensed Moneylenders information on personal loanbusiness loanpay day loanforeigner loanshort term loan or any legal cash loan & money loan services in Singapore.

Apply Legal Personal Loans With above 17,000 Followers of www.SGmoney.sg and

Loan

 
SGMoney is a Loan Directory in Singapore, listings include renovation loan, medical loan, education loan service providers in Singapore.

Personal Loan

SGMoney includes Licensed Moneylenders personal loan packages in Singapore. http://www.sgmoney.sg/online2.html
Cash Loan in Singapore http://www.sgmoney.sg/online.html
SGMoney helps you locate your preferred Licensed Money Lender fast and accurately.
Singapore Moneylenders Directory
http://www.sgmoney.sg/online6.html
SGMoney is a one stop platform for any legal Moneylender looking for interested consumers.
Personal Loan services in Singapore heading online
Licensed moneylenders in Singapore are targeting consumers looking for personal loans, business loans, short term loans, or simply fast cash loans but with less than SGD 30,000 income per annum. www.sgmoney.sg SGmoney® is an online media platform for legal loanapplications online.  For those whom wish to borrow money or are looking for a quick loan, cash loan, fast loan or any loan which are provided by authorized money lenders, they can do so online.
Bad credit loan is available via the SGmoney® licensed moneylender directory in Singapore, potential lenders with poor financial records will face difficulty when borrowing from banks. This online platform will be helpful to such consumers.  Pay day loan have been gaining popularity among this group of borrowers, but in order not to encourage a borrowing culture for the good of Singaporeans & permanent residents, the authority in charged had issued strict laws controlling licensed moneylender’s advertising activities in Singapore.
Borrow money only when really necessary

LATEST MONEYLENDER NEWS What is a personal loan?

LATEST MONEYLENDER NEWS What is a personal loan?

Personal loans are loans that a bank or other money lender makes that are not secured against any asset such as your property. They’re also known as unsecured loans.

Personal loans – The pros

  • You may be able to borrow more than with a credit card.
  • Your personal loan repayments may be fixed amounts. That means your repayment amount is going to be the same every month and it’s easier to budget.
  • The interest rate you pay on a personal loan is also usually fixed (but not always).
  • You can choose how long you’d like to take to repay the loan. Remember the length of a loan will affect the amount you are charged in interest.
  • You can consolidate several debts into one personal loan, potentially reducing your monthly repayment costs. But be careful, as this may mean extending the length of the loan and so paying more overall.

You can make over-payments or pay off a personal loan in full before the end of your agreement without penalty.

However if you repay more than £8,000 in any 12-month period the lender may charge compensation (although the amount the lender can charge is limited by law).

Personal loans – The cons

  • Personal loans have higher rates of interest than some other forms of borrowing, particularly if you want to borrow a smaller amount, such as $1,000.
  • Because the interest rate may reduce the more you borrow, you may be tempted to take out a bigger loan than you need.
  • Older loans (taken out before 1st February 2011) normally have an early repayment charge if you want to pay off your loan early or overpay.

What is a personal loan cooling-off period?

You have a 14-day cooling-off period from either the date the loan agreement is signed or when you receive a copy of the agreement, whichever is later.

If you cancel, you have up to 30 days to repay the capital and interest.

What to watch out for with a personal loan

You may not actually get the interest rate advertised with the loan, which is known as the representative APR (or annual percentage rate).

This is the rate that you will see on posters or banks’ websites, but not everyone will qualify for it. In fact, loan providers only have to offer this rate to just over half (51%) of borrowers they lend to.

If your credit rating is less than perfect, you may be accepted for a loan but charged a much higher rate of interest than the representative APR. Your application for a personal loan will not necessarily be accepted.

Some personal loans have variable interest rates, meaning they can go up or down. If you’re only just able to afford the initial repayments you should avoid this type of loan in case they do go up.

Look out for any arrangement fees, which will make a loan much more expensive. Make sure you include them when you work out how much the loan is going to cost you.

Arrangement fees will be included in the APR – which is why you should compare APRs rather interest rates.

Think carefully before accepting any payment protection insurance (PPI) your lender tries to sell you. This is insurance that covers your loan repayments if you have an accident, are ill and can’t work or lose your job.

However, it’s been widely mis-sold in recent years and many of the policies on offer weren’t adequate or didn’t pay out at all.

Even if you do want this cover, you will almost certainly get a much better deal by checking prices with several different providers.

If you are already struggling to pay your bills and repay our debts, you shouldn’t take on extra debt such as a personal loan.

How to get the best personal loan deal

  • Don’t just accept the first rate you are offered by your bank or building society.
  • Shop around to see which providers are offering the cheapest APRs. Compare representative APRs (but remember that you may end up paying more if you have a poor credit history). A comparison website can help you do this.
  • Consider peer to peer loans especially if you have a good credit rating. These loans may offer lower interest rates and are available for smaller amounts. They are featured in most comparison tables.
Peer to peer loans

Check the best personal loan rates on the Which? website opens in new window

Find out how much your loan could cost with our Loan calculator.

Secured personal loans

If you own your own home, you may be tempted to consider a secured loan.

However, this is a riskier option as your home is secured against the money you borrow.

This means that if you can’t repay the loan, the lender could force you to sell your home to pay off what you owe.

LATEST MONEYLENDER SINGAPORE NEWS 10 trusty tips in applying for a personal loan in 2016

LATEST MONEYLENDER SINGAPORE NEWS 10 trusty tips in applying for a personal loan in 2016

Personal loans are an avenue to explore if you are looking to get your hands on money to meet various needs.

Considering that these loans are extended for a defined term, consumers also like the enforced discipline of paying off the loan within a set time frame.

Here are 10 tips for 2016 for those considering personal loans.

 

1. Make sure a personal loan offers you the best deal

Consumers use personal loans for different purposes.

For instance, you could use them to consolidate your credit card debt, for home improvement purposes, to invest in your business or simply to take a vacation.

Check if there are other types of loans that could serve your needs better. For instance, you could take out a home equity loan or line of credit.

Considering that home equity loans are secured by your home, whereas personal loans are not secured loans, your interest rate is likely to be more favorable when you tap into home equity.

2. Choose the right moneylender

Financing sources that offer personal loans include bank loans, credit unions and online lenders.

Each of these offers a range of interest rates, and their terms vary. That’s why you should shop around and find a money lender whose loan best fits your needs.

For instance, Perc Pineda, senior economist with the Credit Union National Association, points out that for a $5,000, 2-year personal loan, the average rate is 9.54% at credit unions compared with 9.93% at banks.

3. Be careful with credit card consolidation

Taking out a personal loan to pay off credit card debt on more than 1 card and consolidating the payments is one of the most popular uses of personal loans.

If this is your motivation for taking out a personal loan, be careful not to defeat the purpose by racking up fresh credit card debt once you pay off the old cards and have access to fresh credit.

4. Read the fine print

Be sure to ask for a full disclosure of all the loan terms and read the fine print. There are differences in the terms offered by different lenders.

See if the monthly payment and repayment terms work for you. There also could be fees for late payments.

The lender is looking to generate a steady stream of interest payments from you over the term of the loan, so there could also be a prepayment fee, or penalty for paying off your loan early.

Looking for a personal loan? Check out www.sg-money.com.sg for the best deals.

5. Make sure your credit score is accurate

Your credit score could make for a significant difference in the interest rate you’re offered on your personal loan, irrespective of the overall direction of interest rates.

For instance, you could pay as much as 20% or higher with bad credit, while you could snag a much better 8% rate with good credit.

That’s why you should make sure that your credit score is accurate and continue to be responsible in your use of credit. Also, some personal loan lenders will report only the payments you miss to credit bureaus, so you could ask your lender to report your on-time payments to bolster your credit profile.

6. Watch out for origination fees

While some moneylenders seem to offer lower interest rates, you might find that they also tack on an origination fee that effectively hikes your interest rate. Thus, you could be better off with a lender that offers a higher rate than others but doesn’t add on any origination fees.

7. Don’t take on more than you can afford

Before you apply for a personal loan, gauge your financial situation and how much you can comfortably take on.

Some lenders will look to ply you with more than you can handle. That means you might end up biting off more than you can chew and fall into a debt trap.

8. Be careful about allowing automatic withdrawals

Some online lenders offer borrowers incentives to provide access to their bank accounts for automatic withdrawals of their monthly payments.

In fact, they could set up the personal loan terms as such, and you would have to opt out of the arrangement. For instance, you might find that you will have to pay a fee if you prefer to pay by check. If you provide access to your bank account, though, you might find yourself out of money when you need it.

9. What if you encounter difficulties with repayments?

Find out what your options are in case you run into difficulties making your payments. Is there any potential to modify the terms of the loan?

Also, is the lender open only to arbitration if any differences arise? Or can you go through the court system?

10. Fixed rate or variable rate?

Should you opt for a variable or fixed rate on your personal loan?

Typically, you will start off with a lower rate on a variable-rate loan, but you also will be taking on interest rate risk.

As interest rates rise, your variable rate also will rise, so your monthly payments will be higher.

With a fixed rate, your payments will remain the same for the term of the loan regardless of interest rate movements.

LATEST MONEY LENDER SINGAPORE NEWS Top tips for managing personal loans

LATEST MONEY LENDER SINGAPORE NEWS Top tips for managing personal loans

November 22, 2016

Personal loans

Personal loans can be used to pay for all kinds of things – weddings, renovations, holidays or debt consolidation. They are available through banks, credit unions, and loan ‘shops’. Borrowing from the wrong money lender could cost you a lot, so research your options and choose wisely.

Top tips for managing personal loans

  1. Always ask yourself if you really need to borrow the money. Could you cut your spending and save instead?
  2. Use the debt calculator to work out what the loan will cost you each month and in total.
  3. Make sure you understand all the fees that may be charged and avoid nasty surprises.
  4. Be careful borrowing from lenders who take your personal property as security. If you get behind in payments they could claim your household goods.
  5. Know when your payments are due and make sure you have the money to cover them.
  6. If you’re borrowing money for household basics get free debt counselling from your local Budget Advice Service.
  7. Try not to borrow more to refinance a debt. Talk to your lender about ways of reducing the interest on your existing loans.
  8. Avoid being a ‘guarantor’ for other people’s loans. If they don’t pay, you will have to.
 

Know your options

Family and friends

There are many different lenders to borrow from but the cheapest option could be your family, friends or even your employer.

Banks and credit unions

If friends or family can’t help, the next best option is to approach your bank or a credit union for a personal loan.

Banks, building societies, and credit union interest rates are often lower than those offered by other lenders and they often charge fewer fees.

Credit cards

You can borrow money on credit cards (called a cash advance), but the interest rates are usually higher than for personal loans. Repayments can quickly get out of hand if you don’t clear the balance each month.

If you want to buy something in a hurry it can be tempting to use hire purchase, a store card, or ‘line of credit’ cards offered by finance companies. But interest rates can be high and there are often large establishment fees and insurance to pay.

If you get behind in your payments the finance company may repossess everything you ever bought with the card.

Find out more about repossession and debt collection on the Ministry of Consumer Affairs website.

 

Loan shops

If you’re in urgent need of cash you might be tempted by a local loan shop. However, their interest rates can be very high.

Loan shop staff will often talk of repayment as so many dollars a week, rather than focusing on the total you will pay back over time. Always make sure you add up the total cost and ask them to state the actual interest rate so that you have all the facts to compare.

Avoid lenders that charge very high interest rates – especially if they’re offering money door-to-door and don’t have an office. These lenders can include ‘loan sharks’ who may use heavy-handed techniques to make you pay up.

Loan sharks often charge interest by the week on ‘payday’ and you can easily end up paying many times what you borrowed. It’s common for interest rates on these types of loans to be several hundred percent each year.

Ask for help

 

If you need money urgently to cover basic costs contact Work and Income  to see if you qualify for a hardship grant, or speak with your local Budget Advice Service. They may know of church or charitable funds in your area you can borrow from.

Using your mortgage

If you own property you can usually get a cheaper loan secured against your home from a bank or other lender. Keep in mind that if you fall behind with payments you risk your home being repossessed.

With a revolving credit home loan you can borrow money against your house any time you need it, if you have balance available and as long as you stay within the original agreed terms and limit of your loan. This kind of credit only works if you’re the sort of person who is disciplined about making repayments, and shouldn’t be used for day-to-day expenses.

Find out more about the different types of mortgage.

If you do use your mortgage to borrow against your home, try to pay the additional loan off over as short a time as possible.  Even if the interest rate is lower, you’ll end up paying more in the long run if your loan is spread over the whole term of your mortgage.

Find the best interest rate

Interest on personal loans can make them an expensive way to get money. Shopping around usually means you will pay a little less.

Check the fees and charges

 

To find the best loan you need to know the fees involved, as well as the interest rate. See what you’ll pay in total with the debt calculator.

 

Many loans have establishment or documentation fees that can be more than $100. Store cards charge for replacement or additional cards, or to reprint a statement. You could also have to pay a fee to change the repayment terms, and if you don’t pay on time you’ll be charged default fees.

If these fees are all rolled into the loan you’ll pay interest on them – as well as the loan amount.

Banks may also charge you dishonor fees if meeting your loan repayment means you exceed the agreed overdraft on your current account.

Apply Legal Personal Loans With above 17,000 Followers of www.SGmoney.sg

LATEST NEWS: I Need a Personal Loan Immediately! — 5 Tips To Find The Best One
Apply Legal Personal Loans With above 17,000 Followers of www.SGmoney.sg and
Trying to secure Legal Cash Loans, Personal Loans, Payday Loans from Money lenders? Our Personal Loan clients are mainly from Pasir RisTampinesJoo Chiat, Telok Kurau, Simei, Bedok, Toa PayohMarine Parade, Geylang, Eunos, Chai Chee, Kallang and Bugis. Visit us ! 
Personal loans  make strong comeback riding on real-time credit scoring
Unsecured personal loans which had all but disappeared after record defaults in 2007-08 are making a strong comeback thanks to the Credit Information Bureau of India’s real-time credit scoring. Also expanding the market are new intermediaries who are generating leads that help lenders go beyond tapping walk-in customers at retail chains.
 
Consumer loans on equated monthly installments started picking up a couple of years back initially through credit cards. The EMI sales was also driven by subvention from the dealer or manufacturer who agreed to bear the interest cost but not the credit risk. Card companies were the first to tap this opportunity. But considering that there are only 1.9 crore credit cards in circulation the market is quite limited. Lenders such as Bajaj Finance, Future Capital, and Fullerton have expanded the market by putting up their loan desks within retail chains.” In 2007 all finance companies did not have a clue of who the borrower.
The loans were on the basis of documents filed by the borrower. We found that even Form 16 documents were fake” said the chief of finance company. He added that loans were pushed by agents who had an incentive to get disbursements which created a moral hazard resulting in bad loans rising. What has changed now is that lender is now able to identify how leveraged the applicant is, they can also identify in five minutes if the borrower had missed out on any loan installment in the past.
Need Personal Loan Urgently from Legal Money Lender? Most of our clients are working in Orchard, Siglap, East Coast, Beach Road, Bukit Timah, Bukit Purmai, Telok BlangahBukit Merah, Hougang, Sengkang, Punggol, Jalan Sultan, Middle Road, KallangGeylang, Whampoa, Geylang Serai, Aljunied, Bugis and Ang Mo Kio. See us today for a chat! 
   
 
 
 
Disappointed with Banks? Need Cash? We provide Personal Loan, Payday Loan or Cash Loan to residents of Toa Payoh, Thomson, Woodlands, Yishun, Bukit Batok, Commonwealth, Jurong East, Ang Mo Kio, Bishan, Beach Road, Havelock, Rochor Road, Chinatown, Burn Road, Tanjong Pagar, River Valley & Orchard Road. Legal Moneylender. See us today!
  UC United Credit Licensed Money Lender, Call: 62220227
 
Our Personal Loan, Cash Loan & Short Term Loan clients are mainly from GeylangJurong West, Beach Road, Jalan Sultan, Lavender, Middle Road, Chinatown, Kim Kiat, Buangkok, Tanjong Pagar, Marine Parade, Balestier, Bendemeer, Serangoon, Woodlands and Ang Mo Kio. Licensed Moneylender 

Apply Legal Personal Loans With above 17,000 Followers of www.SGmoney.sg and

Need Urgent Cash Loans, Personal Loan, Payday Loan or Business Loan? See a Legal Money Lender today. We loan out legally to residents of Pasir Ris, Tampines, Simei, Commonwealth, Bedok, Kallang, Beach Road, Jurong, Thomson, Bishan, Jurong, Kaki Bukit, Ubi, Marsiling, Thomson Road, West Coast, Boon Lay, Mandai, Sembawang and Choa Chu Kang. 
Legal Moneylender, Cash Loan & Personal Loan for residents in Geylang, Jurong Town Hall Road, Beach Road, Orchard Road, Middle Road, Little India, Ang Mo Kio, Marine Parade, Bukit Panjang, Jalan Besar, Seletar, Paya Lebar, Bukit Merah, Clementi, Jurong West, Punggol and Tampines. 
AND MORE !
Log on to http://sgmoney.sg/index.html for more Licensed Moneylenders listings in Singapore.
Apply Legal Personal Loans With above 17,000 Followers of www.SGmoney.sg and
 

Moneylender and Personal Loan in Singapore

Loan available in Singapore

SGmoney features Licensed Moneylenders information on personal loanbusiness loanpay day loanforeigner loanshort term loan or any legal cash loan & money loan services in Singapore.
   

Apply Legal Personal Loans With above 7,000 Followers of www.SGmoney.sg and

Loan

SGMoney is a Loan Directory in Singapore, listings include renovation loan, medical loan, education loan service providers in Singapore.

Personal Loan

SGMoney includes Licensed Moneylenders personal loan packages in Singapore. http://www.sgmoney.sg/online.html
Cash Loan in Singapore http://www.sgmoney.sg/online.html
SGMoney helps you locate your preferred Licensed Money Lender fast and accurately.
Singapore Moneylenders Directory
http://www.sgmoney.sg/online6.html
SGMoney is a one stop platform for any legal Moneylender looking for interested consumers.
Personal Loan services in Singapore heading online
Licensed moneylenders in Singapore are targeting consumers looking for personal loans, business loans, short term loans, or simply fast cash loans but with less than SGD 30,000 income per annum. www.sgmoney.sgSGmoney® is an online media platform for legal loanapplications online.  For those whom wish to borrow money or are looking for a quick loan, cash loan, fast loan or any loan which are provided by authorized money lenders, they can do so online.
Bad credit loan is available via the SGmoney® licensed moneylender directory in Singapore, potential lenders with poor financial records will face difficulty when borrowing from banks. This online platform will be helpful to such consumers.  Pay day loan have been gaining popularity among this group of borrowers, but in order not to encourage a borrowing culture for the good of Singaporeans & permanent residents, the authority in charged had issued strict laws controlling licensed moneylender’s advertising activities in Singapore.
Borrow money only when really necessary
With lesser visibility of loan providers seen in the Singapore money lender scene, potential borrowers are expected to have more time to decide- The type of loans to choose, the loan amount and only if they genuinely need to borrow money in Singapore- be it personal loan, pay day loan, short term loan, foreigner loan or simply legal fast cash loan from any licensed moneylender in Singapore featured in SGmoney® The Personal Loan Directory in Singapore.
Apply Legal Personal Loans With above 17,000 Followers of www.SGmoney.sg and
Visit http://sgmoney.sg/index.html for more Loan selections. Legal Loans in Singapore! http://www.sgmoney.sg/online.html
Apply Legal Personal Loans With above 11,000 Followers of www.SGmoney.sg and


Trying to secure Legal Cash Loans, Personal Loans, Payday Loans from Money lenders? Our Personal Loan clients are mainly from Pasir RisTampinesJoo Chiat, Telok Kurau, Simei, Bedok, Toa PayohMarine Parade, Geylang, Eunos, Chai Chee, Kallang and Bugis. Visit us ! 
Personal loans  make strong comeback riding on real-time credit scoring
Unsecured personal loans which had all but disappeared after record defaults in 2007-08 are making a strong comeback thanks to the Credit Information Bureau of India’s real-time credit scoring. Also expanding the market are new intermediaries who are generating leads that help lenders go beyond tapping walk-in customers at retail chains.
Consumer loans on equated monthly installments started picking up a couple of years back initially through credit cards. The EMI sales was also driven by subvention from the dealer or manufacturer who agreed to bear the interest cost but not the credit risk. Card companies were the first to tap this opportunity. But considering that there are only 1.9 crore credit cards in circulation the market is quite limited. Lenders such as Bajaj Finance, Future Capital, and Fullerton have expanded the market by putting up their loan desks within retail chains.” In 2007 all finance companies did not have a clue of who the borrower.
The loans were on the basis of documents filed by the borrower. We found that even Form 16 documents were fake” said the chief of finance company. He added that loans were pushed by agents who had an incentive to get disbursements which created a moral hazard resulting in bad loans rising. What has changed now is that lender is now able to identify how leveraged the applicant is, they can also identify in five minutes if the borrower had missed out on any loan installment in the past.
Need Personal Loan Urgently from Legal Money Lender? Most of our clients are working in Orchard, Siglap, East Coast, Beach Road, Bukit Timah, Bukit Purmai, Telok BlangahBukit Merah, Hougang, Sengkang, Punggol, Jalan Sultan, Middle Road, KallangGeylang, Whampoa, Geylang Serai, Aljunied, Bugis and Ang Mo Kio. See us today for a chat! 
 
Disappointed with Banks? Need Cash? We provide Personal Loan, Payday Loan or Cash Loan to residents of Toa Payoh, Thomson, Woodlands, Yishun, Bukit Batok, Commonwealth, Jurong East, Ang Mo Kio, Bishan, Beach Road, Havelock, Rochor Road, Chinatown, Burn Road, Tanjong Pagar, River Valley & Orchard Road. Legal Moneylender. See us today!
  UC United Credit Licensed Money Lender, Call: 62220227
 
Our Personal Loan, Cash Loan & Short Term Loan clients are mainly from GeylangJurong West, Beach Road, Jalan Sultan, Lavender, Middle Road, Chinatown, Kim Kiat, Buangkok, Tanjong Pagar, Marine Parade, Balestier, Bendemeer, Serangoon, Woodlands and Ang Mo Kio. Licensed Moneylender 
Need Urgent Cash Loans, Personal Loan, Payday Loan or Business Loan? See a Legal Money Lender today. We loan out legally to residents of Pasir Ris, Tampines, Simei, Commonwealth, Bedok, Kallang, Beach Road, Jurong, Thomson, Bishan, Jurong, Kaki Bukit, Ubi, Marsiling, Thomson Road, West Coast, Boon Lay, Mandai, Sembawang and Choa Chu Kang. 
Legal Moneylender, Cash Loan & Personal Loan for residents in Geylang, Jurong Town Hall Road, Beach Road, Orchard Road, Middle Road, Little India, Ang Mo Kio, Marine Parade, Bukit Panjang, Jalan Besar, Seletar, Paya Lebar, Bukit Merah, Clementi, Jurong West, Punggol and Tampines. 
AND MORE !
Log on to http://sgmoney.sg/index.html for more Licensed Moneylenders listings in Singapore.

Moneylender and Personal Loan in Singapore

Loan available in Singapore

SGmoney features Licensed Moneylenders information on personal loanbusiness loanpay day loanforeigner loanshort term loan or any legal cash loan & money loan services in Singapore.

Loan

SGMoney is a Loan Directory in Singapore, listings include renovation loan, medical loan, education loan service providers in Singapore.

Personal Loan

SGMoney includes Licensed Moneylenders personal loan packages in Singapore. http://www.sgmoney.sg/online.html
Cash Loan in Singapore http://www.sgmoney.sg/online.html
SGMoney helps you locate your preferred Licensed Money Lender fast and accurately.
Singapore Moneylenders Directory
http://www.sgmoney.sg/online.html
SGMoney is a one stop platform for any legal Moneylender looking for interested consumers.
Personal Loan services in Singapore heading online
Licensed moneylenders in Singapore are targeting consumers looking for personal loans, business loans, short term loans, or simply fast cash loans but with less than SGD 30,000 income per annum. www.sgmoney.sg SGmoney® is an online media platform for legal loan applications online.  For those whom wish to borrow money or are looking for a quick loan, cash loan, fast loan or any loan which are provided by authorized money lenders, they can do so online.
Bad credit loan is available via the SGmoney® licensed moneylender directory in Singapore, potential lenders with poor financial records will face difficulty when borrowing from banks. This online platform will be helpful to such consumers.  Pay day loan have been gaining popularity among this group of borrowers, but in order not to encourage a borrowing culture for the good of Singaporeans & permanent residents, the authority in charged had issued strict laws controlling licensed moneylender’s advertising activities in Singapore.
Borrow money only when really necessary
With lesser visibility of loan providers seen in the Singapore money lender scene, potential borrowers are expected to have more time to decide- The type of loans to choose, the loan amount and only if they genuinely need to borrow money in Singapore- be it personal loan, pay day loan, short term loan, foreigner loan or simply legal fast cash loan from any licensed moneylender in Singapore featured in SGmoney® The Personal Loan Directory in Singapore.
Visit http://sgmoney.sg/index.html for more Loan selections. Legal Loans in Singapore! http://www.sgmoney.sg/online.html

LATEST MONEYLENDER NEWS 5 things you’ll need to apply for a personal loan

LATEST MONEYLENDER NEWS 5 things you’ll need to apply for a personal loan

If you’re looking to take out a personal loan with a licensed moneylender it’s quick and easy to apply online – just make sure you have a few things on hand before you start:

  1. Proof of income
  2. Bank statements
  3. NRIC
  4. 12-month comprehensive car insurance policy document (for Secured Car Loans)
  5. Your car’s tax invoice (for Secured Car Loans)

We’ve outlined what you need to ensure you don’t have any hiccups along the way.

If you’re a local bank customer you can upload these documents straight away when you apply online for a fixed rate personal loan or variable rate personal loan. If you are not a customer yet, or are after a secured car loan, you can apply online and bring the documents into any branch.

1. Proof of income

You’ll need to produce your two most recent payslips, or if you’re self-employed, we’ll need your last two years’ tax returns/financial statements and the most recent tax notice of assessment issued to you by the IRAS

2. Bank statements

Moneylenders need to see statements for any savings, loans or credit cards you have with any other financial institutions.

  • If you’ve been a local bank’s customer for more than six months you only need to provide statements covering one month of your most recent transactions.
  • If you’ve been a local bank’s customer for less than six months you’ll need to provide at least three months’ worth of statements.

3. Personal identification

If you’re an existing customer there is no need to provide personal ID. If you’re a new customer we’ll just need to see one of these (which contains your photo):

  • Passport
  • Singapore driver’s licence
  • NRIC

If you don’t have any of those handy, we’ll need to see two of these:

  • Birth certificate
  • Internationl driver’s licence
  • Utility/ Telco bills or IRAS assessment notice

Want to apply for a car loan?

If you’re in the market for a car and want to take out a Secured Car Loan, there are a couple of extra things we need.

4. 12-month comprehensive car insurance policy document

This will have to be organised and paid for prior to the purchase of the car, and you’ll need to specify the name of the bank as the financier of the motor vehicle when taking out the insurance. We’ll also need a copy of your policy.

5. Tax invoice

We’ll need a tax invoice for your car that includes some standard information, such as:

  • Car registration number
  • Vehicle log card & chassis number
  • Engine number
  • Purchase price of the car

Depending on where you’re buying your car from, these forms will help you collect the information we need about the car:

  • From a dealer: Dealer Tax Invoice Request Form
  • Through a private seller: Private Sales Invoice Form.
%d bloggers like this: