When in need of cash, would you consider going to a moneylender or the bank for that loan? Also when you need quick cash for a last minute project, is this the best time to borrow?

Probably there is never going to be a “right time” to borrow but considering this, there are times when it is better to borrow compared to others. Not just to get lower rates, but also to be able to borrow more, and get a longer period for repaying the monies that you borrow.

Therefore, if you are considering getting one, or if you find yourself in a bind and you have to borrow immediately, what then are the things you need to be aware of as a borrower? What do you do when the time comes for you to get that loan from a moneylender or bank?

Cash flow

As a business you will be needing some cash; so, when you wish to borrow so as to increase your cash flow, then this will be an important way to build up. Therefore, instead of getting different credit cards, you could maintain operational funds. Why do you then need an operational fund?

• This will let you pay vendors and also pay employees you plan to hire. This is equally a great way of paying for items you will need to buy so as to help the business run as it should.
• Certainly, you will need a few business accounts and credit cards, however, it is advisable that you have some ready at all times. Hence, if you want to get a loan so as to have that ready cash, then this is reason enough and it is the best time for you to get a cash loan.
• Based on the amount of cash you require, what you will be using it for, and your plan on how to allocate the sum, there are several ways that are better compared to others.
• But, when it comes to getting a loan, this is the right time to get one and is also the ideal way that will let you continue to grow your business and you can later have higher profit margins.

Spend To Grow

For business owners, there are no shortcuts to growing a business; when you are not ready to spend, then you will not be able to grow. Because there is a lot of competition in all types of business and in any niche, you will find that there are those that will be prepared to spend, and want to grow.

This then means, you will have to look for ways how you may do the same, so as to make ends meet. This needs to also be with the aim to guarantee optimal growth later on as well.

When it concerns money, there are those times that are more advantageous than others for taking out a personal loan.

Make it grow

In order for you to grow and expand you will need to have more money to achieve this as well. Also with expansion, there are the obvious benefits that come along in being able to make more profits in the business. So, when you are planning to purchase a new store, buy pricey equipment, build an online site, or expand and get new employees, all these are great reasons to opt for a cash loan to help you build your business. By choosing to spend more money so as to make more, you could find it a lot easier to grow things up and expand as a business.

How Can You Do This?

Whether it is that new store you will be opening, more supplies, more resources, hiring new employees, or equipment, all these are great ways that will help your business expand and continue to grow. To achieve this, you will have to put in more funds now using a loan, and you will have to pay the loan back over time.

Additionally, when you know which lender to go to, where to turn, and how to handle the borrowing process, you will find it is much easier to grow and even be able to make a higher profit as a business as well.

Build assets

As a business owner, you could be considering borrowing and the most opportune time to do this is when you want to build more assets. When you are planning to purchase equipment, and things so as to make your business to grow.

So in such an instance, you will not have it any other way, hence to be able to make money you will need to spend it as well. Also, when you know the kind of assets to buy, ways to allow them to the business, and how you can set up the assets. Then you will realize that the personal loan you take out, will go a long way in your business, and it will help it grow.

So, when you know ways to build assets and also know where to get your loan, you will be able to make profits from the loan money that you will be borrowing. Thus, even though you will have to repay the loan money and with interest, you will come to realize that this sum can easily provide support for your business to grow, and it could also assist you to earn much greater profits in future as well.

For that reason, as you are building assets, you will be looking at great opportunities to borrow money as a business owner.

In Closing

When you are seeking to find the best time for borrowing, these are some of the many that may be befitting for you to request for a personal loan from a licensed moneylender. To start with you will have to search around and you need to take time in comparing loan rates and terms. However, you will find many great opportunities available to grow as a business owner.

All you need to do is just know where to go, how to borrow, and ways to apportion the cash, in order to grow your business, and earn higher profits in the future.

Since the beginning on October 2015, the capping of monthly rates of interest was officially enacted. This capping means that interest rates that licensed moneylenders may charge is set at 4 %.

Some of the moneylenders have switched their borrowers to the weekly loan contracts (rather than the usual monthly ones) as a way to circumvent this law and compensate their losses in interest.

Even with this, there are those borrowers whose financial plan is about becoming debt free fast. In having and trying other options to help you repay debt may be a useful move.

The possible benefits of making weekly payments rather than the monthly will depend on the kind of debt you hold and how the rate is calculated. When you are paid each week, then making weekly loan payments will make it convenient for you to manage and track your payments.

Types of Debt Interest

The rate on your loan is worked out either monthly or every day. Fixed payment debts such as mortgages and the car loans will calculate their interest each month. The rates of interest paid every month are computed on the remaining principal balance after receiving the last month’s payment.

Revolving debt like credit cards and lines of credit work out their interest each day. The interest is computed every day on the existing balance of your loan.

Making a payment late or even early within the payment cycle with this kind of debts impacts the interests charged on the following statement.

Making earlier payments help lessen the computed interest.

Smaller, Yet More Regular Payments

When you divide your monthly payments by 4 and then you be making a payment every week covering four payments a month on the fixed payment personal loan. Then it means the interest computed for the following month will not be different as when you make one payment ahead of the loan due date.

When you, however, make weekly payments on the revolving credit debt, then the interest charged for the following month will be less than when you are to make one payment right before the debt’s due date.

Thus for credit cards, the smaller interest charges mean that the minimum payment for the following month will get slightly lower.

The Benefits of making Weekly Payments

In making weekly payments on your debt, the loan will reduce faster than when you are making monthly payments. This is when you put in a payment each week in the year, and this is equal to 52 installments.

When you take your monthly payment amount and then divide it by 4, it will take you 48 weekly contributions to help you cover the payments to be made in a year. However, if you pay that very amount each week, the extra 4 payments on each year will go directly towards reducing your whole loan balance.

The outcome is similar to making 13 monthly contributions within the year, thus shortening the period of time you need to repay the loan.

Repay Credit Cards Fast

When you would like to pay back your credit cards following the weekly plan, the key to quickly paying down your card balance is to maintain the weekly payments on the same level. Every month the minimum payment keeps going down, but you will need to continue paying following the same weekly plan. Thus avoid lowering your weekly repayments to the new installment divided by 4.

Then after a span of some months, you may notice your credit card balances starting to reduce at a much faster rate compared to the time you were making payments at or near the minimal payment

Tip: Provided that your loan does not have a pre-payment penalty, you may consider making weekly payments rather than monthly on any of your loans, starting from credit card debts to a mortgage.

In putting in more regular, smaller payments towards your debts will help you repay them more quickly. The weekly payment plan rather than the monthly plan will also assist you to budget your money. More so, for someone who gets weekly or the bi-weekly paycheck.

You can use a specific amount of the money from each paycheck to put in a payment. This way you will not have to save up a large sum to make the payment at the end of each month. When you choose to make weekly repayments, be sure that you make an arrangement so that they be deducted automatically from your account. This way you will not have to spend much money on postage.

Start by dividing the sum amount you usually pay for your debts each month by 4. For instance, when you normally pay $200 each month for a car loan, then divide this amount by 4 to arrive at $50 a week.

Even though each month usually has four weeks, there are some months that have five instead, because a year has 52 weeks. When you make payments of $50 for 52 weeks, then you will in end have paid an additional $200 a year, that is $2,600 rather than $2,400 if you had paid $200 each month.

You can also consider adding a small amount to every weekly payment that you make. This will serve to further help lessen the time it will take you to repay the debt and also the amount in interest that you pay.

When you pay $200 for your personal loan every month, you can increase it to about $300 only by adding $25 on each payment. This additional $100 each month will not appear as significant when it is broken down into much smaller payments, however, it can make a much bigger impact in repaying down your existing debt.

Conclusion

When your financial plan is about becoming debt free fast and you are trying other options to help you repay your debt. Then you will need to consider the loan type you hold and your salary. Even then given that your loan does not come with a pre-payment penalty, you can consider making weekly payments instead of the monthly on any loan. This starting from card debts to the mortgage.

Nowadays, we tend to see two different aspects of goods and services.

In terms of goods, fake or counterfeit items are cheaper and look like the original, but as time passes, it will break easily because it was made with cheap material. In some instances, it can even affect your health and image the longer you use these fake items. You also cannot resell them once the obvious signs of wear and tear are visible.

On the other hand, authentic or original items are expensive, but are made of high quality and do what it promises to do. They also resell at a high value if you sell them through legitimate reselling shops.

Services also experience this two sides and they are known as legal and illegal services.

In Singapore, moneylending is an important industry because it is where people can go to if they want to borrow money fast without having to undergo long application times and approval or if they could not get personal loans from banks.

As a result, there are moneylenders sprouting in the shadows which are posing as legitimate moneylenders, but in truth are fake. Sadly, their appearance in the market has caused confusion amongst the public since they are unaware that these moneylenders are not what they seem to be.

How exactly do fake moneylenders work and how do they trick clients into believing they are legitimate moneylenders?

1. Fake moneylenders tend to mimic the style of legal moneylenders in terms of how their names sound and even replicate the license numbers used by legal moneylenders.
2. Fake moneylender would have official-looking advertising materials, from flyers, social media sites, and websites and it will have the fake moneylender name and copied license number.
3. Fake moneylenders would copy how official SMS from legal moneylenders and banks are written, then edit it to look like official messages with their name on it. They would also use professional-sounding staff to conduct the calls to make their offer sound authentic.

What do Legitimate Moneylenders Actually Do?

Since fake moneylenders copy or mimic the style of legal moneylenders and their credentials, it would be difficult for those who do not know what to look for to discern the moneylender’s trustworthiness.

In order to help you out, here are the things you should remember about the difference between legitimate moneylenders and fake moneylenders:

• Legitimate moneylenders are not allowed by law to advertise their products and services through text, call or e-mail. They can only post their services through legal channels, such as their websites.
• No loans are offered directly through clients and processed through mobile discussion by legitimate moneylenders. Clients must be the ones to inquire about their service through call or e-mail. Processing of applications is usually done both online and offline.
• Legitimate moneylenders also do not use mobile numbers when it comes to their advertisements. All legitimate moneylenders must use their phone numbers when posting their details on their website and other key areas, as well as when they contact clients.
• Legitimate moneylenders do not ask clients to meet them face-to-face or provide income documents during these meetings. Clients simply have to apply through the moneylender’s website and wait for their appointment with the moneylender in their office before you can bring the necessary requirements. Legitimate moneylenders also do not keep personal information of clients or their documents.
• Legitimate moneylenders also do not ask sensitive information such as SingPass for loan applications.
• Legitimate moneylenders also sign a contract with their clients, which details the loan they have applied for, the amount borrowed, the repayment terms and the fees that must be paid by the client. This is the only document you will sign and keep as a proof of your transaction. If they violate the contract, you will be protected by law.
• The interest rates and other related fees charged by legitimate moneylenders are fixed throughout a loan’s tenure. Legitimate moneylenders also ask only three different fees for loans: legal fees, late fees, and processing fees. Fake moneylenders would adjust the loan’s interest rates and ask extra fees which do not apply to your loan.
• Legitimate moneylenders also do not use force when seeking late repayments. They will contact you through SMS, E-mail or visit your office or home to collect your payment. If you do have problems paying your loan, you can speak to them and seek an extension.

Still need some help?

If you are still uncertain about the moneylender you are looking for, you can do the following to help you decide if the moneylender you are looking at is legitimate or not:

• Visit the website of the Singaporean Ministry of Law to view the full list of licensed moneylenders in the country. The list is regularly updated and free to view online. If you do not find your moneylender here, then you can use the list to find another possible moneylender.
• Check the reviews of trusted Singaporean reviewers or blogs of past and current clients of these money lenders. Past and current clients, as well as Singapore review sites, are great places to see if the moneylender is legitimate or illegitimate and how well their services are like.
• You can also visit the office of the moneylender in question to learn more about their offers.

Final Remarks

When looking for a moneylender that can help you with a personal loan, it is a must that you review the background of the moneylender you are considering before discussing details with them.

Knowing your future moneylender’s background would tell you a lot about their trustworthiness and if you are dealing with a legitimate moneylender. Knowing the current laws for moneylenders could also go a long way since it is a clear indicator on which moneylenders adhere to the rules and are recognized by the government and other financial bodies.

If you sign haphazardly on a personal loan offer without doing your research, you may find yourself in a heap of trouble especially if they are loan sharks.

Be careful and research before you sign!

Good luck!

There will always be a point in one’s life that you may need to borrow money to pay off something. It could be borrowing money through a credit card so you can purchase an item or seek a secured loan to fund your business.

No matter where you need the money, there will always be a corresponding loan program and terms that will match it. In Singapore, you can seek all types of loans from both banks and moneylenders depending on your needs.

However, a lot of people tend to neglect when it comes to picking loans is that every moneylender or bank has their own prices for the loans they offer. One moneylender may charge high for their personal loan programs, but another money lender singapore can provide the same personal loan with a lower interest.

Know What You Need

Before you go shop for loans, it is best you know why you need it in the first place and how much you actually want to borrow.

If you are after smaller loans, a lot of offers are available for you to check out.

Smaller loans do not require you to have an excellent credit score, as well as when you are checking out credit cards. Credit cards tend to be diverse in the benefits they offer, as well as the rates they have per month. Smaller loans and credit cards are often retrofitted for a consumer’s use so you can always get a perfect fit for your needs and even find ones that come with benefits you did not know they offer.

For larger loans, consider where you will use it – like for business or travel – and check out the options from there.

If you are going to borrow for your debts, it is best you consider other options. Lenders will not approve loan applications if they are to pay off other loan debts. You will need to ask a debt manager to assist you in paying off these dues before you can apply for a loan.

Research First

Once you determine the amount and purpose of the loan, it is ideal to research all of the ones available in the market and learn everything about it. You shouldn’t immediately sign up for a loan just because it can provide you with the money. Some loans may not even serve your needs and you end up being stuck with them until the repayment period is done. There can be other financial services available which fit your needs.

Researching will ensure that you can narrow down the options you can use. It may be difficult, but it is worth it when you find the one you need.

When checking out for a loan, check out all the available money lender singapore that offer the loans before you request a loan. If you are currently getting yourself pre-approved for a mortgage loan, for example, lenders can provide you with the various loan options available for your needs. Once you find the one you want, you can make the deal and make the offer to the house you want.

As you wait for the offer to be accepted, you have some time to check out other lending options available to you. You can take this time to approach moneylenders who can check out the quote(s) given to you by your primary lender and give you their offer based on it. Some lenders may give you a lower interest rate, provide grants or even offer extra options or benefits when you avail their product.

When you see these offers, pick the one which you can benefit more from lesser cost before your offer is accepted. If you failed to pick a good one from your second review and your offer is accepted, you are stuck with your primary lender.

Before you also agree on any offer, ask the lenders about their credit qualifications and requirements for their loan programs. Some moneylenders and banks may highlight their requirements on their websites, but others may not do so. You can call them up and ask everything you want to learn about the loans while you consider them.

Know Your Credit History

Once you narrowed down to the lenders you want to seek a loan from, you will need to consider if you have the “right” credit that will help you manage these services. Remember, if you have “too much credit” and you opt to get a new loan account, you may tarnish your credit rating if you failed to keep up with repayments.

If you are uncertain if your credit history is good or bad, you can always request your credit history from Credit Bureau Singapore and their partners. They will provide you with a 12-month report of your credit history and indicate your credit rating.

Alternatives for Poor and Bad Credit

When you know your credit rating and it indicates you have a poor or bad history, you can use several means to build your credit rating back up. Some good examples are paying your bills on time for 12 consecutive months or paying your bills in full.

However, if you do not have the time to rebuild your credit rating or you do have black marks on your history due to bankruptcy or default, you can check out licensed moneylenders that offer loans for such backgrounds. Unfortunately, if you do apply to these moneylenders, the amount you can borrow may be small and the interest rates can be higher than the standard personal loans they offer.

Final Remarks

When shopping for a loan, it is important you do not immediately pick one without considering all the options available. Take some time to research, check other offers, know your credit history and consider the loan you need before picking a loan. If you find something wrong or missing with your requirements, remedy it immediately before you apply for a loan.

If you picked one haphazardly or you did not consider your credit rating or your needs, there is a possibility it is mismatched with your financial capacity and repayment preferences. It can also cause mishaps to occur and it can be tricky to sort it out when it happens.