When Is The Best Time To Borrow From a Moneylender

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.

Avoid Making Loan Mistakes from Moneylenders in Singapore

An emergency situation can happen anytime without a warning. And even then it may be that you have little time left to get some loan money you need. How can you then borrow and avoid making loan mistakes in such a situation? Before deciding to work with any moneylender, be sure to do thorough research and compare deals offered.

When it happens that you cannot access banking services (either because you are unbanked or under-banked). Also, it could be that you do not hold a good credit record. What can you do then? Working with a licensed moneylender can be a good option for you as they are prepared to lend you some cash provided you meet their requirements.

Since Singapore has different types of lenders and each claims to offer low interests. What can you do so as to find the best lender to help you with your finances? Since there are many moneylenders in the country, how can you avoid making loan mistakes?

Here is a look at how.

Do Not Disclose Your Personal Details To Illegal Lenders

Usually, illegal moneylenders aim at getting your personal information by asking for your individual login details which could be misused. On the other hand, a licensed moneylender will just verify your personal details at their registered office without needing to know your private login details.

What does this mean for borrowers? This means legal lenders will check all your papers following set regulations and rules before offering you a loan.

Avoid Moneylenders With High-Interest Loans

Which lender is best for you? Getting loans from licensed moneylenders who adhere to the moneylender’s law or borrowing from illegal lending companies. Realize that unlicensed lenders offer higher interest which could somehow exceed the principal loan amount that you had borrowed.

So what is the best option for you?

Consider working to borrow from legal moneylenders who can help you pay the right interest amount which is actually suitable and you can afford.

Avoid Scam SMS From Illegal Moneylenders 

What do you do if you receive numerous text messages from unlicensed lenders enticing you with their attractive deals? Sometimes you might fall into the trap of their illegal actions hence be careful while you borrow.

Realize that authorized moneylenders in Singapore will never send you any kind of e-mails or messages or even make voice calls so as to win you over.

What then can legal lenders do for you? They are likely to offer you loans and only when you approach them and have with you the necessary documents.

Do Not Make Oral Agreements

Always avoid making oral loan agreements. What kind of a contract should you go for? The loan contract you should accept needs to be complete and signed by the moneylender and the borrower before the loan money can be disbursed to your bank account.

As a borrower, you should realize that any form of oral agreement is not considered to be valid following the money lending rules. It happens that most illegal lenders offer incomplete or oral agreements, so only ensure that your lender gives you your copy of the complete and signed agreement.

Learn About The Lending Rules Before You Borrow

Usually, authorized Moneylenders will get you to keep to the strict lending procedures applied as set by the government. What does it mean when these guidelines are disobeyed? Disobeying the lending rules and processes is an offence that is punishable and could lead to the lenders going behind bars or get huge fines to pay.

Even most licensed moneylender will advise their clients to utilize their money properly by teaching each of them good money management tactics.

Why is this important for borrowers? As it will let you know all the legal procedures before borrowing so that you can consult a professional before taking the last lending step.

Why Should You Work With a Licensed Moneylender?

So, what are some of the advantages of taking loans with licensed lenders in Singapore?

  • Customized Solutions

This is among the many benefits of getting loans offered by legal moneylenders in Singapore. As a borrower, you can rest assured that this type of lender will provide you with customized loan options. These loans are tailor-made to fit your different financial needs examples of these include payday loans, instant personal loans, business loan and foreigner loans.

  • Flexibility

In Singapore, most licensed moneylenders are a lot flexible when it comes to their loan terms. Is this different from other money lenders? Sure, legal lenders have less strict requirements compared to those of banks when they are offering loans. This makes loans more accessible to more Singaporeans.

  • Nil Collateral And Credit Record Needed

This is probably the biggest advantage of dealing with licensed moneylenders as they don’t require any security. Additionally, your credit record is not needed for them to offer you a personal loan. What then do legal lenders consider before offering you a loan? These lenders only consider your current capability to repay your loan after confirming that you are a risk-free borrower.

  • No Salary Restriction

Usually, licensed lenders will offer loans to borrowers without using the income limits process of allocation loan funds. In doing so, these lenders can offer loans which are different from what most banks and other money lending organizations do.

  • Easy and Fast Transactions

Legal moneylenders in Singapore are recognized for processing personal loans fast and that they will offer you the loan amount requested. How fast is the loan processing? It is usually within a day after submitting the required documents or even possible to have same-day loan approval, especially for the cash loan.

  • Minimum Documentation Required

Licensed moneylenders in Singapore often require minimal documentation in order for them to process your loan application. Is this good for borrowers? Certainly, as you will be able to fulfill the requirements with ease.


Avoid taking personal loans from illegal lenders who later turn out to be loan sharks. You should be cautious as you seek a loan since there are many types of lenders and some can ruin your finances with the strain of heavy interests.

So how can you avoid these pitfalls? It’s always safer borrowing from legal lenders rather than from illegal lenders.

Weekly VS Monthly Loan Contract – What You Need to Know

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 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.


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.

Smart Reasons to Get a Moneylender’s Loan For Your Business in Singapore

When your business is ready to expand, yet you do not have the necessary funding to do so and you find yourself in a bind. What can you do to raise the amount you need for the expansion?

Here is a look at some reasons that you need to consider as you apply for a business loan offered by moneylenders. However, remember to check with the Moneylender’s Registry to confirm whether they are authorized to operate legally by the Singaporean Law Ministry (MLAW).

What reasons can prompt you to get a business loan?

You Want To Build Credit For Future Higher-Loan Borrowing

Small businesses often experience tough conditions in fulfilling all the requirements for getting a substantial loan. Particularly when both the proprietor and business do not hold a healthy credit report. What can you do in such a situation then?

Consider getting small business loans and then make on-time repayments so as to grow your business’ rating for future borrowing.

Following this plan can likewise make it possible for you forge good working relations with a particular money lender. And why is this important? This can give you the advantage of getting that loan when you are ready for the higher loan. But be careful here and do not get another loan that you cannot repay.

Actually, a single late payment on the small loan can affect your chances for getting a loan in future. So what can you do to avoid this? Only get an amount you can repay with ease.

You Are Ready To Expand

Since your work area seems to be shrinking as the days go by, it can only mean you have outgrown your current office space. Or, it could be that you operate a retail shop or an eatery, and you eventually have an increasing number of clients than you can accommodate them inside the space.

Then this is great news! How so?

Because it means business is doing very well and it is time to expand. Even with this wonderful news, does it mean that you have the funds needed to achieve this?

It is in such situations that you will need a personal loan or a business loan to support your big move. Despite the relocation, it is worth noting the in- advance costs and overhead charges. But before you move, look for a way to determine the possible change in income which will originate from the expansion and move to a new space.

Will it allow you to cover the loan expenses and also make a profit?

Work with a projected income amount together with your present income record to understand how this move will influence your primary concerns. Additionally, if you are looking at getting a retail store, consider the location you should set up shop to guarantee you are reaching your intended customers in the market.

You Have Stumbled On a Business Opportunity Which Exceeds The Actual Obligation

In some occasions, you will stumble upon a business opportunity which is too good a deal to overlook – this can propel your current business forward. It is possible you encounter an opportunity which allows you to have large stock at a reduced price, or you have a bigger space going for less amount.

In these instances, determining returns after the business is open will require that you determine the cost of the business against the profit you will earn once the operation starts.

For example; you have a business where you receive a business contract of $20,000. The challenge is, that you do not have the equipment to carry out the activity. So purchasing the needed hardware will cost you around $5,000. now, when you get a 2-year loan for the equipment, and you are paying an interest of $1,000, then your profit will currently be at $14,000.

You Need To Add More Stock

This can occur when your business operates occasionally, it then means there are moments when you will need some money ready to restock your business. Slow seasons come before those high seasons or the touristic seasons – hence you will need a loan for the high season to buy the stock prior to earning a profit from it.

To determine whether this is a wise financial move for the business, come up with a business projection based on previous years’ deals during the same period. Find out the cost of a loan and compare that figure with your sum expected after operating to determine whether getting a loan to re-stock loan is a wise fiscal move.

Keep in mind that business figures may differ each year, so be conservative and look at different years to come up with a figure for your projection.

Your Business Needs A Clear Plan

When running a startup or independent project, you have many different types of caps. It may be that in some instances you are doing accounting, promoting, raising money, and client administration which will start to wear you out – and the business suffers.

If on occasion that your small group of employees is doing more of certain things, eventually something will get lost despite the overall sense of alertness and trade-off that the business shows.

Even with the right reason as you consider getting a business loan, the truth still remains: If, after all, expenses have been factored in, getting the loan is possibly going to increase your initial concern. since the connection between funding and an increase in income is still cloudy, examine whether applying for a credit line is the best option for your business.

You should be certain about your ability to repay a business loan within a given period and to get your business to succeed. In the end, only you can decide whether that loan is beneficial.

In Closing

Though the current economy is steadily recovering, as you consider getting a loan for your business, ensure that you have looked at the reason behind the need for cash. Also when you are expanding to ensure that your business is located in an area that will encourage easy access to consumers.

Illegal Moneylenders: How To Identify Them

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. Illegal 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 Singapore. 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!

How To Identify The Right Licensed Moneylender For You?

It is unusual to hear about people who haven’t borrowed money from others because there will be times you will find yourself in a financial bind. Even if you are rich, you need to take care of your money because it may run out in one go if you use it for business. You may also need to borrow money for extra capital.

Considering the importance of having money, you need to use a licensed moneylender to ensure you do not get a headache when you need to borrow funds. In Singapore, loan sharks are common and hide in the guise of being licensed moneylenders to fool unsuspecting borrowers.

Licensed moneylenders are licensed by the government and indicate everything borrowers need to know about their personal loans. Loan sharks, on the other hand, operate without rules and they will change their rules as much as they like.

If you are considering to apply for a personal loan, how can you determine which ones are licensed and which ones are loan sharks?

Here are some tips we can recommend to ensure you can sign with a licensed moneylender for your money needs:

No 1 – Do your research about the moneylender’s background

The first thing that you must do to ensure that a moneylender is worth your attention is by checking their background or history. With the help of the internet, you can easily search for the moneylender’s background and their website. Licensed moneylenders tend to have up-to-date information about their loan offerings and indicate their contact details. You can also check up on individual websites that review moneylenders.

No 2 – Check the site of the Ministry of Law

When you have narrowed down a small list of moneylenders you would like to inquire from for their personal loans, you should then check if they are licensed by the Singaporean Ministry of Law.

The Ministry of Law has the registry of all licensed moneylenders in the country, which makes it easier for the government to monitor these moneylenders. If these moneylenders somehow violate the government’s policies, their licenses will be revoked easily. The list is regularly updated to ensure that prospective borrowers do not get tricked by loan sharks.

If you do not see the moneylender you listed in the registry, it means you are looking at a loan shark.

No 3 – Licensed Moneylenders Should Have an Office

A licensed moneylender should not just have an updated website where you can inquire about the personal loans they offer and apply, they must also have a physical office you can visit. Loan sharks often have fake addresses or conduct all their businesses online.

When you visit a licensed moneylender’s office, you would see that the office is run by a large number of staffs. Once you get the details you need from their website, you should be able to make a follow-up call directly from the moneylender through their hotline and visit the office. At the office, make sure you sign your contract there and not anywhere else because that may mean you are signing for a loan with a loan shark.

No 4 – The Interest Rate Should Not Be High and Beyond Government Standards

Licensed moneylenders must abide by the interest rates set by the market and the government. Having a set interest rate ensures borrowers that it will not change at any time, even if the market rates change. If your moneylender of choice is in the registry of licensed moneylenders, you can be assured that the interest rate they use is approved by the government.

Loan sharks, on the other hand, would often change their interest rates without warning.

No 5 – Licensed moneylenders only charge certain fees for their personal loan offerings

Licensed moneylenders are only allowed to charge three types of fees aside from the usual interest rates to their clients. When you pay these three fees, no more charges will be asked from the borrower.

Here are the three charges that licensed moneylenders include in their loan offerings:

  • Initial service fee – This fee is used to process the loan and it must not be worth more than 10% of the total loan amount.
  • Legal fees – If there is a chance the moneylender has to go to court to get you to pay your loans, this is the fee they will charge you.
  • Late payment fees – If you end up defaulting your loan, this is the fee that will be applied.

The contract you sign with the lender is the only document that would connect you with the lender. Before you sign the contract, make sure everything you need to know about your personal loan is there – from the loan amount, fees, interest rate to duration- and it must be prepared by a lawyer. Do not sign blank or incomplete documents because it may be used against you.

Review the contract and ensure that you are satisfied with it before you sign it with your signature. Your lender should also sign the contract.

Loan sharks will not insist on the contract since it will give them a disadvantage. You must also not let the lender keep your personal documents since it may be used against you.

Here are some other things you should remember when determining if you are dealing with a licensed moneylender or a loan shark:

  • Licensed moneylenders do not send you SMS or call you to offer new loans and other stuff. Licensed moneylenders are forbidden from sending SMS advertising messages or calls.
  • Licensed moneylenders also take into account your financial capacity before they let you borrow money. They would do their best to ensure you can pay them and adjust their loan terms when your need is great. Loan sharks do not care if you are capable of paying the loan.

Final remarks

When you are in need of quick funds for emergencies and other crucial things, you need to ensure that you are signing with a distinguished and trusted lender. Do not immediately agree to a loan offer that appeals to your capacity because they may not be licensed by the government. If you accidentally sign up with a loan shark, it will be difficult to break free from them and the government may find it difficult to assist you.

A licensed moneylender would consider everything before they lend you funds. Once they lend you money, they will ensure you understand everything about the loan and not threaten you should you be late in any way. You will also be protected by the law should the moneylender make a mistake.

So, before you go rush to a loan, research!

We wish you luck!

How To Shop Around For A Loan In Singapore?

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.


4 Ways To Obtain Quick Cash In Singapore


Life has its ups and downs and there are times when you might require some extra funds. These can be for compensating sudden expenses or even cover some financial emergency. This can be existing credit card bills.

Or medical condition that requires immediate attention. In such challenging times when an individual might be reluctant to look for help from relatives or friends. Legal moneylenders are a fitting solution in helping you clear up your financial situation.

To avoid lengthy approval processes at the bank. You can use the following methods of acquiring quick cash from licensed moneylenders:

Payday Loan

When faced with an unexpected emergency situation. Getting the payday loan will work best for you since it will be approved and availed to you within several hours. This loan is also referred to as cash advance loan. This type of loan is ideal especially when you find yourself in a financial fix. Yet you are required to meet short-term requirements.

Instant Cash Loan

With a flexible repayment schedule and instant approval. The instant cash type of loan is the efficient solution when you need some extra funds for handling an emergency. The rates of interest on both personal loans and instant cash loans are set at 4 percent a month or 48 percent per year as by loan advisor. So there is no difference.

Personal Loan

This is mostly an unsecured type of loan. The personal loans do not demand that you pledge your assets such as your house or car. Due to their low rates, the personal loan is often preferred when making huge purchases. It can also be used for debt consolidation.

Foreigner Loan

Based on the name, this loan type is open for foreigners in Singapore. The foreigner loan will be useful for you to cater for relocation expenses (like utility, rent, medical). This is as you settle in, more so in a country like Singapore that has a high living cost.

Quick cash loan will offer you the financial assistance you need to handle any pressing concern. Therefore, you can consult with your preferred moneylender for advice on the best move to make. Working with a licensed moneylender will offer you an efficient solution which will meet your needs.

Helpful Tips For Getting Fast Cash Loans By Licensed Lenders

Have necessary documents with you before applying

As you make your application for a loan you will need some form of identification. Any type of ID, Singpass, and some other valid documentation that shows who you. Even then make sure it the accepted forms of identification.

Also, check that you present proof of employment such as your work pass card. You need to also submit 3 most recent payslips from past months. With this, your moneylender can proceed to process and offer you the loan. Provided that the lender is able to determine that lending to you involved a low risk.

To top it you need to have a steady income source. The licensed moneylenders can trust that you will repay the debt on time because you have a job.

Sign Only a Complete Contract

If you accept the conditions detailed in the loan agreement. Then make sure to only affix your signature on a complete contract. Also, make sure that your lender gives you a copy of the signed loan contract.

In the money lending conditions, it is important for you to do this. Failing to acquire a copy of the loan contract can only mean one thing. The loan taken out can be considered to be a fraudulent act. As a caution, do not sign any contract that seems to be incomplete. The contract should clearly detail the conditions of the personal loan. The repayment period of your loan should also be included as well as interests that your loan is attracting.

Should it happen that such information is omitted, make sure that you ask for it from the moneylender. Alternatively, you can choose to deal with a different moneylender.

Ask About Requirements For Collateral

Prior to taking on any loan, make a point to ask about the collateral requirements. When a loan requires collateral, it then means that you may borrow the loan. But, if you do not repay the loan, your moneylender can claim the asset/property you had presented as security. This security could be fancy jewelry or your car. You could opt to put up your home depending on the amount you wish to take out.

Know Ways Of Identifying Illegal Moneylenders

This has to be the first thing to do way ahead of applying for a quick cash personal loan. Make sure that you always check if the moneylender you choose holds a valid license. If your lender of choice is not registered, then it is best for you to pick another moneylender. A lender who is not certified is a red flag for a possible scam.

Whenever you are making a personal loan request, confirm that all your documents are given back to you. Also, remember to pick your identification papers from your lender. This is because they have no other reason to keep your private documents. When your lender wants to retain them, be cautious careful, it is likely he is not genuine. Thus it is advisable for you to look for another moneylender.

Avoid Lenders Who Might Try To Threaten

You might come across some moneylenders who will try to frighten you. Some will even treat their borrowers in a harsh way. Always, avoid dealing with moneylender’s who do such things because you merit to be treated fairly and with respect.

Summing Up

The cash loan is best for times when you urgently need to manage some financial challenges for a short period. But, the loan amount should be within your current salary. Meaning you will easily repay your loan in the next month. Always take an amount that you can repay with ease, thus you will avoid the debt spiraling out of control. Some loan options for you to consider for quick cash are payday loans, personal loans, foreigner loans and instant cash loans.

What To Do If You Run Out Of Money During Renovations?


Are you currently trying to renovate your home for a makeover?

Making expansions for your family?

If you are currently trying to start up a home makeover, you would require a lot of money to sort everything out. You have to consider the construction work, paints, furnishings, and even expert advice to make sure your dream renovation clicks together.

Funding renovation work can be tricky, especially if you do not have much saved for it. You can check out a moneylender if they offer a personal loan you can use for renovations, also known as renovation loans. While it can help in paying the bills for your renovations in some way, you may need more funds if your construction work is still not finished.

Should you find yourself in this predicament, do not worry because here are some tips you can try out to still get your renovation done when you run out of money.

Work on critical areas first

When doing a renovation, it is important you finish key areas that need to be used first before the rest of the house should be sorted out. Tell your contractor to start working on the master bedrooms, toilets, kitchen, dining room and laundry area before undertaking the rest of the house.

Even if you may use it, the living room can be left last in your renovations because it is actually the most expensive part of the house. You can also tell your contractors to leave the decorations when you have the funds and focus on making everything work first.

Rent Out Unfinished or Unfurnished Areas

To raise money for your renovations, why not try out renting out the unfinished units of your building to others. Let the tenants of the unit continue with the renovations and purchase everything to make it work for them. When they start paying the rent, you can then continue with your other renovations. The tenant can even renew their lease to you when they fully furnished the unit and as a result, you can get a steady flow of income that could help you finish your project.

Unfortunately, doing this does have some setbacks because unfinished or unfurnished units should only have low rental rates. It may not be enough for your renovations but having it available for tenants is still better.

When your tenants leave, you can easily offer to buy their furniture so you do not need to renovate the unit when they leave.

Work with an incomplete kitchen

You do not have to have your kitchen completely functional when you are renovating your home. Focus on getting the cooker, fridge, kettles and the microwave to work in a small pantry spot for now so you can at least make small meals while the renovations are being done. Like your living room, kitchen renovations can be very expensive because you have to work with the wiring and gas lines.

Save some money first before you get this room sorted.

Seek a personal loan from a moneylender

If you are just short of finishing your work, try checking out low-interest personal loans from loan advisor to fund the rest of the project. Do not use your credit cards to settle the remaining bill of your renovations because it would just add to your problems and also increase your debt as they have high-interest rates.

Personal loans can have interest rates as low as 4.55% and as high as 8.5% so you need to research which money lender singapore and which repayment plan would work for you.

If you are considering a balance transfer, it has an interest-free period of 6 months before they include an interest rate similar to your credit card bills. When you are considering this method, make sure you will be able to pay it during the 6-month duration.

Talk to the subcontractors

Your main contractors often hire subcontractors to finish certain parts of the house, like the electricity lines, plumbing, and lighting. If you want to save some money for these parts, why not speak to the subcontractors to see if they are open to working for these parts for a smaller cost.

Contractors tend to add extra fees when they use subcontractors. If you go directly to the subcontractor to sort out one part of your renovations, you can see a big drop on your renovation bill.

Of course, before you approach subcontractors, make sure they have proper insurance because if they manage to damage your electricity lines or plumbing, you can get the money to fix it from their business insurance. Damages caused by subcontractors are not part of your home insurance.

Extend your current loan

When you find yourself having troubles financially, it does not hurt to speak to the bank if they can stretch your renovation loan limits. If you properly tell them your situation, they may be willing to extend your contract, especially if you regularly pay your loan. They may also recommend that you get a guarantor to give you a larger loan. Should this happen, you will be able to finish your project!

Check other contractors

Before you begin renovating your home, try checking out other contractors for their prices for this type of renovation. When you do have a contractor already but the prices are very high, try looking at the rates of other contractors. They may be up to finishing the work within your budget.

Of course, if you do not have enough funds, it may not be as perfect as you may like.


Home is where the heart is and should be a place where you can relax and forget the day’s stresses. If you decide to renovate your home, make sure you are ready for all the possible challenges you may face during the period, especially on the monetary front.

Do not immediately say game over when you find yourself short for your renovations. Check out other alternatives to save up! If you leave everything half done and half-baked, you may not be able to feel truly at home in your renovated house.

How To Choose A Singapore Moneylender?


If you are in need of money while residing in Singapore, you would need to request a personal loan from a money lender singapore. The moneylender must be able to give you a variety of options which would cater to the customer’s needs. However, how can you choose a moneylender in Singapore which would give honest rates and easy payment rates? Should you consider their licenses alone? Their policies?

For first-time personal loan applications, here are some questions you need to ask yourself when you are choosing a moneylender in Singapore:

Are they accredited?

Singapore has very strict policies when it comes to moneylenders to protect Singaporean and foreign borrowers. In order to see if your prospect moneylender is licensed to operate in the country, you can check the list on the official website of the Ministry of Law.

If you are visiting one of their branches, check if they have a valid license from the Register of Moneylender Singapore as it is a proof they are allowed to operate and provide loans.

If you wish to find out more about moneylenders, you can check out social media to see testimonials from past and present customers of these moneylenders regarding their services.

How easy is the application process?

Applying for a personal loan is not as simple as it sounds because you may need to make a personal appearance, file numerous documents, and even undergo various interviews and investigations before you are approved.

Nowadays, moneylenders in Singapore now have websites that would make applications faster and more efficient. You can now also apply for various loans online, like car loans and house loans.

Applicants would only need to upload their proof of identity; employment data and others online then wait for the results. Once the application is submitted through, it may take only a few hours before the application is decided.

If you have bad credit, you may find it difficult to locate a good lender to approve your application. However, there are licensed money lending companies in Singapore that also check those with bad credits and offer means to help them bolster their ratings.

Some lenders may ask for more information and may also put their various criteria on their websites for applications, so compare their application process before you apply!

Are the transactions safe?

Like anything we do online, it is important to check whether the transaction is secure. Check if there is proper encryption used in the moneylender’s website and comes with its own firewall and online monitoring. There must also be other security features on the website throughout the application or transaction process to ensure your data is safe.

What are the interest rates?

When applying for personal loans, it is important that the interest rate offered by the lender is small and would match your budget. Take time to compare all the interest rates offered by moneylenders before you pick one that would work well for you. Make sure you also check out if there are hidden clauses on repayment and their interest rates.

Personal loans should always have low-interest rates and manageable to pay. Of course, even though some may offer very low rates that sounds like a dream, they may not be trustworthy so question it before you apply. Ask you loan advisor.

Under Singapore law, every moneylender is required to publish their effective rate of interest (EIR), or the cost you are actually borrowing for one year. Usually, secured personal loans for those with annual income under $30,000 have an EIR of 13% while unsecured loans have a 20% EIR.

If you have a higher annual income, there is no specific limit to one’s EIR so it can be negotiated between the borrower and the lender on how much it is going to be.

What extra rates do these moneylenders charge?

Under Singapore law, moneylenders can charge extra fees for:

  • When there are contract changes with the customer
  • When there is a default on principal repayments or interest payments
  • When checks have bounced or unaccepted.
  • When a GIRO deduction from the borrower’s bank failed.
  • When borrower made an early repayment or closed the loan terms.
  • When there are legal fees included when collecting loans.

What is their loan repayment schedules?

Before you send your application, check into your preferred loan repayment amount then see if the moneylender can offer a good repayment scheme that would match it. If the repayment scheme offered by the lender is not suited to your needs, you may have problems paying your monthly dues with them.

Try asking your prospective moneylender if they would be open to adjusting their loan repayment terms to match your capacity or have one available. If you find yourself in a bind because of the repayment scheme, the company may not be able to give you leeway on how to sort out the loan.

Pick a moneylender that would take time to listen to your questions and assist you in creating a loan package that works just for you.

Is their customer service top notch?

Of course, you cannot just depend on the site’s credibility and their license when picking a moneylender that you can trust with your personal loan application.

  1. Does the moneylending company guide you through the loan process?
  2. Do they have an online or offline hotline where you can inquire and ask for the loans?
  3. Are they friendly when they talk to you about your loan?
  4. Are they easily accessible?

Check online reviews and testimonials in social media to see if the moneylender’s customer service is very good or should be avoided.


Picking a credible moneylender should not be done haphazardly because you may end up paying more than what you actually borrowed. If you picked an unlicensed moneylender, there is a possibility you may be scammed and be put to more problems.

Before you select a moneylender for your personal loan applications, research and compare their rates with other companies.

Always consider your financial capacity and budget before you push for a personal loan because it would be quite difficult to manage when you fail a payment.