Personal Loan Vs Renovation Loan: Which Is Better For Singaporeans

Things are working out well for you, so the next thing you are looking at is possibly renovation your home. You would like to make it your dream home. Again, you do not mind putting a good amount to create a comfortable living area for you and your family.

But then it happens you don’t have sufficient funds on hand to cover the renovation work. What do you do in such an instance? You could decide to get a loan to make the renovations to your home. But then, you are faced with a dilemma.

What type of loan do you need to make your dream renovation?

Luckily, there are 2 types of loans you may get to fund your renovation project: Personal loans and renovation loans offered by moneylenders in Singapore. To assist you to make the right choice on the loan to get, here is a look at the best loan choices available for you.

Loan Tenure

How long will it take to pay back your loan for both personal and renovation loans?

In Singapore, banks will let you a maximum of 5-years to pay back your renovation loan. On the flip side, personal loans come with a loan period of to 7- years. Hence, when you would like to pay back your loan for a longer period, the personal loan would be a preferred option for you.

But then again, keep in mind that the longer your loan repayment is, the more you will end up paying in interest charges.

Finding: Personal loans have a slight edge based on a longer period for repayment.

Loan Amount

Your next question to consider is, ” What amount am I able to borrow from personal and renovation loans respectively?”.

On average a renovation loan for 4-room flat costs about S$40,000 to S$60,000, based on the choice of furnishings. Therefore, for your renovation, you will normally need to take out an amount of S$40,000 to S$50,000 when you don’t have the cash on hand. This may be the case if you’ve just paid a significant cash amount for the new home.

Renovation loans in Singapore have a limit of S$30,000. For instance, OCBC lets you borrow a total of 6 times your income for each month or S$30,000, the one that’s lower. Also, some banks have a minimum borrowing amount. For instance, OCBC has a minimum lending amount of S$5,000.

Considering the loan amount offered, personal loans are advantageous. Provide your salary is considered to be befitting for a loan exceeding S$30,000, the banks will be happy to offer the loan to you. For instance, HSBC offers personal loans which can amount equal to 8 times your salary for each month.

Finding: Personal loans are advantageous for the large amount they offer.

Interest Rate

The personal loans are unsecured loans that moneylenders and banks will extend to you depending on your record and ability to repay the loan. Usually, when you request for a personal loan, moneylenders will not question what you will be spending the money on.

Why then would you borrow a personal loan? You can borrow to purchase a favorite Rolex watch, renovate your home or finance your wanderlust.

Provided the lender has confirmed that you are able to pay back the loan depending on your income for each month. It is likely the moneylender will approve your loan. Normally, banks will charge a high-interest to cover the greater risk involved that they are undertaking.

And because the renovation loans are provided for particular types of expenditure, a moneylender or bank will have a view of how you will spend it. This provides the lenders more confidence since you will be spending the sum on a necessity.

Also when things do not go as planned, the lenders know that you have an asset that they could take as security. Banks and moneylenders are hence willing to provide a lower interest when you are getting the renovation loan than on a personal loan.

So, although a renovation loan is even an unsecured loan, it attracts relatively lower interests compared to the personal loan.

Finding: Renovation loans have an advantage of lower interests.

Special Situations

Can a personal loan be used to supplement a renovation loan?

On this point, rather than just making a comparison between personal loans and renovation loans, a few of you are considering an out-of-the-box financial solution.

Why not get a personal loan to add-on the renovation loan? In looking at the renovation loans in Singapore that have a maximum loan amount totalling S$30,000.

So, why not cover the difference by taking out a personal loan? What is more, it happens more often than not that contractors will blow your budget. So when it happens that your renovation loan is insufficient, then the personal loan will compensate for the deficit.

Personal Loan Promotions

Every now and then, you will find that banks and other lenders will have promotions on their personal loans. Hence they give a promotional rate of interest or even vouchers once your loan is approved.

Why not take these promotional offers into consideration? These offers will often reduce your effective interest rate (EIR) and can as well be more competitive compared to the renovation loans. When you take advantage of such offers and you are able to pay back the loan money, you will then be able to save a substantial amount in interests.

Therefore, weigh the options and look at your ability to repay the loan on time.

In Concluding

Though borrowers are spoilt for choice when it comes to choosing a suitable loan, it is important that you consider your income, the amount you need and your ability to pay back a loan. Even with this, do you know where to source for the funds you need?

Luckily, Singapore has trusted sources of funding such as banks and moneylenders who can offer you the financial support you need. However, be cautious as you seek a loan to only deal with the legal lenders in Singapore.

Importantly, know how to recognize an illegal lender and avoid falling a victim to their scam.

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How to Start a Side-business With Minimal Money Risk

As you start your side-business there are some tips that will help you avoid making money mistakes which could derail or hold back your progress.

It is an eternal riddle: you want to begin a side-business to earn money, however, you require money to begin the side-business. Luckily, the only actual solution would be to compromise: start small, and build up the business as money continues coming in. In so doing, you will not lose a big amount at once:

Ways To Minimise The Money Risks

Below are important ways to help you minimize the money risks while starting a side-business.

Offer Equity In Exchange Of Labour

When you require skilled labor but cannot afford yet, you can think of offering equity. Here you do not need to consider partnerships – keep in mind you could offer some kind of equity for important, one-time jobs.

For instance, you may offer a specific number of shares in the business, for a one-time job that involves coding your website or making the first prototype. Another option, you can offer them a portion of your sales, when you need a really big job done( for instance illustrate the entire product catalog).

But the downside is when your business becomes very successful, you can drastically be overpaying. When the side-business develops into a large company, that person you had given a thousand shares might sell them off for a fortune. But on the flip side, when the business fails, you will not lose a lot of actual money.

Invest while You Grow

Reduce the first capital investment. For instance, do not instantly assume you require paid Google ads, the country’s best web designer’s, professional photographers for the illustrations, etc.

Most big businesses today grew over time, by bit by bit reinvesting the profits; for example, UPS started with a bicycle and some hundred dollars.

Rather than putting aside a huge amount, and declaring that you will use it all in the business, work in reverse: work out what the business requires, and then list them following order of priority. Then as you make the first few transactions, invest the returns back into upgrading the business.

The aim is to have the side-business “paying for itself”, instead of getting personal loans to be used as capital. This means you might not see the profits, for a while maybe the first and even second year; however, it ensures you will not be in debt when you opt to shut the business down.

Use Optimised Payment Methods

It is crucial you consider using optimized payment methods when purchasing things for the business. For instance, when you use up about S$1,000 per month on business operations, then you might consider putting the cumulative expenditure on a cashback card.

With just 3 percent cashback, this will get you S$300 each month. Be sure to repay the card debt immediately, so as to avoid incurring interest.

Similarly, always look at the exchange rate, when making purchases from abroad; or the effect of using Multi-Currency Account, then you will not have to pay for the Forex rates.

Therefore, how you pay the bills could save or cost you money, hence you need to research to discover the approach that will work best for you.

Confirm the Legal Liabilities in Your Agreement

It is recommended you pay a one-off fee to an attorney, to draft you a standard agreement for your deals. Especially, you need to remove or minimize any legal liabilities.

For instance, when your side-business is coding websites, what will happen when the payment portal fails. A demanding client might include a clause, which permits them to regain the lost funds from you.

Always look at what you may or may not be held legally responsible for, each time you work for any client. Yours being a starting business, what it will take is one lawsuit which will bring it to a devastating end. It is normally bested you avoid working for clients who will saddle you with huge legal liabilities; the risks are too high.

Cover Your Costs With a Deposit System

Since yours is a starting side-business, it is likely that you will have some operating costs. For instance, you will need to buy a ladder, brushes, paint pots, if you will be painting someone’s walls.

To start with, make sure you charge a deposit which should cover most if not all of your initial costs; from there the remaining amount can be paid later to you. This will ensure that, when a client does not honor the payments, you will not lose the money used for buying all the equipment for the job.

Be particularly careful and do this as you take on big projects, having big upfront costs coming to you. For instance, when your side business involves running family day events for big corporations, likely you will have costs which reach tens of thousands of dollars; somebody will have to pay for the venue, pay the caterer, pay for all the essential permits, etc.

In order to cover all these, you will need a deposit to do this, this is in case that a client decides to pull out after you have paid for them.

Choose Your Loans Carefully

It is advisable that you avoid financing your side business using a credit card loan. This is because the rates of interest charged are around 26 % per annum. Also while regular business loans offered by banks, moneylenders and other financial institutions are a good idea, you normally cannot get such a loan until the business has been bringing in profits for more than two years.

Meanwhile, you might have to depend on personal loans offered by licensed moneylenders, or even fixed installment loans, for some money.

Even though the family might be ready to offer you interest-free cash loans, it is suggested that you avoid this. Do not mix family and business in this way, you will be able to minimize any future conflicts.

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Should You Get A Personal Loan For Your Business

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As you try to raise funds to help boost your start-up project. Or when you are seeking a short-term bridging loan. It could be for paying off a business bill. You might find yourself requiring additional funding more than several times.

The challenge, however, would be finding the right money lender singapore. One that is ready to offer you small business loans. Or even finding an investor willing to support you. Particularly when your company is short of funds or are starting out.

Even then, some Singaporeans have been going for personal loans. This they use to fund their startup businesses. You might be wondering whether this is actually a good way to fund your business.

Here, is a look at the pros and cons to consider. This is before going ahead and getting the personal loan.

The Advantage Of Getting Personal Loans For Your Business

Personal loans have several distinct aspects. This aspect will be useful for budding entrepreneurs. To start with, this loan is easier to get than the small business loans. On many occasions, the bank requires an objective business plan. Also, they need financial statements ahead of offering you the SME loan.

The issue is that you will not have any of these to persuade the bank. More so since you are a startup. and just beginning your journey. But, moneylenders normally only need your personal details. This will help lenders be able to offer you the personal loan.

Easy access makes personal loans more beneficial. Especially for Singaporeans who are only starting out. This is when compared to accessing an investment or SME loans. Even if it is from angel investors. More so when you need a small loan amount. That you intend to repay bit by bit over some time. This you could be needing to help you fully establish your business idea.

A second benefit is that the personal loans are available readily like in loan advisor. Soon after you apply, many moneylenders will give you the approval. This will also mean that the loan funds are availed under 24 hours. As regards the banking institutions they might take about two weeks. For them to process the loan application.

As far as operating a small company is concerned. Speed is of the essence. More so when you have to manage your bills. At the same time, you still have to get your receivables. Failing to settle your bills punctually.

Simply because you do not have ready cash at hand. It can cause a devastating impact on your business. This is regardless of whether you know that a client will be paying. Even if it will be in the near future.

Downfalls Of Using a Personal Loan For Your Enterprise

Although personal loans will help your company in important ways. It has some downfalls as well. To start with, personal loans mostly attract higher interests. This is when compared to many other funding options open to business owners. More so those offered by commercial banks.

Even then, with some research. Several of the ideal personal loans are a lot cheaper. When they are compared to most offered online. That is through the SME loaning platforms accessible in Singapore. These platforms often charge annual interests of between 12-16%.

Still, this may not be the biggest downfall of using personal loans for your business. Rather, the biggest downside you need to consider. It is that as a borrower you are personally accountable for the loan.

Meaning that by defaulting on the personal loan. You will be hurting your personal score. At the same time, you will create other troubles in your life. On the other hand, small business loans will only be provided to your company.

Therefore, defaulting on this loan will only bankrupt your business. At the same time, it is protecting your assets. Thus they will not be taken over by the money lender.

Another possible problem for a borrower would be. Personal loans normally have a maximum limit of borrowing at S$200,000. The SME loans, on the other hand, could go up to S$500,000.

Alternatives to personal loans and SME loans

The use of personal loans to fund your business may be a good thing. Especially for business owners with a good credit score. At the same time, they do not need lots of money. Yet, as someone who is not able to repay the loan comfortably. That is when things do not pun out well. This is considering the risk of straining yourself with the loan. It can possibly affect your own life and get overwhelmingly huge.

When you cannot find investors or banks. That is ready to offer you an investment or a small loan for your business. There still are other options to source for funding.

To start with, there are numerous crowdfunding platforms. These include FundedHere, Funding Societies, GoGetFunding, and Kickstarter. These platforms will offer you with many different types of capital. This includes products like equity investments, pre-purchases, loans and even donations. This you can get rather fast.

Of importance, is that you take time to research. Make sure that you search and look at a number of different choices. In so doing you will be able to find the best form of financing. This will also be considering the costs, terms, and structure.

These should all be suitable and convenient for you. This way you will be better placed to continue growing your company.

Conclusion

As you look for ways to raise funds to grow your start-up company. Also when you are looking for short-term bridging loans. It could be for the purpose of settling business bills. It may even mean that you eventually will be needing extra funding. That is more than several times. Even then, it may be hard finding the right moneylender. A lender that is willing to offer you small business loans.

In such situations, many Singaporeans end up taking out personal loans. They often use the funds to improve their startup businesses. Even then be sure to look at the positives and downfalls of personal loans. This will help you find the best loan option for your business.

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Why Do You Need Instant Cash Loan In Singapore?

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Singapore, like the rest of the world, is feeling the crunch of an economic downturn. This has devised individuals who find themselves without resources. This is due to the financial predicaments they have to always deal with. Instant cash loans are also branded payday, cash advance, or no-credit loan. They are an easy and quick way to manage your financial responsibility in tough times.

Borrowers can process their loan fully online with few restrictions. Few hours after applying you can wait for your funds in your bank account. Most licensed moneylenders will provide you with the best cash advance loans. Thus borrowers get to enjoy the affordable rates of interest provided as well.

In Singapore, the instant cash loan is meant for resolving urgent cash troubles. This loan type is primarily offered and classified as a short terms loan. And it’s accessible under both categories of secured and unsecured loans.

Singaporeans are open to the ever-growing lending industry. Considering there is an increasing demand for fast cash loans. The high competition has required instant cash loan providers to find a solution. This has seen many create innovative products and solutions.

These loan products are aimed at catering to the ever-growing market. Moneylenders have keenly considered these needs. Therefore they’ve designed products that will best serve their customers’ needs. Instant cash loan is best for your need for funds. This is because of its convenience. The loan processing and application are quick.

In addition to this, almost everybody qualifies for this loan. Plus you obtain the cash you urgently need. Thus you are able to take care of your financial difficulties promptly. Aside from the ease connected to getting these loans. Not all payday loan moneylenders in Singapore are similar.

Borrowers’ looking for a short-term loan should find a licensed moneylender. These legal lenders will offer your best deals instead of taking the first loan being offered. Having considered all possibilities, payday loan in Singapore, will be beneficial. This loan will save you from looking around to get a perfect payday loan.

Being a borrower, you need to search for low-interest rates. Look for loans that don’t need processing formalities and fees. Also, hunt for loans that have reduced penalties. They should also have no hidden fees plus easy repayment schemes.

The use of the instant loans is open for all types of borrowers. This includes those borrowers suffering from the dire consequences of default. And as well as those borrowers who have a bad credit history. The majority of the instant loan moneylenders require that loans be repaid. And this needs to be using the borrower’s next paycheck.

Why Take Instant Cash Loan

Borrowers need to evaluate their reasons for taking out quick cash. There are several types of lenders for borrowers to pick from. But be sure to use a provider that suits your financial needs. Some of these lenders include banks, pawn shops, and the licensed moneylenders. As a rule of thumb, borrowers need to take time to research and shop around. This way they will pick the best lender with the best deal as well.

Here are some reasons why Singaporeans might need an instant cash loan.

Emergency Bills

Every so often health insurance will not cover the whole hospital bills. This can be challenging for someone without emergency funds. This will mean that you require a loan to assist in meeting this need. Possibly you will require some fast cash loan like the payday loans.

Consolidating Debts

When you consolidate debts, you are merging your debts into one. You will be using personal loans. Yet reducing your interest rates charged on most loans. Thus, you can take out a personal loan that has low-interest to repay existing debts. This will help you be free from serious financial burdens. You will get a loan that is manageable thus you’ll be able to save.

Business Capital

For you to start a business you’ll need some capital. In addition, you might need to hire employees to help you. You could need some machinery and even rent a place.

Even individuals, whose business is thriving, do require a business loan. They can use a payday loan to help them branch out or maybe expand. Some might need to upgrade their business by automating. For this, they will certainly require some funding resource.

Unexpected Increase in Bills

An unforeseen increase in the bills might call for some urgent cash. This will also mean that you could be short on your monthly budget. With your next pay around the corner but you need money now. This situation calls for applying for an instant cash loan from licensed lenders.

Investments

It can happen that an opportunity has presented itself. This will offer you the chance to make an investment. However, you might be short on funds required for this investment type.

Fortunately, there is the payday loan type available. This can help you come up with cash you require to be able to invest. Thus an instant cash loan will help you take advantage of the opportunity.

For Dream Vacation

Being a hardworking employee will mean that you need to take a breather. And a vacation may be what you need to help you unwind. Thus don’t deny yourself the grand vacation you’ve always wanted. Getting a payday cash loan can assist you in booking the tickets.

Gambling

Gambling is a big cause of some Singaporeans losing money. Even though some disclose that it’s just a pastime from challenging work schedules. Others have gone to the extent of making this a hobby. But it’s a hobby that will require cash for you to keep going.

Conclusion

Instant cash loans are also known as payday, cash advance, or no-credit loan. They are easy to access. And it’s a quick way to manage your financial responsibility. This loan type is primarily classified as a short terms loan. And it’s accessible under both categories of secured and unsecured loans. But borrowers need to evaluate their reasons for taking out quick cash.

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The Advantages Of Cash Loan From Moneylender Singapore

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Nowadays, every time an individual applies for a loan. It is assumed that they are poor. Actually, it is not even the case. Anyone who needs to obtain a payday loan will likely have a purpose for it. Considering there is increased demand for personal loans. Most licensed money lender singapore offer a variety of online loan packages.

What Online Money Loan Is

This is an online lending service which you can access from anywhere and at any time. You don’t have to physically visit the lender’s office. Given that you can simply apply by visiting the webpage of the licensed moneylender. All without you having to leave home. This loan service is very useful in instances such as. You have incurred emergency circumstances which cause you to desperately require money.

Or you require some funds for an investment yet the money you have isn’t enough. You might have requested your friends and family members to lend you some quick cash. Alternatively, you could consider approaching the banking institutions. Or use other money lending alternatives.

Reasons For Lending Money That You Should Consider:

Urgent Needs

Emergencies can occur at any time and without a warning. Events for instance disasters, accidents, and the like might be harmful. And anyone could become a victim. Thus they need to be able to handle everything. To help them be in control of their life again. This surely requires lots of expenses. Hence the loan funds can offer you a solution. To help you meet your urgent needs first.

Meeting Basic Needs

It can happen that your wages cannot help you meet your 3 basic needs. (i.e. food, clothing, and shelter. Or if you have to forgo one of these 3 needs. Then you do need a loan to help manage your bills. Make certain you understand your financial situation. Running for a period of 1to 3 months in advance. This way you are able to know your financial capabilities as well as projections.

Education

Education has with time become an essential aspect of each individual. This is because it’s the key basis that needs to be passed on to each one. By having an education, you will good work and mental ethics. It will also create a good quality of life for the population. Hence, borrowing money to help meet your educational requirements is possible.

Business Capital

Capital may seem like a classic setback for individuals who would like to start a small business. This makes several new and upcoming entrepreneurs shrink and even resign. Nonetheless, there are numerous ways for you to be able to obtain capital for your business.

Budding entrepreneur or an established entrepreneur, it’s possible for you to get a business loan as an investment. This will help you continue running your business. Actually, lending in a business setting is a natural thing. And it’s a company’s financial strategy.

Things To Consider Before Applying For A Loan

You Need To Be Clear About Your Source Of Income

Licensed moneylenders are legitimate businesses. Also, in having a good source of income is excellent. Since it can help you request a payday loan. It will help you manage your monthly bills. And all that you have to do is. Make the repayments as soon as you receive your next paycheck. Thus, having a good source of income becomes important. When you are thinking about getting a loan.

The Purpose Of The Loan Should Be Clear

There is no point for you to get a personal loan for a materialistic reason. It is essential that you understand the main purpose for you to get a loan. Some reasons could be for financing a child’s educational, buying a house. Purchasing a vehicle, or even as investment capital.

Ensure Clarity Of Loan Products, Installments And Interest Rates, Offered By The Lender

It’s a good thing you grew up in a time of advanced technology. This is because it has made everything easy. That includes borrowing money. This means the process can be completed online using your phone.

Additionally, you will benefit from many other online lending institutions. These are available for you to choose from. These lenders give competitive interest as well as less demanding terms. The loan process is easy and simple.

Loan Tenure

Licensed moneylenders are more lenient when compared to banks. These lenders allow you to pick your ability in repaying your loan and are flexible. Thus you could take advantage of this to get more time and cash to repay.

Advantages Of Borrowing Money Online:

Confidentiality

The online applying process is confidential. Your personal data is safe and won’t be shared with any 3rd parties. This is because the financial institution will certainly keep private the data you provide them.

Flexible Objectives

Often, loan requests are rejected. Since the objectives don’t go with the criteria of the lending institution. In contrast, moneylenders do issue a quick approval with minimum requirements. Thus you can get a loan for any function, provided that you can practice restraint.

Saves Time

What you have to do is simply fill up the application form. And indicate when you require it. You will be contacted fairly quickly with a personal consultation. In addition, many online money lending companies operate 7 days each week. Thus they are convenient and easily accessible.

Free Penalty And Competitive Interest

Normally, a lending institution charges a certain amount of interest. Particularly on the funds loaned to the client. In addition to the interest, you might incur other unexpected costs. Like paying a penalty fee when you choose to pay late. Do find out more from the moneylender you are choosing to borrow from. Checkout licensed money lender singapore and their rates before committing to the right one for your needs.

Fast Loan Processing

Taking out cash loan is quicker than the conventional resources in most financial institutions. The best option is to visit the moneylender’s office so as to check out if they are legitimate. Bring all your required documents with you so the loan can be processed within hours on the same day.

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Payday Loans Vs. Personal Loans: Which One Is The Most Suitable For You?

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When you are facing problems planning your income to last awaiting your next payday, then you need not worry about it. There are those instances when you need to sidetrack for a bit from your strict budget plans. It might be either for purposes of pampering yourselves with the best buys or unforeseen expenses.

Several of the emergency expenses could be on replacements, medical assistance, or repairs. During these times you might think that you only have few options for you to choose from. However, that’s not the case; your most dependable partner as far as your financial needs are concerned is your loan provider. They will be able to offer you a personal loan or payday loan in such a situation.

Which To Choose: Payday Or Personal Loan

The issue however is, which of the two is better for you. It’s clear that both are used for short-term financial needs. Different money lenders have varying policies concerning Payday Loans and Personal Loans. Even then, they both do share a similar intention, which is to help you with your financial troubles.

Personal loans and payday loans are very different from each other except for one thing. Like payday loans, personal loans have to be repaid based on the conditions of the contract between you and your lender. When you need a loan, it is very important that you look at the differences and decide on which will best suit your individual situation.

Personal Loan

The personal loan is similar to any other usual loan. When applying, you are required to present information concerning your income. The moneylender then reviews your credit record to determine whether you qualify for the loan.

Once you have been approved for the personal loan, which is normally given as unsecured loans. An interest rate will be assigned to you together with monthly payments depending on the loan agreement you sign.

Usually, a personal loan is intended to be paid back within some years. in order to get approved for the personal loan, your loan advisor will establish the amount that you can afford in accordance with your current debts and income.

Payday Loan

The payday loan, on the other hand, is intended as an advance while you await your next paycheck. For you to qualify, you need to be 18 years and above and the other thing you need is a bank account as well as hold a job plus steady income.

In general, self-employed people aren’t eligible for the payday loans. Since most payday lenders don’t have access to your credit report, the credit history or even the lack of it won’t be an influential factor on whether you qualify for a payday loan.

Payday lenders usually charge a set charge for every $100.00 borrowed, instead of having interest charged on the loan. This typically will range from $10.00-$30.00. For instance, on $1,000.00 loan, you will be paying an extra $100.00-$300.00 in charges. Meaning that payday loans are a lot expensive compared to traditional loans, however, they provide fast cash to those who require it. Mostly this loan type is issued within 24 hours after application.

What To Factor In When You Borrow

As you are choosing between personal loans and payday loans, a major factor to think about is the amount of money you want to borrow. Cash advances typically don’t go above $1,500.00, while personal loans might be much higher. When you need fast cash, payday loans will offer it, however, the rates will be a lot higher compared to unsecured personal loans.

When you have limited or bad credit record, you could find it hard to get approval for your personal loan. On occasion, some moneylenders will provide bad credit personal loans, however, the interest rates might somewhat be higher. When the traditional loan isn’t accessible for you, taking a payday loan could be a solution. Usually, people use payday loans for reasons of an emergency.

Payday Loan necessitates that you leave a post-dated check with your lender for the loan amount taken with additional financing fees. Your moneylender will then exchange the check for cash once your payday comes. Whereas for personal loans, security isn’t required, therefore they are unsecured loans. Your lender won’t have any hold of your property. Thus making personal loans rather attractive than payday loans.

Because personal loans are without collateral the only thing the lender has is to ensure you don’t have bad debts on your credit report. The lender will evaluate your credit records. From there, they will analyze it to see whether you are still able to pay off your loan amount or not. In contrast, you will not have credit-report-checks from payday loans. Due to the post-dated check that is already a type of payment for what you have borrowed. When you don’t want the pressure of having your credit record checked, then taking a payday loan is best for you.

Eventually, it will still depend on your circumstances on deciding between a personal loan and a payday loan. Remember that when not managed well, both of these two can get you in problems. Particularly when you find yourself owing your moneylender more money than what you can repay.

To be able to choose a loan that’s appropriate for you, you only need to remember one thing. You need to first know everything you need to know regarding the money lending services. Next, you need to know the exact amount your income can allow you to get a loan. You certainly will not wish to have a loan amount that isn’t payable using your income. In so doing it will certainly help you know the best loan choice for you.

The information in this article is meant to be used as reference only. It shouldn’t be used as, or in place of and even in combination with other professional financial advice concerning the payday loans or even personal loans. Additionally, this article shouldn’t be used as a suggestion for any loan type or any other similar process. Always confirm with a licensed moneylender who offers these loan types for further information concerning payday loans as well as personal loans.

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How To Get A Personal Loan With Bad Credit History

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It may be difficult (yet not impossible) for you to access a personal loan with a bad credit report. Although your options are a lot less and the loans may be expensive, but there is a silver lining. If your credit history is “less than ideal” your luck has not run out. The key here is borrowing cautiously which can help you save some money and help build your credit score, thus making it easier for you to access a loan next time  from  a licensed money lender singapore .

This also goes for your lending habits as well; the trail left behind by such habits can’t be deleted, but possibly deletion might be in the form of removing your debt fast, thus you could improve your credit score. But it often does not work this way. In the desperate request for personal loans –be it to handle a difficult period or even for funding a medical emergency—all banks hold a report of how you’ve been (mis)managing your lines of credit.

Given that you hold a bad credit record and despite that, you need to get a loan to help tide over a tough situation. There is somewhat some hope even though the only alternative you thought you had goes poof. Here are some ways that may very well turn around your personal loan fate and help get you the emergency money you require.

Request For a Loan – Except, Not As Yourself

Before you misunderstand the message implied, it does not mean that you are being asked to commit an identity theft. No in the contrary, it is being suggested that you enlist the assistance of someone who trusts and knows you well enough to take out the personal loan on your behalf.

In the past when you used to request for loans, you would need to list a guarantor. This time, it’s like having your guarantor directly do the borrowing. In the same way, you will also be putting this person’s credit score at risk, therefore be doubly accountable for the personal loan like it was yours. Heck – it’s yours, to start with!

Consider Other Options To Banks

When you are in urgent need of cash, negotiating for a personal loan with banking institutions can feel like you are writing using a blunt pencil – all pointless. Large money lending institutions per se have sets of procedures and strict practices to maintain, so a no means no. Instead of throwing a fit at the banks or even giving up altogether, it could be that the answer is as easy as circling procedures.

Note that we say banks are large money lending institutions, not single. There are other ways that can give you the second chance at getting some fast cash. Let say pawnshops, for example; you can do a throwback to your past and use your luxury items for a loan. Let’s say you need more time possibility for repayment and you do not mind losing the possession of these ‘assets’, go with the times and auction them off to eager buyers. However, in such cases, you do not have much say.

Another option for you to seriously consider that is at par with banks as far as fast approvals are concerned and the high loan ceilings. Think about shopping around for legal moneylenders regardless of other people’s preconceived ideas. They can be more flexible in accepting your financial requirements compared to banking institutions. What is more, since last year when the new regulations kicked in, accredited moneylenders can under no circumstance overcharge interest rates to their borrowers. The rates of interest were revised from a high 20% per year to 4% per month.

Consider The Use Of The Personal Loan

Having your loan request being rejected isn’t the end of it all. It is just the end of one disappointing attempt for you to access a loan. Although there are many alternatives to banking institutions, there are various choices of the loan itself. As soon as you have outlined plainly what the use of the personal loan is, Plan B will also be clearer for you and the potential moneylenders.

For instance, if you require the personal loan for startup purposes, or even to help kick-start the launching of an innovative personal project, it’s maybe the time you discovered the wonders of peer-to-peer lending schemes, crowdfunding, as well as microloans from legal moneylenders in Singapore.

Show The Potential Money Lenders Your Money Proof

It can be that you have, in the past, been in much debt which you have repaid since. but unknown to them, the banks still place the rejection stamp on your loan request based on that bad financial choice you made many years ago that left a permanent mark on your credit record (This needs to be a learning point for you!). After all, no one likes the sense of long-term risks in the face of the prospect of profitable returns.

Even with this, there is a number of good money lending institutions available in Singapore for you to approach in the occasion that your first choice of lender refuses to approve your loan request. It is still possible for you to negotiate with your mortgage officer. Prior to you heading down to present your case, it is recommended that you arm yourself with all your documents like your bank statements as well as the most up to date credit report to present to them as proof that you have been thorough in debt servicing.

Conclusion

It may be difficult for you to access a personal loan with a bad credit report. However, it is possible for you to access one. The key here is borrowing cautiously which can help you save money and help build your credit score. You could start by having someone who trusts and knows you well enough to get the personal loan on your behalf. Another option would be shopping around for legal moneylenders to work with. Even be sure you know the purpose of the personal loan.

Once ready to visit the lenders, ensure you take with you all your documents like bank statements as well as the most up-to-date credit report to present to them as proof that you have been keen in servicing your debt.

 

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Need Cash Urgently? Here Is How To Get An Urgent Loan In Singapore

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Things may seem rosy one minute and in the next minute, you need cash urgently for an emergency. Fast cash from an instant cash loan will help you ease the financial difficulties you may be facing. In addition, you get to access the urgent loan money within the same day without hassle. When you have a bad credit record, you may probably be thinking that you do not qualify to access any loan.

There is wonderful news for individuals with bad credit record. In Singapore, moneylenders have less rigid credit checks. This is an added advantage compared to the traditional financial lenders in the market. Most moneylender’s loan application process takes about five minutes. You will then receive feedback about your loan from loan officers within an hour.

 

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Singaporean Fast Cash Loan

How Can A Fast Cash Loan Help Me?

Singapore has a lot of legally authorized moneylenders who are reliable. Money lending is a very sought after business which offers scores of PR and Singaporeans urgent loan amounts. At present, Singapore has a huge selection of best money lender in singapore for you to select from via the net. You can look up the different moneylenders using search engines like Yahoo and Google. You do not need to drive around town shopping for a suitable moneylender. The most suitable moneylender may actually be accessible through the internet.

Owing to the technology advancements short-term and small loan options are now available to you. This is accessible to individuals who don’t qualify or can’t wait on the traditional lending processes. Fast cash loans are now accessible via the internet from within the country and outside Singapore. The Payday loan is the fastest loan for your emergency financial needs.

The Payday loan is offered by a licensed moneylender. This loan is given against your subsequent paycheck. The loan process is easy and it needs minimal documentations. You will require a street address, a valid phone number, a bank account and a valid form of identification. The money lenders will verify the information you have presented and disburse your money in less than an hour.

This loan attracts very high-interest rates and a fee will be charged. The Payday loan is considered risky for the lender thus the high rates.

Having a wide selection of moneylenders and loan types, you are able to select the best in town. This needs to be the lender with the most suitable conditions and terms to your liking.

Singaporean moneylenders have laid down a few simple qualifications for an urgent loan. You are required to have reached the minimum age of 21 years and above. A proof of your employment status is not as strict. You will need to have been employed for more than 3 months. When not employed, you will need to prove you have a steady source of income to qualify.

Ensure you file your loan application with the moneylender of your choice. A loan officer will then contact you to make arrangements for a meeting. The meeting is aimed at completing the loan application process and presenting the required documents.

Once your loan application has been approved you will receive a loan agreement. Ensure you read and understand the contract stipulations before signing this agreement. Also feel free to ask questions for clarification where the contract may not be clear. It is advisable to see the working of the percentage rates be certain there are no hidden charges. Once you sign the loan contract the loan amount will be disbursed by cash or cheque immediately to your account.

When you find yourself in a tight situation and need cash urgently. There is no need delaying as it will worsen the situation further. Since you are in urgent need of quick cash and are not able to borrow via the usual channel. You can apply for a fast cash loan with a moneylender of your choice.

Applying For A Fast Cash Loan

A credit report is not needed thus the urgent cash loan is accessible to individuals who have been turned down by the traditional lenders. This has also made it possible for people with poor credit apply for this loan. Collateral is not needed and you will only need to sign an agreement of using your next earnings for repayment.

With a good credit report from your local bank, you can use it to open a line of credit and access instant cash. The credit line is best used only in urgent situations since it attracts very high-interest rates. The upside is money is made available to you to meet your emergency commitments. Your bank will often need a collateral asset again the credit line loan so use it sparingly.

Alternative Source Of Cash Loan

In Singapore, personal loans are also an alternative source of urgent cash loan. There are many licensed lenders who offer unsecured loans and do not need collateral. When your credit score is low the rates charged will be higher. This loan type is better than taking a Payday loan since it has flexible repayment options.

Non-traditional moneylenders often charge higher rates and the penalties are larger when you default. The Annual Percentage Rate (APR) of the Payday loans can go up to 1000 percentile. When you default on payment using your next month’s earnings, a hefty fee will be charged.

A personal loan will give you more flexible terms of repayment. This will not strain you financially in case you find yourself in emergency situations. This makes a personal loan a better fit for your financial needs.

Urgent cash loans do come in handy when you are experiencing an emergency. Personal loans and Payday loans are good sources of quick cash and require no collateral. They are however rather expensive owing to the high-interest rates charged on the loan amount. When you have a good credit score it is ideal to set up a credit line with your banker. This will ensure you have access to emergency credit line loans with ease.

 

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Can A Self-Employed Person Get A Monthly Loan From A Licensed Money Lender?

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Singapore has one of the highest household incomes in Asia. It is actually one of the highest in the world. Singapore’s unemployment rates are low. The nation also has one of the lowest poverty rates in the world. These indices make Singapore a great place to live in. However, the income gap between workers in the nation is broad. The lower-class income earners can’t afford certain comforts on their salary alone.

Borrowing money to supplement income is a normal thing. Yet, Singapore banks and Monetary Authority of Singapore make it hard for this class to access loans as they do not want the country as a whole to be heavily in debt.

Financial services offered by the banks tend to be for a certain class of people. If you are applying for a credit card or a loan, the criteria are pretty high.

For instance, you need to earn a yearly income of at least S$30,000 to apply for a personal loan. Personal loans are probably the most common type of loan in Singapore. Your monthly income has to be at least S$2500 to apply for a credit card.

For Singaporean entrepreneurs, these conditions are stern. University graduates can rest easy. Their initial wages start from S$3000 and above. Polytechnic graduates and blue-collar workers, however, may find this difficult to afford. Their educational levels are lower than that of university graduates. Their starting wages too will be lower.

Then you take into account the fact that many young Singaporeans are becoming entrepreneurs. Entrepreneurs have it the worst when seeking bank monthly loans.

Eligibility For A Bank Loan

Before you get a loan, you have to apply for it. The banks have certain criteria you need to meet before your loan will be approved. For a typical bank, these requirements include:

For Paid Workers –

  • Front and back photocopies of your NRIC
  • CPF statement for the past 12 months
  • Most recent Income Tax Notice of Assessment
  • Original, printed copy of your most recent pay slip

For Self-employed Persons –

  • Front and back photocopies of your NRIC
  • Income Tax Notice of Assessment for the past 2 years
  • Bank statements for the accounts you receive payment in, for the past three months

This is just part of what is required. The requirements for self-employed loan applicants are more stringent than those for salaried workers. Banks are not very friendly with entrepreneurs when it comes to loans. When you are a start-up it is much worse. This limits your options for applying for loans. But that doesn’t mean you are totally out of options. If you are in dire need of a monthly loan, you can go to a licensed money lender in Singapore to provide you with the initial funds you need to kickstart your business ideas.

Licensed Money Lender In Singapore

Money lenders are a legal lending institution in Singapore. Due to high loan shark activity, the government made some rules to curb their activities. To legally operate as a money lender in Singapore, they have to go through training and pass a test. Passing the test earns them an operating license.

All licensed money lenders in Singapore are registered with the Registrar of Moneylenders in Singapore. They are also part of the Association of Moneylenders of Singapore.

It is easy to get fooled by unlicensed money lenders, however. No matter how hard up for cash you are, do not:

  • Reply to any SMS from a money lender. A licensed money lender will never send you an SMS
  • Give a money lender your SingPass password over the phone
  • Answer to any money lending ads on the radio or television. Licensed money lenders are only allowed to advertise on their websites and their places of business.

Getting A Monthly Loan From Money Lenders In Singapore

Despite the facelift money lending has achieved in Singapore, people are still cautious approaching them for loans. However, licensed money lenders are safe to approach. Their activities are regulated by the Ministry of Law so that your interests stay protected.

For an entrepreneur seeking a monthly loan in Singapore, you can visit a moneylender. Their loan approval rates are fast. They give you instant cash loans to settle your emergencies. They have their own requirements for loan approval, but they are more relaxed than banks. Licensed money lenders can structure loans that suit your repayment abilities as well. This keeps you from getting overwhelmed with loan repayments.

Singapore has over 160 registered money lenders. Though all of them have a few similar requirements, they also have their differences. Basically, you will need to bring:

  • Your NRIC
  • Your SingPass token to log in to CPF or HDB for validation
  • Recent proof of employment
  • Recent income statement
  • An annual income of S$20,000

If you are self-employed, not a salaried worker, you can bring your income tax returns. These should be your most recent tax returns, like the last two or three years old. These can be used to assess the loan amount that you are eligible for.

For some licensed money lenders, the absence of a credit history isn’t an issue. As long as you can prove that you can repay the loan, they will lend you the money. 

Further Options For A Monthly Loan

To ease the stress of getting a monthly loan, there are other things that you can do. If you have something for collateral, you can use it to apply for a loan. A guarantor can also make it easy for you to acquire a loan. If you have some savings stashed away, using your bank statements can help. The money lenders can work with your bank statements to give you a loan. This is if you need a small monthly loan without using your savings.

You can also approach your family and friends for a loan that you promise to pay them monthly, interest-free. If the amount is negligible, you may find that your loved ones are more than willing to tide you over the troubled times.

Although personal loans are the most common loans to take, they are one of the most expensive. Hence, before getting a personal loan, you must have a quick repayment plan in mind so as to pay back the loan in the shortest time. If you are self-employed, getting a personal loan from the bank is almost impossible. Licensed money lenders in Singapore can help you. Provided you have some proof that you can repay the loan, they will lend you the money. There are many legal money lenders in Singapore. Check out the few that are mentioned here.

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Advantages Of Getting An Instant Cash Loan In Singapore

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Getting fast cash to take care of emergencies is getting harder every day. Borrowing money from family and friends isn’t much of an option when they have their own financial problems to deal with. While you try to settle the tuition bills, your mortgage comes up. As you turn your attention to that, a medical problem arises. You get desperate for some fast cash, but you don’t know where to turn. The quickest thing you can do is to obtain an instant cash loan from legit sources.

Many Singaporeans do not like the word ‘loan’. It brings to mind long hours of signing documents and showing proof of employment and repayment ability. This is not far from the truth.

Acquiring loans from banks is not a fast process. There are lots of hours filling forms and rigorous background checks. The waiting period before your loan is approved is also long. By the time your loan is approved, several more financial problems have added to the one you wanted to solve. The banks don’t know how immediate your need is, and they probably don’t care.

That is why you can apply for an instant cash loan and get instant cash approval. This is possible because of the growing number of licensed money lenders in Singapore now. You don’t even have to visit them in person. Access their websites and apply for an instant loan.

Fast cash loan requests are all above board and very handy. Licensed money lenders in Singapore have websites with their phone numbers on them. Calling the number will instantly connect you to a loan officer. The loan officer will explain to you what is required, and you can send in your application. In an hour, you will get your instant cash loan.

With instant loan approval, you can take care of your financial problems as they crop up. No long queues and no stringent background checks. You don’t even need collateral for a fast cash loan.

What About My Credit Status?

Before you can get a bank loan, your credit report is checked. Credit Bureau Singapore keeps the credit information on everyone and provides it to the banks on request. If your credit report is bad, your loan application will be denied.

With licensed money lenders, your credit status isn’t a problem. You can get fast cash from best money lender in singapore without a background check. Even if you have poor credit, some lenders are willing to structure a repayment plan just for you. You can repay the fast cash loan without stress, and at a pace that suits you. So, good credit or bad credit, you can get an instant cash loan from licensed money lenders.

What About Payday Loans?

A payday loan is a loan that you borrow and repay at the next payday. All loans attract interest, so you have to repay your loan with some interest attached. The good thing about an instant loan is that the interest rate is very low. While the typical loan could attract you an interest of up to 20%, an instant cash loan gets you a maximum of 4% interest. Not only do you get instant loan approval, you also get low-interest rates.

What Are The Requirements For Instant Loan Approval?

Every licensed money lender in Singapore has requirements you must meet before your instant loan approval. All of their requirements have similarities. You can visit money lending websites and see what they require for you to get an instant cash loan. Some of the requirements include:

  • Age – you must be 18 years and older
  • A valid ID
  • A minimum of S$1500 for residents and S$2000 for foreigners
  • Proof of employment not older than three months

These are just a few of them. With so many licensed money lenders in Singapore, you can look at a couple of them. Check out what they are offering, and make your choice.

Are Money Lenders In Singapore Legal?

It is perfectly legal to get instant loans from licensed money lenders in Singapore. Licensed by the Registrar of Moneylenders in Singapore, money lenders can give loans to people who need them. The Ministry of Law set down some rules and guidelines to regulate money lending activities in Singapore. To start with, they need a license to operate as a money lending company.

To get a license, money lenders must undergo training and a test. This shows that they have met the government’s requirements to work as a lending institution.

The government regulates the activities of licensed money lenders. Laws include:

  • Licensed money lenders cannot exceed a certain lending amount
  • Licensed money lenders are not to charge interests more than 4% per month
  • Licensed money lenders cannot charge you any fees, apart from an administrative fee and a S$60 for late repayments. The administrative fee is 10% of the principal loan amount, and it is a one-time payment.

Singapore Licensed Money Lenders

Licensed money lenders are your best bet for instant loan approval. Their activities are regulated by the government, and most of them operate 7 days a week. If your financial need is pressing, you can call instead of filling the online form. Within an hour of your call, you will get your fast cash.

The biggest advantage of an instant cash loan in Singapore is that it is instantaneous, no need to jump hoops and loops for an approval letter. Whatever the situation is, you can get your fast cash loan when you need it. There is no need to apply for a bank loan and never get so desperate to approach illegal loan sharks for a high-interest loan. Apply to a licensed money lender online and get your fast cash.

If you are not sure of how to get a licensed money lender, you do any of the following:

  • Ask friends and colleagues for word-of-mouth referrals
  • Read money lender reviews online
  • Look up licensed money lenders at the Registrar of Moneylenders
  • Check online for money lender websites

Make sure you shortlist a few and then contact them. Make comparisons, and approach the one you are most comfortable with. In no time, your loan will be approved.

 

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