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Consider These Issues Before You Borrow Money

Instant Loan Approval

If you are thinking of borrowing money, then there are certain precautions that you need to take to ensure that you are. Read on as we discuss some of the significant precautions to consider before applying for fast approval loans in Singapore.

Are You Eligible to Borrow?

You should start by asking yourself if you can afford to borrow money. Most people don’t understand the importance of this question. An answer to the question “Can I afford the amount I am borrowing?” is pretty simple. First of all, make a detailed budget and include all your household expenses in it.

For example, utility bills, monthly expenses for food, educational expenses and transport expenses etc. Also, you can have a look at your previous months’ expenses by getting your bank statements. This will help you to calculate an amount of money that you can save each month. Therefore, you will be able to know very well about the amount of money you can borrow from a fast cash loan in Singapore.

Be Aware of Hidden Charges

Next up is ensuring that your instant cash loan contract does not have any hidden charges. People often borrow money without knowing about any hidden costs that are associated with it. This risky action leads them to regret their decision, and in fact, some are even forced to go into further debt.

To save yourself from getting into such dire financial crisis, do get your money lender to educate you about all the charges that you have to pay, something which legal money lenders have to disclose. Firstly, you should make sure that you return the borrowed amount of money before the due date. This is because if you don’t, you will have to pay a considerable amount of late fees.

Secondly, a fast cash loan from legal money lenders in Singapore can charge a maximum of 10% of the total percentage of the loan as upfront fees. You should know that upfront fees should not exceed 10% of the original loan, if someone is charging more, then don’t bother dealing with that money lender as he or she is probably unlicensed. Lastly, no fast cash legal money lender in Singapore can charge more than 4% interest on the whole amount of loan monthly. If you think you can afford to pay all these charges each month, go ahead and borrow the money.

Consider Borrowing from Relatives

Think thoroughly and decide if you can borrow money from one of your relatives. This can be a difficult choice, but it can save you from high-interest charges, late fees charges and other money lending charges. And if it is okay with your relatives, you can repay them after a long time without denting your relationship with them. In other words, you can borrow money from your relatives on your terms.

Apart from this, there is just one thing to consider before doing so, and that is making sure if your lender is in a financially sound position. Don’t ask family members who themselves are running on a tight budget to lend you money as if you don’t repay them on time; things can get ugly. This can really frustrate your relatives, and it can easily hurt your relationship with them.

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Meeting Your Financial Goals with Licensed Moneylenders

Cash Loan in Singapore

Can every moneylender in Singapore help you sort out your personal finances? Well, the answer is both yes and no. Yes, because all moneylenders will offer you a loan to help you handle your financial needs. However, it is not every money lender that will be beneficial for you. Only a licensed money lender will process your cash loan in Singapore with proper administrations and contracts that will protect both the borrower and lender. Unlawful money lenders may offer attractive loans with the lowest interest rates and easy repayment schemes, but the borrower is often unprotected.

Achieving your financial goals is easier only if you plan well for your present as well as future financial needs. The term “Financial Planning” may sound boring to many, but it is essential if you are truly serious about meeting your financial goals. A licensed money lender in Singapore can help you avail a loan at the right time and at appropriate interest rates.

The cash loan in Singapore can turn into a huge financial burden if you do not manage your personal finances properly. However, if you plan well and know when to apply for loans along with a well-thought repayment plan in place, it would make financial management much easier. Here is a list of financial goals that you can easily meet with tacit support from a legal money lender Singapore.

Availing financial loans at lower interest rates

Though this is not a financial goal, it is an important benefit if you want to avoid paying higher interest rates. Any reputed money lender in Singapore will offer you consultation on the loan amount, eligibility and also help you chalk out a proper repayment plan. Many unlawful money lenders will inform you only about the loan eligibility criteria and the loan amount you can apply for; however, they may only provide fuzzy details with regards to the repayment and the consequences of not being able to pay on time. This is what separates an unlawful money lender from a legal money lender in Singapore.

Get quick approvals for urgent financial needs

There is always a waiting period attached to every loan but this will be a problem if you have to wait a long time for an urgent financial need. Paperwork is often cited as a reason behind the delay in loan disbursal. However, this can be avoided when you approach a fast cash loan legal money lender in Singapore as everything, from loan application to disbursal, is carried out quickly and you can even get the quick cash loan on the same day in Singapore. This definitely is a huge advantage when you need money urgently and do not want to wait for too long.

Take care of your child’s education

Taking a loan to fund your child’s education is really easy when you approach the legal money lender Singapore. Only a little paperwork or documentation is needed before you can have the requisite funds disbursed. Even the interest rates on these loans are lower, so you can actually get your child’s education funded without worrying about burdening yourself with an expensive loan.

Getting loans post retirement

Most of the money lenders shy away from providing cash loans in Singapore to retired people as they are not quite sure of the repayments. However, legal money lender in Singapore will always find an affordable loan for retired individuals as well. Thus, if you are retired and need to meet some contingencies, a reputed money lender in Singapore can come to your aid.

 

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Licensed Money Lenders VS Banks – Which Is a Better Choice

cash loan in singapore

Like any other developed country, there are multiple options to borrow money in Singapore. You can ask your close friends or family members to lend you some money for a short period of time. You can also go to a private bank or approach an instant loan approval in singapore to help you out when faced with a financial crisis.

Whether you select your private bank or a licensed money lender to lend you the much-needed financial help, both of them operate on the same basic principles:

  • Both of them charge some interest on the amount of money loaned
  • Both of them charge penalties for late payments and defaults

These are the only two similarities between the two popular methods of getting a loan in Singapore. However, when we talk about the differences between the two, there is a long list. To find out which is better for you, you need to first familiarize yourself with the differences between a licensed money lender and a bank. Let us have a look at some of these differences:

The Amount of Money You Can Borrow
One of the major differences between a licensed money lender and a commercial bank is the amount of money you can borrow. Since commercial banks offer other financial products such as savings accounts, fixed deposit accounts and many other monetary services, they hold a big cash portfolio. On the other hand, not all private licensed money lenders in Singapore offer such services and therefore may not have a big capital portfolio. The lending capacity of commercial banks in Singapore is therefore often more than that of private licensed money lenders. Therefore, when in need of a big loan, you should consider visiting a commercial bank or a licensed money lender that is well established.

The Loan Approval Process
Another major difference between a commercial bank and licensed money lender in regard to loans is the time taken take to process your loan application and release the required money to you. Commercial banks take a lot of time in processing your loan application since they need to fulfil a lot of formalities. On the other hand, the loan application process is very simple and quick when you apply for a loan with a licensed money lender. Therefore, if you are in dire need of money and cannot wait for days or weeks, you can approach a licensed money lender Singapore.

The Credit History Checking Process
Banks check your credit history differently from licensed money lenders. Your credit history will be checked thoroughly when you apply for a loan with a commercial bank. The loan officer may check your employment record, your past payslips, your credit card payments, your utility bill payment history and a lot of other important financial transactions before approving your loan application. This is not the case with private money lenders in Singapore. Private licensed money lenders in Singapore do not dig that deep to approve your loan application. Hence, there is a higher chance of loan approval for you. The trade-off is that you may be charged a higher interest rate for your loan.

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8 Misconceptions about Licensed Money Lenders Debunked

fast cash loan singapore

When faced with a financial crisis, many Singaporeans turn to licensed money lenders in Singapore for financial assistance. Although the money lending market in Singapore is well controlled and regulated, there are many loan sharks or unlicensed moneylenders that operate outside the law and often cheat needy people by offering attractive rates and packages. It is because of the ill-practices carried out by these money sharks that most of the needy people avoid going to licensed money lenders.

A look at fast cash loan in singapore will reveal that there are many myths that surround the licensed money lenders operating in Singapore. Let us have a look at some of these common myths and try to clear these misconceptions so that consumers can confidently approach licensed money lenders in case of financial emergencies.

Most Of The Licensed Money Lenders Are Loan Sharks
In reality, a majority of the licensed money lenders operating in Singapore abide by all the rules and regulations imposed by the government and make their policies as customer-friendly as possible. They try to facilitate their customers at every step of the loan application process and ensure that no one leaves the premises disappointed. The quick cash loan application process is typically very simple and there are no hard and fast rules to qualify for a loan. Next time you are faced with a real emergency, you can confidently approach a licensed money lender near you.

Licensed Money Lenders are Expensive
When you compare the interest rates offered by your bank to the rates offered by a licensed money lender, you will come to the conclusion that licensed money lenders may be more expensive. However, you need to keep in mind the level of risk that these licensed money lenders take to make some profit. Money lending is a serious business; you lend money to make money. There is no point in extending loan to a person and taking the risk when you are going to get back only the principal amount. People approach licensed money lenders for a quick cash loan when their initial loan application gets rejected by banks and other lending companies.

People with less than perfect credit or bad credit can also apply for a loan with a licensed money lender Singapore and can even get some relief. Under such circumstances, it is no surprise that many licensed money lenders in Singapore charge a little extra for taking all the risks. Most of them do not ask you to mortgage your assets against the loan amount and the loan approval process is very fast. Considering all the facilities offered by the licensed money lenders, customers usually do not mind paying a slightly higher interest rate.

Licensed Money Lenders Offer only Secured Loans
The misconception that licensed money lenders in Singapore offer only secured loans is again not true. You can apply for and obtain a personal loan, home loan, business loan, payday loan or any other form of a loan from a licensed money lender Singapore. These varied types of fast cash loan in Singapore are easily accessible and have proven helpful for a lot of people facing financial crises.

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Explore What You Can Do To Fund your Honeymoon

fast loan singapore

Your honeymoon is the next big event after your wedding and you are usually not left with enough time and money to plan your honeymoon once the wedding is over. In order to ensure a memorable honeymoon, you need to consult your better-half and start planning for it ahead of time. Honeymoons have become inseperable from every wedding in Singapore. It is a nice way to relax and start a new life, once you are done with the stressful planning for your wedding. Although you may be strapped for money to pay for your honeymoon trip, it should not stop you from dropping the idea altogether. There are ways you can still manage to finance your honeymoon without putting too much pressure on your wallet and have a good break from your hustle. Here is how you can make it work after your wedding is over:

Visit a Legal Money Lender For A Personal Loan

Once you are done choosing a honeymoon destination for yourselves and have a clear idea of your total expected expenditures, you can visit a legal money lender in Singapore and apply for a personal loan for the same amount. A legal moneylender in Singapore may treat the wedding loan as part of the personal loan and get you a quick cash loan without making you go through a lot of paperwork and other formalities. You will not be required to come up with collateral to get a personal loan and you can apply and qualify for a fast loan even if you have a less than perfect credit history. Since you are offered a lump-sum cash loan amount, you have a pretty good idea of your spending limits and therefore, you end up saving yourself from the temptation of incurring additional expenses on your honeymoon trip.

Use Your Credit Cards

Credit cards are notorious for tempting people to stretch their expenses to the last limit. Therefore, you need to be careful while using your credit cards to pay for your accommodations, travel and other honeymoon related expenses. The best way to stop the temptation is to carry only one credit card with your on your honeymoon trip. If you have a good credit history, you need to look and apply for credit cards that offer low-interest rates. You can apply for such a credit card and use it to pay for your honeymoon expenses. Once you are back from your honeymoon, you can think of ways to pay back the loaned amount.

Create And Promote A Honeymoon Registry

It is common in Singapore for wedding couples to receive red packets from their wedding guests. You can consider using the money from these red packets to fund your honeymoon trip! If there are people who insist on giving you a gift, you can ask them to chip into your honeymoon fund instead.

Here are some ways you can fund your honeymoon trip. Do not drop the idea of a honeymoon! With proper planning, going on a trip with your partner will be very possible.