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4 Steps You Need To Take Before Obtaining A Home Loan

Instant Cash Loan, Instant Cash Loan Singapore

The decision to buy a new house does not happen overnight – it’s something that requires a reasonable amount of time to mull over. Even though buying a house costs a lot of money, it’s undoubtedly a significant investment to make! And once you’ve made your decision, taking a quick cash loan can boost the process and bring you one step closer to your dream home.

Regardless if you already have a house, or if it’s your first time, it’s essential to plan and prepare adequately beforehand. As the saying goes, if you fail to plan, then you plan to fail. So, if you’d like to be better prepared before acquiring a home loan in Singapore, then you’re in the right place!

1. Obtain your credit score report

Before attaining a loan, your credit score is the determining factor to the licensed moneylender or financial institution. A credit score indicates how likely you are to repay your debts. In Singapore, your credit score matters because the higher your score, the higher your chances of getting a loan is. Suffice to say, it affects your eligibility for a loan.

Get a copy of your credit report from Credit Bureau Singapore and check through it. Look out for any discrepancies that could be affecting your credit score. If you have an outstanding amount of unsecured debt, then this could delay your approval from getting a home loan. In this case, you might want to consider getting a consolidation loan instead.

2. Determine if you have sufficient funds

When applying for a loan, you’ll need to meet certain eligibility requirements such as having an annual income, with the cost depending on the loan provider and type of loan. Before that, you’ll need to calculate how much you can borrow so you can determine how much you can pay back each month.

Making repayments in the amount you agreed on, punctually, helps improve your credit score. Hence, it’s crucial that you know what you can pay back so you can be more vigilant when running through the terms and conditions of your loan repayment.

3. Look for your preferred moneylender

Look around and compare the terms offered by each licensed moneylender, rather than simply comparing companies based on the loan amount offered. The following factors are some examples of what you should consider: repayment terms, fixed-rate terms, loan costs, prepayment penalties and the like.

That’s where Easyloan.com.sg aims to help! We understand that this is a major life decision to make, so we want to guide you through the process. If you sign up for an account with us, you can get access to exclusive content like where to attain a quick cash loan in Singapore and more.

4. Prepare yourself before applying for a loan

To facilitate the loan approval process, be sure to prepare the necessary paperwork beforehand! You can check with your chosen moneylender for more specific details. And of course, make sure you’re obtaining your instant cash loan from a licensed moneylender in Singapore.

When shopping for the ideal moneylender to choose from, you might feel so spoilt for choice that you can’t decide. At the same time, try not to feel pressured about having to commit yourself to a loan the moment you meet up with a moneylender. Take your time to compare the different loan packages through Easyloan.com.sg. Anytime you need clarifications, don’t hesitate to get in touch with us and we’ll do our best to help. With that, remember that this is for your home, after all! We wish you all the best in your journey.

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Taking A Loan? Here’s How A Budget Helps Your Credit Score

Instant Loan, Instant Loan Singapore

Have you checked your credit score? Don’t panic and feel discouraged if your credit score isn’t as favourable! Instead of looking for a quick fix, why don’t you consider something that can improve your credit score over time, like, setting a realistic budget? A budget refers to an estimated amount of money dedicated for a set period of time.

But how exactly can the act of setting a budget help improve your credit score and ease your process of taking up a quick cash loan? Wonder no more, read on for three ways a budget can help your credit score.

1. Enables you to make repayments on time

Paying your bills and loan repayments punctually, and in full, is one of the most determining factors in influencing the rating of your credit score. Even if you have a poor credit score rating, there’s still hope for it to improve. But what does a budget have to do with making repayments on time?

Well, when you establish a fixed amount to spend each month, you’re providing yourself with the discipline to spend within your financial capabilities based on different categories. Then, you can have peace of mind since you know that you’ll still have enough money for other necessities on top of settling your bills and repayments.

2. Allows you to keep track of your expenditure

For those who don’t make their loan repayments on time, it’s probably because they forgot, or don’t have enough money for it due to overspending – among other reasons. Without a budget, you won’t even realise how much you’re spending in comparison to your monthly income. Essentially, a budget is a tangible way for you to compare your intended spending to your actual spending.

Throughout the month, add up your spending and compare it to the estimated amount you have set. You’d be surprised by how the small purchases add up to a large sum! As such, by tracking your spending, you’re giving yourself a financial boundary which can deter overspending.

3. Differentiates your “needs” and “wants”

Window shopping is harmless until you spot a new designer bag that’s in season. You don’t need it, but it’d make a beautiful addition to your collection. Whatever it is, it’s a natural thing to feel swayed. In this case, the line between a “need” and a “want” is blurred.

But when you’re making sure to spend only within the budget you set, you know you’ve made a promise to yourself: to only spend on what is necessary so that you can pay off your debt worry-free. Hence, it’ll help curb impulse buys that tend to burn a hole in your pocket.

Going debt free does not stop at getting a consolidation loan, because even then, you’d need to set aside some cash for your loan repayments until you’ve paid back the amount you borrowed. Setting a budget and committing to it can help you distinguish between your many priorities, and focus on where your income should go into. However, make sure to keep reviewing your budget to stay on track and remind you of any upcoming payments.

And once your debt has reduced, you might see an improvement in your credit score! So, the next time you want to apply for an instant loan in Singapore, your credit score won’t be a barrier that’ll stop you from doing so.

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4 Factors To Consider Before Attaining An Education Loan

Consolidation Loans, Consolidation Loans Singapore

As a kid, you might have awaited the day you don’t have to go to school anymore. Now that you’re older, it’s the complete opposite. In contrast to your dreams back then, you want to extend your student life.

Upon browsing through course fees, you’d see that tuition fees can be expensive. Not to mention, if you’re going overseas, then other considerations have to be factored in as well. If you’re planning to take on an instant loan for your education, here’s what you need to know.

1. Check if you qualify

As a basic rule, you must be at least 21 years old to obtain an education loan in Singapore. You must also provide proof of income, from employment that also contributes to your CPF. Ultimately, the qualifications vary according to the licensed moneylender you approach.

2. Reasonability of interest rates

There are no standard interest rates to follow; it changes all the time. If you’re the kind of person who values people’s recommendations, try to take it with a pinch of salt this time around because their experience may not be the same as yours. Instead, take the time to conduct extensive and thorough research.

But when it comes to licensed moneylenders, they can only charge a maximum of 4 per cent each month. However, if you’re not sure who to look for, feel free to enlist the help of Easyloan.com.sg! We aim to bring you closer to licensed moneylending companies so you can get fast cash loans without much hassle.

3. Paying back your loan

Different moneylenders offer different repayment schemes. As you juggle school and possibly, work, evaluate whether your income will be sufficient to cover your regular savings, daily expenses and loan repayments. Otherwise, you may consider paying your debt once you’re out of school. In this situation, your loan money allows you to work less and give schoolwork your undivided attention.

Then again, it can have long-term implications for when you plan to purchase a home in future, for example. In this case, express your concerns with utmost transparency when consulting with moneylenders. They should be able to explain the terms carefully and determine if the loan is an excellent choice for you.

4. Take note of prepayment penalty

A prepayment penalty refers to the act of completing payment, before the stipulated due date. But isn’t it good to pay back your debt as soon as possible? In the eyes of a moneylender, you’ve agreed to a deal which also involves interest rates charged per month. Hence, it would be better if you stick to what you’ve decided on initially. However, if you can afford to fork out extra for the prepayment penalty, then by all means!

In contrast, there might also be a late payment fee if your repayment isn’t finished on time. Be sure to actively listen as the consultant goes through all the terms and conditions, and clarify your doubts if necessary.

Furthering your studies is an investment for your future. Before taking up a loan, dedicate a significant amount of time researching and considering the college you want to go to and the course you plan to take. Don’t forget to read up so you can make an informed decision on your preferred moneylender! Be it for consolidation loans or other enquiries, you’re always welcome to talk to our friendly team for guidance.

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5 Common Reasons To Take Out A Personal Cash Loan

Instant Cash Loan, Singapore Instant Cash Loan

Personal loans are short term unsecured loans, meaning that they do not need any collateral. Typically, you pay them back over the course of 2-7 years in monthly instalments, with interest rates differing between each loan provider.

While it is possible to take out such loans with banks, licensed moneylenders are becoming an increasingly popular option. This is in no small part due to their streamlined and quick loan approval processes, and willingness to entertain borrowers with low credit scores.

There are several reasons why one would want to take out a personal loan. Here are just some of the most common reasons.

Emergencies

A crisis can strike at any time, no matter how well one prepares. Whether it is for an emergency hospital stay or to help a family member out, there will be times when one needs an influx of cash to pay for unforeseen expenses.

In such cases, it may not be feasible to engage with traditional financial institutions for a loan. Loan approval processes can take a considerable amount of time, not to mention the time taken for the cash to be transferred post-approval.

Home renovations

If your home is in some desperate need of refurbishing, or you are moving into a new abode, you may need quite a hefty sum to get everything in order. Renovation loans have a cap on how much you can borrow, and sometimes even the upper limit may turn out to be insufficient.

This could be due to a variety of reasons, from the interior designer going over budget, to a window shattering unexpectantly during the moving process. In these cases, it may not be a bad idea to get an instant cash loan to ensure that the living room does not end up half furnished.

Alternative to payday loan

There are many reasons why one would be tempted to get a payday loan. Their boss could be late in paying out their salary, or they could be falling on hard times and need some financial assistance to tide them through a rough patch.

However, some payday loans have extremely high interest rates, sometimes going for as high as over 20% for two weeks. That is a risk that you may not want to take, especially if it is not certain when payday is going to arrive. In contrast, a personal quick loan tends to have much lower interest rates and similarly fast approval times.

Spread out large expenses

While it is possible to pay for that resplendent wedding ring or that family sedan all at once, that may not be the smartest choice. Incurring such a huge expense could leave your savings dangerously low, making you vulnerable to any emergencies.

By getting a personal loan, the expense is spread across a period of time. You should be able to make payments comfortably while keeping your savings account healthy in case of a rainy day.

Consolidate debt

For those with debt pending on multiple credit cards, getting a debt consolidation loan could help ease the repayment process. By combining the debt into one loan, borrowers save themselves the trouble of managing various separate accounts.

Most consolidation loans in Singapore have a much lower annual interest rate compared to credit cards, making them a financially viable option as well. What’s more, they help to reduce your utilisation rate by paying off your credit debt, improving your credit score.

Conclusion

With proper planning and strict adherence to the repayment schedule, a personal loan can get you out of a pinch, or help you stay secure while making large payments. To get the best deals and service, you need to do your research.

Fortunately, reliable providers of instant loans in Singapore are plentiful, as long as you know where to look. Here at Easyloan, we provide a comprehensive directory of licensed moneylenders in Singapore. With our extensive pool of resources, you will be well equipped to find the licensed moneylender that can best suit your personal financial needs.

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When Is It Appropriate To Get A Debt Consolidation Plan

Debt Consolidation Loan, Debt Consolidation Loan Singapore

Between credit card debt and various other personal loans, some find themselves struggling to pay back what they owe. This is made even worse when the debts are distributed across several banks and money lending institutions, making it even harder to manage repayment. In these cases, debt consolidation loans can be an excellent solution to clearing a major debt.

What are debt consolidation loans?

Several traditional financial institutions, as well as licensed moneylenders, offer debt consolidation loans in Singapore. A debt consolidation loan is a single loan that is taken to pay off debt from multiple other loans.

The bank or moneylender pays off any debts that you have with other such institutions and leaves you with one repayment plan that you need to commit to. As such, all the liability is transferred to the institution of your choice.

It is important to note that this does not clear your debts, but simply combines the outstanding unsecured debt into one repayment scheme. Still, there are a few reasons why this is still a preferable option over dealing with each loan individually.

Lower interest

Some debts can have exorbitant interest rates, far above what the loanee can afford. Case in point, most credit cards in Singapore charge an interest rate of well above 20% per annum. Even one year of interest could introduce a host of difficulties, much less several years. Not to mention, an individual may have several other loans to pay off.

Debt consolidation plans, however, provide much more affordable interest rates, even going below 10%. This means that in the long run, a loanee can save a considerable amount on interest alone. Even in the short term, monthly payments may be more manageable than those mandated by the unconsolidated loans.

Convenience

Getting a debt consolidation loan is not just financially beneficial but also simplifies the repayment process. The loanee only needs to make payments to one institution, rather than having to manage their accounts in several banks or moneylenders.

Furthermore, with only one point of contact, administrative matters are also massively streamlined. Paperwork will go much smoother when there is no need to email and call several different correspondents.

Higher credit score

A credit score is a measure of how likely someone is to repay their debt. It is typically used by financial institutions to determine whether to accept credit card and loan applications, and sometimes even to determine the interest rates. One’s utilisation rate, or how much of one’s available credit has been used, is a significant factor in determining one’s credit score.

A utilisation rate of under 30% is generally ideal. So, if one leaves their credit cards maxed out, it will naturally harm their credit score. In contrast, by using a debt consolidation loan, borrowers can eliminate their credit card debt, lowering their utilisation rate and improving credit score.

Conclusion

While there are several benefits of getting a debt consolidation loan, borrowers should still consider their financial situation carefully before committing. Borrowers should ensure that they are in a position to repay the loan and that they will be able to commit to the repayment plan proposed. They also should ensure that they remain financially responsible, and are not tempted to spend more by the newly available credit.

But once a borrower has done the math and mental preparation, the next step is to find a reliable licensed moneylender. There are plenty in Singapore that provide quick loans, and borrowers need to do adequate research before picking one.

That’s when Easyloan comes in. Our extensive directory of money lending companies will help you make an informed decision when choosing the licensed moneylender that suits your financial needs best.