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Money Lender Singapore

Money Lenders in Singapore at Your Fingertips

Tough times call for difficult measures. This is true in different aspects of life but is painfully accurate when it comes to budgeting. Whether you’re a housewife or an aspiring businessman, borrowing money has always been the last resort for emergencies and circumstances that require sums of money that are beyond your means. Fortunately, directories like the Money Lender Central made the grueling task of scouring for the perfect Licensed Money Lender in Singapore easier. With our help and your astute thinking, you should never go wrong in choosing a licensed money lender. You may refer to our Moneylender Review for the list of Best Money Lender in Singapore for loan.

Things to Ponder on Before Taking Up a Loan

Some people, particularly those who have luxurious lifestyles but don’t have the means to support it, are prone to overspending. This is why we advise you to think about the following things before deciding to take up a loan:

  1. Consider if the reason why you are loaning can be considered a necessity and not luxury. It varies depending on the person but typical things that warrant loans are long-term investments such as houses, business capital and the like.
  2. Think about how you are going to pay for the loan. Remember that loans with licensed money lenders are covered within a legal contract which both parties are obliged to fulfill and that there are consequences for not being able to do so.
  3. Make sure to consider the interest rate money lenders offer because this is the amount that you would have to pay on top of the capital amount you get from the loan. In short, it is something you cannot use in the future.
  4. All licensed money lenders are listed in the Registry of Money Lenders in Singapore. This provides you the opportunity to check if the entity that will provide you with a loan is legit. Always, ALWAYS consult the registry before taking up a loan.
  5. Know how much you can borrow based on your current status for you to be able to maximize your loan.

Types of Loan

After deciding that you do have to borrow money, you should decide which type of loan is appropriate for you.

  • Personal Loan – These are loans that can be used for practically anything. In other countries, personal loans are also called Multi-purpose loans as they can be applied for different instances. It is also categorized into two types: the secured and unsecured loan.
  • Payday Loan – Loans covered under this category are those paid short-term with high interest rates. It usually involves a small capital amount and is best used for emergencies. With payday loans, the borrower usually writes a post-dated check with the capital plus the computed interest based on a loan period both borrower and lender agreed on. The lender then holds on to the check and cashes it on an agreed date which is usually the borrower’s payday.
  • Foreigner Loan – As the name implies, this kind of loan is for non-resident, non-local borrowers. In Singapore, foreigners can apply for loan as long as he or she has a valid permit (work, etc.).
  • Bridging Loan – Loans used to ‘bridge the gap’ between sale of a property and procurement of one are called bridging loans. This kind of loan is a short-term financial option and is best used by people who are finalizing the procurement of a new house but have yet to close the deal with a buyer of their old property.
  • Business Loan – Business loans are used to fund a starting business or supplement the revolving capital of an existing business. Because of this, borrowers who opt for this kind of credit is required proof of an existing business which means the company should be registered first. Some lenders only require the basic documents to prove the company’s existence while others need more.

Guide to borrowing from a Licensed Money Lender in Singapore

Singapore is one of the top financial hubs in the world. People can require money for several many purposes and yes, you can get loan easily in Singapore. Recently you have read the news that money lending procedures and regulations has been changed with effect from OCT, 2015. There are changes in law how licensed money lenders have to manage their borrowers.  Under these new rules government has tried to protect both lenders and the borrowers.

Money lending rules

  • First of all you are obliged by law legally to fulfill the loan agreement with only licensed lenders in Singapore. You have to read the printed terms and condition and ask the officer to explain terms and condition of loan agreement to you.
  • Consider any existing loan and debt like recurrent fee. You have to be smart about the contract agreement and should have calculated the interest payment and late fees.
  • It is legal responsibility of the money lender (licensed) to let you know about each and every term and condition in language that you can easily understand. Moreover, you have to be given a copy of loan agreement.

How much loan can you take?

The licensed money lending companies are allowed to offer unsecured loan as well. You can take it on following basis:

  • You can take 3000 dollars if your annual income < 20000 dollars
  • If your income level is less than 20000 dollars or more but less than 30000 dollars, you can take up to two months of income loan
  • 4 month loan if your income level is between 30000 dollars to 120000 dollars
  • You can take loan of any amount if your income is equal or greater than 120000 dollars

What would be the rate of interest charged by licensed money lenders?

According to law, the contract that is agreed between June 2012 – Sept 2015, the licensed lenders are obliged to calculate and reveal (EIR) effective interest rate before grating the loan. If the income level of the borrower is less than 30000 dollars, the licensed money lenders could charge interest rate capped 20% (EIR) on the unsecured loans.   If the income level of the borrower exceeds 30000 dollars limit, the EIR is not applicable and it has to be agreed between both parties that is borrower and lenders. According to changes in law after 2015, the licensed money lenders are allowed to charge 4% interest rate each month maximum.  The interest rate cape is applied no matter what the income level of the borrower is and regardless if the loan is secured or unsecured. If the borrower of the money is unable to pay back the amount of loan, the maximum percentage of interest is capped at 4%.

Conclusion

With such rules, the money lenders are having better structure and yes these rules would help them to make good name in the market.  Government is taking hard steps against the unlicensed lenders and it allows people to get loan from licensed money lenders in Singapore.

By |May 15th, 2016|Categories: Important|0 Comments

How much can I borrow?

How much can I borrow?

People always look to take up loan to meet business and personal needs. Whatever your requirement will be, you are looking to get loan to fund the wheel of your needs. In Singapore, you can take different sorts of loans. However, the rate of interest would be different among these loans. Usually personal loans are given by the banks and they are secured loan. Other than banks, there are many money lenders available in Singapore that can lend you loan. Licensed money lenders have some restriction by the government to lend the loan. In Singapore, against secured loans you can take loan of any amount no matter what your credit rating is and no matter how long you want it for. The main issue is with unsecured loan, as people don’t have enough resource to provide banks something as security or pledge commercial or residential property as security. But still these money lenders can lend money to such borrower but with limitations:

  • You can take up loan for amount up to $3,000 dollars, if the annual income is below $20,000 or equal to it
  • You can take up loan up to two months of your income, if the income level of borrow is equal to $20,000 or greater but has to be below than $30,000
  • You can take loan up to four months of your salary, if income level of borrower is equal $30,000 or greater but has to be below than $120,000 bracket
  • You can take loan of amount (any) if your income level is equal or greater than $120,000

A payday loan is small duration loan that ensures to pay all the expenses made till the next month’s pay day of the consumer. These loans are given in particular fashion over the repayment through credit cards. The policy regarding this advance varies greatly from country to country included several clauses under the same. This facility is made available for the people that are in financial crunch in the middle of month when their pay day is far away. When they need urgent money, these advantages are taken to suffice the current financial urgency. This situation is very evident in case of medical emergencies when no other way of gathering cash remains evident. The credit amount is generally small with a fee associated with it for lending the money. These loans are made to be recovered within thirty days which is flexible according to lending company. If you have poor credit rating and want urgent cash, it is advised to contact the best licensed money lender in Singapore. These lenders are best suited for you. They will give you loan after 30 minutes, provided if you have submitted the required documents. Keep in mind that they will charge you higher rate of interest on short term loans.  The licensed money lenders are obliged by law to give you loan of specific amount, government in Singapore have put some limitation and restriction on the lenders.

By |April 28th, 2016|Categories: Articles|0 Comments

5 things to look out for in a legal money lender in Singapore

Securing a loan is no more a task where as you have to go through complex bank procedures. With many legal money lender schemes now offering variety of loans for different needs, ranging from Personal Loan, Payday Loan, Bridging Loan and more. However, choosing the best licensed moneylender this is not as simple as it may appear, as there are still a lot that the borrower must take note of before taking up a loan. As the money lending market gets crowded, many moneylenders might have also begun to relax their regulations. First time borrowers might get intimidated and confused as there are so many legal money lenders around Singapore, and most are worried about the charges the moneylenders can charge. If you are stuck in this situation, then here are 5 factors that can help you in your search for a legal money:

1. License The first thing that you must ensure that the lender is licensed. To become a legal lender in Singapore, the company must be licensed with the Registry of Moneylenders. This is something that you must ensure, so as to know that any contract that you enter in to with the lender is valid and binding. To make things convenient for you, we have selected a list of trusted licensed moneylender that you can select from instead of going through the long list of moneylenders provided by Registry of Moneylenders that will confuse you even more.

2. Professionalism Any money lender who is professional or has been in the game long enough will tell you immediately if he cannot provide you with a loan. You should check various sources, including the lender’s website, lender’s reviews and be aware of what may appear as a misleading advertisement. Always avoid lenders that uses abusive language towards you. In addition, under no circumstances should you let the terms of the loan be modified at the last minute. Any of these factors serve as a warning light of unprofessional conduct.

3. Specialized Lenders Any lender who specializes in just a few kinds of loans could be a better option than those who claim they handle every kind of loans for all people. Specialists can provide you with specific and thorough knowledge and advise, which is necessary for choosing the best loan as per your situation.

4. Advertising As most people are not aware of the medium of advertising for legal money lenders. They are only allowed to advertise through directory in print or online media, internet websites belonging to the lender and advertisement placed within their place of business. Some of you might have received text messages from companies asking you to take up loan from them and claimed that they are a licensed moneylender. Usually these people are not licensed, because any licensed lender advertising through SMS will be risking their license to get revoked.

5. Experience Though this may sound a little too obvious, but you should always go in for a company that comes with a solid reputation based on trust and reliability, and has been around for quite some time. You should always check out the good or bad reviews that are available around so that you can avoid companies that has records of unfair practices or contracts. A skilled and legal money lender will be able to craft up a scenario that will be a win-win for both the parties in the loan.   These are some simple yet highly effective factors that you must consider as you go out to get a loan- so that you get what you are looking for as well as pay only the minimum for it as time goes by!

By |April 19th, 2016|Categories: Articles|0 Comments

How to secure the fastest cash loan in Singapore?

If you are in a tight spot financially, or need a considerable amount in a very short time, then you might just be the ideal candidate for getting a personal loan. However- personal loans can be tricky. You may not have enough ‘security’ or collateral to put forward for securing such a loan- and that is where you can use your payday to get what you want. A payday loan is one of the best and the least hassle free of cash loan you can get in Singapore. A payday loan, in simple terms, is an advance payment on the pay checks that you will be earning in the future. Obviously, all you need for securing such a loan is a stable job, with sufficient income for paying back the borrowed money in the decided period. If you need to front money for settling an important matter, then a payday loan can be your best bet- it is not only easy to secure, but can also be paid back simply from your future pay checks. In securing a loan, or while arranging for a large sum of money, there are a few things that are to be kept in mind. Here is a simple 5-point checklist to help you remember that and get a fast cash loan with minimal hassle.

  1. Decide the amount you need, how soon you need it and how soon you can return- this will help you to estimate if a payday loan is the right choice for you, and how can go about it.
  2. Next, have a concrete figure of the amount that you can readily afford to add to the figure that you just determined (if anything at all). The remaining is what you need to collect from other sources, including your loan.
  3. Use your contacts, get to the people who trust you, and see if they can help you out with a short-term loan. You will save a bit here since these people will not demand interest. Now recalculate the amount of money that you still require.
  4. Search for a trusted payday loan provider near your area or you could check out trusted Moneylender Reviews at Loansingapore.sg, and find out the requirements for securing the loan. It is important to be sure that the lender can deliver money by the time you require it. Most licensed money lenders can approve the loan in less than an hour.
  5. Have a concrete plan for paying back the loan- it is better to write it down on paper. Once you have done that, and are comfortable with what is in front of you, fill out the application.

These steps are not that complicated, and the safest yet fastest method of getting a sufficient cash loan in Singapore. With several loan options out there in the market, just finding a convenient mechanism of taking a loan is not enough- you need to be well informed about the process, and how you plan to go about it. Following these simple steps is one of the best ways through which you can accomplish this.

By |April 16th, 2016|Categories: Articles|0 Comments

FAQ for Borrowers

Credit and loan is the difficult task because to borrow something from one person stuffs your mind with lot of questions. There are many questions which appear in the mind of person and here are some answers regarding that questions:

What should I consider before taking up a loan?

First you should know the purposes for which you are you are taking loan then you should consider that you can repay that amount within the given period of time or not. Further you should also consider that this borrowing can affect your finances of future which may quite affect your lifestyle too. Before signing up the loan paper you should look for the list of questions given in that paper contains the conditions and terms of that institution from where you are taking loan amount and think for a while that you can fulfill these terms and conditions or not.

How much can I borrow?

Before borrowing you should consider that amount which you can repay easily within the given period of time. If you borrow more and cannot repay that amount within given period of time then it may cause problem for your future life.

What are the interest rates moneylenders can charge?

You should also consider the interest rates given by moneylenders and calculate the settlement amount before taking loan.

How do I know whether a money lender is licensed or not?

You can ask questions from moneylenders about their identification and licenses so that you may know that they are real or not. To save the hassle of screening through lenders from lenders, you can also refer to our list of Legal Moneylenders and their reviews.

How can I know that advertisement is from licensed moneylender or unlicensed moneylender?

Licensed moneylenders are allowed to advertise through different channels you should check the institution’s creditability and their past data about giving loan from different licensed moneylenders.

Can I rely on the content of an advertisement given by moneylenders to take loan?

You should clarify and clear your doubts with moneylenders before taking up the loan, and make sure they do explain the contract clearly on every single page you are signing for.

What should I do when I am granted a loan?

If you are granted a loan then you should make sure that you are receiving full principle amount from moneylenders which you had applied for, but moneylenders are also allowed to deduct an upfront loan approval fee of up to 10% of the principle amount, so do check out with them before taking up the loan. Do also take note of the repayment dates and repayment amount as most moneylenders will charge either a late fee or interest fee for late payment.

How do I lodge a complaint for moneylender for his/ her unfair practices?

If you find that money lenders haven’t shown you the right picture or there is any misconduct done by moneylenders then you can complaint through the registry at telephone number 1800-2255-529 or at e-mail address OneMinLaw@mlaw.gov.sg.

By |April 10th, 2016|Categories: Important|0 Comments

What should I consider before taking up a loan?

Why do you need finance?

The obvious answer is to fulfil your personal or business requirements. Everyone is looking to get loan, either you are looking to fund your education, buy a home, meet business expenses or buy a car. Whatever the reason would be there is dire need of funds to fulfil your needs and dreams. To take loan from bank or any other source is a big liability and of course a major responsibility. Once you have taken loan, you have to pay back it within given time period.  That’s true in every sense that getting loan will affect your lifestyle both ways (positive and negative). There are many things that one should consider while looking to take up a loan in Singapore.  These are few questions that you must ask yourself before getting a loan.

Credit Score

What is your credit rating or credit score? You should consider this first before applying for loan. This will affect the amount of loan and your cost in future. If your credit rating is low then you should try to improve it first and then apply for a loan. Pay the debts and get the credit score increase and make timely payments.

Is loan secured?

You shall also give consideration to security. Is your loan secured or not. Mostly banks and legal money lender are giving loan against something kept as security. Keep in mind that whatever you are going to pledge against the amount of loan, the bank will have option to sale it in case you didn’t pay back the amount of loan.

What will be the interest rate?

What will be the rate of interest against the amount of loan? The rate of interest will depend on time period of loan an amount of loan. The higher rate of interest means that you will be bearing more cost. Payday loans and mortgage loans are considered as low interest rate loans.  Make all calculate before taking up a loan from a licensed money lender.

What will be the repayment schedule?

You have to give consideration to payment schedule. Are you taking short term loan? If yes than the amount of loan you have to pay back with interest will be higher and you have to pay back this loan in short time. Higher time period for loan means that monthly payments will be less but higher rate of interest will make this loan costlier.

What will happen if you are unable to pay back?

What will happen to you if you are unable to pay back the amount of loan in give time period? You shall give consideration to this as well. What will be the penalty, what will happen to your collateral and security in this regard?  You need to keep everything in mind before making a final call to take up a loan. To conclude we can say that, a loan is a big responsibility, you have to apply for a loan if you have solid plan to make payments on time. Otherwise you will be in trouble.

By |March 28th, 2016|Categories: Articles|0 Comments