Loan: Personal Loan or Payday Loan

You have been in such a situation before. An event just took place that obliged you to burn several dollars, but you are bankrupt and there isn’t adequate money in the bank account. To even worsen the matter, you don’t expect your salary any time soon. As the festive season approaches which accompanies several spending requirements for gifts & presents, one might feel pressurized than normal to get instant cash.

What are you required to do in order to get the cash you need? It might be tempting to opt for a payday loan. This is however a warning to you that this is a seriously insecure proposition and is the last thing you would want to do. Maybe you’ve heard several individuals saying such things before on how risky a payday loan might be especially in Singapore. We will present to you a concrete case in order to demonstrate how expensive this decision can be.

Payday loan what is it?

A payday loan is simply an expensive short-term loan which offers you cash which you require till you get your next salary as the name puts it. Typically, your salary is used to clear this loan so this is a means of “pulling forward” your salary by few days or weeks in exchange for a high interest rate & fees. This is a very simple loan which can be got easily since not every licensed money lender will take a look at your credit score. They will instead ask you to provide a proof of income in order to make sure that are going to receive your paycheck soon. This similarly implies that the payday loan will be smaller as compared to your salary; therefore you shouldn’t rely on it completely in providing a significant amount of cash whenever you require.

However, the disadvantage of a payday loan is quite noteworthy since the interest rates that are charged by the money lenders are very high: while Singapore credit cards charge a 25% annual interest rate (around 2% every month), payday loans may charge an interest rate of up to 24% in just two weeks. When you compare this monthly, the payday loan’s 48% maybe about 25 times more expensive than the credit card debt which you can carry. No matter the level of desperation, taking a loan of S$760 after sacrificing your S$1,000 salary is definitely a bad deal.

Payday loan pros

Absence of credit checks: payday lenders mostly will not check one’s credit history; therefore one can borrow cash even if they possess some bad history with the credit cards & debts.

Payday loan cons

Very high rates of interest: payday loans may cost twenty four times more than the credit card debt each month. Though one you can obtain cash before their paycheck, they will be losing 24% of their paycheck.

Potential crisis: in case you fail to clear your payday loan as fast as possible, it accumulates into a huge amount which one might never be in a position to pay back since the interest rates are very high. This can ruin your life.

Are there any alternatives that are available?

The simple answer to this is a yes. There are several options for individuals who require instant cash quickly other than the payday loans which are similarly much cheaper as compared to the payday loan. Even if you are in a situation that needs you to obtain cash instantly in twenty four hours, there are obviously several viable & less risky options in Singapore.

For example, a Singapore personal loan is cheap to obtain since most banks will process your application & provide cash in a day. They are similarly cheap, with an average of 6-7% interest rate and a few additional fees. A credit card debt too will only cost you 25% annually on average, & are immediate since you only require using this card when paying for whatever you require even if you are not in a position to pay the card balance completely any time soon.

Student Loan, Mortgage & Renovation Loans

If at all are aware of the reason as to why you require the cash, you might have some other venues of borrowing at a good rate. Generally, loans that are made for a certain purpose often carry with them a lower cost & interest rates. For instance, student loans & home mortgages often cost much little since lenders are aware of the reason why you require the cash. Loans for home renovation are similarly available for various home improvement projects. These loans possess lower risk since they contain more information concerning the borrower.

Payday loans are on the other side of the spectrum since the lender has no clue of the borrower’s information except the last paycheck. In this case, it’s highly recommended to check out other “specific” loans that are available in Singapore and designed specifically to suit your need. These loans will take long to process, but they are certainly worth considering.

Payday Loan vs Personal Loan

In case you require instant cash and you are trying to settle between the payday loan & the personal loan, it is recommendable to opt for a personal loan every time. Only in a few and rare circumstances where the payday loan will make more sense as compared to other options for instance personal loan. Below are some of the reasons as to why you should opt for a personal loan rather than a payday loan.

First, personal loans are not as expensive as compared to payday loans, particularly you’re your annual income is above S$30,000. A personal loan is supposed to cost you just 7% of the annual interest at its maximum & banks located in Singapore approve your loan in a day. Therefore it is an inexpensive means of obtaining instant cash.

Secondly, the Singapore personal loan is very simple in terms of management since one can repay it over a longer duration of time. Every payment may be classified into smaller parts that are equal as compared to the payday loan that can consume all your paycheck within a moment. Not just that, the lender will show you exactly the amount of money that you should pay monthly in order to clear your debt over time gradually.

Lastly, the personal loan may offer huge sums of money as compared to the payday loan. The number of personal loans which you can obtain is between 1000 to 10,000 dollars. Therefore in case of an actual emergency, the personal loan may be the best source of capital rather than trading the paycheck.

Credit Card as an option

Even in situations where you just require a few dollars which you wish to pay back instantly, other alternatives such as credit card still is a better alternative rather than a payday loan. Similar to the payday loans, credit card debt will not need you to be involved through an approval process. This implies that one can clear their debt whenever they wish want.

Parting Thoughts

It might be a somehow difficult task of saving money while in Singapore. In the current high living costs such as MRT fares, CPF contributions & university tuitions, individuals might get themselves short of savings when you encounter any financial crisis. Sometimes, these kind of situations may need a financial assistance in terms of loans. All in all a payday loan might be an egregious type of capital available in Singapore. Ensure to consider other alternatives such as personal loans, cash advances & credit card debt prior to moving to the payday lender. In case you get yourself borrowing a payday loan more often, you need to reconsider your financial priorities & do your best in order to bring back your life in the correct order.


All about Personal Loan in Singapore

Money has become most essential part of our life. People work hard day and night to earn money for themselves and their loved ones. Due to increasing expenses and prices of goods everyday it has become very hard for everyone to manage. The people of Singapore are also facing such issues.

You might have heard word “personal loan”, do you know what it is? Let me tell you what it is a type of unsecured loan bank offers to its customers without asking you where you spend the money you take on loan. It does not require to put any security against your loan. These personal loans are quite popular in Singapore for the past ten years. Singapore banks offer personal loans up to 5x of your monthly income. These loans are given on usually high interest rates and a period of 1 to 5 years. An annual fee of S$50. 00 to S$90. 00 is also charged by banks for the loan.

The government of Singapore has numerous licensed money lenders to offer personal loans to the people. It is very important for you to check your lender properly before taking any loans. Firstly, we need to see our lender is registered member of Insolvency and Public Trustee’s Office (IPTO). You should personally visit the office of money lender to check that your paperwork is done properly and documents must be signed after checking. Singaporean government is very active and alert to protect its people from illegal lenders. It emphasizes the use of landline numbers in advertisements from licensed money lenders. The personal loan
contract should be in easy to understand and benefit to the borrower. One should examine it closely and clarify if needed.

In Singapore family planning has to be done keeping in mind your finances. A baby doesn’t bring responsibility, but it increases your family budget as well. It’s very important to a have secured job before having a child. One you expect a baby, you should work on clearing your debts having higher interest rates so you save for expenditure on baby. One should must include baby on your existing insurance so that if something bad happens to you your family is secure.

There are two important things one should know before taking a Personal Loan. The Total debt service ratio (TDSR) helps us to determine whether we could spare the loan instalment from our monthly salary after deducting our current monthly expenditure. The next important point one should keep in mind is annual fees and late payment are charging your licensed money lender charges you. The late payment charges could be high up to 2.5% on top of your interest rate. If we keep these in mind before taking a loan it would benefit us to a great extent.

Now, we would talk about three main ways by which we can save money with Personal loans. First of all, we should look to clear our loans with higher interest rates with loans with smaller interest rates so it helps us to save money. Second way could be the amount of money you are taking from personal loan to invest it in a side income or side business. This would certainly help you in paying off your instalment and would bring more income for you. The third way is to upgrade your skills or qualification.

You must have also heard about Payday loan. Many licensed money lenders offer payday loans in Singapore. Then comes a question in our mind should be we take payday loans or not? One-word answer to this would No, as payday loans are very short-term loans offered to serve your financial need. One should be able to pay the payday loan on promised date, otherwise it incurs a hefty penalty on the borrowers. One should only be thinking of taking this loan when you have funds to pay from your monthly pay.

If you have an urgent requirement of money, and you are really confused to choose between Payday loans or Personal Loans, let me tell you the difference between both. Taking which loan would depend upon requirement and when you will be able to pay off your debt. If you want less money urgently and you think you can definitely pay in short duration with high interest rates, then you can go with payday loan, but if you need a higher amount of money and want to pay it in a year or two with ascomparatively lower rates than a personal loan would serve you better and would be appropriate for you.

When you need something you always take advice from your friends or colleagues. Let me make you aware about 5 false things you must have heard from them about Personal loans. Never ever take a personal loan to pay off your credit card debt, it is not right. Don’t think personal loan is the most expensive of all loans that are available in markets. It is better than taking payday loans or cash against credit cards as it saves you from higher interest rates. Never ever use the money of personal loan to buy a luxury item as it should be only used in emergency situations such as a medical problem, wedding, etc. People around you always say every licensed money lender or bank charges same interest rates but please survey market because that’s not true. Similarly, you don’t need a high credit score to avail personal loans.

We have heard people saying save money for emergencies, it is very important, but the question is how? One can take help from a financial advisor, who can help you manage your expenditure wisely and help you save for emergency funds. It does not matter if you save little initially because in your future you will see it gradually increasing.

With the latest conditions prevailing in Singapore people say that their retirement saving would not be sufficient
enough to survive for them. They would require to work even after 65 years for extra income to cope up with their monthly expenses. Considering your lifestyle, we would advise you to please plan for your retirement wisely and start saving from today so that you could have relaxed life in your old age when you cannot give you 100%.

At the end, we would say money is definitely having become one of the most important and essential part of our life. We need it from morning till we sleep at night, so plan everything accordingly and save more and choose the correct option to avail loan at the time of any crisis or emergency. Hope this article would help you in making correct decisions about your financial need.


Know The Differences: Legal Money Lenders and Loan Sharks

In today’s context, these money loan sharks are getting so smart as they have been pushing their luck and trying to pass themselves off to many borrowers as licensed money lender. They have been sending SMS to random potential borrowers and claim that they are from XXX company (whom listed as one of the official licensed money lenders in Singapore). But no, they are just imposers! So please be careful and do not reply to any of these messages. Report them if possible!

When you know what to look for in a licensed money lender, you can clearly differentiate and you can find the lender you can trust when you are ready to take out a personal loan. It would be wise if potential borrowers take some time out and do some homework to find out how the information on how to apply loan from money lenders. If you want to avoid the loan sharks, as well as the many schemes that are floating around out there when you go to borrow in Singapore, these are some things you ought to be aware of when you visit a money lender’s office to apply for a personal loan.

The process

With a loan shark, there is usually no process at all. Illegal money lenders aka loan sharks do not have physical office at all, they will not ask you to sign any paper documents, or ask you to do anything. They will simply loan you the money, give you a date to repay and charge you a very high interest rate. After which if you are unable to pay them back in time, they will go after you with all sort of means such as appearing at your workplace or even make a huge scene at your house. They are typically very short repayment periods, and interest rates are very high due to the high cash amount they will loan you, without having to put down any collateral when you do take out a loan with them. These loan harks will come after you and, worst of all, you have no backing or protection as a borrower when you choose to go through them for a loan. Government do no protect any parties who approach loan sharks for loan.

A licensed money lender has to follow government policy when they loan to you. In addition to having you come into the office, you need to show: proof of income, residency, your ability to repay, and other elements, so you can apply and get an approval with them. The process is usually quick, but it is not going to result in the highest loan amount, which is what you can get from a shark. It is also going to carry an interest rate, but it is not going to be anywhere close to being as high as what you will pay through a loan shark. The process is quick, it is safe, it is efficient, and best of all, you are fully backed through the Singapore government when you do take out a loan with these money lenders.

Interest & no harassment

Loan sharks are going to charge exorbitant interest rates, add in the fact that they will harass you and go after you if you do not pay back on time, you are going to find it very difficult to avoid them. In terms of a lender, you will not have to deal with these issues when you choose to take out a loan with them. You are going to pay a reasonable amount, which is in line with the other lenders on the market. Additionally, you are going to receive notices, and you are going to be contacted if you can’t repay on the day your note is due; you are not going to be harassed or threatened, as is the case with a loanshark. So, understand this before you do take out a loan with these lenders.

Ultimately, the decision is up to you as a borrower. There are times when people are desperate and think they do not have a chance to be approved for a loan with a money lender; even if you do feel this is the case, it is worth applying and at least talking to a money lender. It is the safe option for you to go through, and you will often find you can take out a loan, even if it is not for the full amount you were hoping to take. In addition to this, you are backed by the Singapore government Ministry of Law(MLAW), you know there are no harassing calls, and you know that if you can’t pay on time, you are going to be working with a licensed company that is willing to work with you. A loan shark is not going to be as kind if you are not capable of paying in the time they ask for the cash. So, prior to jumping in and making a rash decision, consider a few of these factors, and speak to a licensed money lender, to learn about your options when you need to take out a cash loan with them.

, ,

Why is it Important to find the Right Money Lender in Singapore

In Singapore, if for a few reasons you need to obtain some cash for pressing use, other than the customary cash loaning offices, for example, banks and financial organizations, you can swing to authorized money lender Singapore. These are chiefly private companies or organizations that particularly stretch out financial credit to generally the man in the road with not very great FICO score according to official credit agencies and banks or the forthcoming borrower with less procuring influence that can’t acquire from conventional cash moneylenders.

When you get from authorized cash loan specialists, first you have to discover from Singapore’s Registry of Moneylenders for a posting of honest to goodness and authorized administrators. If time licenses, do some calling and web pursuit of a large portion of these loaning organizations before you limit to a couple of decisions. Get some information about their loan costs, the way they compute their advantage, and any shrouded expenses or charges for late or non-installment, not that you won’t reimburse the portions late. This round of certainty finding is more for the straightforwardness of their administrations than whatever else.

When you have perhaps three or four options, visit them by and by and find out for yourself their physical office/shop, and their demeanors in dealing with individuals and business close by. Despite the fact that looks and exteriors might swindle, regardless it warrants a real visit to get a direct vibe of the potential authorized cash loan specialist that you will, in the long run, get from. For those shortlisted, make more inquiries about their method of working together, going top to bottom on each conceivable edge you can consider in the matter of loaning cash. After this round of serious addressing, settle on your choice, which is a blend of sane and gut feel.

Since you have discovered the authorized cash bank which you feel is an ideal choice for you, make significantly more inquiries. Cover all grounds that you are aware of in cash loaning. At the point when in the long run you are happy with your picked authorized cash bank, execute. Get just what you require, as opposed to what you may need. As a general guideline, work out your funds, spending plan your month to month bring home compensation, and just utilize your extra cash as reimbursement of your credit. Never surpasses the measure of your discretionary cashflow. On the off chance that you do, you will see yourself ceaselessly paying off debtors attempting to clear your loan(s).

Work out the reimbursement terms with the authorized cash bank. Ensure you examine the fine print that is the terms and states of the advance contract before you leave all necessary signatures. Keep in mind; your reimbursement must be the measure of your month to month extra cash. Reimburse the portion sum as worked out amongst you and the authorized cash loan specialist in full as stipulated in the agreement’s patterned period. Consistently don’t miss any reimbursement, as late expenses and charges will kick into impact, and increment exponentially the last sum repayable, versus the foremost sum advanced in any case. This general reimbursement will minimise misery on both you and the authorized cash moneylender, and in the long run, your credit will be cleared in due time.

An authorized moneylender can offer a decent answer for the individuals who experience a genuine budgetary emergency and get turned around the banks. On the off chance that you need to go for personal loan, payday loan, or even get a business loan, they can offer you money to address your issues. Getting cash from money lender can enable you to discover stable venture openings and have awesome returns. If you get cash from the budgetary organizations out of the blue, you may consider how to locate the best legal money lender in Singapore.

Tips for Selecting a Licensed Money Lender Singapore

The authorized cash loan specialist Singapore is the best place where you can acquire cash to hold over your money related circumstances. There are ordinarily when you experience the ill effects of the budgetary challenges. They are committed to giving you speedy money credit administrations, including payday, therapeutic, individual advance, remodel and instructive advance. The credit offered by the money related circumstances can be utilized for paying off bills, commanding an extraordinary event, or taking care of an unforeseen expense. An ever-increasing number of individuals are taking out the advances to manage crisis costs, regardless of whether it is an unpaid service charge, the high cost of auto repair, or doctor’s facility bills.

Regardless of whether you need to take out an individual or business advance, the authorized cash moneylender Singapore can be your best alternative. Not having enough money to cover these costs can be a complicated issue. Along these lines, you have to discover a wellspring of crisis supports that can be a genuine lifeline in your critical moment. There is a need to pick the correct advance supplier to get the credit. You can find a great deal of cash loaning organizations available. They will loan their cash to enable you to out. When you experience the grievous experience of having unpaid bills all heaping up, it is best to think about applying for a new line of credit.

The authorized cash bank Singapore is an organization that will attempt to take into account your necessities. At the point when the banks qualify you for an advance, they will convey you the guidance on approaches to enhance your credit. There is an awesome method to enable you to sufficiently secure assets to pay off your money related commitments. In any case, it is important to consider the application procedure and the installment methodology. Before applying for a line of credit, it is critical to profit you can get. You ought to make certain your capacity to pay the cash back.

There are many advantages of looking for help of the authorized cash moneylender Singapore. Finding a credit supplier can be said to be a decent method to for you to get an individual or a payday advance. When you are going to motivate cash to adapt to your money-related issues, you can think about this. There are many authorized and legitimate cash loaning administrations where you can get trade credit out Singapore. Be that as it may, you ought to rely on your necessities. The web can offer a total posting of establishments and banks that are qualified for work legitimately.


Personal loan – Myths debunked

When it comes to money lenders, personal loans, banks, and other types of borrowing, there are quite a few myths out there. SO, how do you know which are right, when to borrow, if you should take out money with a money lender? If you are even considering it, you will find there are some ways which are better than others for you to borrow. But, there are some misconceptions you have to learn are simply not true. So, let’s take a look at these, and what you do actually have to know as it relates to borrowing, in order to ensure you are going to make the right choices when you do have to take out a loan, with a lender, for any reason.

Why do I need a loan?

Even if you are financially adequate and pay things on time, it is good to borrow. From making a big purchase, to building credit, if you pay it back on time, and are paying your lender within the given parameters, you are going to find it is a good way to build credit and to build up your financial history.

Emergency: it won’t happen to me – Yes, it will; and, the worst thing is you can’t plan for it. So a loan is a good route to go if you do not have emergency funds set aside and need cash so you can care for your family.

Market won’t change – If prices increase, rent goes up, how do you deal with these changes? Both long and short term changes occur, so you have to plan accordingly when they unfold.

I earn enough – This might be true; but, again, there are reasons to borrow. Even if just to build up your credit worthiness, a loan can help you do this.

Land – Yes, this is a great resource to own. Not only for use, but as an investment; and , as it is costly, a loan is a good way to help you pay for it.

I don’t need the loan – So, you are at home and don’t pay rent. If nothing more, you can take out a loan for cash flow and to help you save accordingly. You’ll be thankful when you are out of their home and need to pay your bills.

Loans vary – Yes; many people aren’t aware of securities, personal loans, money loans, payday, etc. There is more than one type and each differs, you should know what each offers.

Secured loans – What is it? Basically you are securing it with an asset (car, home, etc). Depending on why you need a loan and amount you are borrowing, some lenders will require a security to be put down when you borrow.

Good and bad: Secured – The good is obvious, you can borrow more. But, the bad is if you do not pay or are late on payments, your security (the car, the home, etc.) are liens. So, you don’t regain possession until the loan is repaid in full.

Unsecured – Obviously this is the opposite of secured. You are not required to put down a security in order to borrow. But the trade off is usually a higher interest rate and shorter period for you to repay the loan you are taking out.

Unsecured: Good and bad – With unsecured loan, the good is not having to put down anything in order for you to borrow. On the flip side, your bill is higher, you are going to pay more interest, and you will have to repay the loan in full, in a shorter period of time than is the case with the secured loan in most cases.

Money lenders – There are some which aren’t licensed; if you are borrowing in Singapore, this is the last thing you want to get into. If a money lender is not licensed, do not borrow with them. You want to know you are doing business with a viable, reputable company; for such reasons, it is best to go through a licensed, not un-licensed lender when you do borrow.

How do I know? – Licensed money lenders are listed with Singapore governmental agencies. Also, most will have some notification. If they are not licensed, you are also going to find it quite obvious to see they are not licensed as lenders. Do your research and shop around before you borrow.

What do I look for? – Apart from a lender being licensed, make sure they are reputable. Make sure they offer various loan terms. Look for those which have a great reputation, reviews, and guarantee the loans they are going to offer. There are plenty out there, it is up to you do the research before you do borrow with them.

Reliability – A lender should have numbers on their site. They should be backed by the government and banking industry. They should also fully list out all terms, and provide you any information you require. If they do not, then you should not borrow with them. You have to know what you are doing and who you are dealing with, so do your research.

How about rates? – You have to shop; although most money lenders have similar rates, this doesn’t mean they are equal. So you have to take your time to compare, and see which ones are offering the best terms/rates, and repayment options. When you compare, you will find the best rate.

I’m still confused – You are not alone! There is plenty to know and plenty of terms to weed through. So, compare and shop around. This is the best way to know what you are getting into, and to ensure you do find the terms you can actually keep up with as it relates to paying a loan.

There are many misconceptions around money lenders and the financial sector as a whole in Singapore. But, if you do your research and if you shop around, you do not have to deal with unlicensed lenders. Make sure you know what you are doing, what you are signing, and who you are dealing with, before you do choose to take out a money loan in Singapore.

, ,

The Path to Mid-Life Crisis in Singapore

Mid-life crisis. I am sure that most of us have heard of this term umpteen times, whether if you understand or not understand what exactly this means. What does it feels to be encountering a mid life crisis? In order to understand the mid life crisis, we need to study our life cycle. Take a look at our country, Singapore as an example. She will be 53 years old in 2018 and while we have progressed significantly as a country over the past decades, apparently we are still trapped in a mid life crisis. Often, many would approach licensed money lender in Singapore to seek temporary help for advance cash flow issues.

As of now, the critical domestic financial challenges faced by Singaporeans can be attributed to the following factors:

  • Rising costs of living
  • Slower economic growth
  • Aging population
  • Declining population
  • Continuous influx of immigrant workers
  • A more privileged youth with higher materialistic expectations

How Did It Emerge?

It all begins with us being born, obviously, but this article is about how we give birth to the problem. We grow up, go to school, and finish college. It’s the golden era of our comfort years. All we need to do throughout this period is concentrate on our studies and have fun, ask for money from our parents, blow it up on our friends.

Basically, there is no concept of earning money or saving money, the most worried you can get might be about your grades or finding your identity. Then we look for a job post our graduation or study further. If we decided to study further, our previous lifestyle of not having to worry about anything apart from grades continues.

This is the time you realize the power of money and start working towards earning more and more. With little or no effort, you keep getting regular increments and regular promotions and you are very satisfied in life. This is the time when you are in your mid 20s and start to find your soul mate because your professional life seems sorted.

You get married, have kids, and raise your family. This is a time when you mostly reach the epitome of happiness because you have a luxurious life and a nice family thanks to a stable job and a steady flow of income. Throughout your thirties till your forties you get to enjoy this happiness.

Post forty five is usually the time when your regular salary increments start to decline no matter how much effort you put in and your professional career starts to plateau. This is the time you start getting worried about your income because by now you are used to a certain kind of a lifestyle. When this worry starts pricking your conscience, you, my friend, have just hit the mid-life crisis.

Reconciling Expenses with Savings

Income includes your active and passive income as well as your expenses and savings. You need to learn how not to over indulge from the start, basically you need to know how to live within your means and this process begins as soon as you start earning in your twenties. Even though you think that you don’t need to, you very much need to get into the habit of saving money. No matter how small the amount is, keep a savings account and deposit some amount of money in it, preferably a minimum of 10% of your income.

Your thirties is the right time to think about investments so start gathering as much knowledge as you can about the things you can invest in – while some people swear by property, some people might advise you to invest in stocks. Learn about all this and decide what suits best for you keeping in mind the expenses that your family requires.

What you need to do is learn the art of balancing expenses

In your forties when you are approaching your mid-life, you will have to be prudent regarding the money you spend to avoid a mid-life crisis. It is the time when expenses shoot up significantly because your children are growing up and you need to regularly invest in their higher education, and deal with the fact that your salary increment may not be rising at the same pace. By this time you must have an alternate source of income, a means of getting passive income along with your main source, that is, your job.

Thanks to your amazing planning and savings you will be able to enjoy our fifties, whether you retire voluntarily, involuntarily or even if you are still working because the pressure will be off of your head. If you made good investments in your hay days, they will be bearing fruit today and you will not have to lose out on anything just because you have retired. This is a sure shot way to avoid a mid-life crisis.

Now that you know what steps to take at which age, it might become easier for you to never worry about money in your life. Whatever you do, always remember that the key is to save money because money saved is money earned. So, as soon as you start earning, you must start saving. Even a little money right now will go a long way later on.

, ,

Licensed Money Lenders & Loan Sharks Differences in SG

You know, tough times come and go. There are instances when you may experience comfort and zero worries with your finances, and everything seems to be running smoothly in your life. However, you may also experience some difficulties when emergencies arise. There may be a need to have an access to extra funds to cover for unexpected expenses, and it is not everyday that you have dispensable money for these situations.

This is why it is a good thing that there are numerous licensed moneylenders in Singapore that offer loan services to you in such times of financial crisis. You can approach them for assistance whether you have a credit card bill that needs to be paid right away, a hospital expense that just cannot wait any longer to be settled, and a few other similar instances involving the need for emergency funds. They provide services such as personal loan, payday loan, low income loan, foreigner loan and even SME business loan. Since asking for money from friends and family members is not always a practical or reliable thing to do, it is best to go straight to people who can give you an assurance of receiving the amount you need.

But then again, you should never blindly approach a moneylender in Singapore without having sufficient information about the services and products offered. Most importantly, you want to be sure that the said business is legal with all valid licenses and paperwork present. Also, it is best to steer clear of the so-called loan sharks that may only mean bad news to borrowers.

Here, we discuss further how to identify a loan shark from a licensed money lender. By having a clearer understanding of the two, you can choose a better company for your financial concerns to get the kind of service you need during challenging times.

These are the guidelines to follow:

All businesses in Singapore are required to operate by complying with certain guidelines and regulations set by Ministry of Law (MLAW). There are standards to be met, and they should not fail to follow these to avoid penalties and legal consequences that could impact their business. For instance, the maximum amount to be loaned and the interest rates involved are all set by authorities in the money lending industry. These businesses cannot simply offer an unlimited amount of cash that clients can borrow since it all depends on their income.

The same holds true with the interest rates to be paid along with the principal amount borrowed. The interest is calculated based on how much the borrower makes per year. So, it is controlled and should be astronomical, and only licensed businesses recognize this policy as they do not want to suffer from having their license revoked by the government.

Professional Loan Application Processing

Only licensed and legal moneylenders can offer you a professional and efficient time during the time you apply for a loan up to the moment you visit their office for verification checks. This is why people who need fast cash consider approaching a licensed moneylender because there is a shorter waiting period before the feedback on their application is received. In banks, the whole experience may be more tedious, not to mention the complex paperwork, credit history checks, and other processes involved.

Yet, you have to be wary of the fact that loan sharks may take advantage of borrowers who are in dire need of emergency funds. They may not only make the loan application process a little tougher, but they may charge high interest rates at the same time. They are aware of your need for extra cash, and they use this knowledge to take advantage of you. No paper trails or written contracts are provided, so there is no way for you to determine the actual cost of interest rates and the schedule of loan payment.

Licensed money lenders implement a system that helps them determine the credit rating of a borrower. Of course, their tolerance or standards for the credit rating is reasonable, yet they only provide small loans. Your salary is also considered when you apply for a loan aside from your employment status and credit score. But the main thing that sets them apart from loan sharks is the presence of a written contract. You are provided this piece of paper that clearly stipulates information about the interest rates and schedule of payment.

Another thing – there are instances when licensed lenders may reject your loan application. This is usually the case when you have existing debts with other lending companies and credit card debts that remain unpaid. As it is a case-to-case basis, it is always good to consult a loan specialist for assistance with your individual concern.

Interest Rates

Banks normally offer lower interest rates as they provide secured loans to clients. But you have to understand the fact that there is a collateral you need to provide before your loan is approved. The asset should also be valuable enough to pass the bank’s standards. This makes the experience tedious when you are applying for a bank loan.

With licensed moneylenders, there are specific interest rates charged on top of the principal amount. The fees are also regulated, so there is nothing to worry about astronomical fees to be settled. But the same does not apply to loan sharks. In fact, be prepared to pay about 100 to 200 percent interest rates that should be settled along with the principal. Unfortunately, this is beyond your control since there is no contract to defend your stand.

Licensed lending companies provides regulated interest rates to borrowers. This is why you can calculate how much you should pay monthly – and there are no surprises along the way.

Zero Threats or Harassment

As long as you borrow money, the amount should always be settled according to the designated time of payment. In addition to the principal, the interest rate or any other fees must be paid as well. By doing so, you may qualify for an opportunity to loan money again if the need arises in the future. But you see, loan sharks may threaten or harass whenever they collect money. If you are unable to repay the loan, you may come across such lenders who threaten clients over the phone or through SMS just for you to settle the amount. Loan shark runners harass clients, and the whole experience can be unnerving.

With licensed money lenders, you may receive written notices as reminders for your payment. You do not have to worry about receiving calls from them left and right and telling you to pay up. But of course, you still have to produce some payment since the interest rate just keeps getting added to your principal amount as long as it remains unpaid.

Bottom Line

It is never too easy dealing with money problems. You may constantly worry about how you can pay your credit card bills, or what to use to have your car repaired. Asking for emergency funds from relatives may be a very tough experience, and your request can also be rejected or declined along the way.

Meanwhile, your bills need to be paid and there is no way for them to go away unless these are settled. This is why it makes sense to consult the right company for your loan needs. Simply going with loan sharks is never a smart idea considering the astronomical fees involved and unfair loan repayment schemes. There is also no contract that can protect you legally, which makes things more complicated than it is.

If you need professional assistance in obtaining extra cash, be sure to consult a financial expert for your concerns. Always work with legal businesses that can give you an efficient and effective solution to your problems. It also helps to check reviews about the licensed moneylender to learn more about the services they offer, as well as actual feedback from clients who can give you ideas on what to expect from dealing with them.

Valuable Money Pet Care Tips You Should Know

From home remedies to cleaning products and visits to a veterinarian, these measures for the care of pets are added up. Even pet food costs can add to a bunch of costs. That’s why it is important to reduce the costs of caring for pets, without jeopardizing the health of your pet. Spend less with these savvy pet care saving tips to save your favorite animals. Sometimes you wish to give your animals more, more love, more goodies but you have your own liabilities. You may wish to approach licensed money lender to lighten your temporary loads and be show more appreciation for your animals.


Some owners overfeed their pets, which leads to a condition called obesity. But feeding less can improve your pet’s health and save you money. Check with your veterinarian for how much food you need. To save more, you can buy pet food wholesale.


Gingivitis can damage your pet’s kidney and your finances, as it requires expensive treatment and professional cleaning. To prevent this, regularly take dental care at home. Wrap a significant amount of gauze on your finger and draw your pet’s teeth.


The best way to reduce the cost of medicines is to prevent disease. Consult your veterinarian about the vaccination that your pet needs, for example against the Feline Panleukopenia virus. Vaccination is really cheaper than treating your pet’s illness. If your pet is already sick, ask the professional if the general brand of medicines works, as well as the brand one. Generic brands are cheaper than branded brands, but they can also give the same effect. And if your pet needs a drug that we take, for example, antibiotics, compare several pharmacies to get the best price.


Keep poisonous, sharp and dangerous objects out of your pet’s reach. For example, acetaminophen, household cleaners and liquid potpourri can cause accidents. Yarn can get stuck inside the intestines of the pussy and cost you more than a thousand dollars for the operation. Keeping the life of a pet affected by a car or poisoned is expensive – and these tragedies can often be prevented. Keeping cats indoors will prevent injuries and protect them from diseases; Strong fence and using a leash will do the same for dogs. Medicines – both over-the-counter and prescription – are the main risks of poisoning; Keep them behind the doors of the cupboard and make sure that the guests at home are doing the same.

5. Work with your veterinarian

Take your pet at least once a year, ideally twice, for exams: these “well-loved” visits can often reveal problems before they become more expensive to treat. When it comes to recipes, ask your veterinarian to compare prices or take a script at a local or reputable online pharmacy, including veterinarians. You can also save by asking for higher doses and getting a splitter for the pill. Finally, do not forget to ask about discounts or promotions: many veterinarians offer a special break for the elderly.

6. Keep your pet healthy

Most dogs and cats are overweight, and extra pounds increase the likelihood of serious health problems, such as arthritis, diabetes and cancer. If your pet is a normal weight – you should feel the ribs – to measure food, keeping the methods of treatment to a minimum and regularly exercising, keep it that way. Keep your pet in a bath and brush, and your house clean to prevent allergies, which sends many pets to the veterinarian.

7. Consider the insurance

A good policy can protect you from having to decide whether to put your pet when you can not afford to care. Since pet insurance plans vary widely – some of them cover preventative routine care, others have lower premiums due to a high franchise – conduct your research and read the small print to make sure that your pet’s most likely health problems are covered.

8. The store is smarter

Shopping is fun, but your dog does not really need this designer collar. When it comes to toys, cut them back, but not chewing toys saved a lot of shoes. You can save by buying the biggest bags of food or garbage or get discounts on the banks. Divide the purchases of dry foods with your family or friend and keep your portion in an airtight container. Keep information about the product, such as the batch number from the bag, in case of questions or problems.

9. Do it yourself

Handle the main care at home, from bathing to nails. If nothing else, you can stretch the time between professional grooming for pets with high-volume coats, such as poodles. Look online for guidance on care and look at for actual demonstrations. Another strategy of self-accumulation is to clean the teeth of your pet. This will extend the time between cleansings from your veterinarian, while preserving the health of your pet.

10. Share services

Trade services or barter for goods and services. Remember that barter can be flexible: you can save as much money if you can provide one type of service (for example, tax preparation) for another (for example, sitting on a pet or dog).
With these simple strategies your pet will never want for better care – and you can take it to the bank along with your savings.