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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.

1. SALE FOOD TICKET

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.

2. STOMATOLOGICAL ASSISTANCE IS LESS

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.

3. EXPANSION OF EXPENDITURES OF DRUGS

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.

4. PREVENTION OF ACCIDENTS

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 YouTube.com 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.