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Understanding the Expat Financial Guide in Singapore

If you are moving to Singapore, you are going to find that it can be tough to adjust to the new climate, and yes, to getting your credit in line. Whether you are buying a new home, going for a new job, or simply are looking for a change in life with the family, there are many reasons people choose to make the move. So, if you are an Expat, if you are trying to adjust, and if you want to learn how to do so easily, there are quite a few things you can do in order to make that transition a bit easier for you, and for your family, if you are going to be making the move with them. From choosing a money lender singapore to take out your home loan mortgage with, or finding the right bank, there are several things you need to consider as you are making the transition. So, consider a few of these tips in an attempt to make that a bit easier, and to ensure it is going to be a smooth transition (financially), when the time comes for you to make that move over to Singapore with the family or on your own.

Bank cards –

DBS, OCBC, and UBS; these are a few of the top banking institutions for you to go to when you are new to Singapore. Whether it is to take out a loan, to apply for a mortgage, or simply to open a saving and checking account, you are going to want to go with the right entities, and the banks which are financially strong. So, you do have to do a bit of research, you have to know what you want, and from there, you will find it is easier to choose the right institution to do your banking with.
Are there ATMS nearby? Are there a few branches so you can go to if you are not near your home? Is there a way for you to apply for lines of credit? You want to know what your specific banking needs are. Not only is it going to allow you to make the right choices with your money, but it is also going to allow you to choose the banking entity that is going to have more viable options for you when the time comes for you to apply for that loan, or take out that mortgage for your new home.
From transfers to Expat accounts, you need to know what your options are when it comes to your banking needs. So, consider a few of these relevant factors. 
1. DBS Expatriate programme – As the name implies, this is for those who are moving and are looking for a transition bank to help make things a bit easier for them upon making that move.You get 3 miles for $1 spent, there are many atms you can go to in order to take out money and not pay a penalty, you will find it easy to bank, making online payments is quite easy to do, and there are up to 12 currencies you can choose from. So, no matter where it is you are from, or how it is you are trying to transition or make a payment, you are going to find it is quite easy to do with this program option.
2. UOB Global account – This is a global currency account you can open as an expat who is making the transition and is in need of top notch banking services as well. You can choose from 10 currency options, so there is an easy learning curve if you are going to go with this account type.
3. HSBC Global view – It is not only one of the most well known banks in the world, it is also an easy account for you to work with as an expat who is going into a new area and is not familiar with the banking practices there. Global transfers, banks all over the world, easy to transition, and people who speak multiple languages, are a few of the perks you are going to find with this banking entity. So, for those who want to go with a familiar option, or one of the bigger names in banking, this is a great way for you to do just that when you are deciding on your banking needs as a borrower.
4. OCBC global – A final option is to consider has 9 payment currency options and various banking sites to visit. Easy and quick for the expat looking for simplicity.

Credit cards –

Look for those which offer perks like cash back, miles for travel, free redemption, and easy of redemption point. You also want to consider the type of currency you are used to paying with, to ensure the card is going to make for an easy transition. Regardless of the type of points or rewards you desire, there are several cards you can apply for when you are living in SG.

Taxes –

IRAs and other retirement accounts are just a few of the factors to consider. You are going to get hit, with a tax rate of about 20%; so, this is something you do have to consider as you are making the transition. There are many implications for you as a newbie in the country, so make sure you speak to the right professionals who can guide you.

Rental apartments –

Of course you need somewhere to live. Propertyguru or 99.co are a few of the many options which can help you land a safe place to call home. So, if you are looking online, start early and make sure you compare a few sites to find lower prices, and safe areas to bring your family to.

All in All

Making a move to a new country is challenging enough to acclimate to the new culture. So, if you wish to lessen the burden elsewhere, you can do so when you know how to get the right banking in line, and know where to live, before you make that move.
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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.

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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.

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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.

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Are you able to live in Singapore without getting into debt?

At present, the cost of living has become very high, and an incredible number of Singaporeans are constantly trying to fulfill their never-ending demands by taking personal loans from various sources such as a financial institution or a licensed money lender in Singapore. Although Asians are deemed to be sensible consumers by the West, we’ve been increasing our expenditures to such an extent that it has resulted in a miserable debt crisis which is worrying us at present.

According to a recent statement by HSBC, it has been unveiled that in 2013 the household debt of Singapore has increased to approximately 73% from a modest 48% prior to the worldwide economic crisis, and this is a significant increase in comparison to the ratio of the UK which is about 72%, a pretty much steady figure from what it was before six years. In fact, consumer debt has encountered a sharp upswing throughout Asia during the past few years. In contrast to the overall perception, instead of being restricted only to housing purposes, the purchases included luxury vehicles, motorbikes and anything that the heart wishes.

Why Individuals Are Getting Into Debt

Approximately 3% of the debtors with unsecured loans in the country go beyond their yearly income. The majority of the debtors who are facing debt-related problems have tertiary educational qualifications and their incomes are more than the average. As observed by Credit Counselling Singapore (CCS), the subsequent list of most often cited causes of becoming obscured under a massive pile of debt definitely makes for an unexpected yet harsh reading.

Splurging and Overspending

Our population tends to spend big, and this has resulted in a poor practice of borrowing bigger amounts. In fact, overspending has been described by more than 49% of all debtors in Singapore as the major cause of borrowing.

Job issues including retrenchment and pay cut

A tough competition from job issues is confronted by splurging these days. According to recent statistics, roughly 46% of the debtors are folks who have experienced substantial pay cut or were retrenched.

Business or Entrepreneurial crises

Next, in line happen to be the business proprietors who experienced a surprising issue with the flow of cash. Cash from unsecured credit cards have been employed by them for funding their business and they have eventually experienced enhanced financial issues. According to CCS, approximately 22% of the borrowers believe that their businesses are responsible for the increasing debts.

Unexpected medical expenses

According to another 22% of the debtors, the purpose behind borrowing is the vital factor behind any unanticipated costly medical expenses.

Gambling

Gambling, which is a significant issue at present, has been accountable for dragging around 22% into borrowing. In fact, approximately 2% of the borrowers were hauled in by gambling in 2004. During the initial 2 quarters in 2017, this figure has risen by 17%. However, although it was 31% the previous year, it has plummeted down since then.

Absence of savings

The problems of escalating debt have been accentuated by the sheer lack of saving for the future. We need to instill this habit of hoarding funds in our behavior. One is able to remain independent economically by saving on a regular basis, and he can likewise provide for any unexpected expenditure, invest in an automobile or home, provide for any unexpected emergency, and most significantly, lead a stress-free life by staying out of debt.

Little investment for boosting wealth

Money management likewise demands regular as well as smart investments to obtain decent payoff with low or minimal risk. One will be able to save on tax with smart investment and can also generate significant wealth over time from even a constrained income.

How to avoid getting into debt in Singapore

Even though the cost of living is extremely high in Singapore, it is feasible to lead a life free from any debt. Only some commitment will be essential on your part to make the finances spiral downwards. The subsequent 10-step plan will help you to stick to a healthy habit of money management by giving up the practice of borrowing.

1. Your debt amount

Determining the exact amount of your debt is probably the most crucial and major step. Make it a habit of creating a list that contains the credit types, the amount owed by you, the lender particulars, and the interest rate for every single debt. Otherwise, it will likewise be a sensible idea to take the help of any credit reference agency for figuring out your credit record. Although it is quite difficult to confront with your debts, this tip is essential for you to become free from debt in the long run.

2. Share all your worries

Consider communicating with your partner in case the exorbitant debt makes you nervous each time you think of repayments. You will be able to get rid of all your anxieties and tensions by discussing your problems with your loved ones. If this does not work, it is advisable to contact a competent debt consultant with whom you can share all your problems.

3. Figure out your expenses

It is time to think of a personal debt repayment program given that you are ready to face the challenge. However, it is crucial to determine the exact amount of outflow and inflow of cash in order to comprehend how much you will be able to pay out each month.

A budget can also be created where you can mention all your monthly expenses against your total earnings. You must perform this for an average period of the last six months. Taking the assistance of your partner will also be a good idea since this will give you a comprehensive idea regarding the regular flow of cash. You will be able to perform this accounting without any issue thanks to the free expense applications on your iOS or Android.

4. Analyze and evaluate your expenses

Knowing the exact expenditure statistics will allow you to determine any specific area where it is feasible to cut back successfully so as to open up even more earnings. There is no need to make any significant changes to your current lifestyle for saving a significant amount of cash. You can accomplish this by reviewing your recreational as well as regular expenditures.

5. Evaluate your spending habits

Be aware of your daily spending habits after cutting down on your regular expenditures successfully. It is definitely useful to control the desire of frequent splurging or even overspending while you are considering repaying your debts. Instead of robbing you of all the pleasures of your life, budgeting is actually an innovative way of thinking, apart from being a level of compromise.

6. Evaluate your debts

It is possible to increase debts substantially by the excessive interest rates which can cause it to surge quicker than what you can manage to pay back. You can likewise minimize the amount of reimbursement by rearranging the debts to credit cards and other cheap loans in a sensible way. This is certainly not the same as borrowing more cash for repaying debts – an extremely hazardous approach that ought to be avoided.

7. Prioritize your debts

It is time to commence clearing the debts once they are evaluated and you have curtailed your spending behavior slowly. Paying back the most pricey debts, in the beginning, is the most efficient as well as smart technique. This way, you will be able to prevent counting and also giving away costly interest rates.

8. Utilize the savings

It would be a wise decision to utilize your current saving funds for clearing up the debt in case you truly want to save while keeping away from the reimbursement of high monthly expenses. It is because, as compared to any small savings which can be achieved during the identical period, a delayed debt will prove to be more expensive.

9. Change your spending routines

You require changing your perspective towards spending if you want to remain free from any debt. The way you approach funds can often be transformed by this terrifying experience of debt. For this, you require to revert to the fundamentals and live without making any significant expenditure. It will be feasible to prevent borrowing by taking care of your income cautiously and more prudently.

10. Begin saving and turn it into a practice

You will be able to prosper during the next few years by saving a substantial amount of money. After those debts have been paid back, you must commence saving which will allow you to stay away from borrowing a significant amount of money in future. Prior to thinking of other investment alternatives, it will be advisable to develop a cash fund for effortless access. Apart from this, you will likewise need an emergency fund for you as well as your loved ones.

Even though you might be leading a costly and busy lifestyle in an expensive nation like Singapore, it is possible to live without debt. For this, you need to have a proper mindset and you must plan smartly so as to prevent any insurmountable debt. You can easily avoid getting into debt by developing your saving skills and having a better approach towards cash. It is time to start saving right now after rationalizing your budget.

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Appropriate Licensed Money Lender in Singapore

Money crediting is known to be the best techniques for getting to saves for different purposes as long as it is from an affirmed source. Since the business is stacked with swindlers, it is crucial to be careful while asking for these organizations especially if you are new in the country or asking for credit all of a sudden. An approved licensed money lender would be sensible, and if you think about the helpful place to get it, you will be free from wicked people.

To have the ability to acquire quality organizations when you have put aside your chance to investigate on each one of the points of view including a propel, pick the most fitting money credit master that suits you best. A better than average Money lender in Singapore is the individual who has plausible rates making the whole system invaluable. Trust is a crucial quality concerning this division and from this time forward one should constantly approach the approved money credit pros to ensure place stock in esteem. A fair advancing organization is the one that can be relied on at whatever point of the year when you require the money. A steady money lender Singapore is the individual who isn’t exactly stressed over your record as a buyer or regard. They won’t deny you the shot since you have a precarious credit record yet will enable you to get the advantages proper for you.

A true credit pro is an individual who won’t constrain unnecessary conditions with the objective that you easily get the sponsoring that you have asked. Everything will be done straightforwardly, and the results moved to you in awesome time with the objective that you settle on a final decision. The course is also offered to show to you what you need to know and have with a particular ultimate objective to have the money you have associated for. There is no ought to be astounded about anything regarding the advancing business if you are a first-time borrower or if you don’t grasp these cash related terms. The Internet and other innovative material would empower you to fathom what you require information on with the objective that you can settle on an informed decision. You just need to guarantee that you have advanced toward the best budgetary establishment that will allow you to get the aggregate you intend to get.

Practically everyone capitulates to cash related difficulties from time to time. While going for an extended period or living abroad, it can be particularly difficult to get the help you require when a fiscal crisis strikes. Unexpected auto repairs lost paychecks, and malady would all have the capacity to surrender you considering how you will bring home the bacon. Numerous associations are open to offering at this very moment, singular credits to those working abroad. This kind of progress can give you the fiscal empower you to require and moreover some veritable sentiments of tranquility in case you ever have a cash-related crisis abroad. Numerous associations are open on the web and simply need to understand that you have a standard wellspring of pay to offer help.

Do research before you engage a money lender

Singular credits can get you out of various cash related jams. Frequently, you can round out at the application on the web. The approved money lender Singapore lets you know instantly in case you qualify or not. An association should have affirmation that you have an endless wellspring of wage with the objective that they will understand that you will have the ability to pay the progress back. A respectable association will keep the larger part of your information private and secure, so you will be available for overseeing them and giving them the information they require.

These sorts of advances are every now and again insinuated as pariah progresses since they incorporate crediting money to a nonnative. Pariah credits are not recently productive by a cash-related emergency. They can in like manner be useful for gaining extra things, for example, adventures, celebrations, and informative open entryways. Right when a great chance to visit a remote range develops, somewhat singular progress may be precisely what you need to make them go. An individual progress may engage you to have the wedding or birthday gathering you had constantly needed, without sitting tight for the cash to arrive. Notwithstanding whether you require money for clinic costs, paying off a dangerous commitment, or taking a tongue class, an individual outcast progress can get you the cash you require promptly. Round out the application, send in the basic documentation, and you may have the money you require as appropriate on time as the next day. Welcome the settlement of a repayment organize that mirrors your particular remuneration logbook and ability to pay.

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Knowing the differences between Licensed Money Lenders and Banks

If you need cash, you might’ve heard of licensed money lender in Singapore. But, who are they, what do they do, and how are they different than a traditional bank lender you would go to when you need to borrow cash? If you are reading this, these are a few of the questions you have, and need answered. Most banks simply are not going to lend money to those who earn $3500 a month but owe over $5000 a month to creditors; you are a risky borrower and you run the risk of default. On the other hand, a licensed money lender in Singapore might.

Licensed money lenders

In Singapore, these lenders are licensed by the Registrar of money lenders to provide loans to borrowers. Restrictions on how much can be lent, and fees they can charge, are put into place. Money lenders are businessmen, a good reputation is important to avoid scaring off potential borrowers. When chasing down borrowers who owe them money, it is done in a similar fashion as banks. Smaller loans, speedy lending, higher interest, and forgiveness of lower credit, are a few of the reasons people turn to money lenders, if they know they won’t get a loan with a bank, or if they have been turned down by a bank and still need to borrow money for any reason.

1. Smaller loans

One institution offered me $1500, even though my income was over $30K when I contacted them. But, with these money lenders, legal restrictions is 2-4 times your monthly income, in terms of the amount they can actually offer you in terms of a personal loan. So, for those who are in dire or urgent situations, and only need a small amount to borrow, a money lender may be a viable option. If on the other hand, you need to do major work, or require a much higher loan amount, you probably will not get what you need, or the amount you desire, when you turn to a money lender in request of a loan.

2. Speedy service

Flexibility is nice; with most lenders, you will be approved instantly. So, there is no wait period, or several days to weeks, until you find out if you are going to be approved. Again, they are here for smaller loans, so you are not going to have to jump through hoops in order to be approved for the loan amount which you are asking for with these lenders. If you don’t have the best line of credit, you still can possibly be approved with a money lender. Again, lending limits are lower, and you might not get as much as you request, but you are still far more likely to get an approval, as opposed to going to a bank, which is probably going to outright decline the offer for any loan amount you request.

3. High interest

By law, money lenders must discuss this with a borrower face to face. So, you are going to know what your interest rates are, and what they are based on, when you choose to take out a loan with a personal money lender in Singapore. You are likely going to be looking at something in the line of 20-30% with most lenders, so you shouldn’t be surprised if this is the figure you are getting when you apply for a loan. You will pay a higher interest rate for convenience, and the instant approval you are going to get, when you choose to go with a money lender, as opposed to going the traditional route and taking out a loan with a bank lender.

4. Credit assessment forgiveness

When it comes to credit score, and credit worthiness, money lenders are not nearly as picky as a bank. In fact, as long as you have the income, and the proof you can repay it, and as long as you meet their terms (live locally, age,etc.) most money lenders you do apply for a loan with, are likely going to approve you as a bad credit borrower who approaches them. Keep in mind background checks are still run. So, if you have high debt with plenty of credit cards, or if you are in default or still owe several other money lenders, there are many money lenders who will not extend you a loan offer. And, with just cause. but, if you were late on a few credit card payments, or if you have a few other negative marks on your credit report, this is not an auto rejection, as it might be, if you were to approach a bank lender when trying to take out a loan. So, even if you feel you might not be approved, it is worth applying if you do need a small cash amount, and you do not have anywhere else to turn to for the funds.

Banks are not going to be nearly as lenient. And, with a bank, you are going to wait at least a few days for an approval, if not a few weeks, when you are applying for a loan. So, for those who only require a very small lump when they are borrowing, do not want to wait it out, or simply have no other alternative, a money lender, even though they are going to charge you a high interest rate, may just be the solution you have been looking for, when the time comes to take out that personal cash loan.

When the time comes for you to apply for a small cash loan, there are quite a few options out there from which you can choose as a borrower. So, even if you are a low or poor credit borrower, or have outstanding debts which you do owe, it is still quite possible you are going to be approved when you go through a money lender. Above are a few of the differences you are going to find with these lenders, which you are not going to get if you were to try to take out a cash loan with a traditional bank lender in Singapore.

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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.

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Money Misapprehension Singaporeans Have

There is absolutely nothing wrong about putting value on money. In fact, it is only practical that you start thinking more about your finances since this can help you achieve a more comfortable life and a secure future. By setting up your financial goals, you can begin working towards achieving it, which can give you a better shot at experiencing financial freedom earlier in life. But just because you have a particular financial objective, this does not mean not spending on anything. Of course, there are basic necessities in life that come with a price tag, and you will have to allot some money for these. At the same time, it all depends on your choices of where to source out your basic needs or some luxuries you want to reward yourself with.

The following misconceptions that Singaporeans have about money can be tough to deal with, and they can even impact your decisions in your day to day life. By debunking these myths, you can throw away those preconceived and rather faulty ideas about money, so you can attain your financial goals.

1. In Singapore, every shopping mall is so expensive

There is this concept that several people have about shopping malls in Singapore and how expensive these are. Thus, they fear the possibility of getting into serious debts because of shopping. But is this really true?

Quite honestly, it is true that shopping too frequently is never a smart and practical hobby. If you are a big spender and enjoy buying items even if you are aware of how unnecessary these are to your life, then there is no doubt that you may end up being in debt too often. Yet, if you need to buy essential items, there is no problem with doing so since there are various places in Singapore to get the best deals suitable to your budget.

There are endless opportunities for shopping aficionados that are widely available in Singapore. Various stores feature an array of good quality products at different price ranges. In fact, there are places that offer contemporary and traditional items, as well as local and foreign products. In Singapore, it is impossible not to find what you need – and it is all about searching for the place that can give you the most reasonable deals. Some people assume that shopping in this part of the world means going beyond their budget because of their choice of mall or store. If you go to Orchard Road for shopping, then it is likely for you to max out on your credit card bill. This is the place to go where you can find luxury and branded items that are in the 6-figure range at times, which is beyond the purchasing capability of the average working adult in the country.

So, the next time you need to go buy something at the store, and you feel uncertain whether you should head out or not because of your misconception about Singapore malls, then you know where to go. Flea markets and discount shops are perfect for every budget-conscious individual who just wants to save on their expenses while giving in to their desire to shop for quality products.

2. A significant amount for your emergency fund is a must

We all need to have an emergency fund – this is not even a big surprise to anyone. But some people are afraid of failing at it maybe because they aspired too high and wanted to start with a huge amount for the fund. Now that is where the problem starts since they may have high expectations when it comes to the amount of money they need to save and put into their emergency savings. Just because you have this fear, this should not stop you from wanting to set up your emergency fund. You can never tell how the future may turn out, and there are always some surprises that life throws out at us. These personal dilemmas that can significantly impact your finances include theft, illness, and unemployment. Just imagine how difficult it would be if suddenly you find yourself jobless, yet there are massive bills to pay. How can you possibly get through this problem in life?

This is why it is important to build a reasonable emergency fund that is good for a few months. Experts suggest that a reasonable amount would be 6 months worth of your income. If you have this amount saved, then you will be able to ease your worries in case unexpected situations arise in life. If you are unable to save in time, then what can you do? Alternatively, you can approach licensed money lenders in Singapore who are fully authorised by the MLAW. They offer the best payday loan that you can ever find in Singapore.

 

3. Your retirement is already well taken care of by your CPF savings

Sadly, there are some individuals who feel that they can rely on what the welfare system offers for their retirement. The CPF savings aim to help you get by in life, as long as it is within the minimum standard. But the thing is, are you really satisfied with this, or do you want to live more comfortably during your retirement years?

Unfortunately, the CPF savings will not suffice when it comes to sustaining your ideal lifestyle once you are in your retirement stage. This is merely a safety net – a basic one – that can be your cushion for supplying your essential needs such as food and shelter. But if your goal is to travel more, enjoy dining at fancy restaurants, or living in a nicer place during your old age, then you should not even consider your CPF savings as your retirement fund. This will never be sufficient for your high hopes for the future.

What you should do is to come up with a more realistic emergency fund, along with your retirement account. You have been working all your life, and the last thing you want is to maintain a status as an employee even when you are old and gray. As early as now, make better choices with your finances and consider debunking all of these misconceptions about money. Aim to be more well-informed about these things, so you can create a more favorable and more comfortable future for yourself and your loved ones.

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4 Useful and Money-Saving Travel Tips for Adventures

There are so many people who love to travel. But then due to the busy schedules that most of us have, planning a proper trip has become a rare event. Planning a trip means exploring the place, deciding on the budget, number of days required for the same, the places that are to be covered, the activities that need to be done etc. So in a nutshell a lot of homework plus a lot of calculations too. People also have difficulty prioritizing about what to spend on and where to save money. Here are 4 useful and money-saving travel trips for memorable adventures.

1) Be Mindful Of The Expenses And Prioritize Them Carefully

When we travel to a particular place, it is mostly because something about the place attracts us. For example some places are known for sky diving, while others are known for scuba diving. These are activities that would etch a mark in one’s life, if it can be experienced. So instead of spending a good amount of money on the accommodation, one should spend on such activities. By doing a little bit of research online and with some travel agents, one can get a proper idea about the rates of guest houses or hotels and then accordingly book one (definitely the location needs to be kept in mind). Nowadays, there are rented homes available in many tourist places that are offered by people out there. Staying at one of these homes would give a localite feeling and one can actually visit places that a traveler would never have as a part of their best packages too!

2) Blending With The Local Culture

One should try and become a part of the local culture of the place. This would help to make way for a lot of interesting conversations, which in turn would help to gather a bunch of interesting knowledge about the place, the main form of their livelihood, the history of the place, the local cuisine etc. Trying the local cuisine, the street foods is key too! Some of them might be really tasty, you never know; while there might be some that are not so good. Nevertheless, it all becomes a part of the memorable experience and adventure. However, one should also beware of having a not-an-upset-stomach, as otherwise it would affect adversely.

3) Use Local Transport

Most people prefer to have there own private vehicle even when they are on a trip. Or others prefer to travel from one place to another in a taxi. Definitely these are comfortable modes of conveyance, however they are pretty expensive too. Instead using the local transport is a much better idea. There are places that might have there own special mode of public transport, that isn’t available in any other part of the world. Some places have excellent local train service, while others are well connected through a bus or a toy train. Making the most of these transport facilities is key as it not only saves money, but also helps the people to have a proper look around the place. There would be many small tourist attractions that are generally not mentioned while one travels using a guide. But using the local transport would actually help in exploring the place better.

4) Talk To The Travelers

Talk to the travelers around. Lets say firstly you are taking a flight to a place, talk to the people at the airport or at the airplane and find out if there is someone who has the same plan as you. This might end up into a new friendship or may be just information about the place or people that you are travelling to. Talking to the localites is key. Then while on the go, let’s say you are in a bus, start off a conversation with a passenger. Or may be you are in a long queue to enter a museum, talk to the people around. Not only would you come across so many different kind of personalities, but also a lot more information about the place and other important attractions that you never knew existed.

Everyone Deserves A Break

Everyone wishes to go travelling, who doesn’t? At times many are financial bounded and do not have too much cash in hand. If you ever need a temporary help, you can always approach licensed money lender to get opt for personal loans. Get out of the country to recharge and work harder when you get back! Everyone needs to reward themselves.

Also, if these hints and tips can be diligently followed, I am pretty confident one would have a perfect pocket friendly memorable and an adventurous trip! Have a safe one!