Singapore Licenced Money Lender Directory (Updated 1st May 2013)

Should You Take Out a Personal Loan?

If you’re in a bit of a financial bind, chances are you’ve considered the option of taking out a personal loan. But is this the best option Depending on your financial situation, a loan could be a logical solution. However, you should already have a plan to pay the loan back before you request it.

First, think about where you want to request the loan from. If you’ve been in good standing with your bank for a while, you may be eligible to receive a personal loan from your financial institution. Be sure to go over the repayment terms and the interest rates with your banker so that you’re completely comfortable with the terms before agreeing to the loan.

You can also take out a loan with a payday loan company. This way, the amount you owe, plus the interest, will be withdrawn from your bank account the next time you get paid. This may be one of the easiest ways for you to ensure that the personal loan is paid off quickly, so that you won’t incur any late fees. However, the interest rates could be very high for payday loans, and you may end up paying double the amount that you borrowed.

Of course, a possible option is to ask a close friend or family member to loan you the funds you need. The conditions of the loan will need to be discussed in detail, and you shouldn’t[...]

Should You Get a Personal Loan?

It’s near the end of the month, and you’re discovering that you have more bills than money. In order to take care of emergency expenses, or to ensure that you can pay your bills on time, you may consider getting a personal loan. But, as with any loan, there are a few things to consider. One consideration should be whether a personal loan is actually your best option.

First, take a good look at your budget. Is the loan absolutely necessary, or can you cut your spending a little to make sure that all your financial obligations are met for the month If you can exercise frugality for a week or two until your monthly bills are paid, you may have to worry about the high interest rates that can sometimes come with personal loans.

Also, consider your ability to pay the loan back. The sooner you can pay back the money you’ve borrowed, the better. However, you should get clear details on the repayment terms so that you don’t have to pay penalties for making a late payment.

Finally, think about where you should get the personal loan from. If you’re borrowing from a payday loan company, you need to be ready to adhere to all the loan payment regulations. If you’re receiving a credit card advance as a personal loan, you may[...]

Money Lenders - A Part Of Today's Financial Services Industry

Some people image of a money lender is of a person in a back street charging huge interest and collecting the money owed by rather dubious means. Nothing could be further from the truth.

Money lenders in Singapore are closely regulated, and a licensed money lender will treat you fairly and honestly. There is a great deal of consumer friendly legislation which makes this happen. Money lenders generally have smart, modern premises where you feel welcome, and they also often operate online.

Moneylenders are a part of the financial services industry which specializes in offering loans which are considered to be higher risk. So if you have no credit history, or no security to offer, or a bad credit history, then money lenders may be prepared to take a risk on you that a more conventional institution wouldn’t. Money lenders offer everything from payday loans, where you can get an advance on your pay check for just a few days or weeks, to very large loans for businesses. They are often involved in short term lending for special projects which are perceived as risky.

If you have a sudden need for money, especially if it’s just for a short period of time, then you should take a look at the the services which modern day money lenders can offer. Make sure you [...]

How to Pick Out a Good Money Lender

When you are need in of urgent financial assistance, you should not be clouded by the problem to the extent of dealing with anyone whop shows some willingness to help. You must be careful to look at the terms and conditions that the money lender is insisting upon before you make a choice.

A number of people have run into serious debts and even failed to honor the repayment plans because they were too stringent on them. The greatest mistake they make is to accept whatever terms the moneylender may bring forth. Some particular areas that you need to pay attention to include the interest rate and the repayment plan.

It is always advisable to look for institutions that are legally registered to provide financial services but with reasonable interest rates. The way you repay the loan is another vital point to take into account. You must make sure you do not commit to installments that are too high depending on your income.

If you make a mistake of committing all your pay towards the repayment of the debt, you will risk defaulting completely because you will have to become a perennial debtor. To avoid such an unpleasant situation from ruining your chances at financial freedom, you need to borrow only when you have to and with a good plan on how to use as well as to repay the amount.

Using a Personal Loan To Make Your Home More Comfortable

These days the property market it very difficult and unpredictable, and selling houses is harder than it has been for many years. Lots of people are stuck in homes which are too small for them, too big for them or in some other way just unsuitable for their wants and needs.

Instead of fretting and worrying about trying to sell your house, why not make some improvements instead If you don’t want to take on, or can’t obtain, additional mortgage finance, then a personal loan may be the right borrowing vehicle for your home improvements. A personal loan has the advantage of being flexible and generally runs for a shorter time period than a mortgage, though the interest rate may be higher, the overall cost will almost certainly be less.Of course, you should be careful not to overstretch your finances, and only to borrow what you can comfortably afford to pay back.

Look at your home and see what might be done to make it more convenient. Perhaps a large bedroom which your growing children are currently sharing can be remodeled into two smaller bedrooms, for more privacy. Maybe a small store room or a space under the stairs can be turned into an office. Perhaps you have a basement which would make a great rec room or home entertainment room.

If you[...]

Pay Day Loans - Sensible Option or Desperate Measure

Payday loans available, from a licensed moneylender can provide you with a timely escape from a temporary financial crisis. There are a number of reasons you may want a payday loan – for example an unexpected large mobile or utility bill; emergency car or home repairs, purchase something that you don’t have enough cash or credit to pay at this time and which will not be available after your next pay. With the recent increases in PUB charges in Singapore more people are finding they need to consider a payday loan to get themselves out of trouble.

Payday loans (a type of personal loan) are available to Singapore residents who are currently employed and can provide their NRIC and pay slips for the last 3 months. Evidence will also need to be provided of the last 15 months of Central Provident Fund Board contributions. Some moneylenders also provide payday loans to foreigners but they must also show their letter of employment, proof of salary, work permit and passport.

The usual charge for such a loan is around 15% of the loan amount so repayment, due in full within two weeks or at the date of your next pay, whichever occurs first is the loan amount plus 15%. The loan must be repaid on your next payday or charges will increase[...]

You Want A Personal Loan - What Next?

You’ve decided that need a personal loan, so what’s next

The first question to ask yourself is, “Do I really need this loan ”. If it’s for an important investment in your future, such as a training course, or an unavoidable expense such as unforeseen medical needs, then the answer is probably yes. If you just feel the need to buy a brand new wardrobe of clothes, or have an extravagant holiday, then the answer may well be, lower your sights or save up instead.

The next question is, how much borrowing do I already have If your borrowing commitments, and that includes your mortgage and payments on credit cards and store cards, and any other personal loan, is more than around 40% of your income, then you are probably borrowed up to the limit already, and should not take on any further debt.

Then consider, how much can you afford to pay back each month The answer to this question will dictate how much you can borrow and over what time period. Make sure that you allow some leeway in your calculations for the unexpected – everyone should have an emergency fund, however small.

Having answered all these questions, you are ready to go and find a reputable lender. Make sure that th[...]

When A Personal Loan For Clothes Makes Sense

You’ve just started a new job, and all your new friends at your new company like to live rather well. They deny themselves nothing. Expensive meals, weekend trips to the mountains or the islands, membership of the most fashionable gym, and of course, fabulous clothes and shoes – so many desirable things, which seem to come so easily to them.

It’s tempting to think that somehow, you’re missing out. Well, perhaps you are. But maybe the good life isn’t quite as good as it looks. Perhaps what you’re missing out on is the overwhelming debt problems which may well be keeping your new colleagues awake at night, as they wonder how to pay off out of control credit cards, store cards and their personal loan.

Because the truth is, credit is very easy to obtain, particularly if you don’t pay attention to how much you’re paying for it. Store cards routinely have APR’s of 25% or more, credit cards perhaps 17%, and unless you can pay off the whole balance every month this is a worryingly expensive form of borrowing especially for young people.

But you need to make an good impression at your new workplace, and those bargain rail clothes and made in China shoes are just not conv[...]

Things to Consider When Getting a Loan in Singapore

The market for lending money is similar to almost any other industry that currently exists. The lender providing a personal loan and also the person who is the borrower have an interdependence on each other. People that borrow money must do so to pay for important necessities in life, and the lender offers the borrower a loan in order to make more money out of the transaction.

Even though many people would like to believe that all the involved parties will endeavor to act fairly throughput the whole process, it is also a hard reality that there are also some unscrupulous people in the industry. Therefore if you are considering securing a personal loan in Singapore, it is important to be well prepared so that you do not fall victim to another person’s dishonesty. It is very important to only borrow if you need to, and also to make sure that you consider all of the terms and conditions that are attached to the loan to ensure that you can repay the entire amount.

Finding a Money Lender in Singapore

When you are thinking about finding a money lender to get a personal loan in Singapore remember that this option signifies a serious financial responsibility that you should only consider if you need to and if you are sure that you will be able to pay back the entire loan. When finding a money lender in Singapore, remember to think carefully about the repayment period. This will influence the total cost of the loan. If you are offered what appears to be a low rate for the loan but the repayment period is extremely long then you will pay a substantial amount of extra money.

This is due to the fact that interest on the loan needs to be paid for a long period of time, which results in the cost of the loan being very high, even though you are offered a low rate. In these circumstances it is important to carefully consider all the details, terms and conditions of the loan.