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Steps for Foreigners to get Loans from Singapore Money Lenders

Steps for Foreigners to get Loans from Singapore Money Lenders

Being in a financial crisis in a country that is not your own can be tough. If you need instant cash, you need not worry because most top Singapore money Lenders offer foreigner loans. A foreigner loan is a loan given to a person who does not have a citizen or Singapore Permanent Residence (SPR) status.

Steps for Foreigners to get Loans from Singapore Money LendersWhen giving you a foreigner loan, a moneylender will not consider your credit history. With most lenders, you make the request online or through the phone. If your application is approved, the moneylender will require that you provide different documents. These vary from one moneylender to the next, but some general documents required are:

  • Valid S-Pass, E-Pass, work permit or passport
  • Employment letter and an appointment letter from your company
  • Bank statements for the past six months
  • A tenancy agreement, phone bills, or PUB bills proving your current address
  • Pay slip
  • An existing residence tenancy agreement

Like with Singaporean and permanent resident borrowers, you have to be aged between 21 and 65 to qualify for the loan. Most top moneylenders do one-day approvals.

You will be required to make monthly or bi-weekly repayments, depending on the terms stipulated in the Note of Contract. You can get a secured or an unsecured loan. For a secured loan, you can get as much as you want. For an unsecured loan, the moneylender will determine the maximum amount of money you can get based on how much you earn. This is:

  • Up to $3,000 if you earn more than $20,000 each year
  • Up to two months income if your earn more than $20,000 but less than $30,000 each year
  • Up to four months income if you earn more than $30,000 but less than $120,000 each year
  • Any amount you wish if you make more than $120,000 each year

foreigner loansThe amount of money you can get, the interest rates payable, and the fees payable are contained in rules that came into effect on June 1st 2012. The Effective Interest Rate, which has to be contained in the Note of Contract, is 13% for secured loans and 20% for unsecured loans. The law states that a moneylender can only charge you late repayment fees, early redemption fees, Legal loan recovery fees, dishonored cheque fees, unsuccessful GIRO deduction fees, and fees valid at your request and contained in the terms of the loan contract.

Choosing a Money Lender

The lending market has grown much to the benefit of the borrower.  Banks are no longer the only option available since there are moneylenders giving them a run for their money.  If you need to access cash there are many options available to you. Moneylenders have become instrumental for changing the lives of many people for the better.  This is particularly those who have had poor credit in the past and need a second chance to prove themselves worthy of credit.  A moneylender in Singapore is a financial partner that you can rely on in times of need or when you have a short buying window. Often these informal lenders approve loans in less time than your average bank and are quite flexible in their offerings.  One of the main questions people ask is, how can I know that this lender is legitimate?

Assessing a Moneylender

The misconception has existed in the past that moneylenders were out to do more harm than good. Not so! In fact, moneylenders have been recognized by the government of Singapore as a viable solution for borrowers.  One of the things you will need to look for when shopping around for a moneylender Singapore is the licensing.  The lender you settle on should be duly licensed and compliant to the regulations put in place by the law.

The other thing you will realize when you speak to a genuine moneylender is that you will be offered financial advice. Based on the income you are making, you will be advised on how much you can borrow within the limits of the law.  It would be a disservice to you if the moneylender lent you money that you could not comfortably pay.  If you find a moneylender Singapore who wants to lend you money without a care of how you will pay it back, you need to sense trouble.  The requirements and questions asked are for your benefit not to hinder you.

foreigner loansAnother consideration when assessing a moneylender is just how transparent the terms and conditions of the loan are. The lender needs to be very clear with you about the interest you will pay, the repayment tenure, the monthly payments, all fees and the like. Where possible you will be informed on what rules govern the lending process so that you can understand clearly what the process is.  A good lender will explain the fine print and will ensure that you do not have to worry about hidden costs.

Things to Consider When Getting a Foreigner Loan

A foreigner loan is a payday loan that is designed for people living in a foreign land. It is quite easy to apply for this loan in Singapore. Although, there are requirements that you have to meet, the eligibility criterion is not very stringent. The process takes a very short time, which is convenient because the last thing you want is to be in debt in a foreign land.

foreigner loansWhen taking a foreigner loan, there are several things that you should consider. These things help you to follow the right guidelines while taking this loan. It is important to get the best terms in the market while taking this loan. Following these guidelines will help you do that:

  1. Understand the purpose for which you need the foreigner loan. This will help you decide on the amount you need, duration of time you need to pay and the package that will suit you. When you work with a moneylender, it is possible for them to come up with a package that will suit your individual needs and is one reason why people like taking this type of loan.
  2. It is also important to choose the moneylender that you will use. This will determine the quality of services that you get. If you want quality services, then it is advisable to take your time to choose among the many moneylenders offering these services. You can compare the services of different moneylenders to choose the best. It is extremely important that whomever you choose should be licensed. This is the first qualification when choosing a moneylender. Your moneylender will determine the experience that you have while taking a foreigner loan.
  3. The terms and conditions of your foreigner loan are also important. They describe everything about the agreement that you have with your moneylender. It clarifies the amount taken, interest rate given, the fees of the moneylender and the payment plan. You should ensure that you get the best terms possible by talking to your moneylender. The law requires that you understand everything in that agreement before signing or agreeing to it. If you have questions, your moneylender should be able to explain everything in detail.

A foreigner loan is very beneficial, especially when you have short-term emergencies that are urgent. They help you access cash quickly and the payment plan is very flexible.

Let nothing destroy your stay in Singapore least of all financial challenges!

In the slightest chance that you must take a loan, for example when you’ve hit the withdrawal limit, be sure to compare to find the cheapest options. You can find the lowest personal loan interest rates on APCredit.sg.

This article is contributed by APCredit.sg, Singapore’s go-to legal and licensed personal loan money lender platform, which provides consumers the ability to apply for the best low interest rates fast cash loans online and allows real-time foreigner loans product comparison.

 

The Different Types of Loans Available from Money Lenders

The Different Types of Loans Available from Money Lenders

Financial institutions like banks have been the only organizations offering people loans when they needed it.  However, this trend has changed with emergence of moneylenders in the market who offer the same services. Unlike banks, you do not have to save money with moneylenders. All they do is offer loans for people that need them. Taking a loan from a moneylender is extremely different from taking it from a bank.

The process of borrowing money from a moneylender is more convenient. You can apply for the loan online and the processing of the loan will be done quickly. You can have money in your account within a day. These are some of the reasons why borrowing money from moneylenders is becoming popular. These moneylenders offer different types of loans depending on what you need. Some of the loans that they offer include:

Personal loansPersonal loan – This loan is taken by individual mainly for personal emergencies. It is taken mostly by people in employment for short term emergencies. The best thing about taking this type of loan from a moneylender is the fact that this provider does not check things like your credit score to give you the loan. This means that you can qualify for a personal loan even with a poor credit score. This is nearly impossible in other financial institutions.

Business loan – This type of loan is designed for businesses that might need urgent cash for investment opportunities or to buy capital. The loan is processed quickly and be repaid in a time period that is convenient for you. If you need a short term business loan to pay as soon as you make sales, the lenders have a good product that is very affordable.

Foreigner loan – Most people have problems when they are in a foreign country and they need urgent cash. It is nearly impossible to get a loan from a financial institution when you are in a foreign country. However, there are moneylenders that have loan products for foreigners that need loans. You have to be a resident in the country to be able to get the loan that you want. This is one of the unique products that a moneylender offers.

It is important to talk to your moneylender when you need any type of loan. The lender will be able to give you advice on the type of loan that you should take.

 

Payday Loans Exposed! Are They Really That Good?

Over the recent past, there has been a lot of negative press about payday loans. A lot of misconceptions have been flying around about them. They are thus associated with scams and loan sharks.

However, on closer scrutiny, people have started realizing the advantages that these loan services are coming with. They are filling a very important space in the financial markets which banks have not been able to keep up with.

So, what are some of the pros of going for the payday loans?

Easy qualification

To start with, these loans are very easy to qualify for. You do not need to have collateral to get qualified for them. As long as you have attained the age of 18 years, and that you have an active bank account, you will be eligible for such loans.

Anyone can access them

Again, these loans can be accessed by anyone regardless of their credit history. Actually, if you have bad credit, you can even use these payday loans to start repairing it.

Emergency cash

pros of going for the payday loansAnother advantage of these payday cash advances is that they can be used in cases of emergency. For instance, if you have an overdue bill that needs to be settled fast to avoid service disconnection, you can use these loan services to sort it out. Unlike bank loans which take days to get processed and approved, payday loans can be processed within hours. Actually, most of these loans will be in your account within 24 hours from the time you start the application process.

No Rat Race

A big plus to these loan services is that they help you stay out of the debt cycle. You can only get a payday loan amount that is below your income amount. This way, you will be in a position to repay the loan from your wage or salary at a go. This is a very good thing because you do not spend what you do not have in a way. You will only be advanced the amount you need to sort your financial emergency, which you then recoup when you get your salary/wage.

Are there downsides?

The only valid downside to these loans is that if you are looking for a large sum of money beyond your income amount, you cannot get it from this service. You will have to approach your bank.

So, are payday loans worth the having around? Well, you know the answer to that. Start your loan application process now.

 

 

What are Instant Loans?

Instant LoansAn instant loan is a quick and convenient way of raising money fast, since it has an approval and processing time of between one hour with some lenders to one business day with others, and anything in between. It is usually unsecured, which means that you are not required to offer any asset as collateral against the sum of money you are seeking. Also, if for any reason you are unable to honor your repayment schedule and hence default on the loan, your lender has no legal right to come after your property in lieu of the loan amount.

However, they can still pursue other recovery channels open to them such as through a debt collection agency or through the courts system. In addition, for the period you are not making repayments, you can legally accrue late payment fees and penalties, meaning that you will wind up paying much more than you would have paid earlier. You will also negatively affect your credit score, meaning that in future, should you need a loan, it will be very difficult to secure it from any other lender.

Being unsecured, these loans come at higher interest rates than typical secured loans. Which makes sense since the lender is taking a greater risk in lending you money given that he has no surety in case you default on the loan.

Taking an instant loan with a moneylender gives you more advantage than at a banking establishment, now that banks are steeped in policy and procedure, making them a rigid and time-consuming option. A moneylender can give you the opportunity to negotiate a repayment plan best suited to you, though keep in mind that the longer you take to repay a loan, the higher the eventual interest you will pay on the loan. As such, try to make your installments as big as you can manage, so that you repay the full amount within the shortest duration possible. Also, if you have an equivalent asset, you should explore the possibility of securing your loan in order to benefit from lower interest rates.

Just as with any loan, it is important to make a thorough check in your lender before settling, but you should also thoroughly examine your financial standing to make sure you will not take a specific amount only to get stuck with future repayments. For instance, avoid taking loans for gambling endeavours, and no, not casinos (okay, those too), but like equity, stock and forex trading, such volatile markets can turn around in an instant, causing you to repay a loan that has not borne any fruit for you. Only borrow what you must, and only when you must.

In the slightest chance that you must take a loan, for example when you’ve hit the withdrawal limit, be sure to compare to find the cheapest options. You can find the lowest personal loan interest rates on CreditMatters.com.sg.

This article is contributed by CreditMatters.com.sg, Singapore’s go-to legal and licensed personal loan money lender platform, which provides consumers the ability to apply for the best low interest rates business loans online and allows real-time foreigner loans product comparison.