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Benefits offered by Licensed Moneylenders

Posted by admin
on January 27, 2015

When you feel strapped for cash and are not sure what to do, do you really need to start mortgaging your assets and pawning your jewellery? Not necessarily. Licensed moneylenders could be your answer. Many Singaporeans do not know that licensed moneylenders differ greatly from loansharks. They are hardly shady and are legalised and licensed by the Registrar of Moneylenders.

The smaller amount you need, the better are your chances of being able to borrow from a licensed moneylender.

In Singapore, moneylenders who are licensed to run the business of lending money to those in need are required to follow strict rules, regulations and the law of course. In instances when they are unable to recover a sum of money from debtors, they can hire accredited debt collectors to do that on their behalf.

Licensed moneylenders will not and should not harass debtors like loansharks do. They whould not use violence on your or vandalise your property. If you do encounter such incidents, make a police report.

There are many benefits to borrowing from licensed moneylenders. Firstly, they are able to provide you funds with such flexibility unlike that of most banks.

Secondly, you will be able to get almost instant approval when you apply for a personal loan. In fact, if you have the financial documents ready, you can get your loan approved in just about 30 minutes!

Last but definitely not least, most banks will not extend a loan to borrowers with bad credit history. However, for licensed moneylenders, they are generally more relaxed and because loan amounts are usually smaller, they are more likely to approve your loans without much trouble or deliberation.

If you are looking for a moneylender with the lowest interest rate and offers you flexibility and expertise, look for Quick Credit!

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Debt Restructuring Programme to be introduced

Posted by admin
on December 4, 2014

Good news for those who borrow from licensed moneylenders. There are now plans by Credit Counselling Singapore to introduce a debt restructuring programme. Working with the Moneylenders Association, this programme is slated to be rolled out next year. There is hope yet, for borrowers who have accumulated multiple debts.

At the moment, such debt restructuring programme is already in existence but only with banks. What it does is lay down rules of the amount a debtor should pay off, of his loan, every month, with a specified interest rate and stipulated time period. Without such a programme with licensed moneylenders, there are persistent issues with borrowers who turn to various moneylenders and accumulate multiple debts and end up being unable to repay the loans.

This should also be good news for licensed moneylenders though it may take effort to convince all moneylenders of the benefit of this structured programme. For moneylenders, debt amounts are usually smaller than those of the banks and debt collection from those who default on payments prove to be costly and inefficient considering the smaller amounts owed.

Without a structured programme to manage debt repayment within moneylenders, the current situation is that 10-20% of loans are usually written off with default rates of 30%. On the contrary written off debts from credit cards (banks) stand at a significantly lower percentage of 4-5 of average rollover balances.

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Personal Loans Jurong East!

Posted by admin
on November 5, 2014

While we always want to be prepared for crisis and unexpected events in our lives, there will come times that we are just unable to cope. If you are having some financial troubles and need a helping hand, you may consider a personal loan. But never borrow from loansharks who are unlicensed to lend you money. Only borrow from licensed moneylenders.

There are many benefits to borrowing from licensed moneylenders but of course, never rush into taking a personal loan without putting thought and consideration into it.

A personal loan is simple as it only requires a few simple steps, making it hassle-free. It is also immediate as there are no complicated processes. Taking out a personal loan should be safe and secure if you go to a licensed moneylender.

Did you know that even with a less than perfect credit history, you may still be able to secure a personal loan as long as you meet the requirements set by your moneylender?

If a personal loan is what you are looking for or considering, call Quick Credit now at 68996188! We are your trusted moneylenders located at Jurong East! Remember, personal loans Jurong East!

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Financial Management for NS Men

Posted by admin
on October 21, 2014

For most Singaporean men, National Service(NS) is mandatory and there will come a time in your life when you will have to undergo basic military training (BMT) and go through many months of serving in the army. For many, NS is also where you earn your first allowance. While it may not be a huge sum, it can be quite exciting to finally earn your own keep.

When you receive your first earnings, many thoughts would be running through your mind. You will wonder how you should spend the money, maybe splurge it all at once since you do not really need it, being in camp most of the time.

Before spending it all because you think you have no need for it since you are taken care of in camp, perhaps you would like to consider saving most of it up for the same reason. Since you have no need for it, using it would mean you will be spending it on unnecessary items and wasting most of it. While it may not be a lot, saving it bit by bit can amount to quite a good sum by the time you complete your national service! Of course, a reward once in a while is good for you and you should not scrimp on that.

Here are some tips that can help you save money or get even more money to save:

  • You will be issued an NSF EZ-Link card which gives you concession when you travel via public buses or MRT trains. This really helps to save you a substantial amount of money. Try as much as possible to make use of your concession rates and not rely on cabbing everywhere you go.
  • Since you are already heavily training your fitness in camp, maintain it and surpass it. This helps you do well for you IPPT and it means that you get monetary incentives when you take your IPPT every year! This is quite a bonus and can come easily if your fitness is being maintained.
  • Weekends are precious because you get to book out of camp. Consider spending time with your family and loved ones at home rather than going out. This definitely saves you lots of money.
  • Always work around your budget and spend within your means.

 

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Financial Products

Posted by admin
on October 10, 2014

For some or most of us, financial products are essential in our everyday lives especially our bank accounts where we manage our money. Even financial products like insurance are fast becoming products that are must-haves in our lives, be it for ourselves or for our families.

It is wise to find out about the various financial products, their costs, risks and characteristics before making a decision to purchase or own them.

Below are some of the commonly purchased or used financial products that will be essential for you to learn about:

Banking and Cash:

Almost anyone would have a bank account or several bank accounts. This is the most convenient way to manage your money instead of keeping wads of cash at home. With a bank account, you can keep track and be on top of your cashflow, savings and know exactly how your money is being used and spent. This is usually through bank account statements that can either be paper statements or electronic statements.

Other than a bank account and cash, other banking services and products may include Overdrafts, Cheques, Credit Cards and Giro services.

Insurance:

What used to be a taboo product or topic is now so common that people are actively looking for insurance agents or financial planners to help them plan and purchase financial protection plans and insurance coverage. Many Singaporeans do realise the importance of having coverage against unforeseen or sudden events which may cause them or their dependants financial losses.

Credit and Loans:

Credit and loans may seem to be totally different products to consumers and users. However, loans, credit card usage and overdrafts are simply various forms of borrowing money. Whether it is taking out a loan or using a credit card, always bear in mind that most of these services come with interests and may be really costly to bear.

Investments:

There will come a time or age that you will start looking at investing your savings. Investment itself is a skill and does not come overnight. Always do due research and make sure you learn about the various investing concepts and also the risks involved when investing. Whatever investment you are interested in doing, make sure you understand exactly what you are investing in and consider if you are able to sustain yourself financially if your investment were to fail.

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Personal Loan from a Licensed Moneylender

Posted by admin
on September 6, 2014

If you have decided on taking a personal loan but are not sure where to go to get one, always choose a licensed moneylender.

By choosing a moneylender that is licensed, you can avoid harassment which often happens with loansharks or unlicensed moneylenders. Licensed moneylenders are to adhere to strict laws or be subjected to hefty fines or face suspension of their licenses. Therefore, always take a personal loan only from licensed moneylenders.

Licensed moneylenders have restrictions imposed on them when charging interest for personal loans. This means that you can be sure that you are not being duped to pay ridiculously high interest rates and your loan will be more manageable to repay.

Moneylenders are not allowed to advertise or even send you any text messages of any sort to advertise or tempt you to take a personal loan. By sending text messages, moneylenders would be violating the personal DNC act and the moneylenders’ act and you can report them. These acts are in place to protect the general public from being lured into taking personal loans when moneylenders dangle a carrot in times of need.

 

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How do people get into debt?

Posted by admin
on August 26, 2014

Debt is a common problem that many people face nowadays. Have you ever wondered why and how people get into debt? These are the top few reasons:

1. Reduced Income: When people are in their comfort zones and are faced with a sudden reduced income, failure to adjust expectations and spending accordingly will inevitably lead to debt.

2. Divorce: For many, divorce is not jus a separation of two people and their family but also a very costly thing to go through. Other than the cost of hiring a lawyer, a divorce can be a messy one where one party would demand too much monetarily. Divorce settlements can lead to debt.

3. Poor Financial Management: Needless to say, failure to budget your spending will lead to debt. Having a monthly budget and knowing how much you can or cannot spend is crucial to managing your finances.

4. Gambling: This is a rampant problem. Gambling can be the cause of debt and it can also be the effect of debt. Whatever it is, it will be a vicious cycle and should never be made a habit.

5. Medical Burdens: This can happen suddenly without warning. An accident or a sudden chronic medical condition may require a huge sum of money that you do not have. It is always good to have backup plans and money for rainy days so that you do not fall into debt from a sudden medical burden.

Now that you know about some of the reasons why and how people get into debt, you can start thinking about how to prevent this from happening to you. Debt is never fun and it can ruin your quality of life and even relationships. Do not let yourself become a victim of your own inability to manage your finances.

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Managing Debt

Posted by admin
on August 16, 2014

Debt can be a real hassle. Here, we have identified some tips that may help you better manage your debt:

1) Draw up a table that reflects your monthly salary and expenses. This will act as your budget sheet. List everything that is chalked up in your expenses and you will then be able to clearly see what your spending patterns are like and where you can spend lesser. This may seem daunting at first but once you make it a habit, it will come naturally and can really be a great help in budgeting and managing your financial situation better.

2) Generally, it is advised that your monthly debt commitment should not exceed 35% of your gross salary every month. However, if you are already struggling to pay your debts, make sure you make it a point to go below 35%.

3) The best way to manage debt is to as much as possible pay off your instalments on time. This may sound like a no brainer but failing to do so will mean you chalk up even more debts when you incur late charges.

4) Perhaps your budgeting is working and you realise that you do have a little more to spare now, try to increase your regular payments or pay more in a lump sum if you can. This will help you clear your debts more quickly. However, always check the terms and conditions if you cannot keep this up longterm.

5) A good way to manage debt is to clear the debt that charges the highest interest first.

We hope you find the above tips useful! Good luck!

 

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Making an Investment

Posted by admin
on July 13, 2014

Are you ready to make your first investment after saving up for some time? Are you confused, unsure, and feeling bewildered because there are so many ways to invest and so many stocks to buy? Indeed it can be confusing with so many ways to invest and the various methods and systems. Just remember that there is no one sure method that will work best. Making an investment is a very fluid thing and it is seldom that two separate investments can reap the same rewards.

What works for you may not work for others because everyone has different considerations and financial goals. Think about what your investment horizon is like and what your financial goals are like. It is important to know at least what you are aiming for, because it will determine the type of investment you should make. Perhaps you just want to have a passive income on top of your monthly income of say $4000 a month by the time you reach 40 years old, or, you may want to become a millionaire through your investments in say 5-10 years. Your financial goals will definitely affect your investment methods.

As an inexperienced investor, always go to a professional stock broker for advice as it would be really helpful to you. Do your research, think about your financial goals, seek professional advice, and all the best for your investments!

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Related to Financial Planning – Bankruptcy

Posted by admin
on June 26, 2014

When can you be made a bankrupt?
When the amount of money you owe reaches an excess of $10,000 and you are unable to pay up. When this happens, a bankruptcy application can be made against you to the court. If the amount you owe in debt is below $100,000, you will be referred instead to the Insolvency and Public Trustee’s Office. There, you will be assessed and if eligible, you will be put under the Debt Repayment Scheme (DRS).

What happens when you are officially declared a bankrupt?
The Official Assignee (OA), which refers to the person in-charge of administering a debtor’s bankruptcy affairs, will begin by taking stock of all your assets that you have in your possession. Your assets will be sold off so as to pay your debt.
If you do still continue to have income while you are a bankrupt, you are required to declare and disclose it to the OA. A portion of your income will be channelled into the bankruptcy estate and will be used to pay off your debts.
Needless to say, bankruptcy is something you would really want to avoid at all cost, because it can change your life drastically and may even affect your friendships and kinships. Bankruptcy can cause you many unwanted worries and may even affect your career.

Restrictions during Bankruptcy:
• You will not be allowed to leave the country unless otherwise approved by the OA.
• If you are currently a public servant, you will not be allowed to continue. You will also not be allowed to take up public office.
• You will be relinquished of any company director position unless otherwised approved by the OA or the Court.
• You cannot sue any persons in court without seeking the OA’s permission (unless it is an action for personal injury).

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