Budget 2014 Singapore and how it affects money lenders and borrowers

Budget 2014 Singapore for Moneylenders & Borrowers

Budget 2014 Singapore. How does it affect a borrower? 

Bishan – The no. 1 important question in the most anticipated current affairs of Singaporeans and businesses in Singapore. From the wage workers to the highest salaried white collar people. From small businesses (SMEs) to large corporations (MNC). Budget 2014 Singapore affects everyone in every way.

This is why we have this special article on Budget 2014 Singapore . How it affects us as borrowers and money lenders alike   in Singapore. Singapore’s Law Ministry new plans this year’s Budget 2014 Singapore. In order to avoid unlicensed  moneylenders from exploiting lenders, here are some of the measures in place this year.

  • The Singapore Law Ministry intends to establish a new central credit bureau. This bureau will allow “tighter controls” over the total amount of unsecured credit an individual can borrow.

  • A review of the interest rate cap and considerations on further restrictions on fee charges (early redemption, loan termination charges)

  • A new regime that will allow bankrupts to be discharged within clear timeframes.

Here’s what the current fee structure officially on  IPTO (Insolvency & Public Trustee’s Office) .

From 1 June 2012 onwards, money lenders are only permitted to charge six types of fees:

  • For each occasion of late repayment of principal or interest;
  • For each occasion the terms of the loan contract are varied at your request;
  • For each dishonoured cheque issued by you;
  • For each unsuccessful GIRO deduction from a bank account, as payment to the moneylender;
  • For early redemption of the loan or early termination of the contract; and
  • Legal costs incurred in the recovery of the loan.

Any other fees are not permitted, and are hence not enforceable by the money lender.  An official guide can be found from IPTO for further review

Why the need for change?

Primarily, the number of complaints against moneylenders have been on the rise. Recent news of money lenders in heartlands (Toa Payoh and Ang Mo Kio) have triggered a spate of concerns on easy credit. As compared to the past where they usually operate from areas such as Chinatown and Beach Road. Recent cases of errant money lenders have been sprouting out. Some examples are those who have been furnishing false information  or those granting limits above the standards.

The future in Budget 2014 Singapore?

In short, moneylenders will be having tighter rules on lending policies. Fee charges review. And a new bankruptcy policy. And how does it affect you as a borrower?

For the uninformed borrowers, it becomes tougher for bad money lenders to accumulate charges on the borrower. A better way to borrow money from licensed moneylenders. With this in mind, you will make a better choice in choosing your next payday loan or foreigner loans.

How Budget 2014 Singapore affects moneylenders?

Budget 2014 Singapore affects money lenders in several ways. The new schemes allow better ways to establish moneylending.  It allows money lenders to establish a better understanding of the situation and a better relationship with the borrowers as they can better control their limits. Borrowers will benefit from a better fee structure. Are you affected in this year’s Budget 2014 Singapore? Share with us on how it has affected you . 

How Budget 2014 Singapore affects borrowers?

With the new schemes it will allow borrowers to be more educated and informed. Borrowers can benefit from the new fee structure and limit caps. This prevents themselves from underestimating their loan amounts and repayment policies.

What is going to happen to Empire Global?

At Empire Global you as the borrower, are our customers. We offer better flexibility in terms of overall policies and fees. We have long anticipated this move by the government. The rampant growth of moneylenders in Singapore has led to increasing numbers of unethical moneylenders gaining from the stress of borrowers.

We at Empire Global want to prevent that. We have continually improved our service quality to differentiate out from the rest (illegal money lenders, unethical licensed moneylenders) and constantly learn from our borrowers to better service them.

Foreigner Loan Made Easy

Foreigner Loan – A Complete Guide

A guide to getting a Foreigner Loan

New to Singapore? Working in Singapore as a foreigner? Unfamiliar with financial terms and unable to secure a loan from the banks? In need of financial aid quickly?

Does any of these above mentioned sound like you? The good news is that in Singapore, it’s easy to get a foreigner loan to help you in times of financial crisis. There are a lot of licensed moneylenders and banks willing to speak to you on loan assistance. Most will be patient and will take their time to understand your situation and assist you.

For businesses like us, it’s better as most people will take debt more seriously in a foreign country. Hence this makes the application process simpler and easier.

Why would I need a Foreigner Loan

There are things that might crop up at the last minute. In Singapore, medical fees are expensive for foreigners and these are only minimally subsidized by the employer. As a foreigner, you pay lots more for medical services. There are also visa issues or legal fees that you might run into over the course of working in Singapore. Not to mention the escalating housing rental. All this takes up a toll on your salary and this is why most foreigners consider taking up a foreigner loan.

A 3 Minute Foreigner Loan Application Process Guide (Singapore)

In Empire Global we like things to be simple. Therefore, we have written up a complete guide for you to obtain a foreigner loan. At the same time you can apply online or call us and we would be most willing to listen and work out the details with you. Just post us questions on anything about loans or advice on repayment policies and we can consult with you. The charge? Free of course!

Basic Requirements required from Money Lenders

These are basic requirements that a licensed money lender would need. It would quicken the process if you are able to fulfil all the requirements. An employment letter plus a valid working pass or your own passport is the minimum for an application.

  1. Have a passport, work permit, valid E-Pass or an S-Pass (required)
  2. Has an appointment/employment letter sent from their company. (required)
  3. Have an existing residential tenancy agreement.
  4. Have PUB bills, phone bills or a tenancy agreement that reflects your salary.
  5. Obtain a bank statement for the past 6 months.
  6. Working in Singapore as a full time worker and obtain an employment letter.

Steps to getting a Foreigner Loan

  1. Get ready all the above requirements and documents
  2. Submit a loan application online with us
  3. Or Give us a call directly
  4. Wait for approval! Usually less than an hour

Our Empire Global Foreigner Loan Features

  1. We allow you to pay back your loans in monthly installment plans
  2. We have made packages, flexible to suit your every need or situation
  3. We have made easy structured repayment packages for you to understand
  4. An instant approval process once all the documents provided are approved
  5. Friendly bilingually* trained loan officers to assist you (Chinese and English)

As one of the leading and most trusted, licensed loan companies in Singapore, you can trust us on our reliability and service standards. Empire Global has the correct expertise and experience in helping you. Our personalized foreigner loan packages are made to suit you.

Satisfied Foreigner with their loan

Satisfied Foreigner with their loan

Foreigner Loan

Empire Global is a great legal moneylender that provides foreigners with options when it comes to lending them money during any difficult times.