With the economy picking up slowly but steadily for sure, banks and money lending institutions are kickstarting their lending business in an aggressive manner. Prior to the launch of the Do Not Call (DNC) Registry, most of us even we at Empire Global gets multiple calls from banks promoting all the different loans and throwing in all sorts of freebies to sweeten the deal.
You might have even received cheques that state a pre-approved loan amount and all you need is a phone call to the respective company. Well all these have been cut short and certainly much lesser seen now.
You might wonder why personal loan are effective for short term too? Let us tell you more.
There are many specific loan types Eg. Education loan, renovation loan, car loan. Unlike these categories of loans where the usage of funds is clearly defined, you get much more flexibility on the usage of spend with a personal loan. It’s a sum of cash that you can use it for any purpose. When you take up a car loan, its strictly meant for the purpose of financing a car. Furthermore, specific loan types are usually paid directly to the seller and you won’t have access to the physical cash on hand.
Coming up Short on Cash? Use a Personal Loan.
A Personal loan act as temprorary bridges if you are coming short on cash. For example, you are awaiting a home sale proceeds or pending an investment fund release of cash. These are uncertain periods of time whereby you might be short on cash. Personal loan are ideal for those who have temporary shortage on cash. Like a pending home property sale of their current apartment and not wanting to miss a good property in the market. A personal loan comes in greatly to make up for the shortage in cash-flow and offering reasonable interest rates.
Having said this, personal loan should be used with caution and not for luxury purchases and splurges. A personal loan like any other loan is to tide over a certain period of time for a certain cause and not for an individual to indulge which will result in large repayments if one is careless.
Another great example is that you can use this amount of cash flow to generate new funds . Then a personal loan is a great and convenient way to bridge this kind of short-term financial requirement.
Loan ceilings are typically large than payday loans. As payday loans ceiling largely depend on an individual salary income.
Some side advice if you are selling/buying a new apartment; use a cash cheque instead of credit cheque and ask for some benefits from the property agents. They would be more than happy to do so
Learn how to Be a Good Borrower
Personal loan come with slightly lower interest rates and unsecured nature provides a good way to teach someone to be a good borrower.
Fixed repayments each month makes the borrower repay a fixed a amount on the stipulated date. Furthermore, timely repayments of loans ensures that it maintains your good credit ratings.
Previously we mentioned on checking your own credit ratings with a $5 quick check in the Credit Bureau
Approval is fast as Always.
As with loans, personal loan are one of the fastest to be approved. Be it from banks or money lenders. This could prove to be an attractive offering for you if you need the loan amount fast. Time to be approved can be further discuss with the loan officers too. This is one of the highest request we get at Empire Global.
Get a Personal Loan If You Need One
Having mentioning some of the benefits of personal loans, they are only good if you don’t live beyond your means as it can be disastrous if you fall into a debt trap. We as moneylenders wouldn’t want that too!
Be confident and sure of your financial status. Ensure you repay back the repayments on time and you will be safe! Next up we will look at the Personal Data Protection Act and how it is shaking up the industry and why you should be aware of your rights.
Singapore – As with the ever-changing environment in Singapore, money lenders are moving into the heartlands to reach to a wider audience. This has led to a rise of illegal money lenders who want a piece of the loan industry. Every so often, a money lending company gets caught up in the news for malpractice or false advertising. This is why if you should need a money lender, you have to be smart about it.
7 Great Tips Compiled to identify legal money lenders
We have compiled seven important tips that one must be fully aware of prior to approaching a money lender. This will help you to identify the reliable legal money lender very quickly from these illegal and ill-practice ones.
Tip 1: Legal money lenders do not send SMS or perform telemarketing service
SMS is a great way of advertising, however in terms of loan services it appears like a spam service. Under the IPTO rules and privacy acts in Singapore, money lenders are not allowed to advertise their services in the form of SMS or telemarketing. Any company caught doing so will face harsh punishments by the government.
Some fake money lenders have started to copy wholesale the writing style of SMSes that banks send to customers, and use these SMSes as templates when they reach out to potential clients. They simplify copy and add-on their own phone numbers at the end of the message hoping to bait a borrower.
They even restore to using the names of legal money lenders and tricked potential borrowers into believing that they are the real deal and running a legit business.
Hence the strong emphasis that legal money lenders are not allowed to solicit for business via SMS. If you receive a SMS advertised with a Legal money lender name, DO NOT REPLY OR CALL.
Tip 2: Legal money lenders do not perform online bank transfers
There’s lots of articles and money lenders who assure instant bank transfer or advance cash via your bank account. These are usually illegal money lenders who want to avoid detection or the required paperwork to be done.
Legal money lenders will advise the borrower on the required paperwork, charges and require the borrower to visit the office. By doing so, it is a form of verification on both ends and further processing is done to facilitate the loan application.
Therefore, if a money lender offer instant bank transfer service, DO NOT TAKE UP THE OFFER.
Tip 3: NEVER, ever disclose your sing pass details over the phone
Singapore’s universal citizen login through SingPass contains a large amount about a person. It is very important that one should never divulge their own individual SingPass details to a third-party over the phone.
It’s a personal access account and illegal money lenders can do a lot with it It is part of the process to verify borrower income and working status in order to determine he/her ability to service the loan.
However, SingPass verification is done on-site personally and not disclosed over the phone.
Tip 4: Always research your money lender
First check onto IPTO website to see whether the moneylender is a licensed body. Check that they have a valid license number on their website or on their retail shopfront. Reason for doing so is that some illegal money lenders have resorted to mimicking or use the names of licensed money lenders to advertise their services.
Anyone in a rush would have overlooked the details and end up getting a really bad deal on their loan or in the worst case get stuck in the loan. By then, even the authorities would have a hard time to rescue the situation. Look at their advertisements properly and ensure that the company being used is reflected properly.
Look for reviews made by people who have used the money lender’s services. This marks their service and real testimonials being given out. It is always important to find out more on a money lender first and ensure they provide the best service and advice before taking up a loan with them.
Tip 5: No need to provide income documents or meet face-to-face
Licensed money lenders have a physical approved office. In most cases, they would require borrowers to come down to collect their money face-to-face. This is part of the IPTO regulation to ensure that proper paper work and advice is done by the borrower before any loan is issued out to the borrower.
Hence, legal money lender will require you to pay a visit to their office to complete a hassle free paperwork and loan process within 15-30 minutes.
Tip 6: Legal money lenders operate from registered landline
The government has put in place many safety measures to help citizens and borrowers. One of which is that legal money lenders are required to use their registered landline whenever they advertise. Illegal money lenders are known to use mobile numbers or overseas numbers in their advertising materials.
Therefore, if you see an advertisement or calls from mobile number of oversea number to advertise for their loan services. These are 100% illegal money lenders. DO NOT TAKE UP THE LOAN OFFER!!!
Tip 7: Do not sign blindly
Do not sign an empty contract. Licensed money lenders must draft a written contract in a language that the customer understands.
They must also explain the terms and conditions to the borrowers and ensure they understand all terms before signing. The terms and conditions must also be in line with the regulations found on the IPTO website.
If you see any unfair condition or term that is not in-line with the regulation, you can choose to walk away and not take up the loan.
In summary, read and understand before you sign. If not, get the loan officers to explain it to you.
Avoid being tricked
- Legal money lenders do not send SMSes
- Legal money lenders do not perform online bank transfers
- Legal money lenders are licensed and required to be registered
- Always conduct your research the money lender
- Always meet face-to-face with the money lender
- Always check what you are signing for and that the terms are understood
- Never disclose your SingPass details over the phone
- Never approach a money lender which operates from overseas or mobile number
There are lots of trickery that illegal money lenders resort to. As a consumer of any product, especially those related to money, one must understand the situation and be fully aware of the risks involved.
We hope that you do not have a bad experience in borrowing money, if so you can approach our knowledgeable loan officers who will be there to assist you. You can also write in to us or post a comment regarding loans or money lenders. We will be most happy to reply and assist you.
Singapore – Repayment plans are the next most important thing to think about when you are applying for a loan. The first is of course the loan amount. Deciding your repayment plan and budgeting your financial situation will allow one to make a wiser decision on their loan plans. There are several repayment plans to choose from and many money lenders offer these plans. Some minor variations in terms of loan amount being dependent on the length of repayment chosen. Larger amounts typically requires a longer repayment plan as its allows adjustments on the money lender to accommodate to the loan request.
What are the Repayment Types available?
Weekly Loan Plan (Lowest Interest Rates)
This repayment requires borrowers to make payment every week. A typical repayment plan spans 5weeks and offers the least interest rates. If your loan amount is small, it is best to choose this form of repayment to avoid unnecessary interest charges.
Bi-Weekly Loan Plan (Mid-tier interest, Small Flexibility)
This repayment requires borrowers to make payment every two weeks. A typical bi-weekly plan spans between 2-4 bi-weekly repayments. This loan is usually higher in interest as compared to the weekly plan. However it gives borrowers a small amount of flexibility to coup with the payments.
Monthly Loan Plan (Medium Flexibility, Higher interest)
This repayment requires borrowers to make payment every month. Depending of the financial needs and situation of the borrowers, monthly loan plan can span up to 10months. This plan allows better flexibility for borrowers to cope with repayment.
Open Monthly Loan Plan (Highest Flexibility. Large loan amount)
This repayment requires borrowers to make minimum interest every month.This loan provides the highest flexibility and usually used for larger loan amounts. Should the borrower be unable to cope with the interest rate, he/she can opt to pay only the interest amount each month. If there’s any extra cash that the borrower wishes to repay, he/she can choose to make particle principal principal.
The bottom line is clear and simple. So long as you keep on top of your repayment scheme, all you have to pay is merely just one transparent interest amount, at fixed monthly interest rate for the agreed duration of your loan, plus the principal loan amount you have borrowed. Of course, each loan we offer you is subject to meeting our minimum requirements. We are more than happy and willing to clarify any aspect of the loan agreement with you, including the loan amount and repayment schemes.
Although it is unwise to default on a repayment plan but in these times of difficult economy with the addition of the high cost of living, it has put lots of people on financial strains. This is where reputable loan companies will help and advice you. Ask for a deferment on the repayment by paying a fraction of the repayment or request for a variation plan. Borrowers can also opt to switch to a longer repayment plan if they cannot afford to make the required repayment.
Our advice when you get a loan?
There are many loan repayment plans to choose from and each have different advantages. Depending on your monthly salary and income, always choose the plan most beneficial to you. Here’s some advice on seeking a personal loan plan.
- Always seek out a reputable and licensed moneylender to give yourself a piece of mind. Seek out loan quotations from lenders and choose them wisely.
- Be responsible to your loan repayment. By being on time with your loan repayment, you build a good credit line which allows you easier access to future loans with larger amounts being approved.
- Be aware of the costs of full loan repayment including the principal amount an interest. Ensure that you have the financial means to meet these repayment plans
- Ask for advice from the loan officer. They will be most pleased to hear your end of the story and help you on your repayment choice.
- Loan officers are humans too. If you have difficulties repaying or need money, opt for a reloan or ask for some flexibility in your loan plan.
In short, be realistic on your ability to repay the loan punctually. This allows you to save on interest rates and manage your loan well.
Empire Global is a reliable money lending institution and have loan officers that are seriously dedicated to helping their customers. Loan officers here always ensures that any person applying for a loan will be given adequate information on how interest rates or additional charges are calculated. Empire Global has been providing speedy loan application approval with competitive interest rates. If you are Interested in getting a personal loan from a respected company then contact Empire Global staff today and speak with them on your financial position.
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.
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.
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.
- Have a passport, work permit, valid E-Pass or an S-Pass (required)
- Has an appointment/employment letter sent from their company. (required)
- Have an existing residential tenancy agreement.
- Have PUB bills, phone bills or a tenancy agreement that reflects your salary.
- Obtain a bank statement for the past 6 months.
- Working in Singapore as a full time worker and obtain an employment letter.
Steps to getting a Foreigner Loan
- Get ready all the above requirements and documents
- Submit a loan application online with us
- Or Give us a call directly
- Wait for approval! Usually less than an hour
Our Empire Global Foreigner Loan Features
- We allow you to pay back your loans in monthly installment plans
- We have made packages, flexible to suit your every need or situation
- We have made easy structured repayment packages for you to understand
- An instant approval process once all the documents provided are approved
- 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.
Empire Global is a great legal moneylender that provides foreigners with options when it comes to lending them money during any difficult times.
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