Instant Cash Loan Singapore - Learn about the pros and cons of Instant Cash Loan in Singapore

Instant Cash Loan in Singapore

The finance industry itself is a tough one. Not to mention the lending industry that exist within. The lending industry is constantly revolving to adapt to the multitude of changes that happens in the financial world and government policies. This has led to stiff competition and many use attractive instant cash loan offers to entice customers. The current economy is not doing anyone good either, with wages and salaries stagnating and with a downward decline in job availability. Thus having cash on hand is becoming an issue, and people turn to loans to maintain their needs or to fix their financial woes.

There are many different loan options in Singapore, instant cash loan options are one of the most common loan type that borrowers get. Both banks and moneylenders issue instant cash loan, sometimes they can be just called as cash loan. It does not matter what name it runs under, more importantly as a consumer you have to weight the various pros and cons of such offerings.

Pros of Instant Cash Loan in Singapore

Fast –  Instant cash loan as it’s name is termed, allows one to have cash pretty quickly. This is due to lesser credit checks and collaterals needed. Lenders are able to provide a quote based on your monthly income, commonly through email request. Most loan requests get replied within 1-2 working days.

Ease of Acquiring – As we get more digital, so do businesses such as moneylenders. One can go online to get pre-approval without physically heading down to the shop and await approval. A borrower can get multiple quotes too from various moneylenders. This allows borrowers to first survey the field, acquire quotes, compare the offerings and make more intelligent choices down the line.

Flexibility – Instant cash loans are made to be easier to understand. As long as there’s proof of income, borrowers will have it easier to get their loans. Typically, borrowers can get up to 2-4 months of monthly income. More often than not, your credit score is not subjected to the loan approval process.

Cons of Instant Cash Loan in Singapore

Control – Having an influx of cash might lead one to be out of control. A borrower might splurge on the new found money instead of using it to settle debts or other financial needs. Having new cash in requires a good amount of discipline, control and an action plan. Always plan your money resources as tight as possible. Be #smart with your money.

Summary of Loans in Singapore

As with new control measures by the government, interest rates are now capped at 4% monthly. This new ruling may lead to moneylenders keeping a tight watch on whom they loan the money to. Hence, be upfront if you have any issues or an action plan as this will give you a better case to acquire loans from moneylenders.

When in doubt, always check in with the loan officer. Instant cash loan is a simple loan system, nevertheless, be a cautious borrower and always read the terms and conditions provided. If you have any queries, ask the loan officer especially in terms of repayment packages and additional fees and charges. Being a smart borrower and a well informed one will allow you to make better decisions. Aside from all these, find a licensed moneylender that you are comfortable as they are more than willing to work with you.

 

Empire Global Best Google Reviews Feedback Licensed Moneylender

Best Google Reviews Licensed Money Lender

We see our customers as invited guests to a party, and we are the hosts. It’s our job every day to make every important aspect of the customer experience a little bit better. – Jeff Bezos

Amazon is one of the few companies in the world that pride themselves on serving customers well, and that has been instrumental in helping them become the biggest e-commerce company in the world.

Similar to Amazon, excellent customer service has become our ethos here at Empire Global. Which leads us to being the best google reviews licensed money lender in Singapore.

Licensed money lenders in Singapore was born out of necessity. In the past, individuals who can’t get financing from banks and other legal financial institutions used to turn to loan sharks for solutions, and that created a whole lot of social issues.

This move has helped to bring down the rate of unlicensed moneylending.

However, licensed money lenders have got its own controversies too. The methods employed by licensed moneylenders used to collect bad debt has often been compared to loan sharks, especially since incidents like the Funan Mall debt collection happened.

These news made our team more committed to good service, not just because we believed that it will bring about word-of-mouth recommendation, but also because we believe our customer deserve it.

A quick search for our brand name “Empire Global” on Google will surface our company detail on the result page, along with the reviews our satisfied customers have given us.

With 95 Google reviews and an average of 4.8 stars rating, we are confident that our team are providing the right service and help to our customers. We are literally the best google reviews licensed money lender.

So, how do we provide a good service?

Our Business Environment

We have designed our environment to make you feel at ease upon entering the store. This is done with the help of soothing music and clear lighting with professionals that are both friendly and helpful.

This is to ensure that you will never be pressured to take on any loan and that you can take your time to fully understand all criteria before committing.

Clear Explanation

We understand this might be your first time borrowing from a licensed moneylender so our team always make sure you understand all the necessary details and payments schedules before taking on your payment.

Fast and Efficient

Our team have processed hundreds of loans and are well versed in all the requirements of a loan. We also understand that you might need the financing urgently, so we always try our best to process your loan as quickly as possible.

With this, we hope we have changed your opinion on how some licensed moneylender operate and that you should find the one that you are most comfortable with before making the commitment!

En Bloc SERS. Worth the risk for HDB Loan?

Taking on Expensive HDB Loan for Possible SERS En Bloc Flats: Yes or No?

SERS (Selective En bloc Redevelopment Scheme) or more commonly just known as En Bloc refers to when HDB decides to rejuvenate aging estates by buying back the old blocks of flats from homeowners (often at a premium) and providing grants.

Due to this, some homeowners are not taking the remaining lease into consideration when purchasing a new flat, and some are even willing to take on expensive HDB loan to purchase old flats. Let us explore if that’s true here.

Benefits of Being in the SERS Scheme

Here are a few things you can benefits from being a part of the SERS scheme:

  1. Compensation based on the market value of the flat at the time of the SERS announcement
  2. Reimbursement of reasonable expenses in moving to a new place (e.g. removal fees, stamp, fire insurance and legal etc.)
  3. 100% chance of getting a new flat at HDB’s designated replacement site at a subsidized rate
  4. Higher chance of balloting for new HDB flats outside of designated replacement site as 5% of all BTO are reserved for affected SERS owners.
  5. Rehousing benefits grants of up to $30,000 for first and second-time home owners and more

En Bloc Affects Surrounding Flats too

99.co did a research on whether SERS causes flats around it to go up in value too. And their verdict? Yes, it does bring a uplifting effect most of the time on its surrounding flats.

Their theory is that home owners participating in SERS might not necessary wants to move in to the replacement units that HDB has set aside for them and prefers to buy resale or private properties. Hence causing a surge in demand, and eventually, a surge in price.

You can see how attractive this is to flat owners whom have been staying in a flat for several decades yet don’t have the financial capabilities to move out to newer blocks of flats.

But this is also seen as a potential “investment” for others who knows that they are up for a possible huge pay-out if they were to purchase one of these en bloc flats.

But… that’s not necessarily true.

The famous colorful Rocher Centre up for En Bloc SERS

The famous colorful Rocher Centre up for En Bloc SERS

Your Flat Might Worth Nothing at The End of Its 99 Year Lease

Our National Development Minister Mr Lawrence Wong recently put this rumour to rest in his blog post where he warned home owners to not assume that their flat will be selected as part of the SERS when the lease runs out.

Fun fact: Only 4% of HDB flats have been selected as part of the SERS programme since its 1995 launch.

He also mentioned that there a block of flats has to meet several criteria to be eligible for SERS, and some of these includes:

  • Potential for redevelopment: the flats have to be deem under-utilised by the Government and that its redevelopment will bring value to its surroundings.
  • Replacement sites must be available: there must be suitable land nearby to house the current SERS scheme home owners.
  • Government financials: we would assume the government has a planned budget for this scheme every year and that it’s only sufficient for a small selected group of flats.

“We will continue to maintain this strict selection criteria. So please do not assume that all old HDB flats will be automatically eligible for Sers”, said Mr Lawrence Wong.

In the end, although being part of the SERS scheme can be profitable, there is no telling whether a particular block of flat will be selected.

Hence, it would be better to purchase a flat based its remaining lease and on factors that affect your living condition instead of its potential to be en-bloc.

Singapore Budget 2017: Learn about HDB Grants & GST Rebates

Singapore Budget 2017: HDB’s CPF Housing Grants Increases for First-Time Buyers and More

The Singapore Budget was first delivered in 1965 by Finance Minister Lim Kim San where development and job creation were the key focuses. Due to careful budgeting, Singapore has been fortunate to record more surpluses than deficits in the past 50 years. This year,  SG Budget 2017 is delivered by Finance Minister Heng Swee Kiat with a focus on building skills and capacity to bring our economy to the next frontier.

While one of the main focus is about helping Singapore firms cross borders and become more digitalised, the government has not forgotten about Singaporeans.

Families have always been at the top of mind of Singapore policy makers due to an ever decreasing birth rate, and the same goes for the planning for Singapore budget 2017. Families are one of the main beneficiaries with measures such as increase in grant for first time HDB flat buyers, more infant care centres, and other smaller rebates to help Singaporean cope with the increase in expenses. We are going to discuss each and every one of them in the article below.

Budget 2017 for First-time home buyers:  More subsidies when purchasing a resale flat

First time home buyer?

Buying a resale flat?

If your answer to both questions above is a resounding yes then you have a huge reason to jump for joy now! In Budget 2017, the grant given to this group of home buyers have increased significantly, and with immediate effect!

For those who don’t know, currently, first-time home buyers that are looking at resale flats are eligible for three types of grants (up to $90,000) — CPF Housing Grant ($30,000), Additional Housing Grant (AHG) (up to $40,000) and Proximity Housing Grant (PHG) ($20,000).

Additional Housing Grants are a scheme created to help middle income families better afford housing by providing a grant value that’s tied to their income level. You and spouse will qualify for it if the average monthly household income over 12 months are $5000 or lesser.

Proximity Housing Grant on the other hand, are created to help families or singles who wish to purchase a resale flat that’s near to their aging parents’. You and your spouse will qualify for it if the flat you are aiming for is within 2km of your parents’ home.

This will change in 2017 onwards as the total grant will now increase (up to $110,000) due to an increase in the CPF Housing Grant from $30,000 to $50,000 for 4-room flats and $30,000 to $40,000 for 5-room flats.

Here’s what our Minister for National Development Mr Lawrence Wong said in his Facebook post “This will help those who wish to live near their parents in mature estates where there are fewer BTO projects, or those who wish to move into their own homes quickly to start a family. Together with existing measures, a couple can potentially get up to $110k in grants to buy their first flat!”

SG Budget 2017: HDB Housing Grant infographic

SG Budget 2017: HDB Housing Grant infographic

 

Here’s a quick glance in the grant changes.

Infant care centres will increase by 100% by 2020.

In order to help families with two working parents, the Government has committed to increase the number of infant care from the current 4,000 to 8,000 by the end of 2020.

This is in line with a previous effort by the Government to increase the number of quality child cares in Singapore. This effort should help more young parents improve their consideration of having a child in Singapore.

Rebates for personal income tax

Taxpayers will receive a 20% rebate in personal income tax for earnings in 2016, and will be capped at a maximum of $500.

GST U-Save voucher rebates continues

If you have been on social media lately, you will have probably seen the uproar over the 30% increase in water prices. This has led to a permanent increase in GST U-Save vouchers to help families cope with the hike — increases ranges from $40 to $120, depending on your flat size.

GST Vouchers

A $200 payment will be given to individuals who are aged 21 years old and above and earns less than $28,000 last year.

What we are covering here mainly focuses on how the Singapore Budget 2017 has brought about certain changes for families and Singaporeans in general. But that’s not all that the Budget 2017 has to offer, so be sure to visit the website https://www.gov.sg/microsites/budget2017 and look at all the measures for yourself!

5 Best Home Renovation Tips for First Time HDB BTO Owners

5 HDB Home Renovation Tips for First Time BTO Owners

After waiting for 3-4 years, it’s finally time to collect the long awaited keys to your brand new flats! I am sure, like me, you are having a mixed feelings about this — on one hand, you are excited at the opportunity to wake up to your soulmate every single morning, on the other hand, you are probably worried about the list of things you have to prepare and research on for your home renovation.

You might have heard of horror stories from your friends about their home renovation or you might have even read about how an unscrupulous renovation company collect tens of thousands from a couple and disappeared into thin air. I can assure you though, all will be fine, as long as you do enough research and take the necessary precaution.

1. Research on your home renovation idea

Let’s start from the easy one first — deciding on your renovation idea. By having a firm and clear idea of what you want is important, because, then, you will not be easily sway by your ID to do a design that you might not like in the long run.

An easy way to do so is to create a Pinterest account and start pinning ideas from various home design websites such as Qanvast or Houzz. This way, it also helps you cut down the time needed for the first quote because your ID will have a clearer idea of the design style and layout that you would like.

2. Decide if You Need a Home Renovation Loan

After talking to a few renovation firms, you should then have a good idea of the kind of quotation you are looking at for the HDB design of your dreams. Most likely, you will realise that renovation is really a lot more expensive than you expected.

At this juncture, you will have to decide if you want to acquire a renovation loan to get what you want or you might want to compromise on some items and to get them later on.

Do note that there are a few providers of renovation loans and they include banks as well as licensed money lenders. Look at each of the options and their packages before deciding on the best one for you.

3. Research on some of the common renovation decision

Once you have talked to a few ID firms, you might get a variation of the few questions below

  • Do you want tiles or vinyl flooring?
  • Do you want storage or gas heater?
  • Do you want to have false ceiling?
  • What kind of air-con system would you like?

You can read through a lot of these discussions over at renovation forums such as http://renotalk.com/forum/ There are usually very minute differences and really boils down to your personal living preferences.

4. Make one final research before you decide on your home renovation contractor.

One of the precaution you can take while choosing your ID firm is to check if they are have a HDB renovation permit. You can check them out over at this website – HDB Contractors. Once you are there, make sure you double check on information such as their address, email and telephone number so that you can be sure that it’s not imposters trying to disguise themselves as a legitimate company.
But this is only the first step. You may also check out a company’s responsiveness and attitude towards their customers via their Facebook platform or check out reviews from their past customers via platform such as Qanvast or Facebook.

Supervise your home project

No matter how comfortable you are with your ID or your firm, always make sure that you monitor and visit your home regularly to check on the progress. This is to prevent any miscommunication from causing an undesired permanent change to your home.

After all is done, make sure you do one final inspection before agreeing to pay the remaining sum to your ID firm. While small imperfection are unavoidable, you would want to make sure that all the major items such as lighting points or carpentry are dealt with properly.

Here’s wishing you a smooth renovation journey and we hope this will help you out as a first-time HDB owner!

Get the best guide to licensed moneylenders in Singapore

Complete Guide to Licensed Moneylenders in Singapore in 2016

We are counting down to the last weeks of 2016, and like every industry out there, it’s always good to do a recap on what has happened in this past year so as to keep everyone on the same page. On the new rules and regulations reminder on some of the pointers to look out for when borrowing from licensed moneylenders in Singapore.

The launch of Singapore Moneylender Credit Bureau in March 2016

This is one of the most important development for the year because finally, all the licensed moneylenders in Singapore would have access to a borrower’s past and current borrowing history. This is especially useful in identifying errant borrowers who are likely to default on their loans.

Most Licensed moneylender benefit from this new act, as they can now tap onto the information by the Moneylenders Credit Bureau to affirm their loan assessment.

This will curb excessive borrowing and “help debtors to keep their loan commitments at a more manageable level”, DP Info said.

“We’ll be able to know how much a borrower has borrowed from other moneylenders, so that we won’t over-extend the loan,” said Mr Peter Tan, vice-president of the Moneylender’s Association of Singapore.

We will be able to see the overall effect of this later when after we do a cover on the 4% interest rate cap.

Teenagers are Increasingly Being Lured to Take Part in Loansharking Activities in June 2016

Compared to the same period last year, there is an 600% increase of youth loanshark runners. This is due to several reasons such as new method of recruiting via social media. These advertisements are usually very vague on the job scope but promises high returns for a small amount of work.

After luring students in, they will then try to entice them to do the job by offering huge amount of cash.

This showed that while the licensed money lending industry is controlled by the government, the government still didn’t manage to completely weed out unlicensed moneylenders in Singapore.

Implementation of 4% Interest Rate Cap for Licensed Moneylenders in Singapore (July 2016)

July is the start of the gradual implementation of 4% interest rate for licensed moneylenders in Singapore.

Before this rule was implemented, there was no interest rate cap for borrowers earning more than $30,000 annually. This led to exorbitant interest rate of as high as 1000% per year by some erratic moneylenders.

With the new measures kicking in, licensed moneylenders in Singapore will be restricted to maximum rates. This include the new ruling that they cannot charge interest of more than 4 per cent per month plus this has to be on a reducing balance basis.

Should a borrower be late in his repayments, licensed moneylender can then charge a late interest, however this late interest must not exceed more than 4 per cent.

The limit extends to charges on late payments: A similar maximum interest rate of 4 per cent a month, while late fees will not exceed S$60 a month.

The total borrowing cost will be capped at 100 per cent of the original loan to keep debts from spiraling. Additional fees for, say, early loan redemption or unsuccessful GIRO deductions will not be allowed.

This has caused some repercussion within the industry, which we will see in the last pointer.

Reduced Debtor Loans Due to Cap on Interest Rate

Blessed Grace Social Service, an organisation that helps debtors to negotiate their borrowing deals, said that there has been a reduction in loan amounts since the introduction of the 4% cap — from $3-5k to about $1.5k on average.

The number of moneylender that one debtors owe also reduced from 10-15 to about 5-8.

This also led the moneylending industry to be more careful as they are more likely to make loses due to defaults because of the lower interest rate. Hence, some licensed moneylender in Singapore isn’t willing to lend to new customers due to the higher risk.

Johnny (not real name), a director of a licensed moneylending firm, said “I believe the loan sharks are benefiting from this because (for) the licensed moneylenders, nobody wants to give out loans to new customers,” he said.

To sum it off, 2016 has been a year of change, due to the implementation of new rules and regulations. Most of it has been set in place to help control debtor’s borrowing amount and borrowing ability.

But the restriction might have also start pushing some borrowers back to loan sharks and unlicensed moneylenders. So how do we find a balance between all of these in 2017? It will be something for the government to ponder on.

Money Express Options in Singapore

Popular Year-End Money Express Options in Singapore

It’s the jolly time of the year again! While this means tons of celebrations, awesome food, gift exchanges and long holidays, it also meant that you have to spend lots of money. So planning your finance properly will definitely help you not to hurt your pockets during this holiday season.

In 2015, a survey done by UOB showed that Singaporeans are spending close to $800 on their festive shopping trips. While it is close to the year-end bonus time but you probably wonder, how did people manage to get that extra cash before collecting their bonus?

Here are some of the money express options that might give you the answers. While it is great to have a great holiday season but always plan within your means.

Asking for an advancement from your boss.

This is the best and most cost effective money expression option out of all. It grants you a cash advancement at 0% interest rate, and best of all, you don’t even have to return it at all! However, this depends a lot on your working relationship with your boss, your working attitude and most of all, your boss’s willingness to part of that sum of money so early.

This is not uncommon as there are companies which practise early pay advancement during festive months. It also means that you need to set aside your finance for the following month since advancing your pay early.

Using your credit card

This is the most commonly accessed money express options for most Singaporeans. Unsurprising as you can see from the newspaper to all the advertisements from banks on credit cards promotion for retail to meals and holidays travels. Not only will you be able to enjoy certain credit card promotion discounts, you will also be able to rack up points for your air miles. What a great way to kill two birds with one stone!

But spending electronic money meant that it’s harder for you to control your spending because it’s much harder to track what you have spent. So, if you are going for this option, just make sure you keep a close eye on what you have spent on.

Getting a short term loan

These that do not enjoy the perks of having pay advancement, or don’t have a credit card? Usually end up with a money express option with a short term loan from either a bank or a licensed money lender.

These loan options include personal loans from a bank, payday loans or short-term loans that are designed to help individuals tide over short period financial needs. While this option is easily available, it should be carefully considered due to the interest rates.

Yes, it is the end of year festive seasons and you are properly getting your bonuses. But we have seen examples of person over spending with their credit cards or cash advances that result in bad financial situations.

Therefore, even though there are lots of popular money express options in Singapore, you should always start to lay out your finances and evaluate the best option. The first step should be towards identifying and clearing all the outstanding bills and payments. Only through this exercise would you truly know how much you will be able to spend for the holiday seasons.

It’s better to spend lesser and have a modest celebration than to indulge in an extravagant one that leave you in debts and worries later. With this message in mind, we would like to wish everyone a great festive seasons ahead in December.

Learn about personal loan and how to leverage on its advantages.

How to Use Personal Loan to Your Advantage?

Personal loan is readily available to anyone via multiple financial institutions such as banks and moneylenders. With such flexibility, it also meant that individuals now have the capability to spend first and think about the consequences later. But as the cliché saying goes, with “great power, comes great responsibility”. So here’s how to borrow responsibly so that you don’t regret your decision later.

Always Borrow for Needs, Never for Wants

There are a few reasons why people would end up over borrowing on personal loan and it almost always have to do with materials wants rather than need.

It was recently reported in the news that a couple landed themselves in more than $100,000 worth of debt with personal loan after their wedding.

While marriage is a once-in-a-lifetime affair and many dream of having a dream wedding, planning one without the consideration of cost will guarantee to kick-off your marriage with a rocky start.

Here’s what Mr Lee, 35, told The New Paper,

“We have had more fights since our wedding than in the six years that we were dating.

Most times, it was over money… and we’d end up blaming each other for the situation.”

So, how we can make sure we don’t land ourselves in such a situation?

Plan Your Personal Loan Carefully

Reasons why people tend to over borrow is because they plan with the mind-set of achieving a material want. We often tend to convince ourselves that we will be able to take care of the debt later on when all is over, but it has been proven over and over again that it’s not the case.

Once you have land yourself in debt, you will find it harder to keep up with your current lifestyle with a smaller amount of budget every month. And more often than not, you will borrow to fulfil that particular lifestyle, landing yourself in even more debt.

Such as the case of a couple who landed themselves in debt after their marriage and proceed on to buy a five room flat and had a child. They got so much debt that it threatened their marriage.

So instead, when planning for major life events, such as buying a flat or having a child, always try to plan your finances beforehand. Sit down with your partner and separate items between wants and need. (e.g. do you really need to hold your banquet at a hotel instead of a restaurant?)

By carefully listing out the items, you can then successfully plan for what is essential, and if necessary, take on a personal loan to achieve what is needed.

If you are only asking for a small loan, your friends and relative might be able to help

Instead of going to financial institution, which charges for interest rates, you may try approaching your family or friends for a personal loan.

Most people are wary about lending to their family because they are afraid of the awkwardness when it’s time to ask for their money back, and also the possibility that they won’t.

However, if you can work out a weekly or monthly return plan, they might just be willing to do so.

So, our advice is to never take on a personal loan for a material want because you tend to overestimate your repayment ability. And even when you need one for a need, make sure you have a plan on how you wish to make the repayment.

Pokemon Go Addiction similar to Over Borrowing Loans Addiction

Pokemon Go Addiction Equivalent to Over Borrowing Loans!

Caught Snorlax yet!? Pokemon Go has taken over the world! Literally. Since the launch of Pokemon Go in Singapore, you will see gamers of all ages swiping their phones “up” to catch their elusive Pokemons. Even aunties, uncles and grandmas are taking part.

There is a big revival of an age old gaming IP “Pokemon” and with Niantic leading the charge with Pokemon Go. However, despite the game’s popularity, it’s starting to draw flak with some members of the public and viewed as a nuisance game. Pokemon Go gamers or “addicts” are taking over parks and popular Pokestop areas. Hundreds gather a certain rest stop knownas a Pokestop to better their chances of getting rare Pokemons.

Caught the elusive Snorlax in Pokemon Go?

Caught the elusive Snorlax in Pokemon Go?

Pokemon Go Popularity

Even though the authorities have been called in to monitor the situation, there is nothing damaging with gathering and playing silently on their phones. Some gamers play way into the wee hours to catch their Pokemon and being glued on their screens. One might think that kids are the ones addicted to the new craze, but adults are jumping on the bandwagon in their quest to catch and train their Pokemons.

The game is ultra-fun and is really family friendly as one’s quest is to the collect Pokemon and at the same time, one is “forced” to walked around or explore new areas in town to catch Pokemon. The fast growing game has topped the Apple Store and Google Play Store and does not seem to drop the slightest bit. It has grown to be the number 1. game in almost all the countries it launched in.

The Bad side of Pokemon Go

The Pokemon Go addiction is very much akin and applicable to loan over borrowers. Addicted Pokemon Go players explore popular areas late into the night, affecting their studies or the adults have their work affected.

The constant vibration to hint on a nearby Pokemon location and urge to capture more Pokemons to level up or to increase their Pokedex numbers. Parents are seeing it as a worrying trend due to the nature of the game, which requires you to travel to hotspots to get rare Pokemons. These hotspots could have dangerous people who prey on kids and may seem normal in appearance.

How Pokemon Go Games is Equivalent to Over Borrowers

We at Empire Global have seen time and again, borrowers who borrow beyond what they can pay for or are repeat borrowers who even owe a large debt. Over borrowing can get dangerous, as the borrower might over estimate his repayment capability and incur large penalties resulting in longer repayments.
One of the reasons was that borrowers were using the loans to service their own lavish lifestyles, leading them to becoming repeat borrowers. Such addiction to maintaining their lifestyle is very much alike to addicted gamers who can’t leave their screens. Some Pokemon Go gamers go to the extent to hire chauffeur services to bring them to elusive spots in a bid to better their gaming abilities.
Several players are having their workloads affected as they play during their working or schooling hours thus affecting their usual routines. The resultant effect in terms of loans are when borrowers turn to loansharks when they are unable to curb their addiction. Many have turned into repeat borrowers whom are unable to sustain their loan repayments.

Know the problem. Understand your limits.

With every addiction, you need to first understand yourself and identity the problem. Know the problem. Quite often, borrowers who come in with money issues do not  know of their dire situation plus they didn’t seek proper help to address the problem. One needs to understand the limits especially when dealing with financial products such as personal loans or unsecured loans.

By borrowing beyond your limits, one would quite often fall into dire straits and seek borrowing from unlicensed lenders or even from their network of friends. This could further lead down to social and economic issues that affects not only the borrower but the people around him.

COE pricing increase and demands. Learn about car loan changes in Singapore.

COE Pricing Increase & Demand: Car Loan Changes

There has been a lot of buzz circulating around the increase in Certificate of entitlement (COE) supply and demand. With lots of prospective car buyers waiting for COE prices to soften before making their buy, we shall take a look at how COE premiums varied so much this year.

COE premiums ended higher in the tender on 22 Jun 2016 as the easing of car-financing rules by the Monetary Authority of Singapore (MAS) continued to drive demand for COEs. And just recently, COE premiums fell across all categories at the close of the bidding exercise on 7 July 2016.

With COE for small cars having the biggest dip, falling by 5.25 per cent to $52,301. Premiums for big cars (above 1,600CC or 97KW) fell 1.62 per cent to $56,089.

MAS Easing of Car Loans

Just 3 years ago, the MAS imposed guidelines for car loans. This time, car loans have been relaxed to suit the current demands.

For cars with an open market value (OMV) of $20,000 or less, buyers can borrow up to 70 per cent of the purchase price, up from 60 per cent. Buyers of cars with OMVs of more than $20,000 can now borrow up to 60 per cent of the purchase price, up from 50 per cent.

The loans tenure has also been raised to seven years, from five.

This easing of car loans have allowed potential car owners to take up interest in car ownership. Although most car traders have already found ways to circumvent the car loan curbs. With households having healthier balance sheets, potential car buyers will enter the market for COEs due to car loan restrictions being eased up.

According to UniSim’s Adjunct Associate Professor Park Byung Joon: “Everyone predicted that the COE premiums will gradually decline because of the number of COEs. But these private-hire companies are kind of unexpected”.

COE Price Changes: What Next?

With the changes of COEs premiums and car loans being eased up, many are still undecided on purchasing a car.

“If you plan to buy a car, just go ahead and don’t delay your purchase, hoping that something will happen to the COEs”, Mr Park.
Dr Theseria said: “Timing a car purchase is like timing the stock market. It is hard to do and generally doesnt work.”

So what happens next? Basically, plan your finances before making a big purchase. Check out your existing loans, your repayment plans and whether you are able to sustain the big ticket purchase. Like for all loans, read on the terms and conditions properly and check on the interest rates that are given by the loan company.

If you are interested in knowing more about car loans, you could contact us too by speaking to our loan officers on the line. We are able to provide car and personal loans to suit your financial needs.

CarPark Fee Hike: So what if COE drops?

Some people have tried to correlate this drop recently with the car parking fee hike. The government has explained this quite fairly enough. Car park charges have not changed since 2002, yet inflation as well of costs of operating public car parks have increased significantly.

HDB carparks account for 90% of carparks in Singapore, costs have increased due to several factors:

  • Rising overheads in the construction industry;
  • Improvements to new and existing HDB carparks, such as install multi-story carparks with lifts, and providing link bridges to connect carparks to surrounding flats;
  • Additional repair works required to maintain an increasing number of ageing carparks.
Here are some important breakdowns to understand the car park fee changes.
Car parking fee changes imposed by URA

Car parking fee changes imposed by URA

Car park season fee changes 2016

Car park season fee changes 2016