Responsible Licensed Moneylender in Singapore: Government Assistance schemes & Responsible Borrowing

Responsible Licensed Moneylender: Government Aid & Responsible Borrowing

The current Covid-19 has thrown the economy into a recession and lots of fear has crept into people. Not just on health concerns alone, but also on financial stability. In this article, we look into what is a responsible licensed moneylender and how we at Empire Global practise being a responsible licensed moneylender.

We will be diving into Singapore government assistance schemes that borrowers can consider first before taking up loans with financial institutions or responsible licensed moneylender.

Learn about Government Financial Assistance and Schemes

As the pandemic Covid-19 is behind everyone’s minds, we in Singapore do see drops in the recurrent cases. The pandemic has affected the livelihoods of many and not just employees but businesses and corporations have been greatly affected.

There are numerous financial assistance schemes available to help everyone tide through the Covid-19 crisis that has hit our homelands hard. We are going to introduce a few schemes that can best benefit you before considering to get a loan.

The Singapore government is fast to introduce several financial schemes to address the concerns of the public. For an overview of all the available schemes, check out on

The Temporary Relief Fund

Assistance: Immediate financial cash assistance of $500

Application Window: 1 Apr to 30 Apr 2020

Who can Apply

  • Singapore Citizens or Permanent Residents aged 16 years and above;
  • Was retrenched or suffered substantial loss of personal loss of personal income due to COVID-19 (at least 30%)*;
  • Had a gross monthly household income of ≤$10,000 or a gross monthly per capita income of ≤$3,100 before loss of job or income; and
  • Not currently a beneficiary of ComCare assistance *Loss of job/income must have taken place after 23 Jan 2020

Where to Apply: 

  • Social Service Offices (SSOs)
  • Community Centres/Clubs(CCs)
  • Online using Singpass at fund

COVID-19 Support Grant

Assistance scheme provides: 

  • Monthly cash grant of $800, for 3 months
  • Job and training support by Workforce Singapore or the Employment and Employability Institute

Application Window: 1 May – 30 Sep 2020

Who can Apply 

  • Singapore Citizens or Permanent Residents aged 16 years and above;
  • Had a gross monthly household income of ≤$10,000 or a gross monthly per capita income of ≤$3,100 before loss of job or income;
  • Live in a property with annual value of ≤$21,000; and
  • Not currently a beneficiary of ComCare assistance

Where to Apply: 

  • Social Service Offices (SSOs)
  • Community Centres/Clubs(CCs)

The Courage Fund

Assistance: One-time lump sum payment of up to $1,000 (depending on household’s per capita income after being affected by COVID-19)

Application Window:

  • From 6 Apr 2020
  •  Applications should be made within 6 months from the end of the SHN, LOA, QO or discharge from hospitalization due to COVID-19 (whichever is later)

Who can Apply

  • Lower-income households (with at least one Singapore Citizen or Permanent Resident) whose family member(s) have contracted COVID-19 or are one Stay-Home Notice (SHN), Leave of Absence (LOA), or Home Quarantine Order (QO);
  • Had a completed or partial loss of household income due to COVID-19 (at least 10%); and
  • A household income of $3,900, or per capita household income of $1,350, prior to being affected by COVID-19.
  • ComCare clients may also apply.

Where to Apply: Social Service Offices (SSOs)

ComCare Interim Assistance

Assistance (depending on the situation of the household) may include:

  • Cash
  • Vouchers; and/or
  • Food rations

Application Window: Unrestricted
Who can Apply:

  • Singapore Citizen or Permanent Resident (at least one immediate family member in the same household must be a Singapore Citizen);
  • Need urgent and immediate help for less than 3 months; and
  • Have a household income of $1,900 and below, or a per capita household income of $650 and below
  • Where to Apply: Social Service Offices (SSOs)

ComCare Short-to-Medium Term Assistance

Assistance may include:

  • Monthly cash assistance
  • Assistance with household bills i.e. rental, utilities and/or service and conservancy charges
  • Medical assistance
  • Employment assistance such as job search and/or training
  • Referrals for other relevant services
  • Application Window: Unrestricted

Who can Apply:

  • Singapore Citizen or Permanent Resident (at least one immediate family member in the same household must be a Singapore Citizen);
  • Have little or no family support, savings, or assets to rely on for daily needs; and
  • Have a monthly household income of $1,900 and below or a per capita income of $650*
  • *If income exceeds these guidelines, individuals may still approach SSOs for assistance

Where to Apply: Social Service Offices (SSOs)

ComCare Long Term Assistance

Assistance (depending on the situation) may include:

  • Cash assistance
  • Additional assistance for school-going children
  • Secondary assistance (e.g. recurring essentials like medical or hygiene consumables)
  • Discretionary assistance (i.e. one-off essentials like medical equipment and household appliances)
  • Medical assistance
  • Education assistance
  • Supplementary community assistance (i.e. free or highly- subsidised access to social support services like home help and senior activity centres funded by the Government)

Application Window: Unrestricted
Who can Apply:

  • Singapore Citizen or Permanent Resident
  • Is unable to work due to old age, illness or disability;
  • Have little or no family support, savings or assets to rely on for daily needs;
  • Is an elderly person who receive only a small monthly payout from other sources (e.g. CPF Retirement Sum/CPF Life, Pension, ElderShield, etc.); and
  • Has children who are low-income themselves (i.e. household income of $1,900 and below, or per capita household income of $650 and below, and are unable to support their parents

Where to Apply: Social Service Offices (SSOs)

Responsible Borrowing from Responsible Licensed Moneylender

It actually takes both parties to come together and ensure that borrowing does not become a long term liability for both parties. The parties mentioned are the actual borrowers who are seeking short term loans, personal loans or even unsecured loans to either tide them over a tough time like the current Covid-19 pandemic or to ensure continuity in their business or lifestyles. Borrowers can also comprise those who are in sudden need of cash to pay for a service or solution, for example borrowers needing money to pay for their utility bills.

In such unprecedented times, businesses are unable to sustain their cash flow or their workers income as most of them see huge dips in sales and human traffic. Many are trying to tide over with their savings. Financial stability is on everybody’s minds as whether there will be a new form of circuit breakers or new measures to clamp down on the spread of infection.

It is now more than ever crucial to practise responsible borrowing as fear might just creep in and take over a borrower’s mindset.

What is Responsible Borrowing?

  1. Simply not borrowing more money that you can afford to pay back
  2. Understand different loan interest rates offered by different financial institutions or licensed moneylenders
  3. Choosing a loan scheme that caters to your loan needs
  4. Checking the duration of the loan. Longer loan term might have a smaller repayment. Short loan terms have larger repayment. A responsible borrower ensures that he/she borrowers at a comfortable level without hurting other financial commitments.
  5. Not missing out a repayment plan

Why borrow from a Responsible Licensed Moneylender?

  1. Borrow from a Licensed Moneylender. Firstly, always check whether the moneylender has a licensed. That’s rule number 1. A licensed moneylender has to be registered and such licenses are monitored heavily to ensure that licensed moneylender firms do not abuse their authority. For example, Empire Global is a licensed moneylender registered with the Insolvency & Public Trustee’s Office. (License No. 64/2017).
  2. If you are considering to apply for a personal loan, check that the licensed moneylender that you are approaching is approved by the Ministry of Law, and registered with the Insolvency & Public Trustee’s Office.
  3. Responsible licensed moneylender will advice on your loan scheme, loan term, loan needs according to your financial records. This prevents you from overborrowing leading that might lead to further liability. A responsible licensed moneylender will explain the loan terms and conditions to a potential borrower. All clauses are explained properly before a loan agreement is made.

If you are considering to apply for a personal loan, you should approach a licensed Moneylender approved by the Ministry of Law, and registered with the Insolvency & Public Trustee’s Office.

It is important to only borrow what you can repay.

You should consider these before applying for a loan from a licensed Moneylender:

  1. Never borrow to pay off another debt
  2. If you are unable to fulfill the contractual terms, the late payment and interest fees will be a financial strain not just on yourself, but also on your family
  3. Make sure you fully understand the terms of the contract, in particular, the repayment schedule, the interest rate charged, and fees applicable.

How do I know if a licensed moneylender is actually licensed?

Details of licensed moneylenders in Singapore are clearly detailed and updated regularly on the Registry of Moneylenders’ Ministry of Law website

How much can I borrow?

Depending on your income, there are limits on how much you can borrow, and how much interest you can be charged.

We are Empire Global: Responsible Licensed Moneylender

As a responsible licensed moneylender, we build on initiatives by the government to create the best customer experience in the loan market. Our loan officers are professionally trained and ensure that borrowers are educated on the loan terms put forth. We provide responsible loan solutions that would benefit our clients. Empire Global is a licensed money lender and regulated by the Ministry of Law and is fully compliant with the Moneylender’s Act. We update our internal processes from time to time and keep up to the date with the latest underlying laws in the Registry of Moneylenders’ Ministry of Law website

Conclusion of Borrowing from Responsible Licensed Moneylender in Singapore

As with any commitments in life, do practise due diligence before committing to anything permanent. Such rules apply to taking out a loan. With new uptake of financial means through loans or money assistance schemes, it is your responsibility to practise mindful and responsible borrowing. To be a dutiful responsible borrower and for us at Empire Global to play a part in being a good responsible licensed moneylender.


Bad financial habits can lead you into bad debts and heavy loans

Bad Financial Habits That Lead to Bad Debts and Loans

Prevention is better than cure applies not only to your health, but also your finances — eliminating bad financial habits will go a long way towards getting into bad loans and debts.

Let’s take a look at some of the simple ways we can plan ahead in order to achieve financial freedom!

1. Not planning ahead with enough insurance coverage

No matter how much you scrimp and save for the future, all it takes is one unexpected event such as falling sick or getting into a major accident to completely wipe out your savings.

And one of the best ways to prevent that from happening is to make sure that you and your family members are insured.

Singaporeans have a pretty bad impression of the insurance industry mainly due to horror stories of people who paid for insurance companies’ investment policies and not having much to show for it at the end of its investment period.

However, you can completely ignore those insurance products and go straight for the important ones — term life and hospitalisation insurance.

BONUS: If you have served national service, you are actually eligible for MINDEF Group Insurance from Aviva. MINDEF subsidised a portion of the premiums, making these plans a lot more affordable. You can even buy them for your spouse and children!

2. Not sticking to a budget

One of the most common reasons why people get into debt is that they did not budget and often spend more than they thought they did.

Here’s a method you can try if you aren’t sure where to start with budgeting.

The 50-30-20 ratio

50% in spending — this includes your things like your travelling cost, food and bills

30% in investments or wants — you can use this fund for investing in your retirement or to buy things that you want

20% in savings — this will be your emergency or rainy day fund. A good gauge will be to save at least 6 months worth of living expenses in case you can’t work for any reason.

Besides budgeting, you can also start tracking your expenses to find out where all your money went in order to have a better grasp of your finances.

3. Not repaying credit card bill in full

As Singaporeans, we love our rewards, cashback and miles points, and some of us sign up for a myriad of cards in order to take full advantage of all the different promotions.

That can be a really dangerous situation, especially if you do not track your spending well, and wind up owing a lot more credit than you can pay off.

One of the worst things you can do with credit card bills is to only pay the minimum sum every month, and letting your debt roll with interest every month.

For example, if you only pay the minimum sum on a $5,000 credit card bill with a 25% annum interest rate, you will take almost 14.5 years to pay off everything and end up paying almost 3 times more than what you originally owe!

So, if you rely on credit card often, make sure you pay the full sum whenever possible.

4. Not checking your bills regularly

Singaporeans led a busy life and sometimes that means letting those bills sit on the table longer than it should.

This can lead to late payment charges or interest charges if you let your bills accumulate from month to month.

There is really no excuse to make this mistake and pay more than you should. Set a reminder or an alarm to take care of your bills on time!

5. Not spending within your means

This applies no matter how much you earn.

For example, if you compare someone who earns $100,000 but spends $120,000, and another who earns $50,000 and spends $25,000, who is in a better financial position?

Of course, it will be the guy who only spends 50% of what he earns. By spending only half of what he earns, he can invest or save the rest in preparation for emergencies and retirement.

Start making the right financial decisions today, and your future self will definitely thank you. 

Remittance vouchers the new Illegal moneylending scam

Remittance Vouchers the new Moneylending Loan Scam?

With the hard clamping down of illegal moneylenders and the tightening of moneylending borrowing rules, moneylenders are now starting to feel the pinch. In a new rise of moneylending schemes, one that uses remittance vouchers has caught the attention of Foreign Domestic Workers (FDW).

Remittance Vouchers Scheme

This new remittance vouchers scheme that has been hitting the news targets specifically at FDWs They are the prime targets because of the tightening of licensed moneylending rules which permits foreigners from borrowing over a certain cap. This new loan cap caused a new struggle amongst foreigner workers as they are unable to pay back the money they owed.

Under the new regulations, foreigners earning less than $10,000 a year in Singapore can borrow up to only $1,500 from all licensed moneylenders combined. Even with rising concerns about a sharp increase in maids taking out loans and ending up in debt.

It was revealed in Singapore’s Parliament last November that 28,000 maids borrowed from licensed moneylenders in the first six months of last year. This number is more than double the 12,000 who borrowed in the whole of 2017. In 2016, there were just 1,500 maids who took out such loans.

Since then, foreigners are turning to other moneylending sources and at times turning to illegal moneylenders. Their debt further increases as they start missing their repayments.

The Story of Kata

Kata  Store, a cellphone retailer at Lucky Plaza, sold remittance vouchers which provided maids to remit money and get a loan indirectly.

It works by allowing them to buy remittance vouchers of a certain value, of which they have to pay an upfront fee. They are then required to make high-interest repayments which in one case was paying up 45% more than the initial loan. What’s more is that administrative charges of $2 a day would be imposed if repayments are not met on the due date.

With the remittance vouchers, they will give it to the staff at Brunphil Express. They will then remit the cash back to their hometown.

Kata does not hold a moneylending license and is issuing loans that are disguised as instalment plans to maids who do not understand the consequences. This form of offering is causing people to end up in bigger debts.

There have been cases of foreign workers not being able to pay back loan sharks and ended up being recruited by them as runners. Some would even persuade their friends and colleagues to borrow money from them.

Some of the maids are being pressured to send money home thus leading them to borrow from illegal moneylenders. This has resulted in a slew of foreign worker scams too. Scam operators call and threaten potential domestic workers, harassing their employers making them pay money not owed.

It appears that the new rules have somehow affected foreigners living in Singapore although the loan cap ruling was initially introduced to allow them to avoid over-borrowing.

If you are an employer of a foreign domestic worker, do educate them about the problems of borrowing and they would be repatriated back if they borrowed from unlicensed moneylenders.

Advice on Borrowing

If you are thinking about borrowing, always borrow from a licensed moneylender or licensed financial institution. They undergo stringent checks by the government and ask for financial advice on their offerings. Make comparisons with other lenders and read the fine print. Clarify any questions before you attempt to make the loan.

Unlicensed moneylenders: Learn about harassment tactics and avoid them

Unlicensed Moneylenders New Harassment Tactics and How to Avoid Them

Unlicensed moneylenders a.k.a loan sharks have been keeping up with technology and equipping themselves with new harassment methods, which led to the Singapore Police Force issuing a new advisory on it last month.

Getting New Customers

It starts from how to recruit new borrowers — instead of printing flyers and going by word of mouth, loan sharks have started buying databases of numbers and sending WhatsApp messages to them, offering loans at low cost.

These loan sharks will often appear to be legitimate businesses through having a business name, phone number and even a website.

Simplifying the Borrowing Process

After securing your trust, the loan sharks also understands that they should simplify the borrowing process in order to onboard new customers.

So instead of meeting up and asking for your financial details, all they need are some personal details like a screenshot of your identification card, company name and address, SingPass login details and even where your children are studying.

(Note: This should raise alarms about the legitimacy of the business. Licensed moneylenders are not allowed to ask for your SingPass logins and other personal details like where your children are studying.)

First Incentivise, then Lie

In order to further convince you, they will first put up a repayment plan that seems reasonable, but over time, they will come up with excuses to change it and forces you to abide by the new change.

“At first, it could be monthly payments, but next week they would say: ‘Hey your payment is up’,” she said. When she told the moneylender of the original terms, the usual reply would be that the guy who gave it had gotten into an accident.” – As reported by CNA

The New Harassment Tactics

Finally, after you paid back your original debts, and some more, you realised that you still owed 5 times the original amount you borrowed.

And when you failed to pay that, harassment begins. While the previous methods of harassment such as splashing of paints and drawing graffitis on walls are still in used, loan sharks have begun using methods that inflict more emotional harm.

One such method is to send unsuspecting strangers to your house through various means.

They might place a large order with food delivery services such as McDonald’s or KFC and send them to your house. Or they might lure unsuspecting male subjects to your place by pretending that their “dates” live there.

Other more sinister methods include threatening to burn your home by sending you a video of burning homes or taking photos of where your children study.

Sounds scary right? Because it is. And the best way to avoid all of the above is to not approach unlicensed moneylenders at all, and do due diligence before borrowing from any sources.

In the police advisory, SPF encourages the public to avoid unlicensed moneylenders at all cost, and if necessary, approach licensed moneylenders that are listed on the Ministry of Law’s Registry of Moneylenders website at

Credit Card Debt and Bad Debts in Singapore

Credit Card Debt, Bad Debt and Usage in Singapore

Credit cards, with its convenience and high amount of rewards, continues to be the preferred payment method over cash, bank transfer and e-payments in Singapore.

According to the Global Payments Report by Worldpay, this is especially true for online purchases, where credit card had a 67 percent share of all payment methods.

And with the rising popularity and frequent occurrence of online sales events such as Black Friday, Singles Day and the upcoming 12.12 event, this meant that credit card usage has soared through the roof.

However, more credit card spending, coupled with the rise in interest rates started causing some undesirable situations such as the rise in bad credit card debts.

Rising Credit Card Debt

Kuo Huo Nam, Chairman of Credit Counselling Singapore noted a disturbing trend — that is the rise in credit card rollover balance, with $5.6 billion at the end of September, which is not far from the all-time high of $5.8 billion.

This trend is also showing up in bad credit card debt. Monetary Authority of Singapore data showed that bad credit card debt (“written off debt”) has risen to $27.9 million in March this year, which is only four percent lower than last decade’s peak.

According to Yahoo Finance, this is mainly due to two reason — an increasing reliance on credit card usage and the rise in interest rates.

Credit Card Usage and Interest Rates Increases

The fight for market shares amongst banks has led to attractive rewards for credit card usage. Coupled that with the convenience brought by innovation from contactless payment, it is no wonder that Singaporeans are increasing their use of credit cards.

This has led to an increase in total billings per card to $500 — an all-time high in Singapore — which inevitably caused the rise in credit card rollover balance.

When you combine that with the hike in US Fed rate, it just means more debtors in Singapore are going to find it harder to repay debts.

How to Manage Your Credit Card Debts

With this in mind, it would be best not to default on your credit card loan and let it roll over month to month, as it could become an astronomical amount that might just be impossible to clear off.

If you have the habit of missing payment due to the sheer number of credit cards that are in your wallet, it might be time to evaluate all the options and decide which are the ones you really need on a daily basis.

Lastly, you can also make use of finance apps available on both the Play Store and App Store to track your finance so you will always know how much you have spent for the month right at your fingertips!

Unsecured Loan Rules and Comparison. Learn how it affects you.

Unsecured Loans Rules and Comparison: How does it affect you

Understanding Unsecured Loans

With the rapidly changing financial industry and laws imposed on it, Monetary Authority of Singapore (MAS) stepped in early this year to aid borrowers landing in excessive unsecured debts. A new rule of capping the unsecured loans limit was imposed.

The new rule prevents borrowers from further getting any unsecured loans credit from financial institutions should the borrower have unsecured debts that exceed six times his or her monthly income, financial institutions will not be allowed to provide any increase in credit limit or additional credit that will cause a borrower’s credit limit to exceed 12 times their monthly income.

The rule comes in a move to reduce the escalating debt problems in Singapore and led to a slew of changes in how unsecured loans work.

An Infographic by MAS on new measure to help individuals manage unsecured debt

An Infographic by MAS on new measure to help individuals manage unsecured debt

Secured Loans vs Unsecured Loans. What are they?

Secured Loans

Loans are secured if and only when borrowers pledge their assets to the lender as a form of collateral for the loan. Should their loan fall through when repayments are not met, the lender has the authority to sell the assets to recover the money due. If the money recovered is not enough, borrowers are liable to make up the shortfall.

Unsecured Loans

Unlike secured loans, for unsecured loan borrowers do not provide or pledge any form of assets to the lender as collateral. Therefore, interest rates for such loans tend to be higher as financial institutions or lending companies take on more risk.

Past financial records, monthly salaries, unsecured loans debt are taken into consideration whenever an unsecured loan is issued. Personal loans, credit cards are a form of unsecured loans.

What next? Afterthoughts of loans

Regardless of loan types, do be clear on the loan you are getting. The goal is to opt for a loan that best fits your needs and minimising the interest cost whenever possible. Managing your financial wealth is of utmost importance as you would not want to end in a spiralling debt cycle.

Always be clear on your loans, ask the loan officer during your session. When in doubt, do your due research or seek another financial institution.

Learn Foreigner Loan in Singapore

What You Should Know About Foreigner Loan in Singapore

Singaporeans and PRs have aggregate loan caps and self-exclusion framework for borrowing from licensed moneylenders to protect themselves and their families. But foreigners do not face the same restriction, and this has led to an increase in the number foreigner loan and problems that arises with it.

Foreigner Loans Increased 4.5X from 2016

The ministries have reported that foreigner loans increased from 7,500 in 2016 to 35,000 in the first half of 2018 with domestic workers making up a bulk of these loans.

Pastor Billy Lee, executive director of Blessed Grace Social Services said, “Many of these maids come with no money and a mountain of debt to their agents. By right they shouldn’t be borrowing any more money.”

This has led to problems for some employers as they are left to deal with the mess, which include harassments and unsolicited phone calls, left behind from their maid’s borrowing after sending them back home.

A Cap on Foreigner Loans in Singapore

The new cap on foreigner loan, implemented in Q4 2018, will affect foreigners holding any of the following passes: work passes, long-term visit passes, short-term visit passes, dependant’s passes and student passes.

The loans will also be capped based on the foreigners’ earning power.

Foreigners will also be able to protect themselves by applying for self-exclusion, which are already available to Singaporeans and PRs.

Foreigners who borrow from Unlicensed Moneylenders

To further reduce and limit the problems of borrowing, Ministry of Law has taken a hard stance on those who chose to borrow from unlicensed moneylenders.

All foreigners found guilty of this will have their work pass revoked, repatriated and barred from further employment in Singapore. Although employers can choose to appeal this on a case-by-case basis.

Education is Still the Most Important

Prevention is still always better than cure, and the ministries understand this.

So besides having these restrictions in place, the MOM and police will also step up education on the management and risk of borrowing from moneylenders for both foreigners and employers.

The rest of the moneylender restriction stays the same for foreigners — that includes the 4% interest rate caps on the loans and the sum of all permitted borrowing costs on any individual loan must not exceed 100% of the loan principal.

Our team here feels this is a great step in the right direction. Although most licensed moneylenders are already cautious when lending to domestic workers, having a cap in place will help inform those with less experience.

Credit Matters and why you should be aware

Credit Matters and Why you should be Aware

Your creditability of finance based on your credit history can majorly impact what you want to finance like housing loan, renovation loan, business loan or loans that taps onto your credit history. The reason why credit matters is that it affects the amount of loan or even the interest rate and repayment amount that’s dispensed to a borrower.

Financial institutions will check on your credit score when acquiring a loan, loan officers will vet through your credit history to give the proper advice and loan terms to a borrower.

Credit score is seldom thought about to most people, however credit matters as it affects directly the loan and interest rate and can even affect various aspects of your financial life or job. Therefore, it is paramount to keep your credit score in good shape.

Credit score is basically a number based on complex credit assessments by various institutions, this number makes credit matters greatly. It indicates the possibility of a borrower getting a loan and whether a financial institution will approve the loan application.

In Singapore, much of these credit assessment is kept in a credit report at the Credit Bureau Singapore (CBS). This shows your personal details, loans, payment history, bankruptcy records, credit limits, loan accounts and amount owing. CBS analyses these data to determine a credit score using various algorithms.

The fact that if you can’t get a mortgage or loan is likely due to your low credit score, and this is why credit matters in life. If you aren’t on time with payments, it impacts your credit score.

Even with job applications, a person’s credit history can be checked upon especially if the applicant is applying for a financial position.

How to improve your Credit Score?

It is important to keep to your payments on time, as repaying late affects your credit score greatly.  You could also reduce your number of loans or credit cards you have. This reduces the risk of having your credit score affected.

To get a copy of your credit report here, so you can review it and correct it if it is wrong, simply go to the CBS website at and request a copy.

Keeping in mind that credit matters, paying your loans on time and checking up on your credit score are steps to maintaining a good credit score.

Thinking of getting a loan or to better understand the loan application approach, contact our loan officers to find out more.

Learn how to best review legal moneylender in Singapore

How to Best Review Moneylender in Singapore

Let’s recap on what to look for in a legal and reliable moneylender. We are going to list through several methods on how you can best review moneylender in Singapore, to provide you with good service and reasonable loan rates.

Quick Tips to best review moneylender in Singapore

There are several reasons why one would seek out a loan and there are several loan types to cater different needs. Hence regardless of the loan type (personal loan, payday loan or business loan), the licensed money lender is one of your best option in Singapore. Learn some quick tips on how to best review legal moneylenders.

1. Experience and years of service

Loan officers go through your loan application and request. They will aid you in identifying the best loan options to go through. They are also obliged to tell you all the terms in the loan such as length and number of repayments, interest rates of the loan. They will also understand and want you to borrow within your means as they still have to recover money from you.

This takes experience in servicing borrowers and also the business itself has been running long enough to understand the various changes that could occur in the moneylending industry and be up-to-date with it.

2. Licensed moneylenders will have you sign a contract

A formal contract is required by law for licensed moneylender with borrowers. The contract terms are drafted by a lawyer and contain the following:

Interest rates

  • Late repayment fees
  • Repayment period
  • Repayment amount
  • Legal terms

Hence it is vital to ensure that the loan officer guides and explains to you the terms of the contract before you sign. Never except a loan without fully understanding the terms. Some businesses are disguised as legal moneylenders but do not offer such contracts. Avoid them at all costs.

3. Approval Process. Do online checks.

More and more businesses are moving online. Convenience is vital to anyone now. Hence check out the moneylender online, read their website, their offerings and google reviews. Check out with them on the different loan options, do an online loan enquiry before heading down. Most legal moneylenders will reply quite promptly and accurately. The process is fast and you will not waste your time in heading down and be disappointed.

4. Check out Ministry of Law

The Ministry of law has a constantly updated list of licensed moneylenders. As licenses can be revoked due to ill business practises, it is good to check the most legal source of information.

Like shopping, you will compare the different offerings from different moneylenders. They will offer different interest rates so do look around and enquire to get the best loan options for yourself.

Learn from the Law Ministry’s guide to effective interest rates to understand how to make good comparisons between moneylenders.

Best Review Moneylender? Check on Google Reviews!

Looking for legit businesses? Like hunting for good food places, one has to check for reviews first. To best review moneylender, before heading down onsite, check on google reviews to seek out actual comments and reviews made by customers.

It’s a good place to identify legal moneylenders from the loansharks or illegal moneylenders and can be used as a comparison point between the other moneylenders that can be listed in google reviews.

How is the moneylender reliable?

One of the natural option to best review moneylender is to check the number of years that a business has been running is vital to identify its reliability and trustable. To be able withstand the ups and downs of financial crisis or economic slumps shows a business reliability and that customers see them through.

It also means that the business can tide through tough times and itself have to get a winning edge over others. Customers naturally trust them either through the years of running or the service that these companies provide.

A moneylender license is not easy to maintained. It is subject to checks on business practises, complaints and undergo stringent review by Singapore law. Licenses are limited and only businesses that provide proper legal loan services in Singapore can be issue such license.

Empire Global is always ready to serve and help our customers in getting the loans they require.

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.