Empire Global Vandalised. Sabotage from Illegal Moneylenders

Sabotage from Loanshark. Licensed Moneylenders Vandalised

It’s been a tough couple of months for us, and here at Empire Global we have recently been face with sabotage. Our shop front was defaced recently and we have reported this incident to the authorities. It is an unfortunate issue for us to bear but we are still clear on our rules. It appears that it had been an act on purpose as several other licensed moneylenders were hit overnight, as paint, urine and even faeces were thrown at the shop.

We would like to clear the air as many have asked. We have no connection or any issues with loan sharks or illegal moneylenders. http://stomp.straitstimes.com/singapore-seen/paint-urine-and-faeces-more-than-10-moneylenders-island-wide-hit-by-vandals-overnight

One of the licensed moneylender owner, had their a client detail pasted on their shop. This could be an act of illegal moneylenders as they could be upset that their business have been affected by us. http://stomp.straitstimes.com/singapore-seen/wait-what-bishan-moneylenders-shopfront-defaced-with-op-sign

Personal Data Privacy

It is important to keep your private data to yourself and this is a case that tells you not to borrow from illegal sources as they can easily expose your private data to the public. Many would not want that to happen as you will never know what happens to your data.

We at Empire Global are still here to service our clients.

Licensed Money Lenders Review in Singapore. Learn why it is important to compare!

Money Lenders Reviews Singapore: Why it is Important

Licensed money lenders can be helpful and useful at times, especially to borrowers who are in urgent need of cash due to emergencies that occur. There are also times when borrowers could not meet the banks terms and are not legible for bank loans. This is one of the reason some turn to licensed moneylenders.

In Singapore, there’s a long list of companies and directories that contains a listing of money lenders in singapore offering quick loans. Further which, they will offer money lenders reviews Singapore. For consumers, this can be confusing and overwhelming to read. So which moneylender should you trust? You might be worrying whether you will get “cheated” by the many terms and conditions that money lenders lay out.

A simple search could give you a range of results with each money lender promoting their own or some finance directories providing a list of money lenders reviews Singapore. So get smart about searching a money lender.

Do Proper Research on Money Lenders Reviews Singapore

Start with money lender review sites as they serve a good platform for borrowers to learn from others. Learn from other borrowers that share their experiences with the various money lenders in Singapore. Also if you have benefited it yourself, let others know through money lender reviews.

Importance of Money lenders License 

Other than checking money lender reviews Singapore, it is utmost important to evaluate the money lender based on their license.

Firstly, find out the license of the money lender you want to approach. Check the license number with the registrar of money lenders in Singapore. If they do not have a valid license, do find another licensed money lender. The registry updates the list monthly, hence do check the list for valid licenses.

In Singapore, licensed money lenders in Singapore go through a strict license process. Any licensed money lender found flouting rules will be penalised heavily. Hence the creditability of a licensed money lender weighs heavily on it’s ability to have a license. Companies cannot operate as money lenders without a proper license.

When in doubt, ask the licensed money lender for their actual license. Ensure that the license number and exact name matches the registration certificate the lender shows you.

Read the Terms

Besides checking money lender reviews in Singapore, when you are about to borrow from your preferred money lender, it is best to read the terms laid out.

Licensed money lenders have to state the terms properly and explain to borrowers any terms relating to the loan to their customers.

Compare Money Lenders Reviews. Evaluate & Decide

With money lenders reviews easily available, one should compare between them and check against the actual website of the licensed money lender. Besides checking, do proper research by asking for interest rate quotation. Also, check for any payment penalties such as repayment penalties, late payment penalties. Ask directly with the loan officers either through the phone or Internet.

Compare the terms offered by the loan officers against the ones written on their website. Look through the various money lenders reviews in Singapore to get a better and more accurate assessment of the services they offer.

Confirm with the loan officers on the interest rates offered against the ones mentioned by the Singapore government. The interest rates have now changed to 4% monthly interest rate cap with a governing board the Moneylenders Credit Bureau. The bureau was setup to ensure better administration of the licensed money lenders in Singapore.

With these, one should check for licensed money lenders reviews Singapore, licenses of money lenders and confirming loan details with the loan officers.

Minlaw licensed moneylender guide to borrowing in Singapore

MinLaw: Moneylending Guide for Borrowers in Singapore

Singapore – As you probably have read in the news about the changes in moneylending rules in Singapore. The slew of changes enforced on 1 Oct 2015, has led to to a change in how moneylenders manage their borrowers. The Insolvency & Public Trustee’s Office (IPTO) in Singapore is a department under the Ministry of Law (MinLaw).

IPTO oversees the administration of individual and corporate insolvencies, the administration of small intestate estates and un-nominated Central Provident Fund (CPF) monies, as well as the licensing and regulation of moneylenders and pawnbrokers.

So there’s IPTO, which assists the Registrar of Moneylenders and the Registrar of Pawnbrokers in licensing and regulating moneylenders and pawnbrokers in Singapore.  IPTO also safeguards borrowers should any licensed moneylender breach the Moneylenders Act.

Simplified MinLaw moneylending rules and recommendations

  • You are legally obliged to fulfil any loan contract made with a licensed moneylender. So basically, read the fine print and let the loan officer explain the loan conditions to you.
  • Think about any current debts and loan obligations such as recurrent fees. Be smart about the contractual terms, and calculate out the late payment fees and interest repayment.
  • Always be reminded, that the law requires moneylenders to explain the terms of a loan in a language that is understandable by you. Plus you are to be provided a copy of the loan contract.
  • Shop around for different moneylenders that are able to provide you the best loan terms. Not just us at Empire Global, feel free to check out other licensed moneylenders but also check with our loan officers on what we are able to provide. 

How much are you allowed to borrow?

Licensed moneylenders offer unsecured loans which allows you to obtain the following:
  • Up to $3,000, if your annual income is less than $20,000;
  • Up to 2 months’ income, if your annual income is $20,000 or more but less than $30,000;
  • Up to 4 months’ income, if your annual income is $30,000 or more but less than $120,000; and
  • Any amount, if your annual income is $120,000 or more. 

What are the Interest Rates Moneylenders can charge?

In the past, loans contracted between 1 June 2012 and 30 September 2015, licensed moneylenders are required to compute and disclose the Effective Interest Rate (EIR) of the loan, before the loan is granted. If a borrower’s annual income is less than $30,000, then the interest rate which licensed moneylenders can charge is capped at 20 per cent Effective Interest Rate for unsecured loans.

Visit https://www.mlaw.gov.sg/content/rom to find out how to calculate Effective Interest Rate from 1 June 2012. However if your annual income exceeds $30,000, the interest caps do not apply and is to be agreed upon the moneylender and the borrower.

However with effect from 1 October 2015, the maximum interest rate licensed moneylenders can charge is 4% per month. The interest rate cap applies regardless of a borrower’s income and whether the loan is unsecured or secured. Should a borrower fail to repay the loan, the maximum interest rate is capped at 4%.

What are the fees that moneylenders can charge?

For loans contracted between 1 June 2012 and 30 September 2015, moneylenders 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 for the recovery of the loan.

Any other fees are not permitted, and are hence not enforceable by the moneylender.

With effect from 1 October 2015, all moneylenders are only permitted to impose the following charges and expenses:

  • a fee not exceeding $60 for each month of late repayment;
  • a fee not exceeding 10% of the principal of the loan when a loan is granted; and
  • legal costs ordered by the court for a successful claim by the moneylender for the recovery of the loan.The total charges imposed by a moneylender on any loan, consisting of interest, late interest, upfront administrative and late fee also cannot exceed an amount equivalent to the principal of the loan.

Summary: After Effects of New Moneylending Rules 

Licensed moneylenders are getting a better structure being laid out by MinLaw and hopefully this will lead to a better name for themselves. With the government cracking down hard on unlicensed moneylenders and errant licensed moneylenders, the public at large will better understand the system that in place.

As licensed moneylenders numbers decreases due to either difficulty in adapting to the new moneylending rules, the remaining licensed moneylenders have quickly switched to a new business model to adapt.

Also learn how to identify licensed moneylenders using 7 simple rules that you really apply before borrowing from them. Most importantly of which, one should not borrow from lenders who advertise their services.

Here’s a little comic from IPTO for an easy guide on borrowing wisely from licensed moneylenders.

Borrow Wisely from Licensed Moneylenders in Singapore by MinLaw

Borrow Wisely from Licensed Moneylenders in Singapore by MinLaw

Get Low Interest Rates on Personal loans

Get Low Interest on Your Personal Loan

There are many different types of loans and different schemes that are tagged to each loan type. This may confuse borrowers who are seeking out the best loan type on their loan. Today, we discuss about how to get low interest on your personal loans.

Personal Loans Demystified

A personal loan may very well be the best loan type when emergency cash is needed. The fast service and fast cash advances provided by money lenders allows you to put your mind at ease.

Repayments are worked out mainly based on your salary and some other factors. Hence its still possible to get low interest on your personal loans.

As personal loans are mostly unsecured, borrowers in Singapore will not be required to put up any form of collateral or mortgages to take up a loan.

Low Interest Loan Factors and Eligibility

As mentioned, the major factor in determining loan eligibility largely lies in the borrowers’ source of income and income level.

The higher a borrower earns, the higher the loan amount that a borrower is able to get. This main factor determines the increased chances of loan approval with low interest rates and is common in both banks and money lending institutions.

A common practise is that most banks and money lenders will allow borrowers to lend up to four times 4x of the borrower’s monthly salary. Further which, if a borrower is able to show that they are able to repay loans on time, the personal loan contract could be better.

When a Loan Offer is too Irresistible

The revision of the Moneylender Act in 2010 has led to money lending firms to start in neighbourhood and suburbs. They offer a variety of loan services.

However, it’s noted that the rulings and the increased number of money lenders with bad practises and many new unlicensed moneylenders who sometimes claim that they are licensed. These errant lenders target on borrowers who needed cash urgently hence landing themselves in bad loan debts.

More often than not, errant lenders will offer extremely low interest rates but implement fees or give difficult repayment terms that the borrower can’t match up.

Make Loan Comparison Before Borrowing

Always compare. That’s the simple rule of a consumer. There are varying personal loan interest rates from different financial institutions hence compare and choose amongst those with low interest rates.

Find out their loan offerings and as a borrower, best in mind your debt servicing ratio. This is the total amount of debt (monthly repayments to all your bills) in comparison to your total income.

Make Loan repayments on time & know your debt servicing ratio

Make Loan repayments on time & know your debt servicing ratio

This calculation technique allows you to check whether you are able to incur more debt and whether you are able to meet your monthly repayments on your personal loan.

Most importantly, check that your debt servicing ratio does not exceed 50% of your total income. Otherwise, banks and lender might not allow you to take up the loans or offer you a higher interest rate instead.

Get the Right Money Lender for Low Interest Rate Loan

Once you have fully considered your debt amount and the monthly repayments you can manage with, plus your outstanding debts owing each month, then you can finalize your decision on getting the right licensed money lender.

Get the money lender that offers the best low interest rate on your personal loan in Singapore.

Ensure that the lender is reliable and honest with you. The loan officer will well advice on your loan amount, interest rates and repayment amount and schedule.

Ensuring that the money lender company is trustable and licensed is very important. Most licensed lenders will work out the repayment package to best suit your current needs.

Go to a money lender with good reviews and rose your time to compare the loan interest rates between companies.

As a borrower, ensure that you meet the repayments on time!

If you have the time flexibility, choose wisely on the money lender you are getting for your personal loan.
Be careful and read the credit terms

Be careful and read the credit terms

Read their loan contract terms and understand what you are signing up for.

Use our online loan application form too and our friendly loan officer will best advise you on your loan.

Interest rate capped at 4% and many new regulations affecting moneylending industry in Singapore

Moneylending: Interest Capped at 4% per cent Monthly

The government has accepted new proposals on licensed moneylending, together with one of the biggest change amid protests which is the 4% interest rate cap per month.

The Government has accepted most of the recommendations put forth by an advisory committee and these changes will be implemented progressively starting from July this year (2015). And yes this news has caused quite a stir in the moneylending industry but we at Empire Global are well prepared for these changes.

With twelve of the 15 recommendations from the committee being accepted, the new changes has created some news amongst moneylenders. Two of the recommendations – to lift to lift the moratorium on the granting of new licenses and to regulate debt collection behaviour will be reviewed in time as the moneylending industry adapts to the new regulatory changes.

4 Per Cent Interest Rate Cap: How does it affect everyone?

In order to protect borrowers, the new ruling will place caps on interest rates. As of current rules, there is no cap on interest or late interest rates for borrowers earning more than S$30,000 annually. Some licensed moneylenders charge additional fees (e.g when GIRO repayments fail or dishonoured cheques are issued).

There is currently no restrictions on the total borrowing costs for moneylending loans.

With the new measures kicking in, licensed moneylenders 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 moneylenders can then charge a late interest, however this 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.

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

Furthermore, the total borrowing costs will not exceed 100 per cent of the principal loan sum which will prevent debts from getting out of control.

New Moneylending Regulations affecting Moneylenders?

Chairman of the Advisory Committee Manu Bhaskaran said data has been carefully studied to ensure that the industry remains commercially viable, even with the new caps.

“We completely accept that there will always be a class of distressed borrowers who will not be able to secure loans that they need urgently, from banks and other financial institutions,” he said. “So there is a role for a moneylending industry. And once you accept that, you must accept that you should allow them to have a decent return, taking into account the risk that they face, which is much higher.”

Although with the 4 per cent ruling, moneylenders will be allowed to charge an administrative fee up front, capped at 10 per cent of the original loan amount, for legitimate costs such as securing credit reports.

With regard to borrowers earning more than S$20,000 annually, the new rules will cap their loans at six times their salary from all licensed moneylenders. Such borrowers can currently take a loan of up to four times their monthly salary from each moneylender.

What’s Not Including in the Recommendations?

The government did not accept a recommendation that moneylenders be allowed to advertise in newspapers using strict templates, taking the view that advertising could lead to increased borrowing.

Moving Forward

Stiffer Rules on moneylending to be rolled out

Stiffer Rules on moneylending to be rolled out. Photo credit: Straits Times

A new Moneylenders Credit Bureau will also provide a centralised, comprehensive database of borrowers who use licensed moneylending services.

“We set up this committee to come up with recommendations that would help protect the consumer, the borrower. But at the same time, if you kill off the moneylending industry, then the people who need to borrow won’t get access,” Mr K Shanmugan, Minister for Law and Foreign Affairs said. He further mentioned that the new recommendations are centred on how best to balance both.

The 4% interest rate caps would be the first of a list of proposals recommended by the committee to be rolled out within a month by the Law Ministry.

Mr Manu Bhaskaran, director of Centennial Group International and chairman of the committee said, that the committee has decided to accept the moneylenders’ recommendations to help them cover their administration costs incurred in giving out the loans and late payments from borrowers.

More References: TODAY reports on moneylending interest rate cap

Harassed online by Loansharks? Use licensed moneylenders instead!

Harassed by Loansharks ‘大耳窿’? Use Licensed Moneylender!

The digital age has certainly changed the way business is done. And the illegal moneylender (loansharks) have taken it to new heights. We at Empire Global take a look at how the industry is changing rapidly.

Harassment Online: Name Shaming

Loansharks are now using social media to take their “Owe$Pay$” threats online. One creates a fake account that replicates the borrower’s with similar name and befriends everyone that he knows. And then the big hit comes whereby the loanshark starts placing posts on the account.

They even use postcards with pictures of the victim’s identity card, plastered with O$P$ and plastered them onto the fake account. This is just one such antic being used by them.

By name shaming and cyber bullying the borrower, the unlicensed moneylender gets to publicly let the victim’s closest ones know about his borrowing issue.

Help Yourself from Illegal Moneylender

Firstly, the law is on your side in an online bullying case. Facebook complaints falls the Protection from Harassment Act (POHA) because he had claimed the content on Facebook was false.

Secondly, under the Moneylenders Act, any person who, acting on behalf of an unlicensed moneylender, commits or attempts to use any threatening, abusive or insulting words, behaviour, writing, sign or visible representation, or commits any act likely to cause alarm or annoyance to his borrower or surety, any member of the family of the borrower or surety, or any other person, may face up to five years in jail, a fine between $5,000 and $50,000 and is also liable to get caned.

With the police clamping hard on harassment cases coupled with the use of modern technology plus social media, the police have come up with alternatives to get the public at large to help them.

Posting images of loanshark harassment, with their deeds online, the police appeals to the public to turn n such offenders. Such as Liu Yimin Lynnette, 28, who was charged in court facing seven charges of splashing red paint on doors and pasting envelopes with “O$P$”, the unit numbers of the borrowers, and a mobile number on the walls beside the units.

The young woman (above) whom the police were looking for in relation to loanshark harassment has been charged in court. -- PHOTO: SINGAPORE POLICE FORCE

The young woman (above) whom the police were looking for in relation to loanshark harassment has been charged in court. — PHOTO: SINGAPORE POLICE FORCE

News publishers such as AsiaOne has taken this another step further by showing a map of the money harassment cases (Loanshark Harassment Hotspots) occurring in Singapore. These are public information gathered from SPH news sources to give the public a better look at the harassment cases by illegal moneylenders.

Borrow from Licensed Moneylender Instead

Simply avoid all these harassments that could ruin your name by going to proper licensed moneylenders instead. There are limited licensed moneylenders and every year it becomes harder for businesses like us to maintain the moneylender license.

This is due to changing policies that improves the safety nets of borrowers. We encourage these moves by the government no doubt as it makes things smoother for us.

With strict regulations by the government and heavy punishments for licensed moneylenders if they made offences. Hence borrowing from licensed moneylenders make a better choice.

Negotiations between lending officers becomes easier too. Tell us your concerns and we can help you.

Interest Rates Take a Hike with rising Sibor in Singapore. Look at how it will affect you.

Interest Rate Spikes & Latest in Moneylenders News

Money, money and more money! The recent news about the US interest rates hikes has hit our shores in Singapore and the news is not entirely encouraging.

The three-month Sibor, which is used to price most loans and mortgages here, has been inching its way upwards due to interest rate hike in the United States and a weakening Singapore dollar versus the greenback. The recent announcements by MAS to reduce the Singapore dollar from appreciating aims to keep the Sibor elevated.

The Sibor is fixed daily by the Association of Banks in Singapore based on quotes from banks on what they expect to pay for interbank loans that day. In short, it is affected by liquidity in the banking sector.

“The reduction of the appreciation slope could keep pressure on the US and Singapore dollar exchange rate and thus could ensure Sibor remains at current levels … This move by MAS helps keep Singapore policy on a stable footing, and we expect it to be modestly beneficial for Singapore bank earnings,” analysts from Morgan Stanley said in a research note.

Interest Rate Hike: What does it mean for You?

Many housing loans offered by banks are tied to three-month Sibor. Oversea-Chinese Banking Corp (OCBC), for example, has 3 types of home loans and one that is currently offering home loans at three-month Sibor plus 0.85 percentage points for the first three years, according to its website. Lending rates are reviewed every three months. As the Sibor is set to increase, so will the interest rate rise. Home owners will eventually face higher mortgage payments.

“We had expected the bullish move in the SOR and Sibor since last year,” says UOB economist Francis Tan (source)

Analysts are looking at further upside to about 1 to 1.2 per cent at the end of the year. Effectively leading to an interest rate of about over 2% for home loans.

Let us assume an outstanding housing loan of S$500,000 and 20 years remaining. With the current interest rate of 1.5 per cent, this works out to a monthly payment of about S$2,410.

If the interest rate is increased to 2 per cent, the monthly payment would rise to around S$2,530. Should the rate rise to 3 per cent, the monthly payment would be S$2,770.

What to Do Next with Higher Interest Rate?

Higher interest rates charged by banks affect your loans directly. Thus you will see your loans, home mortgage loans, renovation loans slowly inching its way up.

Hence start reviewing your loans! For example, review your home loan packages every two to three years. Look at the trends Conventional wisdom has it that you should review your loan package every two to three years, or before the promotional period ends and your bank raises its premium on the interest you pay, which increases your monthly instalments.

In short, think long term and look around for good deals. Always negotiate with the bank on refinancing options.

Latest in Moneylending Industry Singapore

DPM Teo added that the improved situation was due to the tough laws enacted, strong enforcement efforts against loan-shark syndicates and the high level of community support in the fight against unlicensed moneylending activities.

According to DPM Teo, about 1,900 people were arrested for unlicensed moneylending and related harassment offences on average yearly between 2011 and 2014, while about 2,600 were convicted in court for these offences.

Debt Collectors in Singapore creating a fuss & harrassment at Funan Digital Mall Singapore

Debt Collectors in Singapore creating a fuss & harrassment at Funan Digital Mall Singapore

Seen the recent hype about public harassment during working hours? Debt collectors created a ruckus at Funan Mall over unpaid debts. Moreover, this was during working hours infront of the public eye.

With clamping down on unlicensed activities and harassment cases, this is looking good for us licensed moneylenders at Empire Global. The image of licensed lenders is changing for the better as tougher laws are weeding out bad lenders. Thankfully, the ruly debt collectors have been arrested for unlawful assembly.

Sources
http://business.asiaone.com/news/what-do-about-home-loan-interest-rates-rise
http://www.straitstimes.com/news/singapore/courts-crime/story/debt-collectors-who-created-scene-funan-mall-foodcourt-arrested-po?page=15

Unsecured Borrowing Changes: Why You Should Be Aware

Unsecured Borrowing Changes: Why You Should Be Aware

Singapore – As the nation progresses aggressively and competes against the other countries, there are now an increasing number of new borrowers in the market. This has led to several changes in credit lending rules in the past years and there is are new regulations to look at. More borrowers are exceeding their unsecured debt limits and over borrowing past their financial limits.

Consumer credit trends have stabilised and is in a healthy state, although some borrowers have over-extended themselves. Let us at Empire Global explain further on how individuals are affected.

According the the Monetary Authority of Singapore (MAS), about 3% of unsecured borrowers are in unsecured debts that exceeds their annual incomes. Unsecured debt is money owed that is not tied to any assets, in contrast to secured debt such as housing and car loans. Examples include credit card debt and personal loans.

This prompted the Credit Counselling Singapore (CCS) to look into cutting borrowers debts by offering a centralised repayment solution. CCS will roll out a centralised repayment solution to help borrowers coordinate negotiations across financial institutions and work out a repayment plan.

The plan will take into account a the borrower’s background such as borrower’s income, expenditure, needs and loan obligations. All the leading retail banks have agreed to get on board with the new system by the first quarter of next year. For moneylenders, borrowers are highly encourage to speak to the loan officers to negotiate a suitable loan contract between themselves.

As A Borrower?

Saving Yourself From Unsecured Debt

Saving Yourself From Unsecured Debt. New Unsecured Rules to aid borrowers.

Starting from June next year, borrowers will be barred from getting additional credit if their debt exceeds their annual income for three straight months.

With major crackdowns on illegal lending and moneylenders providing bad practises, the various agencies are clamping down hard on offenders. The police in August released its Mid-Year Crime Brief, which revealed that there were 3,235 cases of unlicensed moneylending reported in the first six months of this year. This was down 31.6 per cent from the 4,729 cases reported over the same period last year.

Furthermore, social safeguards such as the continuous crackdown on illegal moneylenders are taking place. There’s many of such lenders providing bad advice and hidden rules + charges that are disallowed by the government.

This is why we at Empire Global strongly emphasize the importance of understanding the terms of borrowing and letting customers know about it. We do not engage in forcing borrowers to sign but instead tell them the best way forward for them.

This is why we value our financial loan officers very much and also why as a borrower you should go only to licensed moneylenders. Always practise financial prudence.

What’s New for Unsecured Lending?

As mentioned before, the advisory committee for moneylenders have now come up with suggestions stating that the total amount that a person can borrow would be just four times the amount of their monthly salary.

Loans for borrowers earning below $20,000 a year will be capped at $3,000. Interest rates are also expected to be changed, as the committee suggest it to be capped at four percent a month. These are actually great news for all borrowers as they are strict rules which prevents moneylenders from illegally charging more than the norm. Least now there’s would be a standard across the board.

Read about what the new Advisory Committee has to say about unsecured loans

Our Advise for Getting Unsecured Loans?

Be smart. Maximise your money by making smart financial decisions. Try to cut your debts quickly and borrow wisely. Only when you need it especially for life emergencies. Learn about the various loan offering available (payday loan, personal loan, unsecured loan, bank loans, etc). Choose on that best suits your financial needs and do not over borrow. Borrow only what you really need.

Should you need credit advise from official channels, you can contact the Credit Counselling Department and they will guide you through. If you need loan advice or how to properly plan the credit you need, you can also contact us at Empire Global and our loan officers will best advise you.

More reading articles
When Are Personal Loans a Good Option?

When Are Personal Loans A Good Option?

Personal Loans Applicable for Businesses?

With startups on the rise in Singapore, churning different concepts ranging from technology to F&B (hipster cafe joints). Businessmen and investors are now more than willing to try out their ideas, and as an operating business time is never on their side. We know that through our own experience at Empire Global that with the many issues involved and a need to have a good financial cash flow especially when we are in the business of money lending. This is when personal loans come in handy.
This is because even with a good business plan, good directors and advisors in the company, one would still need to churn out the initial financial burden involved in starting up a company. Bills, salaries, running operating expenses are a constant hit for new startups.

What about Personal Loan Singapore? Viable?

As with all loans, a certain portion of risk is involved when one takes up a loan. Singapore as a business hub brings ease to setting up businesses. Financial instituations like banks and moneylenders are competitive in this field of loans. Same like us at Empire Global.
For startup entrepreneurs, a personal loan might be a good option as the initial team and operating expenses are kept small. Hence personal loans provide the flexibility to use the loan amount for any purposes you deemed fit. Whereas a business loan would be pegged to your business abilities and assets. Some look at the age of business to qualify the business for a loan.

Affordability of Personal Loans

In Singapore, personal loans come in different sizes big and small to suit the varying financial needs of individuals and businesses alike. Personal loan offerings are starting to be the more popular choice for borrowers be it borrowing from banks or moneylenders. As an individual can use the money to pay for a variety of items, including their car, electronics, debt consolidation and so forth.
Small Business Operating Expenses

Small Business Operating Expenses

This becomes a popular choice offering for businesses alike as the loan amount can be paid out to a variety of channels. Repayment periods are usually monthly fixed on a agreed upon day of the month. Interests rates are fixed unless a longer repayment period is negotiated upon with the loan officers.

Should I Get a Personal Loan?

Like with all loans, it depends on your pressing needs and circumstances. If you have a urgent need for cash and don’t have any existing assets, but own a credit card then it a personal loan would be a better choice. This is due to the higher rates charge for credit card cash withdrawals.
Need money in a hurry, and want to forgo tedious documentation? Need cash without a specific reason? Then personal loans would be the choice option.

In Summary: Key Advantages of Personal Loans

Flexibility of use: Personal loans are versatile and multipurpose. They can used with  a variety of purposes, be it travel expenses, medical expenses or purchasing equipment for business.
Quick Availability: Getting loans is usually fast. Submit online quote requests to moneylenders like us at Empire Global or submit application forms through banks. It is extremely effective if you are looking for emergency funds.
Minimal Documentation: Typically, personal loans require one of the least documentation unless you have bad credit rating.
Essentially, weigh out the advantages of the the various loan types available before deciding on choosing a personal loan. There could be better loan options available so do your research before signing on the dotted line.
We strongly advise our clients to tell us about their money needs and we will provide the best loan option and suggested repayment periods. This allows our borrowers to achieve the best loan rates and repayment periods.
At Empire Global we offer our customers professional legal financial assistance in a variety of loan formats. If you are looking for a legal loan provider in Singapore, we offer reliable and effective solutions for your needs. We operate as a licensed moneylender company in Singapore.
Getting personal loan for short term? Let us guide you.

Getting a Personal Loan For Your Short Term Needs

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.

Loan Flexibility

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.

Coming short on cash is Terrible. Use a personal loan.

Coming short on cash is Terrible. Use a personal loan.

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 more about personal loan in Singapore

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.