With the economy picking up slowly but steadily for sure, banks and money lending institutions are kickstarting their lending business in an aggressive manner. Prior to the launch of the Do Not Call (DNC) Registry, most of us even we at Empire Global gets multiple calls from banks promoting all the different loans and throwing in all sorts of freebies to sweeten the deal.
You might have even received cheques that state a pre-approved loan amount and all you need is a phone call to the respective company. Well all these have been cut short and certainly much lesser seen now.
You might wonder why personal loan are effective for short term too? Let us tell you more.
There are many specific loan types Eg. Education loan, renovation loan, car loan. Unlike these categories of loans where the usage of funds is clearly defined, you get much more flexibility on the usage of spend with a personal loan. It’s a sum of cash that you can use it for any purpose. When you take up a car loan, its strictly meant for the purpose of financing a car. Furthermore, specific loan types are usually paid directly to the seller and you won’t have access to the physical cash on hand.
Coming up Short on Cash? Use a Personal Loan.
A Personal loan act as temprorary bridges if you are coming short on cash. For example, you are awaiting a home sale proceeds or pending an investment fund release of cash. These are uncertain periods of time whereby you might be short on cash. Personal loan are ideal for those who have temporary shortage on cash. Like a pending home property sale of their current apartment and not wanting to miss a good property in the market. A personal loan comes in greatly to make up for the shortage in cash-flow and offering reasonable interest rates.
Having said this, personal loan should be used with caution and not for luxury purchases and splurges. A personal loan like any other loan is to tide over a certain period of time for a certain cause and not for an individual to indulge which will result in large repayments if one is careless.
Another great example is that you can use this amount of cash flow to generate new funds . Then a personal loan is a great and convenient way to bridge this kind of short-term financial requirement.
Loan ceilings are typically large than payday loans. As payday loans ceiling largely depend on an individual salary income.
Some side advice if you are selling/buying a new apartment; use a cash cheque instead of credit cheque and ask for some benefits from the property agents. They would be more than happy to do so
Learn how to Be a Good Borrower
Personal loan come with slightly lower interest rates and unsecured nature provides a good way to teach someone to be a good borrower.
Fixed repayments each month makes the borrower repay a fixed a amount on the stipulated date. Furthermore, timely repayments of loans ensures that it maintains your good credit ratings.
Previously we mentioned on checking your own credit ratings with a $5 quick check in the Credit Bureau
Approval is fast as Always.
As with loans, personal loan are one of the fastest to be approved. Be it from banks or money lenders. This could prove to be an attractive offering for you if you need the loan amount fast. Time to be approved can be further discuss with the loan officers too. This is one of the highest request we get at Empire Global.
Get a Personal Loan If You Need One
Having mentioning some of the benefits of personal loans, they are only good if you don’t live beyond your means as it can be disastrous if you fall into a debt trap. We as moneylenders wouldn’t want that too!
Be confident and sure of your financial status. Ensure you repay back the repayments on time and you will be safe! Next up we will look at the Personal Data Protection Act and how it is shaking up the industry and why you should be aware of your rights.
Still stumped by interest rates of personal loan in SG? Need to get a personal loan in SG? Personal loans are at times referred to as unsecured loans which are personal loan without the need for security, collateral or guarantors. There are lots of personal loans providers which include banks and lending companies like us at Empire Global. So what are the few ways that one can get a personal loan in SG for fulfilling all your dreams and desires that you put on hold?
Understand first. Why you should care about Personal Loan rates?
Like we have explained previously, interest rates can get quite tricky and can slip pass the mind of borrowers. Borrowers might have gone on the urge of borrowing and forget to calculate the effective interest rates of the loan amount. One should fully understand the loan repayment amount and the effective interest rate of a loan sum. This will enable them to make better judgement of their own financial standings.
For example, if you plan on getting a renovation loan do look for a provider of renovation loan package instead of taking up a personal loan in SG. What’s the difference you may ask? It’s most advisable to go to the most specific loan type that you need. This usually results in a better interest rate or something better to match your needs. Why so? This allows lenders to “think less” about your repayment and the terms and conditions of a loan plan. The more specific you are with your money needs, the easier life the lender has.
There’s intense competition amongst lending institutions here, hence the interest rates, repayment policies and the many applicable terms and conditions vary greatly. So do shop around to find one that best suits your needs.
Check your own Credit Rating
One of the basic thing you can do prior to borrowing is to check your own credit rating. This is usually applicable to those who have defaulted on payment terms of bills, loans, credit cards or those declared bankrupt or cleared of bankruptcy.
If you have repaid properly, the credit rating should be good still. However if you are still servicing those payments, it is most advisable to check your credit rating and ensure that you are at least eligible to borrow.
What determines a Borrower’s eligibility?
If you are applying for a personal loan in SG, the biggest ranking factor to determine the loan amount a borrower is eligible for is their source of income. Typically in general, most banks will lend up to four times the amount a borrower earns on a monthly basis.
Get Personal Loan from Banks
There’s a big competition between the different banks providing personal loan services. Some have created apps for borrowers convience. A frontrunner in using technology for loan services is the new Dash Advance app created by Standard Charted providing personal loan in SG. This shows how competitive the industry is.
At times borrowing from banks can get tricky too. Why so? A simple thing like a late repayment penalty is often overlooked by borrowers. This is because no one wants to pay late. And this is where the institutions can play it up to their advantage. Mess up a repayment once and you just might get your interest rate increased . Late fees can be quite substantial too. It is totally unlike a credit card late fee of $50; the penalty might be much steeper.
When banks that you have shortlisted are offering comparable packages, you should next look at their penalty fees and administrative fees. Basically pick the lowest interest rate provider and if there’s a tie, pick the one with the less “painful” penalties.
A basic set of information is required such as your NRIC, income documents (CPF statements, income tax statements) should be readily at hand before approaching these institutions.
Get Personal loan from Licensed Money Lender
With major financial institutions providing personal loan in SG, there are another group which are the licensed money lenders providing an alternative for borrowers. With much lesser fine print and more straight forward loan application process, borrowing from licensed money lenders can at times be a wiser choice.
The loan process is much faster and usually hassle free. Interest rates are highly competitive too and some of the best options are their flexibility in repayment plans. You can talk to the loan officer to draft a repayment policy to best suit your needs. Approval rates are typically higher and at times you are able to receive the cash amounts in a day or two.
However as there are quite a few unscrupulous lenders out there, it is a necessity to have a copy of the contract or loan terms when you sign up for a loan. Avoid those that easily approve your loan application without any legal contract. You can also check the company’s license by visiting IPTO. Money lenders who violate the laws set upon have their license revoked almost immediately. This ensures that the licensed money lender industry is kept legit and safe.
Getting it right for a Personal Loan
As repayment periods are usually longer with personal loan in SG, one has to be careful in borrowing and be clear about financial repayments needed. Loaning money is not a way to cover luxurious lifestyle. Identify the loan package that best suits your current financials and the lender. The loan process can get frustrating and your application might even be rejected, but do be careful when applying for a personal loan in SG. Ask questions and clear as many doubts you may have before signing up for a personal loan in SG.
Not to forget, too many loan applications can ruin your credit and obliterate your chances of getting one in future as it affects your credit ratings. Having too many applications makes you look desperate or in financial difficulties. As a result, lenders will see you as a credit risk and less likely to approve you.
We had previously talked about 7 great tips you can use to identify legal and illegal moneylenders. Read it if you haven’t, as it might just save you from heaps of troubles.
We at Empire Global greatly enforce the rules stipulated by IPTO and our loan officers always advise our customers on the proper loan terms.
A reminder, legal and licensed moneylenders do not send out SMS marketing messages. If you ever received one, it MUST be from an illegal source. But unfortunately illegal moneylenders aren’t the only problems that borrowers face nowadays.
There are always unscrupulous businessman and scammers who constantly think of new ways to trick you off your hard-earned cash. These usually come in the form of financial scams that are carefully disguised as legitimate businesses deals or easy cash. Falling into any one of these could mean landing yourself in huge debt or seeing your savings wiped clean.
4 Common Types of Financial Scams
Now let me quickly take you through these 4 most common type of financial scams and how to identify them with a help of a great educational video.
Ponzi scams almost always lured victims with high short-term returns with low to zero risk, but things aren’t as good as it seems. Often victims will receive about 1-2 prompt returns on their investments (as advertised), but that’s as far as it goes.
The greatest Ponzi scam in Singapore was Sunshine Empire masking as a MLM business that promises extremely high returns. Lots of people around us at Empire Global had been duped by them.
Once the victims are convinced and hooked into investing more of their money, the scammer starts to disappear and becomes uncontactable.
Thus always remember the saying, “there is no free lunch in this world”. If the investment sounds too good to be true, or encountered such an attractive deal, do a research online (forums, news, government website) to prevent falling into such traps yourself.
Lottery winnings / Inheritance Financial Scams
These are one of the oldest scam out there. Typical a scammer will contact you about a huge windfall either through winning some lottery or inheritance.
These usually come in the form of an email/mail (usually very well written!), with proper letterheads, and promoting it as risk-free. This is to give you the perception that it comes from a legitimate source.
Once you bite onto the good news, they will then slowly bait you into transferring money as a “processing fee” or “handling fee” in order for them to transfer the winnings to you.
Phishing scams refers to scammers trying to impersonate as an existing legitimate business or government body to try to get your personal particulars or passwords etc.
Common ones are these online login website to your bank accounts. They develop a login website similar to those of the banks and trick you into keying in your personal data and passwords into the online form.
Hence, always ensure that the Bank login website that you are visiting is the correct and legit ones. Always check with the bank if you are unsure.
Illegal Moneylenders Scam
Today, we are also going to highlight another new financial scams scheme use by the illegal moneylenders in Singapore. If you think they only use SMS marketing to fake as legal licensed moneylender in their SMS message? You are wrong! They are more than just fake SMS marketing as licensed moneylenders.
In fact, there are even reported cases of scammers sending threatening SMS to their victims demanding for money that they have allegedly borrowed or payments that they have missed.
What really forces the victims to comply is the scammer ability to identify them by their names and NRIC number. Which is then followed by a threat to the victim’s family members.
Once successful, the scammer will then instruct the victim to pay the money within an hour or less to a bank account. This is to prevent them from having the time to go seek for advice or help from other inclusive of the Police.
However, since the rise of such cases, the Singapore Police Force came out with some guidelines highlighted below that can help you avoid such financial scams.
- Do not contact the senders of dubious messages or letters
- Do not response to unsolicited demand for loan payments
- Do not reveal your personal particulars such as Name, NRIC number, and address to unknown individuals
- And always report to the police when such incidents happen.
You may just save you your hard earned cash and the agony of dealing with such incidents.
Here we are also sharing an infographic about financial scams around the World! Arm yourself and your families with this knowledge and prevent these from happening to you!
Go..Gol.. Goal!! There goes my bet against my friend on supper. Disappointed by the big teams loses in this recent World Cup? Who could forget England’s recent World Cup disappointment against Uruguay? Out after just two games! We at Empire Global were glued to the television and were totally saddened by the team’s loss. Terrible performance wasn’t it?
Well if you had been staying up vigilantly catching this year’s World Cup matches, our local police has been going around catching illegal betting centres and moneylenders who violated the law.
Large spike in Illegal Betting this World Cup
There has been a large spike in illegal soccer betting activities due to gamblers faulting on their loans, turning to ah-longs or illegal moneylenders to facilitate their gambling addiction.
We are seeing more of such cases being reported and we had to turn some customers away whom had long-standing debts with these ah-longs.
Ah-longs are further targeting victims who have succumbered to heavy betting losses turning them into “agents” or bookmakers for them.
These ah-longs harass and embarrass others when they collect money leading to moneylenders getting a bad name by the public. There has been public outcry and calls for review of the moneylending industry and the change has occurred just about recently.
New Rules for Moneylenders
Previously we wrote about how this year’s Budget 2014 is looking at revising the moneylending industry , it has come to be true. In recent news, the Ministry of Law has formed an advisory committee to review regulations for the licensed moneylending industry. This in turn could be good news for borrowers allowing better protection.
The advisory committee will review and implement practises such as capping of interest rates, restrict charging fees by moneylenders. This is to further look into bad moneylenders abusing their licenses and resorting to harassment means, excessive borrowing and charging exorbitant rates.
With a stop to new licenses being issued to moneylenders since 2012, there has been a call to better review the licensed moneylending industry.
The committee is looking to cap the number of loans that a borrower is allowed to borrow, this in turn could lead borrowers to turn to illegal moneylenders. Which is why we advocate proper borrowing and educate our borrowers here at Empire Global.
Read more on: New Rules for Moneylenders
God of Football Gambling? Do Not Bet Illegally!
Never ever bet with illegal online bookmakers thinking it is more convenient and provide better odds. That will not be the case when you are arrested, charged in court and given a hefty fine.
Betting with illegal bookmakers = Fine up to $5000 or imprisonment up to 6mths or both
Being involved with illegal bookmaking = Fine at least $20000 and up to $200,000. Imprisonment up to 5years.
Anyone catching up with the World Cup 2014 recently? We at Empire Global certainly have. Have you bet on a soccer match before? Know of friends who betted on sports and lost heavily? We believe this is becoming a norm to us all.
Rise in Illegal Moneylenders
If you have been catching up on our local news, there’s been a rise in local publications and awareness campaigns on punters borrowing from illegal moneylenders or loan sharks (also known as Ah Longs) to finance their gambling habits.
They take up high risk loans and some get conned into scams led by these illegal moneylenders. This shows the increasing rise in illegal moneylending and the risk awareness that the authorities are trying to put up front. Punters are being gamblers still delve into the habit of gambling.
A word of caution upfront: if you ever get caught up in borrowing from illegal moneylenders, it will be a bottomless pit of debt. Please be careful! Always check the source and seek advice or borrow from legal moneylenders instead.
As people get uptight about their money, they start borrowing or listening to any source that seem reliable. We have cases whereby borrowers have sought out illegal moneylenders that seemed legitimate, but yet ended up in even higher debts.
Rise of Technology And How You Are At Risk
With technology being easily available to all plus all everyone is getting on-board with social media, it has become easier for syndicates to retrieve all your private information and use it to their advantage. As time passes, these lenders get smarter and better hidden.
3 Rising Scams Run By Illegal Moneylenders or Scam Syndicates
Let us introduce to you 3 rising scams that have been run by illegal moneylender scam syndicates.
Scam No. 1: The Threatening Letter
Although this is seldom reported these days, but it was once at its peak.
A simple letter will reach your mailbox with similar content such as “ “We don’t want to disturb your family, neighbours or vehicle… Call this number… (dinosaur). If no return call, we will take action (last warning).” Some letters like the one shown will just plainly threaten others into fear.
You must be wondering how did the syndicate gotten hold of the address. This is a harassment and a scare tactic that the illegal moneylenders deploy.
Well, there are a couple of scenarios whereby this could have happened. It could be a simple contest or survey whereby your personal details have been leaked. The government has taken strong approach on privacy protection this is done through PDPC.
Or in the worst case, a borrower has misused your information to borrow money and placed you as a guarantor. The mistaken identity that borrowers use is commonplace, and it really disrupts your personal life as illegal moneylenders are all out to harass and embarrass you.
Read more on: New Loan-shark tactic or scam?
Scam No. 2: Frightening Phone Call Scam
Illegal moneylenders are now using your own mobile number to contact you. Using abusive language and forcing innocent parties to repay for loans that they did not borrow.
- They target people and send threatening calls to tell them to deposit money into their account. They play on people’s psychology by threatening harm on their family or loved ones.
- They target people who have previously borrowed money from illegal moneylenders. The unscrupulous ones will sell or leak information that scammers can use. As these borrowers will less likely report to the authorities, they are the prime targets and are more willing to pay than face shame and embarrassment.
- In addition, scammers make false loan claims of innocent victims and intimidate them to pay up unknown loans they had not taken. These callers will follow up with continuous SMSes, threatening the family members of the victim.
Scam No. 3: SingPass Scam
Firstly requesting a SingPass ID Password is strictly forbidden by law. Illegal moneylender syndicate start to request SingPass on unknowingly victims by assuming fake identities of legitimate sources. With a SingPass access, scammers can gain access to personal information
The Battle Against Illegal Money Lenders
The battle against Ah Longs (illegal moneylenders) is long and hard. It has since intensified when NCPC and SPF joined hands to launch a nationwide campaign to eradicate them. There are now campaigns consisting of Roadshows, TVCs, billboards and awareness movements to educate the public about the dire consequences of borrowing from unlicensed moneylending syndicates (Ah Longs).
As licensed moneylenders, Empire Global has strongly supported the movements and advise our customers to practice due diligence and for some not to repeat the past borrowing mistakes they had with illegal moneylenders.
The above scam practices are unacceptable of licensed moneylenders. If you encounter such money lenders, you should report it to the Registry of Moneylenders.
We highly encourage you to share this information to your network to highlight the alarming scams that are run these days.
Read more on: Why borrow from licensed moneylenders
Help Take Action: The X-Ah-Long Hotline
The hotline is at 1800-X-AH-LONG or 1800-9-24-5664, and allows the public to provide information on loan sharks anonymously. If you are in trouble or see others in trouble, please, help to reach out to the hotline and help to take action.
Singapore — Followers and friendship is cheap. Recent article on the May 11, Sunday Times 2014 showcasing the bloggers community in Singapore. Highlighting that there is an increasing number of people buying “likes” on Facebook, Instagram and other social platforms. People have been boosting their online popularity by paying for “likes”, retweets and followers. All these for a small price. True? Totally.
Now there are modern bots who are very good at emulating human interactions and these are developed by service providers who all want to earn from a person’s or company’s ego. Some companies are known to using these providers to give them an edge in the market.
“Stronger” social community means the company has some good PR with the customers right? Well, don’t be too easily deceived by it. Having higher numbers of ‘Likes‘ or ‘Followers‘ does not necessary tell you anything about the person or business. Believable? Up to you.
Moneylenders giving a bad name to themselves
It has come to a concern that in our community of licensed moneylenders, there are an increasing number of companies using link networks and providers. Unlicensed moneylenders or some legit lenders even, have used similar offerings to promote their website. All these are done in order to attract and achieve more sales for the company. However, most of the services provided by them are like just to close sales and increase loans take up rate rather then sincerely there to provide good services and advice.
Some of these loan information are grabbed from other websites that are not even relevance to Singapore. Marketing firms have been arguing about this practise stating that these providers are providing dishonest means to convince their customers.
Paid articles or blogs to popular bloggers made by moneylender firms are increasingly misleading and the competition is heating up. With strict laws made by the government, some moneylenders are now using these methods to give themselves good online reputation.
As consumers, always do your research and check out the reality of the information and accuracy. With the internet providing vast amounts of information, it’s now much easier to make your choice. Look out for legit reviews and always check out the competition.
Online popularity the right way
Our practise as legit moneylenders, we want to provide sound advice to borrowers. We understand the borrowers mindset, that they want quick solutions to solve their financial woes. This is why we have heavily emphasized on the “what to avoids” inborrowing.
We want to the educate the borrowers first and provide the most updated information to them.
Therefore, do not be shy to pick up the phone and call the licensed moneylenders and enquire for more details before taking up a loan. Pay a visit to the moneylenders office and find out more information and ensure they are legit and sincere loan providers before signing on any loan document.
Doing all the necessary checks and finding out more information do not only ensure you are borrowing from the right source but also ensure you get the best available loan as well as the right loan package that you are able to service and solve your financial difficulties during tough times.
Singapore — Unlicensed moneylending services have been creating issues for long in Singapore and recently efforts have been ramped up to deal with such occurrences.
Although with additional efforts to handle unlicensed moneylenders, there has been a debate to make moneylending from such lenders a crime. This is done in order to further reduce moneylending harassment issues.
Head of Unlicensed Moneylending Strikeforce, Superintendent of Police Aileen Yap mentioned in an article on ChannelNewsAsia 11 Oct “Singapore has zero tolerance for unlicensed moneylending activities resulting in harassment acts that threaten the safety and security of our community.”
The benefits of borrowing from licensed moneylenders have long been accepted by the community at large. This is shown by the thriving popularity of legit moneylenders setting up shops in the neighbourhood. People have grown to accept such licensed moneylenders which set themselves aside from illegal lenders as they provide a form of legit lending services for those in need. The increased supply due to rising cost of living have led to people turning to such businesses to apply for personal loans.
Avoid the bad stuff early!
Avoid harassment methods by properly borrowing from legit moneylenders. In Singapore, moneylenders have to adhere to strict policy of different moneylending laws laid out by the government and if lenders fail to abide to one, they will face harsh punishments such as fines or revoking of lender’s license.
More professional licensed moneylenders would also advise borrowers on a feasible repayment scheme which they can manage their money properly.
Avoid extremely high interest rates met out by unlicensed moneylenders. Moneylenders are licensed by the “Registrar of Moneylenders” in Singapore, meaning there’s restrictions in place on the different fees, maximum interest rates they can make and the maximum amount they can lend out.
With the new rules mentioned in this year Budget 2014, tighter control over licensed moneylenders shows the government interest in this business and ensure it does not go beyond control.
Avoid SMS spam from illegal moneylenders tempting you to borrow from them. Licensed money lenders are by law not allowed to tele market or send advertisements via SMSes to potential customers. One can report them to IPT as they have violated the personal DNC act and moneylenders act.
Avoid illegal means of people obtaining your personal information. Bad moneylenders have been touted to use one’s personal Singpass login details to obtain personal information. This piece of information can be wrongfully used. Hence legal lenders will only do Singpass verification checks when one is obtaining a loan at the office. This is usually to check on your previous salary to issue you the appropriate loans that one can service.
Borrowing from moneylenders. What’s better?
On the whole, it’s much better that borrowing is not criminalized, but addressed through educating people on borrowing from different sources.
Loan advisers are now equipped with proper knowledge to dish out proper loans to borrowers. They are usually trained by licensed moneylending firms and they adhere greatly to the rules enacted towards the company.
By borrowing from legit licensed moneylenders, they offer short term payday loans and personal loans that ease up one’s financial burden. Aside from that, it is better knowing that these businesses have a regulatory compliance and legit licenses to provide loans.
This form of security is a huge advantage as compared to borrowing from unlicensed ones. One can save their own trouble and borrow from legal providers instead.
Singapore – As with the ever-changing environment in Singapore, money lenders are moving into the heartlands to reach to a wider audience. This has led to a rise of illegal money lenders who want a piece of the loan industry. Every so often, a money lending company gets caught up in the news for malpractice or false advertising. This is why if you should need a money lender, you have to be smart about it.
7 Great Tips Compiled to identify legal money lenders
We have compiled seven important tips that one must be fully aware of prior to approaching a money lender. This will help you to identify the reliable legal money lender very quickly from these illegal and ill-practice ones.
Tip 1: Legal money lenders do not send SMS or perform telemarketing service
SMS is a great way of advertising, however in terms of loan services it appears like a spam service. Under the IPTO rules and privacy acts in Singapore, money lenders are not allowed to advertise their services in the form of SMS or telemarketing. Any company caught doing so will face harsh punishments by the government.
Some fake money lenders have started to copy wholesale the writing style of SMSes that banks send to customers, and use these SMSes as templates when they reach out to potential clients. They simplify copy and add-on their own phone numbers at the end of the message hoping to bait a borrower.
They even restore to using the names of legal money lenders and tricked potential borrowers into believing that they are the real deal and running a legit business.
Hence the strong emphasis that legal money lenders are not allowed to solicit for business via SMS. If you receive a SMS advertised with a Legal money lender name, DO NOT REPLY OR CALL.
Tip 2: Legal money lenders do not perform online bank transfers
There’s lots of articles and money lenders who assure instant bank transfer or advance cash via your bank account. These are usually illegal money lenders who want to avoid detection or the required paperwork to be done.
Legal money lenders will advise the borrower on the required paperwork, charges and require the borrower to visit the office. By doing so, it is a form of verification on both ends and further processing is done to facilitate the loan application.
Therefore, if a money lender offer instant bank transfer service, DO NOT TAKE UP THE OFFER.
Tip 3: NEVER, ever disclose your sing pass details over the phone
Singapore’s universal citizen login through SingPass contains a large amount about a person. It is very important that one should never divulge their own individual SingPass details to a third-party over the phone.
It’s a personal access account and illegal money lenders can do a lot with it It is part of the process to verify borrower income and working status in order to determine he/her ability to service the loan.
However, SingPass verification is done on-site personally and not disclosed over the phone.
Tip 4: Always research your money lender
First check onto IPTO website to see whether the moneylender is a licensed body. Check that they have a valid license number on their website or on their retail shopfront. Reason for doing so is that some illegal money lenders have resorted to mimicking or use the names of licensed money lenders to advertise their services.
Anyone in a rush would have overlooked the details and end up getting a really bad deal on their loan or in the worst case get stuck in the loan. By then, even the authorities would have a hard time to rescue the situation. Look at their advertisements properly and ensure that the company being used is reflected properly.
Look for reviews made by people who have used the money lender’s services. This marks their service and real testimonials being given out. It is always important to find out more on a money lender first and ensure they provide the best service and advice before taking up a loan with them.
Tip 5: No need to provide income documents or meet face-to-face
Licensed money lenders have a physical approved office. In most cases, they would require borrowers to come down to collect their money face-to-face. This is part of the IPTO regulation to ensure that proper paper work and advice is done by the borrower before any loan is issued out to the borrower.
Hence, legal money lender will require you to pay a visit to their office to complete a hassle free paperwork and loan process within 15-30 minutes.
Tip 6: Legal money lenders operate from registered landline
The government has put in place many safety measures to help citizens and borrowers. One of which is that legal money lenders are required to use their registered landline whenever they advertise. Illegal money lenders are known to use mobile numbers or overseas numbers in their advertising materials.
Therefore, if you see an advertisement or calls from mobile number of oversea number to advertise for their loan services. These are 100% illegal money lenders. DO NOT TAKE UP THE LOAN OFFER!!!
Tip 7: Do not sign blindly
Do not sign an empty contract. Licensed money lenders must draft a written contract in a language that the customer understands.
They must also explain the terms and conditions to the borrowers and ensure they understand all terms before signing. The terms and conditions must also be in line with the regulations found on the IPTO website.
If you see any unfair condition or term that is not in-line with the regulation, you can choose to walk away and not take up the loan.
In summary, read and understand before you sign. If not, get the loan officers to explain it to you.
Avoid being tricked
- Legal money lenders do not send SMSes
- Legal money lenders do not perform online bank transfers
- Legal money lenders are licensed and required to be registered
- Always conduct your research the money lender
- Always meet face-to-face with the money lender
- Always check what you are signing for and that the terms are understood
- Never disclose your SingPass details over the phone
- Never approach a money lender which operates from overseas or mobile number
There are lots of trickery that illegal money lenders resort to. As a consumer of any product, especially those related to money, one must understand the situation and be fully aware of the risks involved.
We hope that you do not have a bad experience in borrowing money, if so you can approach our knowledgeable loan officers who will be there to assist you. You can also write in to us or post a comment regarding loans or money lenders. We will be most happy to reply and assist you.
Singapore – Repayment plans are the next most important thing to think about when you are applying for a loan. The first is of course the loan amount. Deciding your repayment plan and budgeting your financial situation will allow one to make a wiser decision on their loan plans. There are several repayment plans to choose from and many money lenders offer these plans. Some minor variations in terms of loan amount being dependent on the length of repayment chosen. Larger amounts typically requires a longer repayment plan as its allows adjustments on the money lender to accommodate to the loan request.
What are the Repayment Types available?
Weekly Loan Plan (Lowest Interest Rates)
This repayment requires borrowers to make payment every week. A typical repayment plan spans 5weeks and offers the least interest rates. If your loan amount is small, it is best to choose this form of repayment to avoid unnecessary interest charges.
Bi-Weekly Loan Plan (Mid-tier interest, Small Flexibility)
This repayment requires borrowers to make payment every two weeks. A typical bi-weekly plan spans between 2-4 bi-weekly repayments. This loan is usually higher in interest as compared to the weekly plan. However it gives borrowers a small amount of flexibility to coup with the payments.
Monthly Loan Plan (Medium Flexibility, Higher interest)
This repayment requires borrowers to make payment every month. Depending of the financial needs and situation of the borrowers, monthly loan plan can span up to 10months. This plan allows better flexibility for borrowers to cope with repayment.
Open Monthly Loan Plan (Highest Flexibility. Large loan amount)
This repayment requires borrowers to make minimum interest every month.This loan provides the highest flexibility and usually used for larger loan amounts. Should the borrower be unable to cope with the interest rate, he/she can opt to pay only the interest amount each month. If there’s any extra cash that the borrower wishes to repay, he/she can choose to make particle principal principal.
The bottom line is clear and simple. So long as you keep on top of your repayment scheme, all you have to pay is merely just one transparent interest amount, at fixed monthly interest rate for the agreed duration of your loan, plus the principal loan amount you have borrowed. Of course, each loan we offer you is subject to meeting our minimum requirements. We are more than happy and willing to clarify any aspect of the loan agreement with you, including the loan amount and repayment schemes.
Although it is unwise to default on a repayment plan but in these times of difficult economy with the addition of the high cost of living, it has put lots of people on financial strains. This is where reputable loan companies will help and advice you. Ask for a deferment on the repayment by paying a fraction of the repayment or request for a variation plan. Borrowers can also opt to switch to a longer repayment plan if they cannot afford to make the required repayment.
Our advice when you get a loan?
There are many loan repayment plans to choose from and each have different advantages. Depending on your monthly salary and income, always choose the plan most beneficial to you. Here’s some advice on seeking a personal loan plan.
- Always seek out a reputable and licensed moneylender to give yourself a piece of mind. Seek out loan quotations from lenders and choose them wisely.
- Be responsible to your loan repayment. By being on time with your loan repayment, you build a good credit line which allows you easier access to future loans with larger amounts being approved.
- Be aware of the costs of full loan repayment including the principal amount an interest. Ensure that you have the financial means to meet these repayment plans
- Ask for advice from the loan officer. They will be most pleased to hear your end of the story and help you on your repayment choice.
- Loan officers are humans too. If you have difficulties repaying or need money, opt for a reloan or ask for some flexibility in your loan plan.
In short, be realistic on your ability to repay the loan punctually. This allows you to save on interest rates and manage your loan well.
Empire Global is a reliable money lending institution and have loan officers that are seriously dedicated to helping their customers. Loan officers here always ensures that any person applying for a loan will be given adequate information on how interest rates or additional charges are calculated. Empire Global has been providing speedy loan application approval with competitive interest rates. If you are Interested in getting a personal loan from a respected company then contact Empire Global staff today and speak with them on your financial position.
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