Think World Cup makes you Rich? A look at Problem Gambling
Seen the problem gambling advertisement by Singapore? It has gone completely viral and people from the USA has seen the ad. Most of us at Empire Global are glad we supported Germany! Some of us have won quite a bit. Of course we bet from licensed source – Singapore Pools.
And who could forget dynamo Germany win over Argentina in the World Cup finals! 1-0 and that sealed the deal for the campaign.
Here’s the ad done to resolve problem gambling
Problem Gambling in Singapore
We probably should have heeded Andy’s dad advice to support Germany isn’t it? With Germany’s win over Brazil (7-1 trashing), our hearts wished we had bet big on Germany. Wouldn’t you?
Although the memes and the jokes that people made over the ad made Singapore famous indirectly but the underlying message is important. Which is why the government agency will not yank the advert out from our tv viewing commercials.
With the increase takedown on illegal gambling dens and illegal moneylenders, it shows that Singapore is taking a strong stand on illegal activities.
Read more on: Singapore cracks down on illegal gambling dens
Borrowing Legally and Illegally
With World Cup this year, moneylenders has seen a spike in customers who are borrowing. Some of them had gambled heavily on underground gambling dens and needed financial assistance immediately. Some had turned to loansharks to borrow to pay off their debts. We speak to such customers every so often and at times we had to turn them down too.
The benefits and low risks involved for borrowing from legal lenders far outweigh those of illegal lenders. Harassments, high interest rates, SMS spam are the things you would want to avoid when you want to take up a loan.
Read more on: Why borrow from Licensed Moneylenders
Financial institutions and legal moneylenders have regulatory compliances and legit licenses to provide personal loan. Furthermore, with Budget 2014 there are new changes to the moneylending industries. Tighter rules and regulations are being carried out with more crackdowns on moneylenders who fail to compile within the rules. Moneylending licenses are getting lesser too. Which means those licensed moneylenders you see now are pretty much doing a great job.
Moneylending rules are under review which was announced during the World Cup period. Borrowers would have better financial education and interest rate caps. We expect this will be done across the board soon and the stop to new licenses for moneylenders since 2012 goes only to show that the government would only want good moneylenders to remain in the industry
Read more on: Moneylending review this World Cup
Getting a Personal Loan
You may need a sum of money urgently and you have exhausted all avenues to look for. This is when people turn to licensed moneylenders as it offers a form of unsecured debt financing solution. A Personal loan might be a good choice to look at. Plus moneylenders are able to release funds on a shorter term notice.
Personal loan issued by moneylenders are unsecured meaning that you don’t have to vouch so strictly for your credit rating or income as opposed to by banks and other financial agencies. However by saying so, ensure that you are borrowing from a licensed moneylender or else you might end up in debt with extremely high interest rates.
Most of the time, one will need to handle a stack of paper work and provide assurance to lenders in order to receive a personal loans. Whereas with moneylenders, this step is greatly simplified. You would not need to have a perfect credit rating or high salary to cover the personal loan.
Read more: Personal Loans Information Guide
5 Important Considerations before getting Personal Loan
1. Have you thought of all other alternatives before approaching a licensed moneylender? Do you have reserve funds somewhere? This is because personal loans bring another form of debt towards your financials.
2. Personal loan contracts are legal and borrowers are to ensure that they are able to meet the repayment terms and contract requirements. Ensure that you are able to meet the repayments set out and double check in on your financials before signing on the contract.
3. Borrow only what you need and what you can repay. Do a financial calculation of your outstanding debts, income and expenses. Gauge your debt servicing ratio, and borrow only what you can mange with. This is to avoid unwanted interest repayments.
4. Ensure that moneylenders or financial officers explain the financial and legal terms that are bounded in the contract. ALWAYS be sure that you know and understand the personal loan contract term. For personal loans, keep in mind the basics which is repayment period, repayment schedule, interest rates and other fees that could be incurred.
5. Be sure of yourself that you have made an informed decision about taking a personal loan from a licensed moneylender. Go with a licensed moneylender that you are comfortable with. Check their reviews online and compare them. Do not rush to take up a personal loan. Do through research for yourself.
At the End of the day
Regardless of whether you are borrowing from banks or licensed moneylenders, ensure that you have done adequate research and comparison on the loan contracts.
Personal loan are contracts made between you and the lender, understand the legal terms and the repayment contract that is set out. Caculate the interest rates and the repayment amount for the full loan term to ensure that you are borrowing within your limits.
Stay tuned as we bring more articles on personal loans and how it affects you. We look into interest rates offered by banks and the many financial terms and buzz words commonly exchanged between them to confuse borrowers.
Empire Global is a licensed money lending company in Singapore. We place great emphasis on dishing out proper financial advice to our customers before they sign on the dotted line.
Here’s the new ad done by NCPG to save themselves. Some find it a good one. Some not so. You have the final say.