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Differences between payday loans vs credit card cash advances

Differences between payday loans vs credit card cash advance

Singapore – If you have been researching and comparing credit card cash advances and payday loans, you might get confused between their various offerings.

Credit card companies are stiffening up the competition as they compete amongst themselves and the different moneylenders to offer fast cash loans to people.

Getting loans is easy in Singapore with different schemes for different package offerings. Banks, licensed moneylenders and a variant of loan companies all offer a type of loan for different consumers. So let’s narrow down to the loan types of payday loans and credit card cash advances.

Let’s look at payday loans

Basically, when you are looking for personal loans in general, you might have seen different terms used interchangeably; payday loans, personal loan, cash advance, fast loan. In this article we make reference to payday loans which is part of a personal loan type.

The definition of a payday loan – A payday loan is referred to as a short-term loan that allows a person to take up a loan amount based on their salary. There’s a minimum monthly income cap depending on the moneylender rules and borrowers who have a much higher verifiable income salary would be able to borrow more money.

Payday loans (also called “payday advances” and “personal loans”) are a subset of unsecured loans, meaning there is no collaterals needed. Payday loans are granted based on your income and are tailored to the borrower’s ability to pay back in a certain timeframe. Sometimes payday loans can be paid back in multiple split payments, but are required to pay back the entire amount with the agreed interest.

Licensed moneylenders provide payday loans and the interest rates may vary accordingly. One of the greatest advantages of payday loans would be negotiable or adjustable repayment plans. This will greatly help you in terms of money management as one can better plan their finances.

Another great advance that legit moneylenders offer are simple policies on their rates. Only an interest rate is charged on your loan amount with zero hidden charges.

What about credit card cash advances?

Credit card cash advances in Singapore

Credit card cash advances in Singapore. A look into the definition and misconceptions on credit card cash advances. The things to look out for.

Credit card cash advance is based on your available credit limit on a credit card rather than your monthly income. A credit card cash advance is generally treated like a purchase made with a credit card and the repayment terms are strict.

A cash advance on a credit card may or may not offer you a better deal than a payday loan depending on your own credit ratings and whether you are credit qualified. Some credit card companies charge higher interest on cash advances as compared to payday loans offered by moneylenders.

Cash advance loans comes with your monthly credit card bills and are to be repaid accordingly. Interest is compounded daily and they require a substantial application fee when you request for a loan.

There are hidden charges on loan amounts which could be transaction fees, late payment fees, card fees, withdrawal fees, setup fees, bank service fees which the borrower might not be aware of.

To make matters even worse, many credit card companies require you to pay off any existing non-cash-advance balance (the normal purchase you make) that you might be having on your card. This means that they force you to pay up the amount with lower interest rate first, while the cash advance balance remains untouched, with the amount owed increasing and compounding interest.

Credit Card cash advance fake cheque technique

Credit Card cash advance fake cheque technique

Ever received a “credit card cheques” from credit card companies in your mailbox? Cheques offering a big lump sum to you? This is one of the biggest misconceptions faced by people. These “cheques” are treated as credit card cash advances by credit companies and it comes with all the accompanying disadvantages. People will feel it’s easy credit, but not realizing the multiple charges on such a loan.

In Singapore, credit companies cap the maximum loan amount based on their credit limits. Cash advances charge hefty interest or finance charges from day one of the loan till the day payment is made in full.

They do have their advantages, whereby the borrower can withdraw cash at the credit company’s ATM or request for loans to be transferred to the borrower’s own bank account. Some offer loan application via phone (cash-on-call) or SMS.

As a rule of thumb, hefty charges can be avoided if you pay the full amount on your credit card statement every month. Ask your card issuer to explain how interest is computed and to provide you with a case study loan amount.

Comparison and Outcome. Choose Wisely.

So what’s the best course of action for a borrower? At times, payday loans could have higher interest rates than credit card cash advances. This is due to moneylenders face higher risks of not being repaid.

However, if you have been a repeat customer with a great history of prompt repayment, licensed moneylenders would usually offer a better rate or repayment policy for you. You could also discuss with the loan officers and they will advise on  a repayment plan for you.

Payday loans offer great flexibility in terms of repayment policy and if repayment time periods are a consideration for you, you are much better of with payday loans. Payday loans also offer no hidden charges and allow lower-income people who cannot get a credit card to take up a loan.

Choose wisely based on your loan requirements and make the right choice for you. Regardless of which loan offering you are after, do your research wisely, check reviews and check out the competitors.

Should you require better advice or have any doubts on loan offerings, feel free to drop a message to us or a phone call and our friendly loan officer will service you.

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Santa having money problems; Requires loan

Understanding and getting instant payday loan

As the rapidly growing economy moves, more citizens are dealing with the economic and social pressures that life presents. Technology is changing and adapting towards this ever-changing landscape. When taking a loan for meeting some urgency, always ensure that you are able to secure the loan in time before the collateral charges are applied to your bills. Hence instant online payday loans are designed to allow extremely quick approval without any hurdle posed by the moneylender.

The best way to find the right moneylender, is to first find what each lender offers and what terms are tied to their offerings.

This allows you to set the amount of cash you need and the repayment terms for each loan, when you are prepared to apply for a loan.

Legal and Secure lender

Always look for a trusted, renowned, and legal moneylender. It is important to do so as this allows you to have the best terms to cash loan tie-ins with lenders. It is also very important to check out on client’s reviews of these money lenders if possible. You would want to find one that is providing good service and products with good customers reviews.

Understand and plan loan terms

First do your own research online and find instant payday lenders that offer affordable fees and good terms. Lenders also need to have good reviews and reputation online, at the same time offering flexible repayment terms for your loan requirements.

Choose lenders based on your loan amount

By determining the amount of money you want to loan, lenders might adjust their repayment terms accordingly. For example, should you require a higher loan amount as compared to the average, lenders will placed you as a high-risk borrower and require you to pay higher interest rates or change their repayment timeline. Hence always plan your loan amount and adjust it accordingly to your repayment capability.

Getting instant payday loans within 24hours – No frills

Getting online credit is simple. A simple online application form will allow your request to be placed withe lender. For online applications, it is important to fill in the basic details correctly as this speeds up the approval process by a lot. You would not want a staff member to misread the loan application as it would lead to unnecessary delay of the loan approval.

These loans can be easily applied through an online application in a lender’s website.

It is greatly convenient to apply loans online or contact the loan officer to assist you. The loan process usually takes less than 1-2hours and is done with the borrowers going down to settle the required paperwork. Once the paperwork is settled, a cheque or cash will be issued accordingly.

There are several benefits of payday personal loans over a normal loan and some of the key highlights are:

1. Loan applications are reviewed fast typically within 1hour, and immediate approval once it’s processed.

2. Repayment terms are better and rates are lower as compared to longer or larger amount of loans.

3. Save time and face. Online payday loan application is fast and can be done by filling in a few questions which can be done in a couple of minutes. This saves the initial paper work time required and you will get your loan quotation.

Quick Tip

Always ensure that you pay off the loans in time to maintain good credit rating scores. At the same time, this prevents rolling over interest rates on your payday loans as it can amount to quite a high amount if one is not careful with his repayment plans.

If you require clarifications on anything, always call the company and ask the loan officer. They should furnish you with details on your queries for loan applications. Check our FAQ for more up-to-date info.

We at Empire Global can arrange for fast cash advances for emergencies that requires immediate attention. You can get instant cash by applying for our same day payday loans. We have garnered great testimonials from our customers on our service and quality advice. Do check out our Google+ Business Page and see what others have written about us.

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Payday loan – Everything you need to know

Repayment plans – Choosing the right one

 

Asian Couple calculating their loan

Repayment Loan Plans – Choosing the right one

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.

What if I default?

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.

Budget 2014 Singapore and how it affects money lenders and borrowers

Budget 2014 Singapore for Moneylenders & Borrowers

Budget 2014 Singapore. How does it affect a borrower? 

Bishan – The no. 1 important question in the most anticipated current affairs of Singaporeans and businesses in Singapore. From the wage workers to the highest salaried white collar people. From small businesses (SMEs) to large corporations (MNC). Budget 2014 Singapore affects everyone in every way.

This is why we have this special article on Budget 2014 Singapore . How it affects us as borrowers and money lenders alike   in Singapore. Singapore’s Law Ministry new plans this year’s Budget 2014 Singapore. In order to avoid unlicensed  moneylenders from exploiting lenders, here are some of the measures in place this year.

  • The Singapore Law Ministry intends to establish a new central credit bureau. This bureau will allow “tighter controls” over the total amount of unsecured credit an individual can borrow.

  • A review of the interest rate cap and considerations on further restrictions on fee charges (early redemption, loan termination charges)

  • A new regime that will allow bankrupts to be discharged within clear timeframes.

Here’s what the current fee structure officially on  IPTO (Insolvency & Public Trustee’s Office) .

From 1 June 2012 onwards, money lenders 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 in the recovery of the loan.

Any other fees are not permitted, and are hence not enforceable by the money lender.  An official guide can be found from IPTO for further review

Why the need for change?

Primarily, the number of complaints against moneylenders have been on the rise. Recent news of money lenders in heartlands (Toa Payoh and Ang Mo Kio) have triggered a spate of concerns on easy credit. As compared to the past where they usually operate from areas such as Chinatown and Beach Road. Recent cases of errant money lenders have been sprouting out. Some examples are those who have been furnishing false information  or those granting limits above the standards.

The future in Budget 2014 Singapore?

In short, moneylenders will be having tighter rules on lending policies. Fee charges review. And a new bankruptcy policy. And how does it affect you as a borrower?

For the uninformed borrowers, it becomes tougher for bad money lenders to accumulate charges on the borrower. A better way to borrow money from licensed moneylenders. With this in mind, you will make a better choice in choosing your next payday loan or foreigner loans.

How Budget 2014 Singapore affects moneylenders?

Budget 2014 Singapore affects money lenders in several ways. The new schemes allow better ways to establish moneylending.  It allows money lenders to establish a better understanding of the situation and a better relationship with the borrowers as they can better control their limits. Borrowers will benefit from a better fee structure. Are you affected in this year’s Budget 2014 Singapore? Share with us on how it has affected you . 

How Budget 2014 Singapore affects borrowers?

With the new schemes it will allow borrowers to be more educated and informed. Borrowers can benefit from the new fee structure and limit caps. This prevents themselves from underestimating their loan amounts and repayment policies.

What is going to happen to Empire Global?

At Empire Global you as the borrower, are our customers. We offer better flexibility in terms of overall policies and fees. We have long anticipated this move by the government. The rampant growth of moneylenders in Singapore has led to increasing numbers of unethical moneylenders gaining from the stress of borrowers.

We at Empire Global want to prevent that. We have continually improved our service quality to differentiate out from the rest (illegal money lenders, unethical licensed moneylenders) and constantly learn from our borrowers to better service them.

All you need to know about Pay day Loans

Payday Loan: Everything you need to know

Tight on cash this month? If you are, one option you may consider would be taking up a payday loan. A quick and fast cash loan subjected to your salary.

By definition, a payday loan is a short-term, unsecured loan. At times its referred to as “cash advance”. The interest rate is much higher in comparison to personal loan but the merit is that the loan is processed quickly and you so not have to give any security

Why people get A Payday Loan

Demand for payday loans have soared over the years due to the rapidly increasing cost of living and a non-existent rise in salary. Due to this worrying fact, more people are opting for payday loans and some are unable to repay them. We really do not want you to get caught in this debt trap so before you take a payday loan out, we want to be doubly sure that you understand what you are signing up for.

It helps to keep and maintain the basic needs that one may have. Not just that, life emergencies requires cash quickly. This is one of the many typical scenarios whereby a payday loan could really help you.

Many a times some of our customers got their loans from illegal moneylenders in Singapore who charge them extremely high interest rates. These unlicensed moneylenders target those who are desperate. Offering no obligations instant loans and take advantage of the borrower. These borrowers usually end up in higher never-ending debts.

Like always, we strongly advise you to get a loan from a licensed moneylender.

Basic Requirements for a payday loan?

Payday loan is our area of expertise. Empire Global specialises in payday loan and personal loans in Singapore. We do no judge base on race or nationalities when it comes to a payday loan.

So whether if you are a foreigner living in Singapore or a local, or just unfamiliar with the loan industry. Do no hesitate to drop us a call @ 6259 1883 or use our instant quote. Our loan officers will shortly attend to you in one hour.

Eligibilities
• Full time employment.
• Age above 21 years old and below 65 years old.
• You must be a Singaporean or Permanent Resident.
• Bankruptcy Do Not Apply.

Call us direct on any loan enquiries that you might have. We want you to make the correct decision. Do check out this guide provided by the Ministry of Law on borrowing from licensed money lenders.

What are the Advantages of a Payday Loan?

Loans differ on case by case basis. A personal loan might not be a right fit for you should you should you need advance cash faster. Basically there are 5 main advantages of a payday loan as compared to a bank loan.

1. Quick, fast, convenient. Payday loans are common in the market and the competition is high. There is a great variety of such short term loans and multiple offerings. Hence with a little bit of research and bargaining, you could get a better deal.
2. Payday loans are much easier to attain vs those by large financial institutions. Pay day loan serve as great alternatives to other loans provided by banks.
3. Smaller loan amount makes repayment much easier. Payday loans are kept small as they are meant to assist you in life emergencies. Essentials like keep your own house operating by paying for the multiple bills you have incurred. Smaller loans also allows affordable repayment options for many. This loan can be used for both businesses and personal transactions.
4. Lower qualifying requirements. As the amounts are smaller, the processes are far fewer. Most of the time cash advances are made accessible and transferred to the borrower’s account within a couple of hours.
5. Improves credit history. Payday loans are still loans. Since the loan amounts are smaller, it is easier to repay them. If you have previously failed to repay other loans, this is one of the easiest ways to improve your credit score ratings.

There are many cash loan and pay day loan located conveniently in Singapore. Once again we emphasize you to choose wisely on the money lender and loan plans that you intend to get. Great advice and guidance are some of the many things that our highly trained loan advisors take pride in. We always take time to assist you through when you apply for a loan or a non-obligationary quote enquiry.

We provide online application for pay day loans that are accessed and replied to you within an hour. Quick and great service is one of our promises.

Gambling and how it leads to getting bad loans

The time has come for all Chinese to celebrate and immerse themselves in the festive mood. Chinese New Year. This means a period of gathering, visiting the folks, catching up with relatives and friends. Aside from the New Year goodies, nothing thrills people more than gambling and it has become a part and parcel activity during Chinese New Year in Singapore. Gambling indeed is a big business here.

Especially during this Chinese New Year. A long weekend of celebrations, many gamblers visit the local and overseas casinos or slot machines at the local clubs.

Players head down to our very own renowned legalised casinos at Resorts World and Marina Bay Sands. Singapore’s own two casinos ranks in the top 10 as the world’s most expensive casinos. With both casinos worth a near 10 billion dollars and having over 600 tables of entertainment plus close to 3000 slot machines just on these two local casinos. We certainly have one the world’s best entertainment.

What about players with bad credit? These people turn to illegal gambling operators who might offer better rates. Regardless a large number heads down to the local casinos or slot machines to have some good entertainment. Besides with bonuses on hand as extra to their pay, everyone wants to get lucky.

However there’s always the unlucky few who end up succumbing to temptations and borrowing from illegal money lenders. Die-hard gamblers may even go to ruthless loansharks who are more than willing to loan them amounts they could never afford to feed their gambling addictions.

Problem gambling: When people become so addicted to gambling that they can’t stop, no matter how much money they lose or how much it hurts their loved ones. Which is why one should practise responsible gambling and smart choice of money lending if really needed.

Marina Bay Sands, Resort World Sentosa. Both in the Top 10 Casinos in the World

Marina Bay Sands, Resort World Sentosa. Both in the Top 10 Casinos in the World

Let’s Practise Responsible Gambling

Gambling is a form of entertainment. It’s meant to be fun but don’t get compulsive. So please practise responsible gambling if you love the game. If you are not careful it could land you in trouble. Always play within your means and your own risk appetite. This is why the local government implemented the Self Exclusion Act and even a hotline for those seeking to talk about their gambling addiction.

All these initiatives are supported by the local National Council on Problem Gambling. They have been actively promoting one to come forth and talk to them about their gambling habits and start practising responsible gambling. Seek aid when you need before it’s too late.

  1. Know your limits
  2. Practise Responsible Gambling
  3. Talk to your loved ones about your gambling problems
  4. Seek help if you have a gambling addiction
  5. Apply for the self-exclusion program to protect your loved one

The bottom line here is  “Be honest about it and practise responsible gambling”

Gambling & Illegal Lending

Now let’s talk about those who borrow from illegal moneylenders.  Those tempted to play time and again and borrow money from many sources. Your relatives will shun you. Your friends start leaving you. And you turn to illegal money lenders to support your lifestyle or your family. It’s common for people with bad credit to turn to illegal money lenders thus putting themselves in high risks.

This issue can be avoided if you have done your research better and earlier. All you have to do is consider your options and be sensible, once again play within your means. Apply for a loan when’s its needed and necessary.

If you need a loan in the short term to repay a small debt, apply from legitimate money lenders at the very least to get your own personal loan or payday loan. There are many legitimate money lenders out there offering competitive rates and fast cash for your needs.

Like this Chinese New Year you might be thinking of holding a celebration and money might be tight as the many festivities before CNY took most of your budget up. Consider getting a payday loan for a cash advance to help you out on the budgeting and you can settle it on your next pay cheque.

Payday Loan

Stuck elsewhere? Not an issue. Licensed money lenders have adapted to trends and most of them have the dedicated service to apply online and they will get back to you usually within an hour with quotes on your loan amount. Payday loans are simple short-term loans usually granted to let the borrower get throughout the next pay cheque.

It usually requires a simple approval from a licensed money lender. The lead time may vary, but it’s almost same day service. Empire Global is one such secure and licensed money lender offering flexible payday loan schemes.  This helps the borrower to tide over and ease his financial liabilities with additional assistance

Application Process

Speaking of your credit score, you should know that this is a major factor when it comes to the personal loan application process. To obtain this type of unsecured loan, you need to have decent credit and be able to prove your income by showing pay stubs. When you apply for a payday loan, however, you only need to show identification and proof that you can repay the amount you borrow by payday.

Always remember to place serious consideration when applying for a loan. Only take up loans from legal sources and borrow what you need. This way you can manage your money better. If you have difficulties in repaying a loan, simply ask and negotiate with your moneylender and the credit officers would be most likely be kind enough to draw up repayment plans or a better interest rate to suit your situation.

Some key points to take away

  1. Practise Responsible Gambling
  2. Avoid illegal money lenders
  3. Consider the options and get the right loan for yourself

Foreigner Loan

Empire Global is a great legal moneylender that provides foreigners with options when it comes to lending them money during any difficult times.

Things about bridging loans

A bridging loan is interim financing for an individual or business until permanent or the next stage of financing can be obtained. Money from the new financing is generally used to “take out” (i.e. to pay back) the bridge loan, as well as other capitalization needs.

Bridging loans are typically more expensive than conventional financing to compensate for the additional risk of the loan. Bridge loans typically have a higher interest rate, points and other costs that are amortized over a shorter period, and various fees and other “sweeteners” (such as equity participation by the lender in some loans). The lender also may requirecross-collateralization and a lower loan-to-value ratio. On the other hand they are typically arranged quickly with relatively little documentation.

Easy Personal Loan

  • Low income requirement
    Minimum annual income of $20,000 (equivalent to $1,667 per month). For foreigners, the annual income requirement is $60,000.

 

  • Cash of up to 4X your monthly income
    Get up to a loan amount of $200,000 or 4 times your monthly income upon approval if your annual income is $30,000 and above. If your annual income is between $20,000 and $29,999, you can only apply for a loan amount of up to 2 times your monthly income.

 

  • Convenient access to cash
    Your approved loan amount will be credited directly to your designated bank account.

 

  • Choose a repayment period that suits your needs
    Choose one of 5 different loan tenors to repay your loan. Either 12, 24, 36, 48 or 60 months.

 

How to get a loan

Everyone always hopes they don’t need a loan in an emergency situation, but sometimes these instances come up in our day to day lives. You never know when it is going to happen, and that is why Fast Loans exists. If you need money quickly and simply, Fast Loans can help. Fast cash can be yours after you complete an easy application. Your application will be processed immediately. It shouldn’t be difficult to get a personal loan, especially when you are in an emergency situation, and that is why this process is designed to be hassle-free.

What Can I Use A Fast Loan For?

These personal loans can be used for anything that you need. It can be very challenging to gather a significant sum of money in a short period of time, and that is another reason why Fast Loans exists. Here are just a few of the ways you might like to use your loan