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Understand and learn about how to get a personal loan in Singapore

How to get Personal Loan in SG

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.

Read more on Understanding Personal Loan & Interest Rates

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.

Read more on Credit Rating and get it check 

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.

Don't Get Red Card this World Cup 2014: Avoid Illegal Soccer Betting

Moneylenders & World Cup: Moneylending Review Just in Time?

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

Infographic: Illegal Soccer Betting $6.4 million into illegal World Cup bets
Infographic: Illegal Soccer Betting $6.4 million into illegal World Cup bets

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.

With technology being easily accessible to everyone with just about a smartphone, a gambler can simply place bets via online soccer betting rings setup by syndicates.
Illegal bookmaker sends SMS for bet on World Cup
Illegal bookmaker sends SMS for bet on World Cup. Just one of the ways that you can place a bet via technology.

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.

Some moneylenders give ill-advise to borrowers and tell them to take up loans which they cannot payback. This acts allow moneylenders to collect more interest and further land the borrower into greater debt.

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.

Penalties

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.

Don't get Red Carded this World Cup 2014. Do not bet illegally.

Don’t get Red Carded this World Cup 2014. Do not bet illegally. Campaign by NCPC

AVOID illegal moneylenders or loansharks as they will try all means to land you further into debt. This is to allow a continuous flow of cash for them.
Need loans? Get it from Licensed Moneylenders
If you ever end up in debt due to unforeseen circumstances, do take measures to do proper money management first. Do consult our friendly loan officers at Empire Global to do a loan assessment before deciding to take up a loan or a payday loan for yourself.
7 Tips to identify legal moneylenders vs illegal moneylenders

7 Great Tips to identify legal money lenders vs illegal money lenders

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

Legal moneylenders do not perform bank transfer. Do not take up any offer for bank transfer when borrowing

Legal moneylenders do not perform bank transfer. Do not take up any offer for bank transfer when borrowing

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.

Be careful of what you sign for. Do not sign blindly on any contract. Get the loan officer to explain to you.

Be careful of what you sign for. Do not sign blindly on any contract.

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.

Reference Links:

Foreigner Loan Made Easy

Foreigner Loan – A Complete Guide

A guide to getting a Foreigner Loan

New to Singapore? Working in Singapore as a foreigner? Unfamiliar with financial terms and unable to secure a loan from the banks? In need of financial aid quickly?

Does any of these above mentioned sound like you? The good news is that in Singapore, it’s easy to get a foreigner loan to help you in times of financial crisis. There are a lot of licensed moneylenders and banks willing to speak to you on loan assistance. Most will be patient and will take their time to understand your situation and assist you.

For businesses like us, it’s better as most people will take debt more seriously in a foreign country. Hence this makes the application process simpler and easier.

Why would I need a Foreigner Loan

There are things that might crop up at the last minute. In Singapore, medical fees are expensive for foreigners and these are only minimally subsidized by the employer. As a foreigner, you pay lots more for medical services. There are also visa issues or legal fees that you might run into over the course of working in Singapore. Not to mention the escalating housing rental. All this takes up a toll on your salary and this is why most foreigners consider taking up a foreigner loan.

A 3 Minute Foreigner Loan Application Process Guide (Singapore)

In Empire Global we like things to be simple. Therefore, we have written up a complete guide for you to obtain a foreigner loan. At the same time you can apply online or call us and we would be most willing to listen and work out the details with you. Just post us questions on anything about loans or advice on repayment policies and we can consult with you. The charge? Free of course!

Basic Requirements required from Money Lenders

These are basic requirements that a licensed money lender would need. It would quicken the process if you are able to fulfil all the requirements. An employment letter plus a valid working pass or your own passport is the minimum for an application.

  1. Have a passport, work permit, valid E-Pass or an S-Pass (required)
  2. Has an appointment/employment letter sent from their company. (required)
  3. Have an existing residential tenancy agreement.
  4. Have PUB bills, phone bills or a tenancy agreement that reflects your salary.
  5. Obtain a bank statement for the past 6 months.
  6. Working in Singapore as a full time worker and obtain an employment letter.

Steps to getting a Foreigner Loan

  1. Get ready all the above requirements and documents
  2. Submit a loan application online with us
  3. Or Give us a call directly
  4. Wait for approval! Usually less than an hour

Our Empire Global Foreigner Loan Features

  1. We allow you to pay back your loans in monthly installment plans
  2. We have made packages, flexible to suit your every need or situation
  3. We have made easy structured repayment packages for you to understand
  4. An instant approval process once all the documents provided are approved
  5. Friendly bilingually* trained loan officers to assist you (Chinese and English)

As one of the leading and most trusted, licensed loan companies in Singapore, you can trust us on our reliability and service standards. Empire Global has the correct expertise and experience in helping you. Our personalized foreigner loan packages are made to suit you.

Satisfied Foreigner with their loan

Satisfied Foreigner with their loan