Posts

When Are Personal Loans a Good Option?

When Are Personal Loans A Good Option?

Personal Loans Applicable for Businesses?

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

What about Personal Loan Singapore? Viable?

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

Affordability of Personal Loans

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

Small Business Operating Expenses

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

Should I Get a Personal Loan?

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

In Summary: Key Advantages of Personal Loans

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

Getting a Personal Loan For Your Short Term Needs

With the economy picking up slowly but steadily for sure, banks and money lending institutions are kickstarting their lending business in an aggressive manner. Prior to the launch of the Do Not Call (DNC) Registry, most of us even we at Empire Global gets multiple calls from banks promoting all the different loans and throwing in all sorts of freebies to sweeten the deal.

You might have even received cheques that state a pre-approved loan amount and all you need is a phone call to the respective company. Well all these have been cut short and certainly much lesser seen now.

You might wonder why personal loan are effective for short term too? Let us tell you more.

Loan Flexibility

There are many specific loan types Eg. Education loan, renovation loan, car loan. Unlike these categories of loans where the usage of funds is clearly defined, you get much more flexibility on the usage of spend with a personal loan. It’s a sum of cash that you can use it for any purpose. When you take up a car loan, its strictly meant for the purpose of financing a car. Furthermore, specific loan types are usually paid directly to the seller and you won’t have access to the physical cash on hand.

Coming up Short on Cash? Use a Personal Loan.

A Personal loan act as temprorary bridges if you are coming short on cash. For example, you are awaiting a home sale proceeds or pending an investment fund release of cash. These are uncertain periods of time whereby you might be short on cash. Personal loan are ideal for those who have temporary shortage on cash. Like a pending home property sale of their current apartment and not wanting to miss a good property in the market. A personal loan comes in greatly to make up for the shortage in cash-flow and offering reasonable interest rates.

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

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

Having said this, personal loan should be used with caution and not for luxury purchases and splurges. A personal loan like any other loan is to tide over a certain period of time for a certain cause and not for an individual to indulge which will result in large repayments if one is careless.

Another great example is that you can use this amount of cash flow to generate new funds . Then a personal loan is a great and convenient way to bridge this kind of short-term financial requirement.

Loan ceilings are typically large than payday loans. As payday loans ceiling largely depend on an individual salary income.

Some side advice if you are selling/buying a new apartment; use a cash cheque instead of credit cheque and ask for some benefits from the property agents. They would be more than happy to do so

Learn more about personal loan in Singapore

Learn how to Be a Good Borrower

Personal loan come with slightly lower interest rates and unsecured nature provides a good way to teach someone to be a good borrower.
Fixed repayments each month makes the borrower repay a fixed a amount on the stipulated date. Furthermore, timely repayments of loans ensures that it maintains your good credit ratings.

Previously we mentioned on checking your own credit ratings with a $5 quick check in the Credit Bureau

Approval is fast as Always.

As with loans, personal loan are one of the fastest to be approved. Be it from banks or money lenders. This could prove to be an attractive offering for you if you need the loan amount fast. Time to be approved can be further discuss with the loan officers too. This is one of the highest request we get at Empire Global.

Get a Personal Loan If You Need One

Having mentioning some of the benefits of personal loans, they are only good if you don’t live beyond your means as it can be disastrous if you fall into a debt trap. We as moneylenders wouldn’t want that too!

Be confident and sure of your financial status. Ensure you repay back the repayments on time and you will be safe! Next up we will look at the Personal Data Protection Act and how it is shaking up the industry and why you should be aware of your rights.