The Best Expense Tracker Apps That You Should Have This 2020

A lot of people are having issues in managing their monthly budget. After all, it is easy to lose track of the money that you can afford to spend especially if you are not keeping track of your expenses. Tracking all of your expenditures can be very meticulous and time-consuming, especially if you don’t have a lot of time to spare. Luckily, there is a solution to your budget planning problems without hiring a professional budget planner (which will also cost money on your part). There are applications designed for mobile devices that will help you in keeping track of your expenses.

In this article, we will list out some of the best mobile applications that you can start using this 2020 to manage your budget better.

Without further ado, let’s start:

  1. Mint

Mint has set the bar for the budgeting applications on smartphones, and with proper reason. This cost management application will automatically sync with the accounts on your mobile device, which will provide automatic tracking of your expenses. Without requiring input from the user, Mint will automatically update and group your expenses by their category, allowing you to see a real-time visualization of your expenses. 

Mint also allows users to put in their particular groups, keep tabs on bills, break up purchases and set up an alarm that will go off whenever the total expenditure has nearly reached its limit. The app also offers credit ratings and credit history tracking free of charge. The best part about this application is that it is free to download, which means that you will not have to add another item to your expenses for an app supposed to help you trim down your spending.

  1. YNAB

If you are always finding yourself in situations where you are struggling to survive on your income for the last month, YNAB will do you wonders. YNAB is structured on the zero-based budgeting. If you are not acquainted with that term, be sure to familiarize yourself first before spending money on this application.

Even though YNAB is a paid application, there are many features that will help you greatly in managing your money in zero-based budgeting style. You can hook up your bank accounts, create goals, put money automatically on your savings account and personalize spending classes. You can even gain access to resources, such as advice for budgeting, user guide for the YNAB application, and budgeting training courses.

YNAB will cost you $11.99 per month, or $84 per year. There is a free 34 days trial though so you can decide at that time period if this application suits you or not. Additionally, students will be provided with free access to the application for a year, provided that they submit the required proof of enrollment first.

  1. EveryDollar

Every Dollar

EveryDollar is a budget planning app that boasts its ability to provide users with a budget within just 10 minutes. It is a cost management application available for Android and iOS devices that assists people in keeping tabs on their expenditures. Similar to the app featured above, EveryDollar is designed for zero-based budgeting which provides a nice alternative to YNAB. EveryDollar is free if you are satisfied with the basic features. If you want full access to the full range of functions, you will have to pay $129.99 per year for the plus version.

The basic features include automatic transaction creation every time you made an expense. If you want more advanced features like connecting to your bank account, you will need to pay for the plus version.

  1. Personal Capital

Personal Capital Apps

Personal Capital is mainly an app for managing your investments. However, it still has features that assist users when it comes to budget spending. As such, this app is handy for people who are also managing investments in addition to managing their budgets.

Personal Capital can be downloaded for free, with a few budget management features such as connecting to bank accounts, monitoring expenses, linking to credit card accounts. You will also be able to check your mortgages, loans such as personal loans, and other bill payments.

The software offers an expenditure overview by indexing new financial transactions by group. It is possible to personalize those groups and find out the proportion of each group with your total budget for the month. Personal Capital also works as an assets and portfolio monitoring platform.

  1. Clarity Money

Clarity Money is an application lauded for its ability to track and manage your expenses and monthly subscriptions that are eating through your budget. Clarity Money is an extensive cost management and savings application. It provides you with the ability to hook up your financial accounts from a large number of organizations, providing you with a venue to organize all of your accounts in a single place. Similar to every other application featured on this list, you will be able to manage expenditures, keep tabs on your expenses and categorize the expenses into different groups, whether pre-determined by the app or personalized.

Additionally, there are other useful features such as the ability to monitor and cancel monthly subscriptions from various services that you signed up for in the past. There is also the ability to monitor your own credit score, allowing to see the impact of your budgeting in a much clearer picture.

Did you exceed out on the budget set on your budget planner again and need some extra cash? Get a loan now from 356 Credit! Providing personal loans, payday loans, business loans, and foreigner loans, 356 Credit has all the loan types that you will ever need. They also feature fast loan approval and online applications, just to name a few. Click here to visit their website or give them a call at 6222 5500.

Your Guide to Renovation Loan Singapore

Home is where the heart is”. Surely, coming home to a place where you can rest with an ambience unlike no other is a given. No matter where you go, your home will ultimately be the place you want to be at because of the warmth, comfort, and safety of the walls that surround you. For that reason, it goes without saying that making sure your house is clean, organized, and well-kept is a top priority.

Home refinancing is part and parcel of owning a home. You might want to decorate your home according to your style to make it well, you! There are also times that you need to replace and repair the old essentials in your house like the flooring, or perhaps, buying a new necessity like a refrigerator. Unfortunately, it goes without saying that these changes are not necessarily cheap. If you want to take it up a notch and renovate your dream home, applying for a renovation loan might be the best option for you!

Money – Of course, you will need a sum of money to finance your way to your dream house. However, if you are short on budget, you can get a renovation loan to cover the expenses. Prior to taking out a loan, do take note about its pros and cons so that you won’t struggle with its repayments.

A lady put curtain to her room

So, what is in house renovation loan?

Renovation loans are a type of personal loan that are meant to help financing home renovations. As this type of loan is specifically meant to renovate houses, do expect a lower interest rate compared to the usual personal loans. You need to at least own a house or, an asset, for you to apply for this type of loan.

Hence, there are restrictions that come with a lower interest rate. For instance, you can’t use this loan to pay for expenses used for any other purpose other than renovation. There are also restrictions on the kind of enhancements for your house that you can use it for.

What can you use it for?

  • Roof replacement or repair
  • Flooring and tiling
  • Electrical and wiring installations
  • Replace damaged doors or windows
  • Install fiberglass insulation
  • Fine carpentry
  • Interior walls painting and wallpaper hanging

house renovation loan

How can you apply for an in house renovation loan?

If you are a Singaporean or a permanent resident of Singapore, here’s how you can apply for this loan.

Make sure you are eligible for all the essential requirement to apply for a loan such as:

    • 18 years and above a minimum of age

Prepare the essential documents needed for a renovation loan such as:

    • Identity card / NRIC
    • Income statement
    • Employment letter
    • Proof of residence bill (E.g. recent bill)
    • Proof of homeownership

You might wonder how you can fully utilize the loan you applied for to get your ideal house, hence; here’s a list of what you can do to help you check ‘dream house’ off your checklist!

Top 3 In House Renovation Tips

  1. Have a realistic budget

    Have a realistic budget

    It’s easy to get carried away when you are designing your dream house, but always be sure to not go over your budget. Don’t bite off more than you can chew! You might be tempted to buy what your heart desires while you’re at it, but all these desires might come with a great cost.

    What you can do is by deciding the total expenditure beforehand. Have a guideline to not go over the limit. It is imperative to keep in mind that it’s best to have lower expectations of your budget rather than overestimating your budget. This can help to keep your cost at a minimum later on.

  2. Keep built-in furniture to a minimum

    Keep built-in furniture to a minimum

    It may be tempting to buy elegant built-in furniture that is aligned with the notion that they can maximize storage space in your house. While it may help to minimize the gap between your house wall and your furniture, this pro also comes with its cons.

    It will be more difficult and expensive for you to get rid of or replace these built-in furniture once they are broken or become badly damaged because of its old age. Not only are they more expensive, these built-in furniture also usually requires a greater need to be taken care of.

    Hence, it’s best to purchase standalone furniture as it will be easier for you to replace them as you like, with a much lower cost.

  3. Do a research on who you are hiring

    Do a research on who you are hiring

    When you are doing home renovations, it is of paramount importance for you to find the perfect team to do the job. You definitely don’t want just anyone to fix your humble abode – a home which you will stay at for a long time, it’s best to hire a professional!

    Do a full-blown background check on your contractor by going through their credentials. Look into if they have a license, or a certificate of insurance that qualifies them to do the job. By doing so, you can be rest assured that they know what they are doing and would be responsible should any complications arise.

Conclusion

With all this in mind, there are things that you need to consider prior to getting an in house renovation loan. While it may be tempting to dive into your desires, you should be sure to be prepared if you are planning to opt for an in house renovation loan. To avoid paying a large amount of interest rate, make sure you allocate a sum of money every month for repayment.

Remember, you are responsible for your choices. Renovation loans can be of great help. But whatever it is, the most important thing is to always be prepared and manage your finances wisely.

If you’re looking for a way to finance your home renovations, you can go to 365 Credit for more information on the loans you want to apply for.

How To Save Money In Singapore

Saving money often seems like a hard thing to do. You might always find yourself asking these questions; when should I start? How do I do it? Where? What! Worry not, we got you covered! All you need is just simple financial saving tips that you can apply to get a kickstart to help improve your financial savings.

Surely, living in a global financial center like Singapore comes with a higher cost of living. In Singapore, you can get a taste of world-class experiences like no other. Thus, you need to be extra careful with your spendings if you don’t want to live off starving yourself before payday.

If you still want to enjoy the amazing lifestyle in Singapore in the most efficient way, start building a solid financial plan now! Not to forget, be smart in managing your finances.

Below Are The Solid Financial Saving Tips:

Keep track of your expenses

Keep track of your expenses - financial saving tips

To be well-aware of your financial spendings, you need to know how much you spend daily. By keeping track of all your expenses, be it daily meals like breakfast, lunch, dinner, transportation fees, or even groceries!

It is important for you to record your expenses so that you know where your money is going. This can be done by keeping the receipts for recording purposes. Next, you can organize your spendings into different categories.

The list can be as follow:

    • Groceries
    • Toiletries
    • Gas
    • Electric bills

This list will go a long way. It can help you to divide your expenses accordingly. If writing them down can be a hassle, you can also opt for using an expense tracker apps. Just head over to the App Store on your Apple device or Play Store on Androids to find the best spending tracker device for your needs. All you have to do is just key-in the information and you’re good to go!

Make a monthly budget

The most crucial key factor to start building a solid financial plan is by making a monthly budget. This will help you to be clear of your spendings. Once you know what you usually spend your money on, you can create a workable budget based on your recorded expenses.

Have you heard of the 50-30-20 rule? This is a smart money management method that will require you to divide your income based on your needs, wants, savings and debt repayment. So, what you need to do is divide 50% of your income for your needs and necessities, 30% for your wants, and 20% for savings.

For instance, if you earn $4,000 a month, you should allocate half of the amount ($2,000) for your necessities. This will include groceries, utility bills, and mortgage payments. The 30% of your monthly income will be for discretionary expenses or, in other words, your wants. Thus, $1,200 can be used to spend on your daily lifestyle; eating out with friends, or going bowling. The other 20% ($800), should be allocated for savings, investments or any kind of emergencies.

Once you start this budgeting method, make sure you commit to it! If you exceed the allocated percentage, make sure you work around an adjustment to your budget.

Eliminate your debt

Eliminate your debt

Having a debt would be a hindrance in your pursuit to save money. So the next best thing to do is definitely to eliminate them altogether! You definitely do not want to carry a large debt burden, so try working on cutting down on your debts now. You can try the debt snowball method which is a debt reduction strategy that requires you to pay off your debt from the smallest debts to the largest. This way, you can gain momentum and slowly work your up to settling your debt in full.

When you are done from paying interest on your debt, 20% of your monthly income can be put away into savings using the 50-30-20 budgeting method stated previously. It’s better to start now than never!

Cut down on unnecessary spendings

Cut down on unnecessary spendings

It might be ideal for you to look back, reflect, and identify your spendings on non-essentials. This can include the money you spend on entertainment, eating out or even online subscription services. Once you have identified these ‘wants’ rather than ‘needs’, it will be easier for you to cut back in the pursuit of saving money.

So, what can you do?

Although it may be hard terminating the automatic monthly subscriptions that you don’t regularly use might be the way to go. Online subscription services like Spotify, Netflix, Apple Music or Tidal will require you to pay based on auto monthly subscriptions. If you find yourself not having time to enjoy these services, you might want to consider terminating these monthly subscriptions.

You can also opt to dine out only once or twice a month. If you do feel like going out once in a while, try to look for cheaper alternatives where you do not have to fork out a huge amount of money just for a plate of food.

Make your savings automatic

Make your savings automatic

The best and easiest way to improve your financial savings is by setting up automatic savings. Nowadays, there are many banks that offer automatic transfers to your savings account. This way you can automatically put away extra cash without having to worry about “accidentally” spending them on anything unnecessary. You have the option to decide how much money will go into your account; whether it is a fixed amount or based on a percentage.

If you have a full-time job, you can ask your employer to transfer a specific amount from your salary directly to your retirement or savings account. For further inquiries, you can ask your HR representative for more information.

This is generally a simple way for you to save money without needing to worry too much!

It’s never too late to start having a solid financial plan. You can always start now to improve your financial savings based on the suggestions above. If you find yourself stuck and need some financial assistance, 365 Credit is a reliable licensed moneylender that can offer you financial solutions. Visit their website to find out more.

Applying For Your HDB Loan Eligibility (HLE) Letter

Planning to buy a house is already a struggle; let alone actually buying it. It is very important that one has a strategic plan to make the purchase of an asset. If you are looking out to apply for an HDB Housing Loan, you will need to attain your HDB Loan Eligibility (HLE) letter, a crucial document for reference that could help you go through the process because “no letter, no loan” basically.

How to get it, you ask? Keep on reading.

#1 What is an HDB HLE Letter

First and foremost, the HDB HLE letter is a document that states the necessary reference for HDB to know one’s financial standing and condition before lending the fund to buy the HDB flat. The HLE letter will supply you with the mandatory information that you need to get ownership of a flat or helps you in setting up a budget. Also, it could function as a financial planning apparatus.

Listed below are the particulars that are provided in the letter:

  • Eligible loan amount
  • Monthly installments
  • Repayment period
  • Amount of cash proceeds from the disposal of your existing or previous flat to be used to pay for the next flat (if applying for second HDB concessionary housing loan)
  • Other terms and conditions

The validation of this letter may last up to 6 months and the HLE letter may need up to 3 weeks to get to you starting from the date it was issued. Furthermore, re-assessment is not required within this period so long as there is no alteration in financial position and family members. Moreover, you may apply for a new HLE letter once the existing one is a week away from its expiration.

Loan Application papers

#2 Eligibility to Make an Application

In order to be eligible to apply for HDB Housing Loan, and thus be eligible for an HLE application, one must fulfill these criteria listed.

CitizenshipAt least one buyer has Singapore citizenship
Household Status• Have not gotten 2 or more housing loans from HDB
• Have gotten 1 housing loan from HDB and the latest owned asset is not a private housing property (local or overseas) such as:
o HUDC flat
o Gifted property
o Inherited property as a beneficiary of a will or through Intestate Succession Act
o Property owned through a nominee
Income CeilingAverage gross monthly household income is not more than:
• $14,000 and above for families
• $21,000 and above for extended families
• $7,000 and above for singles buying a 5-room or smaller resale flat or a 2-room new flat in a non-mature estate, under the Single Singapore Citizen (SSC) Scheme
If an applicant has been unemployed for under 3 months, his/her average gross monthly income will be valued based on the number of months worked.
Ownership/ Interest in Property1. Cannot own or sell any private housing property in the last 30 months prior to the date of application of an HLE letter.
2. Must not own or have disposed of any private residential property in the 30 months before the date of application for an HDB Loan Eligibility (HLE) letter. A private residential property (local or overseas) will include:
o Gifted property
o Inherited property as a beneficiary of a will or through Intestate Succession Act
o Property owned through a nominee
3. Not an owner of more than 1 market or any industrial property
4. If any 1 market or any industrial property is owned, one should have no other sources of income
Remaining Lease• The loan amount depends on the longevity the remaining lease able to cover from one’s youngest age to 95 years old.
• You can use these online calculators to plan your budget:
o Resale Financial Plan
o Sales Financial Plan

Home key

#3 3 Types of Loans: LTV, MSR, TDSR

Loan-to-value limit (LTV limit)

LTV limit is the maximum percentage of one’s property worth value you are permissible to pay with loan funding. Generally speaking, it could be equal to 90% of property value inasmuch as the remaining lease of the assets you wish to buy is sufficient for you to depend on until 95 years old. If you are going to apply for a BTO flat, your LTV limit will most definitely equate to the 90% of property value. This is because a BTO flat comes together with a 99-year lease.

Mortgage servicing ratio (MSR)

For MSR, an applicant is only allowed to pay off the 25-years HDB loan with up to 30% of income.

Total Debt Servicing Ratio (TDSR)

The rule-of-thumb with TDSR is that, if you are free from any debts, this will not be applicable to you and your application. By right, not any more than 60% of your monthly income should be set aside in paying off debts. This includes most (if not all) an ordinary Singaporean commitment such as; housing loan, car loan, credit card installment even.

Hence, if let say you are earning a fixed income of $5000 per month, your TDSR will be:

60% of %5000 = $3000

From the amount of your TDSR, if you are already committed to paying off debts up to $1200 monthly, this brings to $1800 left. Meaning to say, you are only eligible to apply for an HDB loan with a maximum of $1800 repayment per month. If we were to assume you are taking the HDB loan for its full term 25 years long tenure, the maximum amount you will be able to borrow is:

$1800 x 12 months x 25 years = $540,000

Bear in mind, similar to the MSR, only 70% of your variable income will be included towards the TDSR.

Happy family

#4 Now… How do I apply for the Letter?

Now, your HLE letter application will start logging onto the HDB website. In the process, you will be required to fill in your necessary particulars along with the needed documents. This may include your payslip in order to prove your income or a record of your CPF contribution history.

When you want to apply for your HLE letter, do it at the right time. Overall, the complete application may take a span of time of 2 weeks, for this reason, it is best and highly recommended for you to apply it in advance before you decide to reach a verdict for your dream HDB flat.

Next, when your application has finished, went through and succeeded (hopefully), you may have a look and retrieve your own copy of the HLE letter from this link. If you wish to keep track of your application process, you may do so on the same platform.

Loan application folder

#5 What Documents Should I Prepare When Applying?

For the inquiry, below are the documents you are expected to present when making your application for HLE letter:

Before that – one thing to be noted, HDB will require different types of documents with people from different backgrounds and commitments. Therefore, to make it easier, just get this – the lower your income is, the more documents will be needed by HDB to approve your loan.

For applicants who are an employee with CPF contributions:

  • Latest three months’ payslips
  • 15-month CPF history

For applicants who are an employee without CPF contributions

  • Latest 12 months’ payslips
  • Latest 12 months’ bank statements
  • Credit Bureau report

For applicants who are self-Employed

  • A valid Accounting and Corporate Regulatory Authority (ACRA) Business Profile computer or a valid license of business/trade
  • Latest notice of assessment from the IRAS or a Certified Annual Statement of Accounts from an audit firm

For applicants who are commission-based and part-time workers

  • The Commission statements and payslips for the last 12 months
  • Latest 15 months’ CPF history
  • Credit Bureau report
  • Latest 12 months’ bank statements

For odd job workers

  • Latest Notice of Assessment from the IRAS or a recent letter from the employer certifying your job designation, commencement date, and your commission/salaries for the last 12 months
  • Latest 15 months’ CPF history
  • Credit Bureau report
  • Latest 12 months’ bank statements

For applicants who are a pensioner

  • Latest 3 months’ payslips or a recent letter from the previous employer stating the monthly pension received for the last 3 months
  • Credit Bureau report
  • Latest 12 months’ bank statements

For applicants who are

  • If you have been unemployed for under 3 months, you are to prepare the previous pay slip of your gross monthly income from the months you were still working and state the last day of your service with the last 15 months’ CPF history
  • If you have been unemployed for more than 3 months, you are required to submit a Statutory Declaration, which is attainable through the HBD hub loan counter or from any HDB branch

With that said, below are the important reminders for you. Be VERY sure to apply your HLE letter as early as you can, this because, it is very much needed when you:

  • Reserve a new flat from HDB
  • Wants to purchase from a resale flat seller
  • Applies to take over the ownership of a flat (by way of transfer)

Important to note, there will be no mortgage loan financing for an applicant who wishes to buy a 2-room Flexi flat on a short lease coverage. This is because you will have to go to the place with your own cash or CPF savings. To add to that, couples who fulfill the criteria of applicants and are applying for the first time – those who are both full-time students or National Servicemen, or completed their studies or National Service in the last 12 months before their application, they may be exempted from any income assessment by HDB until just before key collection.

Loan Papers

#6 If I have Gotten My Letter, What’s Next?

Firstly be reminded that if you are to apply for an HDB flat without the letter, or a letter that is validated, you will not be eligible to apply for an HDB housing loan in the future. Secondly, as said earlier on, your HLE letter has a lifespan of 6 months before it expires from the issuance date.

Now, how are you going to put your letter in use? This is how:

  • When you buy an HDB flat
  • When you resell an HDB flat

Specifically, your HLE letter will be much needed when you book your BTO flat. Also, within the period, you will also need to settle your down payment and other miscellaneous fees. Your down payment cost is usually more or less of 10% of the overall purchase price.

Going forward, when you can finally collect your keys – which may take about 2 years (or more), your existing HLE letter may be expired. Of course, you will have a validated one – hence, be alerted of when your first letter expires and apply for a new one when the time comes. Be sure that by then, you are still financially stable and meet the criteria.

The loan funded to you is repayable by cash or through your CPF account. The important details you will be aware of are:

  • Total loan amount
  •  Amount of monthly repayment
  • Period of tenure
  • Interest rate

By now, we would assume you are quite ready to apply for your loan and grab your dream house! As hassling as all of this process may be, it is just as essential as getting the home you dream of owning. With no further ado, you can now go house-hunt! We wish you the very best of luck with it!

If you enjoy your read, don’t forget to share the article on your other platforms. With all that said, if you are in any circumstances needing immediate cash or financial help, you may visit 365 Credit website – one of the most trustworthy moneylenders in Singapore.

Know About Singapore’s Moneylenders Act

When you find yourself in a troubling financial situation, you might want to seek additional financial assistance. This help can be obtained by borrowing from a licensed moneylender. Whether it is for emergency situations to cover medical bills, funeral expenses, or if you are looking for house renovation loans to finance your house, applying for loans come with its terms of agreements.

Thus, it is crucial for you to know about the moneylenders act if you do not want to find yourself in a more perplexing situation. If you end up participating in an unlawful business exchange with an unlicensed moneylender, this could potentially worsen your problems rather than helping to elevate your current financial crisis.

By being well-equipped with the knowledge on the money lending activities, you can ease your way out of any potential harmful problems. Here’s what you need to know:

What is a Moneylenders Act?

Moneylenders legislator

Firstly, it is of paramount importance for you to know what exactly is a Moneylenders Act? This act was created to regulate and control the business of moneylending, as well as to provide the borrowers protection from any kind of problems while in the pursuit of moneylending. Under this act, it has provided guidelines for moneylenders to operate ethically.

The most crucial and important factor to take into consideration is that a moneylender service must be licensed. According to the Singapore’s Moneylenders Act, no entity can carry out the moneylending business in Singapore, whether as principal or as agent, unless if they are:

    • authorized to do so by a license
    • an excluded moneylender
    • an exempted moneylender

Although a moneylender service should only be operating under license, there are also prohibitions that these licensed moneylenders must oblige to.

Some of the unacceptable practices that a moneylender should not do are as follows:

Moneylender agent discussing to his client

      • Enquire on your SingPass ID or password.
      • Keeping your personal ID documents such as your NRIC card or passport.
      • The usage of verbal aggression or giving threats.
      • Allowing you a loan despite not explaining the terms clearly or providing you with a copy of the loan contract.
      • Practices usury by granting a loan without due diligence (with no proper essential supporting documents).
      • Retain the supposed amount of loan for the borrower without a solid justification.
      • Making you sign a contract for a loan that is blank or incomplete.

If you encounter any of these practices, you should directly report to the Registry of Moneylenders at the Ministry of Law.

While it is noteworthy to be aware of the unfair money lending practices, you should also be well informed of a good moneylender service. So the question here is, what exactly constitutes a good moneylender?

Before you opt for the service of a moneylender, you might want to ask yourself these questions:

Moneylender Agent

    • Has the government granted them a legit moneylender license?
    • What is the duration of the moneylender service in the industry?
    • Do they have positive or negative reviews from previous clients?

A credible moneylender should have the following characteristics:

Moneylender agent shake hand with client

    • Have a valid moneylender license
    • Offer fair terms and conditions
    • Have a good and credible level of experience
    • Provides fast and immediate response and/or approvals
    • Transparent on the loan fees
    • Responsive to queries

If, by chance, the moneylender service that you are involved in are harassing or threatening you for debt collection, this can be considered as unethical. Thus, what you can do if such instances happen is by lodging a report to the Registry of Moneylenders at 1800-2255-529. An online complaint can also be made through a feedback form available on the official website of the Ministry of Law Singapore.

To lodge a complaint, you have to provide information about the moneylender such as the name of the business, their license details as well as the contact number. If the matter of issue worsens, you might want to lodge a police report.

So, what now?

Once you’ve successfully identified a good moneylender and managed to secure a loan, what do you do? It is a given that you have to always return what you borrow. Unfortunately, unexpected circumstances may happen and you might be unable to do repayments on time. To overcome a situation like this, you can first try to negotiate with the moneylender to get an extension for the dateline or to issue a refinancing plan. However, it is best for you to do so prior to getting a loan in the first hand.

Keep in mind that a borrower can be legally sued by moneylenders should they consistently fail to pay back the loan. Furthermore, if the amount of the debt sum up to a minimum of $15 000, the borrower is liable to be filed for bankruptcy that will inevitably increase the debt amount.

On another note, if the accumulation of debts do not go over $100 000, you can opt for the Debt Repayment Scheme (DRS), an alternative provided by the Ministry of Law’s Insolvency Office that can help you to resolve your outstanding debts. This can help prevent legal action to be taken to the borrower of unsecured loans unless the court has granted permission to do so.

Conclusion

Moneylending service comes with its own perks as well as its downsides. It’s important for you to be well aware of what you are signing up for. If you are planning to take out any kinds of loans, it would be best to have a consultation first with your closed ones; family and friends if it is really the best thing for you to do. Once you are certain, you can head out to take a loan according to your needs. Be sure to make informed decisions so that you will not regret later.

If you want to find out more on the type of loans that you can apply for, head over to 365 Credit for further consultations on financial assistance.

A Guide For Getting Short Term Best Payday Loan Singapore

Before we dive in-depth into payday loans, let’s discuss the basic definition of payday loans first. A payday loan can be defined as a kind of temporary or short term borrowing in which a lender will provide credit to a borrower that is based on their income. Payday loans generally have a high interest, and its principal is based on a part of the borrower’s upcoming paycheque. Payday loans impose high-interest charges for immediate funding and they will provide borrowers with instant cash. These financial loans are also known as quick cash loans or advance check loans. In the next section, we will discuss how you can borrow money cheaply through payday loans:

How to obtain a cheap payday loan

Payday loan companies are usually small credit providers utilizing physical offices and branches that make it possible for them to conduct on-site credit approvals and agreement. A number of payday loan providers might also be obtainable by means of applying online through their website. There are a lot of options for getting short term loan Singapore, you just have to be patient when searching for the right payday loan company.

To accomplish an application for a payday loan, a borrower needs to present a payslip given to them by the employer or company that they are working at currently. The payslip needs to have important information, such as the name of the borrower and their current income on the job. Payday loan providers generally base the initial size of the loan on a portion of the income of the borrower. This is to make sure that the borrower can afford to settle the loan when their payday comes. There are also payday loan providers who take the wages of the borrower to serve as collateral. This is done by requiring borrowers to surrender their paycheck or ATM that is used for payment.

Other variables that affect the terms and conditions of a loan include their credit history and score, which is extracted from a credit background check when the borrower applied for a loan.

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 The advantages of payday loans

1. Short term payday loans are easy to be qualified for

The main benefit of payday loans is their ease of qualification. Actually, a lot of cash advance loan companies guarantee to provide cash within just a single day. They also guarantee a quick lending conclusion, so that you will know if your application is approved or not in a speedy manner. This allows borrowers to obtain instant cash, which is perfect for those needing money right away. There are even some lenders that are open 24/7, and some offer applications and approvals carried out through the internet. This means that if you need to have money on a Sunday, or any other time in which there are no banks open, you can always turn into payday loan providers and they will be able to help.

As opposed to regular loans, which could take too long to make an application for, these payday loan requests normally take as low as 5 minutes and a maximum of 1 day, adding up to their already speedy process.

2. They have less prerequisites compared to other loans

Standard loan companies generally demand proof of income from your employer, Social Security number, ID pictures, a credit assessment and will first confirm your capability to pay back that loan. Contrary to regular personal loans, the majority of payday loan providers have much less prerequisites to submit.

Usually, all the requirements for applying to a short term payday loan is to be of legal age, possession of valid IDs issued by the government, have a job or other regular revenue stream, and a bank account on your name.

Although having reduced prerequisites allows for cash to be obtained faster, take into account that the extra demands from banking institutions and other loan companies are being used to protect the borrower.

Payday loan providers do not look at your credit history

As opposed to regular loans in which you need to have an excellent credit history to be accepted, payday loans seldom demand a credit rating check. However, this also goes both ways. Even if you pay your payday loans on time, they will rarely help you in raising your credit score. If you want to build your credit rating, you will have to take out loans that will analyze your credit score.

Lady handling cash and house at her hand

Can foreigners avail of personal loan while in Singapore?

Yes, there are banks who offer personal loans for foreigners on Singapore, provided that they possess a valid visa for work. One such bank is Citibank with its HSBC personal loan. Their loan needs foreigners to be a holder of P1, P2 or Q type employment pass as a requirement.

Payday loans do not require any collateral

As opposed to vehicle financing, mortgage and even some regular loans, payday loans are generally not guaranteed through personal property as collateral. This ensures that even if you did not pay off the loan, the lending company cannot take your property as a result.