How To Find The Best Clementi Money Lender In Your Area

Finding a good money lender in Singapore that will not try to lead you into a debt trap is hard, but it is not impossible. In this article, we will guide you on how you can find the best money lender that is best for you. It doesn’t matter if you are looking for a moneylender in Clementi or anywhere else, this guide is applicable for you as long as you are located in Singapore. Before we dive in, let’s briefly discuss the characteristics of a good money lender first.

What constitutes a good money lender?

Before we go on our guide on how to find a good money lender, you must be aware of their characteristics first. A trustworthy money lender has got the required licenses and qualifications to provide service and deliver loan products within their area. A reputable loan provider should offer fair terms and conditions on the loan in addition to providing an alternate settlement system for their customers who have trouble paying. Getting a loan from a reliable money lender is essential for people in search of loan money, especially if their loan purpose is due to an emergency, for business investment, or other acceptable reasons.

Shake hands with cash

Another important factor that money lenders should have is their level of experience. The length in years that a lending provider is operating can give you some insights on whether you will get quality service or not. Keep in mind that when analyzing the experience of a loan company, you must also keep an eye on the way in which they are giving services to their clients. This can be effectively gauge by looking at online reviews by past clients, which will be discussed later in this article.

Now that you know a few basics in what to expect from a good money lender, let’s move on to our guide on finding one. To assist you in your quest to locate a reliable and trustworthy money lender doing business in Singapore, be sure to read our tips and suggestions below:

Lady is writing 

  1. Verify the licenses and permits of the money lender

Before you start filling up an application, be sure that you are dealing with a licensed moneylender first. Check if the moneylender has the necessary permits to operate. If the moneylender you want to get a loan from has a website, confirm the validity of what they claim to be on the internet. Also, you must check if they are listed in the government database of licensed money lenders. This topic will be discussed in depth later in this article.

  1. Check with your family members and close friends

If you have family members and friends living in the same area as you do, chances are high that some of them have experienced getting a loan from a local lending company. With this, you will be able to call for suggestions about the money lenders that they have good experiences from, and the type of loan that they already took.

Your family and friends will provide you with genuinely reliable suggestions, in addition to warnings regarding money lenders that are not good to take a loan from. If you do not have family members or friends who can help you, you can also try reaching your co-workers and business partners. With such a broad network of people to ask from, you will surely get a good suggestion in no time.

  1. Carry out research on the internet

After consulting with your family and friends, the next step you must do is to check out the web. You will find a variety of information and facts on money lenders in Singapore on the internet that will allow you to make a decision. By looking on the internet, you will be capable of getting more info on loan selections, repayments, company details and other stuff that may be beneficial in figuring out if the loan company you want to take out a loan from carries a good standing or not.

A good source of information about the lenders is by looking at their reviews, ratings, and discussions about the loan company and their loan products on community forums. By reading the reviews and forum discussions, you can have a general idea of how the lender operates. Additionally, you will learn about the experience of those who have already taken a loan from them, which will provide you with valuable information. If you see a lot of complaints or rants in the forums, or a lot of low ratings, find out why people are giving such reactions. Generally, you will want to avoid companies with low reviews online. By diligently going through online reviews and internet forums, you will become aware of how good or how bad a loan company is without having to deal with them yourself, saving you a lot of time (and money).

  1. Take a look at government databases for certified money lenders in Singapore

Singapore’s Moneylenders act has given way for a government-maintained listing that contains the record of every certified money lending establishments in Singapore that has received their license from the Ministry of Law. As such, money lenders that are not indexed by that directory are not licensed and are not considered to be legit. If you cannot find the moneylender you are eyeing in the government database, do not take out a loan from them as they are not probably licensed.

By getting your loan from a reliable and trustworthy money lender in Singapore, you will guarantee that you deal with proper procedures without any stress when it comes to repayment conditions and other related agreements.

A guide on finding the best moneylender would not be complete without our own suggestion. One of our recommendations is 356 Credit, a licensed moneylender in Singapore. Get in touch with 356 Credit today! Just visit this link https://www.365credit.com.sg/contact-us/ to find out how to apply for a quick and hassle-free loan. 

Should I Borrow Loan To Pay Off My Credit Card Debt Singapore

Getting another loan to have enough funds for a debt on your credit card is an unorthodox method of paying off debt. It does, however, help you save money in the long run. A personal loan is a good option in paying off credit card debt.

Can I get a loan to pay off credit cards?

What personal loan lenders usually do is they first check your credit score and make sure that you’re able to repay the loan in the stipulated time. 

They will also check your cash flow and ensure that you’ve got a stable source of income for you to qualify for the credit card debt loan repay process.

You should also be considered to be a low-risk client, because if not, then they won’t accept your loan application. 

Frankly speaking, it is hard for you to borrow and get a loan to pay off credit card balance or loan credit card debt. This is especially true if you’ve got a history of late personal loan payment and maxed out credit limits.

You could, however, try having a cosigner to qualify and borrow a personal loan. But this puts their credit at stake. You can also take care of some of your existing credit cards balance first by paying off smaller personal loan credit card debt amounts.

This improves your credit score slowly. But it’s better than having no improvement at all, especially if you need a personal loan soon. And the same goes for unsecured loans. 

Also, expect high-interest personal loan rates if ever you qualify and borrow personal loan despite having current credit card debt.

Is it a good idea to take out a personal loan to pay off credit cards debt?

Getting a personal loan to pay off your credit balances is an option, but is it a wise choice? Before proceeding, it’s first important to know that you won’t get a low-interest rate personal loan if you’ve got a 0% credit APR. In simpler words, you getting high-interest personal loan rates, making it more difficult to pay off credit and loan.

Thus, it’s better if you wait until your 0% interest personal loan rate expires. That’s then the time that you get a personal loan to pay off your credit card debt balance. And be careful of money lenders because most charge a loan interest  rate of 35%.

Also, put origination fees into consideration when borrowing for a loan. It’s best that you stick to paying off your credit balance first instead of getting a rushed high-interest personal loan that’s to be paid in a few months.

There are, however, a few credible credit unsecured personal loans lenders such as 365 Credit that offers justifiable rates and varied loan tenure durations for paying. This gives you a lot of loan choices on how or when you’re going to pay off your loan and complete your payment.

Pay online using credit card

How can I pay off 5000 credit card debt fast?

What’s great about personal loan is that they can be paid off over various time lengths. The amount you pay monthly also varies on your personal loan tenure duration.

This means that you’re going to spend less on the total personal loan repayment amount if you were to pay higher amounts monthly, instead of paying the minimum loan monthly amount. So, the technique here is to pay off large amounts of loan fast. Pay off credit cards debt in the highest possible loan amount you can afford to speed up credit card debt repayment.

But make sure that you can pay off your debt and complete the personal loan payment for the next coming months. Not doing so puts your credit rating at risk.

Getting to borrow a personal loan can also make you credit card debt-free faster if you’re going to spend it on paying off your credit debt. But make sure that you spend within your capability and not get new personal loan balances from your other credit cards.

Getting to borrow a personal loan and spending the money to pay off credit card debt is good if you have full control over your budget. But if not, then you end up owing more for debt consolidation.

OCBC 365 Credit, is, however, a great debt consolidation option if you’re wanting to get a new credit cards. It maximizes rebates for your daily expenditures. Take for example its 6% rebate on meal deliveries and dining, 3% on utility bills, groceries, and transport, and up to a whopping 23% for fuel costs.

You can even get up to S$80 monthly or S$960 annually for expenditure payments of S$10,000 in a year. Not to mention that you are also entitled to get a fee-waiver so you don’t have to pay for annual fees. It’s a great strategy if you’re going to spend around S$2,000 monthly in payments.

Having these incentives means that you get to save money because of the cashback bonus payments. This makes it faster for you to pay off outstanding personal loan debt fast with payment. Also take note of your balance transfer to get a step by step updated personal loans status every month.

You can click here to compare and know more about 365 Credit and what payments to make.

Should I take a home equity loan to pay credit cards debt?

Home equity is another choice to make to pay off credit cards debt or debt consolidation loan balance. But it poses huge risk, especially that your home is used as collateral for your loan payment. However, it does have its own advantages and payment disadvantages.

You can compare them here: 

Pros

  • Home equity loan interest rates, as well as those of home equity lines of credit,  are lower than the rates given by credit cards. This makes it a great loan choice strategy if you want to get the lowest possible rate and pay off credit card debt easily. Be sure, though, that you can repay it so that your home or collateral property won’t be embargoed.
  • The interest for home equity loan payment can also be considered tax-deductible depending on terms of having to pay off and repay your credit card. This isn’t the case for credit cards interests and personal loan when repayments happen.

Cons

  • Getting to choose home equity means you risk losing your home and having your property foreclosed if you fail the payments.
  • You could end up having higher loan and credit card debt when you compare if the value of your home drops.
  • Loan tenures are long to pay, usually 10 years or more, depending on the monthly payments plan you choose and compare.
Moneylender Agent

Conclusion

With this being said, it’s clear to say that borrowing loan to pay off your credit card is a logical choice so that you won’t get higher debt especially if your credit’s interest rate is high. 

Be sure, though, to know all the details regarding the loan you’re getting, as well as your credit rates.

If you’re planning to get one, it’s best you try out 365 Credit Solutions.

 

A Guide On Using Debt Consolidation Plan When You Have A Lot Of Loans

Taking out a lot of loans have their own advantages. You can have varying interest rates, and you can take out a loan even if you have already taken one from another loan company. However, there can be some problems involved in having a lot of loans. Your monthly payment schedules can overlap with each other, leaving you with no space to spend money for your needs. Additionally, taking care of the paperwork for multiple loans can be a nightmare, as well as keeping track of which loan payments are already due. Problems involved with having a lot of debts can be solved by debt consolidation, which will be discussed in this article.

The two types of debt consolidation loans

  • Secured loans

A secured loan is a loan that is supported by your asset that will act as the security for the loan that you take. Because of the collateral, secured loans normally have low-interest rates and are easier to obtain.

  • Unsecured loans

An unsecured loan is a loan that has no collateral, however, they are harder to qualify for. Additionally, unsecured loans generally have higher interests and lower amounts provided compared to secured loans.

Is it a good idea to consolidate your debt?

Debt relief has the ability to modify the conditions or quantity of your debt, allowing you to recover faster from your financial troubles. However, debt consolidation is not a magic solution that can work for everyone. There are some consequences that you have to be aware of before trying a debt consolidation plan to see if it is the right solution for your problems.

Cash on hand

What is the difference between debt relief and debt consolidation

Debt relief could include removing the financial debt completely by declaring bankruptcy. You can also have your interest rate adjusted, or modify your payment schedule so that you will be able to pay all of your loans on time. Additionally, you can even persuade your creditors to allow you to pay below the amount that you still have to pay.

On the other hand, debt consolidation involves combining all of the loans in your name and taking out a single loan to pay all of your existing loans. By doing so, you can take advantage of just having a single loan to pay every due date, reduced interest rates, and worrying about only a single loan as opposed to taking care of multiple loans at a time.

How does debt consolidation affect my credit score?

This is a frequent question by those seeking to consolidate their debts. The answer to this is dependent on the actions you do after consolidating.

Your credit score will have the chance to improve if you are paying the monthly due of your consolidation loan in a timely manner. Always remember that settling payments for debts have the best positive impact on your credit rating. Additionally, you will be in the position to get rid of your outstanding balances or decrease them to below 30 percent of your total borrowing limit. The proportion of credit employed to the total of credits available for you is called credit utilization, which provides a significant impact on your credit rating.

By debt consolidation, you will be capable of broadening your loan profile, allowing you to increase your credit score by having various types of credit in your profile. When consolidating debt, be sure to improve your spending practices and making changes to your lifestyle to avoid taking more debts.

Meanwhile, your credit score will have the chance to go down if you keep using your credit card after setting your outstanding balances. Any increase you got from lowering your credit utilization will disappear easily once your balances increase once again.

Your credit score will also suffer if you are making late payments after consolidating your loan. Applying for loans that you are not qualified for can also decrease your credit score, as well as applying to many loans in a short period of time.

Shake hands with client

Which bank is best for debt consolidation?

After making your mind regarding the usage of debt consolidation, the next step that you must do is to determine the best bank to consolidate your loans.

One step to determine if a bank is good for a debt consolidation loan is if they offer a reasonable interest rate. The normal interest rates that you can expect to be charged on loans for debt consolidations are generally within the 8% to 28% range. If the bank is offering a higher interest rate than that, or if the bank is offering a higher interest compared to the loans you are seeking to consolidate, it is probably a better idea to switch banks that you want to use.

Can I use my credit card after debt consolidation?

To answer this question, yes, you can still use your credit card after consolidating your debt. However, if you have to use your credit card, be sure to be mindful about it. After you have combined your credit balances, you must cease from using them except for emergencies. It is possible to secure or hide them in a safe place, or you can even physically cut the cards if you easily give in to temptations. You must make sure that the balances on your credit accounts remain zero.

Once you get yourself a debt consolidation loan, a good way to ensure all those credit cards continue to have zero balances would be to connect those loans into a bigger plan to become free of debt and make improvements to your financial situation. In case you firmly believe that you have problems in managing your spending, or usually do not think you make use of your credit properly, you can try to look for a reliable financial consultant who will be able to assist and help you in managing your finances.

Are you interested in taking out a debt consolidation plan to solve your financial problems? Taking out a loan from 356 Credit may be the answer to your problems. Visit their website now at https://www.365credit.com.sg/ for more information.