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3 Reasons Salary Loans are Better than Payday Loans

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In the lending arena, salary loans are practical choices for employees. They have variable amounts and offered on regular basis. Some people think that payday loans are better …

Is a Trust Necessary for Individuals With Few Assets?

With the recent news of the death of music legend Prince Rogers Nelson, Living Wills, and Living Trusts are major trending topics. Many people believe that they need …

The Types of Personal Loans You Need To Be Aware Of

There are various reasons why people taking out personal loans. Whether you are planning a wedding, furnishing a new home, dream vacation bucket list, medical treatment, …

3 Reasons Why Microfinance Loans Can Work for You

Microfinance loans are some of the most underappreciated loans in the world. These types of loans are available in urban areas, small towns, and far provinces. …

Assets

Common Mistakes When Managing your Finances

BORROWING MONEY is usually the age-old solutions of many when it comes to covering up expenses that can’t be paid. With a little understanding about money …

Borrowing Money the Right Way

It is a fact of life that one day you have a lot of cash and none the next. This is especially true for business owners …

3 Reasons Salary Loans are Better than Payday Loans

In the lending arena, salary loans are practical choices for employees. They have variable amounts and offered on regular basis. Some people think that payday loans are better …

Borrowing Tips

Borrowing Money the Right Way

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The Types of Personal Loans You Need To Be Aware Of

There are various reasons why people taking out personal loans. Whether you are planning a wedding, furnishing a new home, dream vacation bucket list, medical treatment, …

What is The Ideal Credit Limit

Many cardholders often take on owning a credit card without really considering the responsibilities that go with it. Credit cards are very effective means of convenience and security …

In What Ways To Keep A Good Credit?

A credit score is primarily based on your credit report information which typically sourced from credit bureaus. It also represents the creditworthiness of an individual if …

Credit Lines

What Are The Costs of Bad Credit

Bad credit has no particular range. It is a matter of viewpoints that vary from each money lender singapore. It may one of the moneylenders consider …

What is The Ideal Credit Limit

Many cardholders often take on owning a credit card without really considering the responsibilities that go with it. Credit cards are very effective means of convenience and security …

In What Ways To Keep A Good Credit?

A credit score is primarily based on your credit report information which typically sourced from credit bureaus. It also represents the creditworthiness of an individual if …

Common Mistakes When Managing your Finances

AssetsFinance BlogMicrofinance

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BORROWING MONEY is usually the age-old solutions of many when it comes to covering up expenses that can’t be paid. With a little understanding about money budgeting, balancing income and expenses and investing time to understand how your finances work is all one need to pull him out of repeatedly going to a money lender singapore to solve his expense problems. The following are just some of the common mistakes an individual should be aware of and avoid when budgeting and controlling his finances.

Mistake #1: CREDIT and Credit Card to solve expense problems

It’s funny that when individuals discover that their expenses are more than what they make, the first solution is to borrow money to cover the expenses that cannot be paid. This is like putting out a fire with gasoline. Remember that frequent use of credit to cover expenses will only worsen your debt situation.

Mistake #2: Not Keeping Track of Daily Expenses

In order for a good budget to work, there is a need to track daily expenses. This will help realize, where all the money is going and this is a good way to find a leak in your budget and find out where you and/or the family is overspending.

Mistake #3: No Savings is put aside

To most earners, savings is not a priority or if they ever do save, it is spent almost immediately. Savings should be a made a priority if you want your budget to work. Just think of it this way; consider saving as an expense that you would have to pay a certain and specific amount each month and that same should have payment terms of say 24 months. If you will put aside about 5 to 10% of your earnings to savings, can you imagine how much you can save in 24 months?

Mistake #4: Juggling your Expense Money.

Never use your utility expense money or grocery money for other purposes like buying a new tire. Always make it a point to use the money for what it was originally intended for or you may just end up with higher credit balances.

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Managing Your Financial System

Finance BlogMicrofinance

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Being a single parent is hard and it demands a lot of time and effort to balance being a professional and a single parent. Most of the money is being spent on basic necessities such as food, electricity, water and if you have kids, school expenses. It is an undeniable  fact that a single parent is having a hard time managing their finance system at home, knowing that they are the only one who provides support to their children, but when time tests you financially, you will do everything, even loan online to a reputable company, to survive and pass through hindrances you are into.

What can you do to manage your financial status? Here are some tips on how you can manage your financial system:

List Down Unnecessary Things

As a single parent, you should be very meticulous about where your money is going. Listing down insignificant things that can help you save a little amount of money, but what if that certain amount of money will do nothing on your end? If you are responsible enough to do your financial management, you can apply for an online loan to back you up your expenses. You just need to fill up some forms and process necessary requirements, and your loan may be approved if you have a good financial credibility and self-responsibility. Always remember, being responsible means everything in this harsh financial world.

Budgeting

In budgeting, the ranking of needs and placing money on top is a very difficult task, however, some bills are not constant enough to be in line with your budget. By analysis, you will be able to see what things consumes and cost more. If you are sleeping with your air conditioner on at night, you might set it in a certain limit of time, because the cost of electricity is measured Watt per hour. If you want to have an emergency money in your budget, you might want to consider lending companies that offer online loans, such as Licensed Moneylenders Bugis. You can easily apply for an online loan if you have a credible financial status, which will gain the trust of the money lender singapore.

Financial Planning

If you want to have a smooth financial plan for your family’s future, what you can do is save money and use it for emergency purposes only. You can also apply for an online loan to back you up on your finances. It will help you a lot in boosting your financial health.

As a single parent, timing and responsibility is everything, because you are the only one who will establish a living for your family and you will do everything to survive in this world.

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Borrowing Money the Right Way

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It is a fact of life that one day you have a lot of cash and none the next. This is especially true for business owners who actually have the experience of dealing with erratic cash flow. It’s different when it comes to fixed income earner. Their income comes in steadily each month but their problem is keeping the income within the expenses they incur. However, both individuals (businessmen and wage earner) usually have the same route when both are short on cash. They tend to borrow money from financial institutions or from any money lender singapore that they can find. BORROWING money is really not that bad as long as you know how to do it correctly. Availing loans is a good thing as long you use the proceeds to better your future.

Never Borrow Money without Initially Analyzing your Financial Situation

We can always accept the fact that love can be blind. But when borrowing money, make sure that your eyes are wide open. Before even contemplating on filing for a loan, thoroughly study and analyze your earnings and income sources. Make a good estimate of your monthly earnings to find out if you can manage the amortization payments for a short-term loan and/or interest payments for a long-term loan.

Following Repayment Terms

Make sure that when you sign the loan agreement, you will be able to repay the debt on the specified repayment date or able to remit monthly amortization payments without fail. If you even have the slightest doubt that you may have a problem paying the loan, it would be best not to borrow and find some other means to solve your financial problem.

Using Borrowed Money for Future Profit

Never use borrowed money to purchase personal luxury items. Borrowed money should be considered as a tool to build future profit. For instance, Borrowing money to purchase a home or other property would turn out to be a very good investment because the money that you will use to repay the loan would be a lot less from the appreciated value that you will earn from the property that you bought.

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3 Reasons Salary Loans are Better than Payday Loans

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In the lending arena, salary loans are practical choices for employees. They have variable amounts and offered on regular basis. Some people think that payday loans are better than salary loans, but this is not always the case. It’s true that you can get a payday loan within a few hours and the approval rate is high, but you need to suffer the high-interest rate and weekly repayment terms.

Tolerable Interest Rates 

Salary loans have better interest rates than payday loans. If you pay your dues on time, you only need to shell out 5-10% monthly interest. This is a common rate, though some money lender singapore change the percent according to their needs. Payday loans, on the other hand, have a weekly interest that can reach as high as 60%. If you can’t pay back properly, you need to cover stressful penalty fees and other charges.

Positive Feedback

Due to high interest and suspicious processing, payday loans had a bad rap in the past years. Many payday lenders charged their borrowers with monumental fees, leaving most of them trapped. With properly regulated salary loans, you don’t have to worry about predatory lending. Salary loans have positive feedback and recommendations from many financial experts. You can use these recommendations to find a licensed money lender singapore who offer payday loans with the best deals. If you want to take the safest route, you should get the salary loans offered by banks.

Better Lender Support 

Money lender singapore, particularly banks, have great support for salary loans. Occasionally, you’d encounter salary loan lenders who offer privileges along with their loan options. These privileges can be discounts, interest leeway, freebies, perks, rebates, and other useful bonuses. Banks are even adding more support options in order to attract more borrowers far and wide. Payday loan lenders don’t have frequent support. They just offer the loans to borrowers and go about their business. But things are changing now – some online licensed money lenders in Singapore are offering new options for their borrowers.

The best salary loan is the one that combines all three reasons or can even go beyond. While there are hundreds of salary loan lenders today, only few can really give the best deals. So, keep your choices open. Better yet, simply create a small list of salary loan lenders and take your pick from there.

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Is a Trust Necessary for Individuals With Few Assets?

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With the recent news of the death of music legend Prince Rogers Nelson, Living Wills, and Living Trusts are major trending topics. Many people believe that they need a Living Will and this is correct. Everyone needs to have a current and valid Will on hand to ensure their assets and final affairs are taken care of if the unthinkable happens. However, many people mistakenly believe that a Living Trust is not necessary if they are not wealthy. This is incorrect for several reasons. If you have any of the following considerations, a Living Trust is a must-have.

Young Children

The best way to ensure that your assets are used to take care of your minor children if you pass away is to set up a trust now. Your trustee will then be charged with using your assets only for the care of your children, in a manner that you can specify within the trust documents. This will ensure that no matter how much money you leave for the care of your children, it will not be misappropriated for other uses.

Elderly or Disabled Family Members
Having a trust on file is also important if you have elderly or disabled family members that are dependent upon you for care. Your trustee will use your assets to care for your dependents in the manner you specify, and you don’t have to worry about these assets being misused or stolen by people that don’t have your heirs’ best interests in mind.

Incapacitation

Whether you have a huge fortune or a small nest egg, you should ensure that your assets will be used to care for your needs in the event you are injured, disabled or otherwise incapacitated. Establishing a trust now will cover your medical costs and other living expenses that insurance and disability benefits won’t cover. Anything left after you die will then be distributed among your heirs as you wish.

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The Types of Personal Loans You Need To Be Aware Of

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There are various reasons why people taking out personal loans. Whether you are planning a wedding, furnishing a new home, dream vacation bucket list, medical treatment, powering up your smalls business and paying for education, getting your financial life on track, most of this goals require money. With some sound of planning, there are ways a personal loan can help you achieve these dreams and much more.

It is easy to get a personal loan since many money lender singapore offer an attractive package and flexible paying terms with low-interest rates.

The following are some key tips for choosing a personal loan:

  • Know your credit history before applying for the loan
  • Plan your budget beforehand
  • Decide only the amount you need and not in excess
  • Check out the interest rate and flexible paying terms on the loan
  • Understand all charges associated with the loan such as prepayment penalty etc.
  • Be careful about the risks involved, in case of secured loans
  • Medical

Paying your medical expenses for being diagnosed with a terminal condition, need for medical attention and treatment or operation this may not always happen by choice. And you need to be able to cover the cost in the time since you might not be prepared for the final hospital expenses and even having a healthcare is very limited. A personal loan can help you to obtain the treatment and another additional cost so that you can focus on your recovery.

  • Powering up a business

In case you are the owner looking to expand your current operations and get the equipment you need that can help to power up your business to be more productive, a personal loan in the form of a business loan might be a good way to help you get things sorted out in a short order.

  • Holiday Adventure/ Travel Vacation

Going on the trip of a lifetime is one emerging fun for most young people to experience and explore the world but, unfortunately, it’s not easy to do this while paying your bills and rent. A personal loan can turn your dream holiday into reality. Also, can help you take advantage, you can ahead of affordable airfares and make that trip of a lifetime.

  • Wedding

Paying for your big day to be a day to remember. A wedding day is an auspicious occasion in one’s life. Couples always wishes have a perfect wedding plan, a radiant venue with a lavish variety of food can prove quite expensive. A personal loan is one of best option can help young couples to overcome their financial hurdles for their dream wedding.

  • Home renovations

Our home is one of the important part of our life and something you can invest in and enjoy for a long time. Thinking taking advantage of a home improvement and creating a space for the home office to run your own business can add joy and boost your property value. Using personals loan for home renovations can be a smart way to help you.

  • Debt consolidation

If you having a hard time to keep on track to manage your multiple debts can be tricky. Consolidating all of your debts into a single loan is a right way. A personal loan used for debt consolidation purposes can help you repay what you owe more efficiently .

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3 Reasons Why Microfinance Loans Can Work for You

Finance BlogMicrofinance

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Microfinance loans are some of the most underappreciated loans in the world. These types of loans are available in urban areas, small towns, and far provinces. In a basic sense, microfinance loans are targeted towards the poor but they can also work for individuals who need dire financial assistance.

If you need money and you’re doubtful about getting a microfinance loan, you should check out these reasons. They can possibly change your viewpoints about the nature of microfinancing.

Useful for Small Business Owners

For small business owners who want to set up shops, microfinance small business loan Singapore is useful. With marginal premiums, small business owners don’t need to break their backs in order to repay. Rather than approaching a bank or a money lender singapore that has strict application methods, you can just approach a microfinance firm. The application process won’t take long and the funds will be released in just a few days.

Low Interest

Compared with other types of standard loans, microfinance loans have relatively low interest. Since they’re targeted for rural areas, families can apply without a hassle. Bank-issued personal loans have higher interest than microfinance loans. If there’s more than one microfinance lender in your town, you should pick the option that can offer the lowest rate on manageable terms.

Availability and Ease of Application

Microfinance loans have higher availability rates because people can repay them on time. Many microfinance lenders have also entered the market because of the people’s needs. In various areas around the world, microfinancing firms are as common as regular offices. This simply means that the demand for quick loans will continue to grow. You can even find microfinance lenders in Facebook and start inquiring from there. This makes the process a lot easier.

Before applying for a microfinance loan, keep your government documents ready. Since money lender singapore are not that strict, you’ll probably need only two documents as income proofs.

Once you utilize the benefits of microfinance loans, you’ll have extra cards to play whenever emergencies occur. These loans can also be helpful if you think you’d be staying in one rural area for a long time. Visit microfinance sites today and file your application!

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What Are The Costs of Bad Credit

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Bad credit has no particular range. It is a matter of viewpoints that vary from each money lender singapore. It may one of the moneylenders consider your credit score as poor while others will put you in the range of subprime.

By way of maxing out your credit cards and ignoring your bills, it would not dawn on you that your credit might be affected. The timeliness of your credit card payments and the amount you’re carrying would have the biggest impact on your credit score. Your credit score will plummet if you mess up in these areas.

Having a bad credit score, your loan application might be decline or your loan company in Philippines will provide a lower amount of loan. If for instance, you need a certain amount of cash for your house improvement, business, studies or health issues, you may not be able to have.

Here are some of the most common costs of bad credit.

  • Credit card and loans

The worse your credit, the more trouble you might have qualifying for new credit cards. It means having a low credit indicates you’re a riskier borrower than someone with a better credit score. Creditors and lenders make you pay for this risk on conditioned to that by charging you a higher interest rate if you’re approved for a bad credit score.

  • Difficulty purchasing a car

Money lender singapore and banks check your credit history before giving you a car loan. If you have a bad credit, you might be declined a car loan altogether. If you’re approved you’ll likely have a high-interest rate.

  • The difficulty of starting a business

Lots of new business need loans to help the fund of their start-up. Unfortunately, If you have bad credit can limit the amount you’re able to borrow to start a new business, even if you have a solid business plan and supporting files for your business success.

  • Security deposits on utilities

Utility companies (electricity, water, phone) – will check your credit as part of the application process. If you’re dealing with bad credit, as utility companies will most often require a security deposit first before to establish service in your name, even if you’ve always paid your utility bills on time.

  • Home Loans.

If you have bad credit can easily prevent you from getting a home loan. If you do qualify, your interest rates will definitely higher.

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What is The Ideal Credit Limit

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Many cardholders often take on owning a credit card without really considering the responsibilities that go with it. Credit cards are very effective means of convenience and security for a cardholder. The downside is when a cardholder forgets the responsibility of owning a credit card.

We must always remember that a credit card is a pre-approved debt that is granted by the issuer to its cardholder. This allows the cardholder to make purchases with different merchants, supported by a cardholder’s promise to its issuer that they will pay at a future date. With this agreement, an issuer allows the cardholder to purchase at a certain limit. This limit is based on the issuer’s evaluation of the cardholder’s capacity to pay and credit standing.

Often, an issuer grants a credit limit to its cardholder which is a bit high. This is where responsibility in managing the credit limit is important. As much as possible, request your credit card issuer to put a credit limit that is around 80% of your monthly income. This will allow you to have the capacity to liquidate the entire debt if you need to. A credit limit beyond your income is not bad at all as long as you know how to manage your debt properly. An example would be setting rules with regard to your card usage and debt you allow to be charged to your credit limit.

There is a certain amount of debt you have to maintain with your credit card which is compared to your credit limit. This is called your debt-to-limit ratio. This debt-to-limit ration is very important to credit companies and is actually being used to evaluate the cardholder’s credit standing. An ideal debt-to-limit ratio is 30%. This means that if you have a credit limit of $10,000.00, try maintaining your expenditures within the $3,000.00 range. This allows the cardholder to raise your credit scoring and gives the creditors an idea of you being able to manage your finances. This will grant you a low-risk score for creditors.

Properly managing and maintaining a reasonable debt-to-limit ratio allows you to manage your finances better.

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In What Ways To Keep A Good Credit?

Borrowing TipsCredit LinesFinance Blog

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A credit score is primarily based on your credit report information which typically sourced from credit bureaus. It also represents the creditworthiness of an individual if you seriously delinquent on your credit obligations in the 24 months scoring.

Money lender singapore used credit scores to determine the potential risk posed by lending money to consumers and to mitigate losses due to bad debt. Also, to evaluate if the borrowers if qualify for a loan, at what interest rate, and what credit limits.

  • Limit your applications for new credit

Attempt making multiple loan applications will be labelled as a credit hungry for cash. If you badly need a cash go to various money lender singapore to get a loan, and this will look as bad for future potentials lenders as they can also check your enquiries in your credit history. For those who really have to do a couple of loan applications, have an interval. Avoid getting a house loan and another personal loan if in case you realize you need more cash for down payment.  You can acquire your home down payment from Central Provident Fund (CPF)  while if you would like to get a Housing and Development Board (HBD) flat, then use a personal loan to pay other costs as personal are more flexible than house loan.

  • Pay your statement diligently

Avoid ignoring your moneylender’s letters to remind you of your payment. One way to ensure your payments are on time is to set up auto-payments or set up electronic reminders. Lenders typically look for a proven track record of timely payments. When you have short come for the scheduled of payment, instead of hiding and defaulting you can tell them ahead of time.

  • Take a small loan and repay

Even you have a bad crediting, one way to repair it is by taking a small loan and repaying straight diligently. It would take some time, perhaps a year or two, yet it will help in the long run and you will be able to get a higher loan. You will possibly get a loan at S$500 without worrying about your credit score, though you will expect most lenders to give a higher interest rate.

  • Don’t default your loans regardless of the amount

Failure to repay your low interest personal loans, you might not be able to get another loan anymore. It would be impossible to get a home, car or student loan. If they had been found out you with a spiraling debt and you think it might be impossible to pay all your loans, you can have your debt consolidated and get in touch with the credit counselor.

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