Why You Should Never Trail Off With Your Loan Settlements

Money comes, and money goes – this is probably a shared fact that need not be contested anymore. After all, with the continuous rise in prices of basic essentials such as food, housing, gas, electricity and water, you tend to shell out more money out than keep money in. Even as a regular wage earner, there are times when the regular amount of dollars flowing into your bank account just does not keep your monthly living essentials possible. A lot of people turn to personal loans Singapore for that financial assistance in order to make ends meet – literally and figuratively speaking.

Although people who apply for personal loans usually allot the money loaned towards the purchase or payment of life essentials, there are also those who qualify and get personal loans for personal reasons. For parents, more often than not, the money coming from the personal loan goes to the up keep of the house, the kids’ yearly school tuition fees, medical bills, and so on. For the single and non-committed individuals, the money coming from the personal loan may go for the purchase of a designer bag, a 2-way ticket to Hawaii or any travel destination, a brand new car, a down payment for an apartment lease, and so on and so forth. 

There are also those who borrow money just to have enough capital money to start a business. Small-scale business ventures such as fashion boutiques, corner house cafes and hole-in the-wall restaurants require relatively less start-up money, and personal loans usually answer the need. However, when the time comes that you need to pay for your personal loans, make it a responsible and intelligent habit not to miss a payment. What happens when you do not pay your personal loans according to what has been planned is that you are bound to pay more than what you have just borrowed. The danger with money these days is that money is just plain transitory. Some people feel like they can get away with the payments, but truth be told, there are a lot of ways for authorities to track you down and make you pay up. When money is the topic of conversation, there are simply no room for games and cartoons.

Not only do you end up paying enormous interest rates when you miss a settlement payment, you also give yourself a poor reputation. Of course, it does not mean that you will be blacklisted from all loaning agencies in town, but your credit rating will surely suffer. In the business of loans, applicants and prospective loaners are all reduced to numbers. If you have a healthy bank record and steady flow of income, then you are a likely candidate for a loan. If you also keep a good credit rating, your loan application will surely be prioritized by the agency. Credit ratings, aside from the other requirements that you need to present, are a solid basis for your personal loan’s approval and disapproval. If you have plans to be a repeat and regular loaner, you certainly should not mess up with the system.

Personal Loans: When Regular Income Just Does Not Cut

It is strange and unbelievable at the same time at how survival fairs these days. Different folks from different financial backgrounds somehow manage to survive these crucial and financially trying times. Even with the combination of a day job and a part-time affiliation with another company, somehow, a breadwinner can only afford the basic necessities in life minus the momentary need for luxury and add-ons in life. No matter how grand the idea is, we all need a breather from time to time such as a trip to the mall for some retail therapy or a trip internationally for a much needed vacation. When the regular flow of income just does not cut, a personal loan can connect the bridge together.

Applying for a personal loans Singapore is easy just as long as you meet the basic qualifications first. Of course, when applying for a personal loan, you have to be at a working age with considerable financial stability to back you up. Loaning is common to a lot of people who are regular wage earners because they have the capacity to pay back the money they just borrowed. If you are not within the legal working age spectrum or if you have a relatively weak financial record, then you might want to try loaning a little later once you become truly eligible. 

As with all loaning companies’ policies go, you have to be a natural citizen of the country you wish to borrow money from. If you are planning to apply a personal loan in Singapore, then of course you have to be Singaporean in order to qualify. If you are foreign worker in Singapore, on the other hand, you have to have a substantial amount of years of residency in order to qualify. It is importance to note though that that requirement varies from one loaning agency to another. Once you qualify, you need to submit the requirements, and these requirements may be in the form of paper documents such as soft copies of your bank records and transactions, pay slips from your employer and other related documents. 

Also, once your personal loan gets approved, you have to make sure to comply with the settlement plan you agreed on, so you avoid incurring interest rates. Keep a tiny note in your planner when the monthly deadlines are for your loan settlement. If you are issuing checks for your settlement, be wary of the amount that should be present in your checking account, so you avoid having bounced checks. The danger of missing out on a payment is that you end up paying more than what you borrowed, which inherently counters the very aim of personal loans, which is to soften up your situation with the right financial assistance you need the most. With personal loans, you have to have discipline and you have to be strict on yourself in terms of your loan settlement so that when the time comes that you need to borrow more money, you get to keep a satisfactory and favorable credit rating.

Future Plans with Personal Loans

It is safe to say that a lot of us dream big. After all, who would not want to dream big especially if the thought of a progressive and comfortable life equally correlates to stress-free and positive things to come? I guess the idea of having a lavish car, or even several units of cars parked inside your expansive garage and a beautiful 3-storey house is a dream anyone strives for because it is a common scenario in the movies or in television shows. Thankfully, with the help of personal loans Singapore, you can make this vision or daydream a reality.

Applying for a personal loan is different for different kinds of people. Of course, we all have different needs and different financial backgrounds, and that make all the difference. When one has plans to make a loan, one has to inquire well on the requirements and qualifications of the agency. As with all loaning companies out there, there is a primacy towards the current financial status of the potential loner. However, more than that, the qualifications and requirements needed for different amounts of money becomes more stringent and more comprehensive as the amount increases. 

If you are planning at whether loaning 5,000 dollars or 10,000 dollars for a major purchase, the loaning company will surely require relatively less paper work and requirements if you are just aiming for 5,000 dollars than the 10,000-dollar loan. Conversely, if you are setting your eyes on the 10,000-dollar loan, additional requirements may have to be presented first. These additional requirements may include documents such as your employment certificate, several copies of your payroll in the past 6 months, copies of your bank records and a clean and satisfactory credit standing. These additional requirements and qualifications are designed to give the loaning company that peace of mind that you will be able to pay them back the borrowed money. 

 

The proliferation of counterfeiters has undoubtedly made loaning companies pretty much paranoid when it comes to screening potential loaners. Even banks that offer personal loans follow a tight and strict protocol before the money is lent in order to ensure that all transactions done are made in good faith. If you are ever planning of getting a personal loan, just go with the flow and follow the steps, requirements, qualifications and regulations of the loaning company.

It will certainly be a long and ardent process, but just as long as you comply well, you will certainly get that loan you have been planning to have. Another good thing that comes with compliance and having a satisfactory credit rating is that you can tailor fit your settlement plan according to your budget and financial projections. You can choose the number of months for the settlement, but be reminded that you are in for a probably hefty interest rate.

 

With a personal loan, you can surely achieve your dreams, and get the feeling of accomplish something monumental in your life. Gone are the days when you will be staring at the movie scenes, wondering when that magical moment can happen in your life. With a personal loan, your time has surely come.

Repaying On Time - Best Scenario for Personal Loans

Taking out a Singapore personal loan is easy. All you need to do is to apply for the payday loan in Singapore, submit the necessary financial documents, wait for the approval and once you are approved, collect your loan! It is really as easy as 1, 2 and 3. The problem lies when the borrower cannot repay his loan and his problems get confounded.

What happens when you don’t make good on your financial obligations

When you get approved for a payday loan in Singapore the borrower is always tempted to just spend the money and forget about the responsibilities that go with the loan’s approval. Never take out a loan especially if you have no possible way of repaying it. You would probably say that you are borrowing money because you can’t pay for your current obligations.

Unfortunately, it is always a mistake to borrow money to repay other creditors. What you do is talk to your current creditors and ask them for a much lighter interest. Talk to them and ask for their understanding and consideration by probably extending your loan at a minimal interest. These creditors will try to understand and consider because believe it or not, they really want to get their money back.

 If you must borrow, always keep in mind that you need to be honest about the health of your finances.  Do not borrow a big amount especially if you don’t have the means to pay it back. You have to be realistic if you want your loan to really work for you. There are lots of consequences if you do not fulfill your obligations and all of them can get messy and can even make you dig a deeper and bigger grave for your financial health.

Considerations when taking out a Singapore personal loan

If you don’t pay on time, you will be charged not only the interest for your loan but there will be other financial charges such as late payment penalties. There will be a much higher interest rate because of your late payments as well.  Imagine how inconvenient it will be for you and for the people around you if a loan collector comes to collect everyday because you failed to make good of your promise to pay your personal loans in Singapore on time.

The ugliest truth when it comes to late repayment or non-repayment of your payday loan in Singapore is the possibility of having to face the courts because you have been amiss in your repayments for a long period of time.  Remember that all legal actions will have a bearing in your credit history. The lawyer’s fees, both your lawyer and that of the creditors, can and will be charged against you and that is additional money lost because you didn’t repay your Singapore personal loan at the right time.

To spare you of all these horrible scenarios, only apply for personal loans in Singapore that you can repay. Always be honest with the real health of your finances and live within your means.

Applying for a Payday Loan in Singapore

There will always come a time for a regular employee to get low on the budget that waiting for the next payday seems to be an eternity. If you are like a lot of workers who need to make ends meet and yet surviving from one payday to the next is a challenge then you might want to consider getting a payday loan in Singapore. A payday loan is the kind of loan that a worker can get through credit companies that offer short term loans and basically using your salary as the form of guarantee.

How to apply for Singapore personal loan

Personal loans in Singapore are quite easy to apply for because all you need is to prove that you are indeed gainfully employed and able to repay your obligations. When you apply you will be asked to prepare your pay slip for the past three months. Your pay slip is important because this will tell the creditor that you still have enough money left to pay for your payday loan in Singapore.   You will also be asked to prepare for your employment contract so that they will know how much you are earning, your bonuses and other benefits. This will help prove your credit worthiness. The notice of Tax Assessment and your CPF statement might also be required, make sure that you prepare those documents as well.

You will also need to prove that you are residing in Singapore and the way to prove this is for you to bring the utility bills addressed to you including your bank statements – this will prove to the creditor that you are indeed residing in the place where you claim to be residing. The credit officer may also ask you to bring other documents so be prepared to bring it with you when you apply for a payday loan in Singapore. 

If you are worried that you can’t meet the criteria to get the approval for your personal loan in singapore in singapore then don’t worry because you can always bring somebody who is credit worthy and willing to become as your guarantor. The guarantor will be backing you up with the creditor because he is eligible to get a loan approval. If you can’t pay the creditors will go after your guarantor so make sure that you faithfully repay your obligations so that your guarantor can continue enjoying a good credit history.

Dealing with the Accredited Creditors

There are lots of credit companies that offer a payday loan in Singapore. Always deal with the creditors that are a member of the Moneylender’s Association of Singapore so that you know that you are dealing with only the legitimate creditor. Make sure that their Money Lender License No. is visible in their office when you visit so that you can double check it for legitimacy.

However hard you try to budget your money there will always be a time where you run short and the best solution for this problem is to apply for a payday loan in Singapore.