Author: Noelia Nicolas

How to identify registered money lending companies in Singapore?

licensed money lender singapore

Money lending is one of the growing businesses in Singapore. Most of the people desire to have money for their various reasons, whether it is for developing a new home, for setting up a new business or buying a new car or something else. What would be the reason for which you are going for lending money, you should remain alert and careful during the entire process. You should also need to make a proper research in the market for ensuring the security of your loan; after all, it is the matter of your hard earned money.

It is not a big deal for lending money from a licensed money lender singapore company. There is various government registered firms and banks which provides you loans at lowest interest rates. But the only thing you need to before applying for the loan is that make a proper research related to the loan facilities they are providing and whether they are registered or not.

 

How to check whether the money lender is licensed or not?

It is not a big deal to find whether the money lender you are looking forward to borrowing money. Go for detailed verification and check the list of licensed moneylenders in Singapore before borrowing money. Here, we are providing you with some of the things that can make you realize that they are the licensed moneylenders or not.

  • Licensed money lenders have their SingPass user ID which you can ask for verification.
  • Licensed money lenders never go for taking the help of hooligans for recovering money. Instead, they go for the legal procedure for that.
  • Licensed money lenders never go for incomplete note of contract for the loan, instead of it they go for complete paperwork before authorizing the loan
  • Licensed money lenders also provide you with the copy of the note of contract for the loan they are providing to you.
  • Licensed money lenders never go for withholding a part of your principal loan amount of reason.
  • Licensed money lenders have they’re printed as well as online media sources for both businesses as well as consumer directories.
  • Licensed money lenders have their own websites belonging to the money lending including their full address, contact numbers and the different interest rates they are providing to their customers.
  • Licensed money lenders advertise their business through advertisements placed within or on the exterior of the money lender’s business premises. They never ask you for money on the phone or other references.

 

What to do if you got any fraud?

  • If you got any fraud while lending or borrowing money you can do the following things:
  • Register your complaint with the telephone number 1800-2255-529.
  • Your registered complaint does not disclose any details of yours to the moneylender. Instead, you will have to attend an interview with the officials for the regarding information along with documents of proof. The officials will properly investigate the procedure thoroughly and then proper action will be taken against the culprit.

If moneylender has gone with any unfair practice towards you; you can then go to the Small Claims Tribunal Court under the Consumer protection for making your complaint.…

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3 Ways To Save Your Business From Going Bankrupt

Businesses don’t always see light at the end of the tunnel. There can be downfalls. This can be due to poor management, incompetent workers, bad decisions, and other factors. When you find out that your company might go bankrupt, you should take certain steps to save it from sinking.

  1. Find out how much money you must pay to the creditors if you want to stop your company from going bankrupt. Then calculate how much you need monthly to survive. Try to think of ways to pay the creditors and run your family. It can be by selling your fixed asset like holiday home or through some passive income.
  2. Try to reduce the cost of business. You should consider the cost of labor, income tax, office rent, utilities, interest expense, etc. If necessary, you can layoff a number of employees who are taking high salaries, provided that they are not vital to your company. You can shift to a smaller office and reduce office hours to save utility bills, as long as it doesn’t affect the operation of the business too much.
  3. Re-negotiate contracts with people involved in the business like your suppliers, banks, and other parties. For example, you can request your bank to lower the interest rate for your credit or you can ask the leasing company to extend your leasing period.

You have to go through a very hard time to pull your company from this dreadful situation. But you should stay calm and do what is necessary to save your company from going bankrupt.…

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Things to be remembered before borrowing money from a licensed moneylender

People who have planned to borrow money from any licensed moneylenders must know the basic things about the moneylender policies. Also, it doesn’t mean that you need to approach only the moneylenders for borrowing money. There are plenty of sources available from the government financial sectors to help the people regarding money and all. Have it as your first preference before approaching any moneylenders for loans.

Also look for the licensed moneylenders who have the legal authority based on the government rules and regulations. Check with the terms and conditions before lending money from the licensed persons. Try to understand the contract, particulars, payment plans, interest and more. Never get loan beyond your regular income which may cause you problems in future while repaying the loans. Demand the loan amount based on monthly/yearly income which may be a convenient thing for you to repay is as per the scheduled plans.

Interest rates

Check with the official government sites to know the interest rates fixed officially by the government. The interest rate will be fixed around 4% for monthly payments based on the total loan amount borrowed from the moneylenders. The fee amount of the moneylenders also a fixed one based on certain aspects from the licensed moneylenders.

Check license of the moneylenders

  • The most important thing before approaching any moneylenders for loan check the authorized things. First, ask for the user id and password from them.
  • Then check for the details such as personal documents, employment permit and more.
  • Note for the behaviour of the moneylenders too.
  • Granting loans via phone, SMS, email without any legal enquiries.

Some of these factors are not acceptable for any licensed moneylenders. So check for the details as earlier as possible to apply for loans. You can also register your complaints about the unlicensed moneylenders on the government portal as well. Few of the advertisements also shared regarding the loan approvals from licensed moneylender and unlicensed moneylenders. Under the advertisement regulations licensed moneylenders are allowed to advertise via printed materials, online forum and fixed external places.

Clarify the doubts with licensed moneylenders

Before signing up for the loan amounts with the licensed moneylenders should clarify the doubts regarding the terms, interest and schedule, etc. You can ask for more clarifications from the moneylenders as well regarding the loan details. It is your responsibility to ensure everything before getting the approval.

Things to follow after approval

Once you got the loan approval from the licensed moneylenders, you must understand the term and follow the terms until the repayment schedule. Also, check that you have received the loan details from the moneylenders along with the principal money.

You can also register for the unfair practices or contract issues against the licensed moneylenders. So there won’t be any misleading from the moneylenders were encouraged at any stage. Also, follow the loan terms and contracts based on the signup. You can make the complaints with the official site at any time regarding your problems.

At Loan Advisor, you can choose from the best-reviewed moneylenders. All the shortlisting has been taken care of to save you time.…

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4 Things You Should Know As A First-time Stock Investor

Investing in stocks is a good idea if you want to grow your funds steadily. But it is very important that you learn about the market well and not rely entirely on someone else’s decision on whether to buy or sell a stock. As a first-time stock investor, here are some of the things you should know.

Number of stocks to buy

It is better to buy about 15 stocks across various industries to diversify your portfolio. An alternative can be to invest a large amount of money in index funds. You should try to eliminate guesswork as much as possible when you are investing in stocks.

Decision about dividends

Some stocks provide dividends to the shareholders, while others use it for reinvestment towards the growth of the company. Dividend stocks are safe. But reinvestment can get you more money in the long run.

Know the business

It is important to know the business in which you are investing. You shouldn’t invest in something you don’t understand. For example, if you have a background in finance then you are very less likely to understand how a biotech company works.

Know the red flags

You should always be alert to companies that don’t earn a profit or whose share prices decrease all the time. If a company is under lots of debt then also you should avoid investing in that company.

You should always look at the historical pattern of the companies you are thinking of investing in. The history can repeat, so there are lots of things to learn from it. You must remember that learning should be a major part of your journey with the stock market. The more you learn about the market, the better will be your investments. You must invest carefully so that you can be a gainer in the long run.

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4 Types Of Passive Income That Can Make You Grow Rich

Most of us have a full-time job. Some of the money that we earn is usually put aside in a savings account. But you can make good use of this money and earn more from it through passive income. Even if you have some spare time after you come back home from work can be utilized by doing a part-time job. The main thing is that you shouldn’t keep your time or money idle. Here are 3 types of passive income you can generate.

Make YouTube videos

Making videos has become a child’s play. Anybody can make a video using mobile or a simple digital camera and upload it to YouTube. If making YouTube videos is your hobby then you can change it into an earning source. You can do movie reviews, tutorials on any topic, music, etc. and upload them to YouTube. Just attach Google AdSense to the videos. There will be ads in your video and whenever a visitor will click on the ad, you will get money. You must promote these videos on social networks to increase your income.

Affiliate marketing

If you have your own website or blog, then you can earn money through this technique. You can promote a certain product on your site and get paid for the service. You can either get a flat fee or get a commission from the sales.

Photography

If you know photography and think that you are quite good at it, then it can become your source of income. You can sell your photos to sites like iStockphoto or Shutterstock. You can earn by either getting a flat rate or a percentage of the pictures sold.

Write an e-book

You can write an e-book. It will take a lot of effort to write the book, but it will pay off at the end. You will be able to promote your book on your own site or use affiliate marketing to do so.

All these will generate passive income for you if you can take some time to find the right job and do it dedicatedly. You will eventually be able to make a lot of money from it.…

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