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Licensed money lender interest rate in Singapore

According to an article recently released by in the news last year at November, the government has introduced a plan to cap loans from licensed money lenders in Singapore. Some earlier measures adopted were the 4 per cent licensed money lender Singapore interest rate to all borrowers, which was implemented in 2015.

Where to find a licensed instant loan provider in Singapore?

Many Singaporeans that need fast cash or immediate cash have turned to several loan providers such as the banks, licensed money lenders and even pawnshops in Singapore. In an event of an emergency, many Singaporeans and PRs that have a bad credit history are left with wondering where else can they get an instant loan in Singapore that has a quick and instant loan approval process.

How to avoid costly personal loans?

Most of us have a basic understanding of what a personal loan entails. We understand that in return for a cash injection, we would have to pay back both the initial principle sum plus interest, which represents the opportunity cost and risk incurred in extending the loan to us. As such, borrowers attempt to find low interest personal loans.

When should you consider taking a personal loan?

In an ideal world, you would never need a loan, and be able to live your life perfectly within your means. However, in the highly volatile modern world, plenty of unforeseeable circumstances ruin even the best thought of plans.

Underwriting, How do Lenders Decide Who to Lend to?

Loan applications can appear to be highly vague and opaque processes to most of us. Each applicant receives different interest terms, while some are even rejected by the lender. Which brings up questions such as – why do some loan applications get rejected?

The Differences between Borrowing from Banks and from Money Lenders

When asked to compare banks and money lenders, many of us are often tempted to liken money lenders to the sensationalised loan shark. Indeed, we imagine money lender loans to carry extremely high interest rates, promoted by shady characters and coupled with brutal debt collection methods. However, this could not be further from the truth for the licensed money lenders that we refer to in this article.

The Risk of Borrowing Money to Make Market Investments

Have you ever heard of the phrase, “it takes money to make money”? To a large extent, this is true as you reap higher returns from larger investments. And so, given that many of us lack the capital to enter into larger investments, we may be tempted to borrow money to make up the shortfall.

Should you take a fixed or variable interest rate loan?

When researching on the types of personal loans in Singapore available, you will have undoubtedly come across the terms “fixed” and “variable” interest rates. At which point you may have wondered how do these terms truly affect your loan, and which should you pick.

How to effectively manage your debt

Whether you are a debt-averse person who is extremely concerned about the risks of loans or an individual who currently has debt from various lenders, everyone can benefit from learning about effective debt management.