Viewing posts categorised under: Articles

The complete list of 157 licensed moneylenders/ credit companies operating in Singapore that’s verified by Ministry of Law (1st November 2019).

Before you move on to enquire regarding unsecured loans from the list of legal moneylenders below, do try out these counseling and social support sites about moneylending issues.

i-Credit is listed number 77 and our License No:117/2019 on the list.

We are open from Monday to Friday: 11 am till 8 pm. Saturday to Sunday: 11 am till 4 pm. Closed on Public Holidays.

We do provide urgent loan for your financial needs, like a loan for home renovation, for a loved one in need, or even to pay someone back, etc.

We treat every customer with respect and do our best to help them.

If you are interested to inquire about cash loans. Do click the button below, fill your details in the form, and we will get back to you within a business day.

Simply use the “Search:” function and type in the area or even the registered company name of the licensed money lender. We hope this post has helped you.

For a list of licensed money lender that’s open on Sunday, click here.

[table “38” not found /]

Read more

We will like to inform you that iCredit, is open on Sunday (11am to 4pm), and we are the few licensed moneylender that open on Sundays.

We heard lots of feedbacks from our clients, that they needed us to open on Sunday. As they are mostly working on the weekdays and would not be able to make it on time to lend or pay their monthly loan.

We hope that this makes it easier for you to get a loan from us.

Here are our official working hours;

Monday to Friday: 11am to 8pm
Saturday to Sunday: 11am to 4pm
Closed on Public Holiday.

Here’s a list of 33 licensed money lender that’s open on Sunday, hope it helps you.

Click for a complete list of licensed money lender in Singapore.

S/No.Business NameSunday Business TimingBusiness AddressLicense No.Landline numberWebsite URL
11 2 Lend Pte. Ltd.10.30am to 7.30pm1, Park Road, #01-83/84, People's Park Complex,
Singapore 059108
95/201964930160http://12lend.sg/
2101 Credit Pte. Ltd.11am to 4pm 101, Upper Cross Street, #01-24, People's Park Centre,
Singapore 058357
35/201962381018
31AP Capital Pte. Ltd.10am to 7pm10, Anson Road, #01-38A, International Plaza, Singapore 07990384/201965335335https://apcredit.sg/
41st Credit SG Pte. Ltd.12pm to 5pm149, Rochor Road,
#01-07, Fu Lu Shou Complex, Singapore 188425
112/201962665422http://www.moneylenderhub.com/
51st LG Credit Pte. Ltd.7am to 6pm304, Orchard Road, #02-29, Lucky Plaza, Singapore 23886379/201962996654http://www.moneylenderpro.com/
6365 Credit Solutions Pte Ltd10.30am to 5pm14, Scotts Road, #03-64, Far East Plaza, Singapore 22821312/201962225500http://www.365credit.com.sg/
7A1 Credit11am to 5pm2 Havelock Road, #02-08, Havelock2, Singapore 059763
17/201963360833http://www.a1credit.sg/
8Advance Planners Credit10am to 5pm220, Orchard Road, #01-08, Midpoint Orchard, Singapore 23885283/201962351788https://www.bestmoneylender.sg/
9AKB Credit Pte. Ltd.9.30am to 5pm69 Jalan Besar,
Singapore 208815
75/201962386116
10Avis Credit (SG) Pte. Ltd.11am to 5pm185, Toa Payoh Central, #01-344, Singapore 31018559/201968832017
11Best Credit SG Pte. Ltd.12pm to 5pm372, Bukit Batok Street 31, #01-374, (level 2), Singapore 650372137/201962725538http://bestcredit.sg/
12BST Credit Pte. Ltd.10am to 7pm131, Jurong Gateway Road,
#01-251,
Singapore 600131
149/201962991782http://www.bstcredit.com.sg/
13BTB Creditz Pte. Ltd.10am to 6pm810, Geylang Road, #01-05/14, City Plaza,
Singapore 409286
114/201967487875http://www.btbcreditz.com.sg/
14Bugis Credit Pte Ltd11am to 5pm470, North Bridge Road, #02-12, Bugis CUBE, Singapore 18873531/201963459123https://www.reliablemoneylender.sg/
15Credit 21 Pte. Ltd.10am to 7pm10, Anson Road, #01-07, International Plaza, Singapore 07990338/201962211811http://www.credit21.com.sg/
16Credit Assist Pte. Ltd.11am to 7pm101, Upper Cross Street, #01-15, People's Park Centre, Singapore 05835725/201965678869
17Credit King Pte. Ltd.11am to 7pm101, Upper Cross Street, #01-27, (Part)& #B1-49 People's Park Centre, Singapore 05835739/201962221788
18Credit Matters Pte. Ltd.10am to 7pm801, Geylang Road, #02-01,
Singapore 389681
98/201966363233https://www.creditmatters.com.sg/
19Credit Thirty3 Pte. Ltd.9am to 6pm304, Orchard Road, #02-88, Lucky Plaza, Singapore 2388631/201962922931https://www.creditthirty3.com.sg/
20Creditmaster Pte. Ltd.10am to 7pm1, Park Road, #01-50, People's Park Complex, Singapore 05910840/201967481338https://www.creditmaster.sg/
21Emvertex Credit (SG) Pte. Ltd.9.30am to 5.30pm200, Jalan Sultan, #02-33, Textile Centre,
Singapore 199018
151/201962916868https://emvertexcredit.com/
22Fast Money Pte. Ltd.12pm to 8pmi: 101, Yishun Avenue 5, #01-39, Singapore 760101

ii: 505, Tampines Central 1, #01-341, Singapore 520505
143/201962244749http://www.fastmoney.com.sg/
23Fortune Credit Pte. Ltd.11am to 5pm470, North Bridge Road, #02-06,
Bugis Cube,
Singapore 188735
49/201967771887https://www.fortunecredit.com.sg/
24Galaxy Credit and Investments Pte Ltd10am to 5pm709, Ang Mo Kio Avenue 8, #01-2595,
Singapore 560709
158/201864382322http://www.galaxycredit.com.sg/
25GM Creditz Pte. Ltd.11am to 6pm111, North Bridge Road, #01-41, Peninsula Plaza, Singapore 179098115/201965881886http://www.gmcreditz.com/
26Goldstar Credit Pte. Ltd.10am to 5pmi: 1187, Upper Serangoon Road, #01-21, The Midtown, Singapore 533971

ii: 183, Toa Payoh Central, #01-254, Singapore 310183
144/201963840088
27GS Credit Pte. Ltd.By Appointment Only1, Gateway Drive, #06-08, Westgate, Singapore 608531125/201965630321https://www.jurongmoneylender.sg/
28Happy Cash Pte. Ltd.By Appointment Only465, North Bridge Road, #01-5083, Singapore 19146528/201962914312http://www.88personalloansingapore.com/
29HHL Credit Pte. Ltd.10am to 5pm1, Rochor Canal Road, #01-04, Sim Lim Square, Singapore 18850424/201967321998https://hhlcreditpl.com/
30HMS Credit Pte Ltd9.30am to 6pm189, Selegie Road, #B1-11, Selegie Centre, Singapore 188332103/201963339061
31Horison Credit Pte. Ltd.10am to 7pm1, Park Road, #01-15, People's Park Complex, Singapore 05910858/201968442902http://www.horisonmoneylender.com.sg/
32I-Credit Pte. Ltd.11am to 4pm82, Lorong 23 Geylang, #05-02, Atrix, Singapore 388409117/201962225222https://www.icredit.com.sg
33Katong Credit Pte. Ltd.9am to 6pm304, Orchard Road, #02-30/31, Lucky Plaza,
Singapore 238863
16/201962912210https://www.katongcredit.com.sg/
34KBB Credit SD Private Limited12pm to 6pm111 North Bridge Road, #01-35,
Peninsula Plaza, Singapore 179098
145/201962556998https://kbbcredit.sg/
35Khalon & Gill Moneylenders Pte. Ltd.9am to 6pm1, North Bridge Road, #B1-25-A, High Street Centre, Singapore 179094152/201963921251
36KST Credit Pte. Ltd.10.30am to 4pm220, Orchard Road, #01-01, Midpoint Orchard, Singapore 238852105/201962555225http://www.kstcredit.sg/
37Lending Bee Pte. Ltd.10am to 7pm
( Only Far East Plaza Orchard Branch and Toa Payoh Branch )
14, Scotts Road, #02-44/45,
Far East Plaza,
Singapore 228213

II: 213, Bedok North Street 1, #01-111, Singapore 460213

III: 190, Lorong 6 Toa Payoh, #01-548,
Singapore 310190

IV: 2, Venture Drive, #24-026, Vision Exchange, Singapore 608526
54/201962191611https://www.lendingbee.com.sg/
38Majestic Credit Pte. Ltd.10.30am to 4pm101, Upper Cross Street, #01-26B/G, People's Park Centre, Singapore 0583576/201967772772http://www.majesticcredit.com.sg/
39Monetium Credit (S) Pte. Ltd.10.30am to 4pm10, Jalan Besar,
#01-01, Sim Lim Tower,
Singapore 208787
161/201867777775https://www.monetiumcredit.com.sg/
40PL Credit Pte. Ltd.11am to 4pm77, High Street, #09-15, High Street Plaza,
Singapore 179433
72/201963380807
41Quick Credit Pte Ltd12pm to 5pm2, Jurong East Street 21, #04-01A/B, IMM Building, Singapore 60960134/201968996188http://www.quickcredit.com.sg/
42R2D Credit Pte. Ltd.11am to 4pmBlk 846, Yishun Ring Road, #01-3661, Singapore 76084614/201966351595
43S G Credit Pte Ltd11am to 4pm33D, Benoi Road,
#03-00, Pioneer Lot,
Singapore 627788
109/201967320573
44S.E. Investment Pte. Ltd.9am to 6pm135, Jurong Gateway Road, #01-335, Singapore 600135151/201865693957http://www.seinvestment.com.sg/
45Singa Credit Pte Ltd11am to 3pm (After 3pm by Appointment only)470, North Bridge Road, #02-01, Bugis Cube, Singapore 188735146/201966946166http://www.singacredit.com/
46Soon Seng Moneylender10am to 5pm711, Ang Mo Kio Avenue 8, #01-3501A,
Singapore 560711
85/201962925693https://soonsengml.com/
47Sumo Credit Pte. Ltd.11am to 7pm190, Middle Road, #02-06,
Fortune Centre,
Singapore 188979
10/201963360766http://sumo.com.sg/developers/
48Swift Credit Pte. Ltd.By Appointment Only1, Sophia Road, #01-37,
Peace Centre,
Singapore 228149
152/201863830418https://www.swiftcredit.sg/
49Trillion Credit Solutions Pte. Ltd.1030am to 730pm (Upper Cross Street)

9am to 6pm (Orchard Road)
I: 101, Upper Cross Street, #01-26/A, People's Park Centre,
Singapore 058357

II: 304, Orchard Road, #02-12, Singapore 238863
153/201865090111http://trillioncredit.com.sg/
50U Credit (Pte.) Ltd9am to 6pm180 Bencoolen Street, #01-19, The Bencoolen, Singapore 189646163/201863371768https://ucredit.sg/
51UK Credit (S) Pte. Ltd.11am to 6pm210, New Upper Changi Road, #01-723, Singapore 46021073/201964487448http://ukcredit.sg/
52Unilink Credit Pte. Ltd.By Appointment Only35, Selegie Road, #10-27, Parklane Shopping Mall, Singapore 188307154/201863380690https://unilinkcredit.com.sg/

Read more

It has come to our attention that there are some one/people or organisation(s) writing bad reviews about i-Credit within 2 hours today (7th Aug 2018, roughly from 11.30pm to 1.30pm).

We thought that did we do such a bad service to them? We investigated with our staffs and into the profile of these reviewers.

Our Staffs

We asked our staffs did anyone (Gordon Lee, Eugene Lin & Rachel Tong) came in recently, or are they our clients? We checked  none of the names appear in our database.

We check with our staffs if we called anyone today to ask for payments, and the names did not appear in the list too.

We have trained our staffs to behave and response professionally to all our clients since 2009.

The Reviewers

We found out that 2 of the reviewers (Gordon Lee & Eugene Lin) were making accusations on other licensed money lenders within the 2 hours period. And using almost the same reasons to post as reviews.

Below are the screenshots of their reviews and the links to their review.

Gordon Lee

 

Eugene Lin

 

Read more

University Tuition Fees Guide Banner

If you are looking to find the tuition fees of top universities in the world, you are in the right place!

We have consolidated the latest fees of all top 100 universities based on the QS world university rankings.

You can filter out the ones that you are interested in based on the country and subjects the university is well know for.

Read more

17 Cost Saving Ideas for Small Businesses

The smart way to reduce costs – As a small business owner you understand that it is so important to watch every penny; that means implementing a number of cost saving strategies to save money across all business areas from finance through to sales, marketing and general business but without compromising on the quality of products or services.

Perhaps you have just received a report from your accountant or maybe you have noticed that your business running costs are increasing year on year, this comprehensive guide will help you bring your finances back under control.

It is important to reduce waste and make savings in the right areas so your business doesn’t suffer.

Businesses cannot flourish if they are not operating as efficiently as they should be. Reducing what you spend and targeting resources more effectively can help you to push that growth initiative, upgrade your website or purchase a new piece of equipment that you need to remain competitive.

In recent years, the business landscape and wider economy has been uncertain so businesses are even more cautious about investing or making any financial decisions. Consequently businesses are looking at where money can be saved so that they can survive in a more competitive marketplace.

The introduction of the Internet, increasing rents and rising utility bills are just some of the reasons why businesses need to look at all areas of their business to make cost savings.

This unique guide will offer you 17 great ways to save money; from energy saving tips through to contract negotiations, this practical and informative guide will show how you can save money.

17 Cost Saving Ideas for Small Businesses

Share this Infographic On Your Site

Reduce Energy Costs

Although energy consumption is not necessarily at the forefront of a managers cost reduction strategy, there are simple techniques that you can promote in the workplace to reduce energy and generate savings in utility bills.

The purchase of a smart temperate control can regulate temperatures so the room is only heated when it needs to be.

Encourage employees to switch off computers and lights at the end of the day and install new energy efficient bulbs. A good way is to change to LED lights or even use natural light for your office or store.

Save on Travel Expenses.

Checking a number of websites to get the best deals for travel and accommodation may take time, but it can result in significant cost savings. You don’t fly first class if you want to keep your expenditure for business travel expenses as low as possible.

Uber is a great tool for connecting individuals who need transport with taxi drivers.

Reduce your petrol costs by ensuring that company cars are energy efficient and look for cheaper ways to ravel such as train or coach.

Negotiate your Current Contracts

Small businesses require lots of resources to function. Basic stationery items like paper, envelopes and pens can cost a fortune with some suppliers. Simply shopping around and sourcing cheaper suppliers can save money.

Carry out reviews thorough reviews of your suppliers using office management tools and finance packages to see how much you are spending.

Negotiate suppliers and check if you can find a more cost effective deal.

Outsource Some Tasks

Outsourcing on-board for certain tasks. Rather then employing a full time copywriter for example, you can outsource this work to a freelancer when you are updating your marketing material or website.

Freelance websites such as PeoplePerHour and Upwork are places where you can find curated talent across a number of disciplines from design through to administrative support.

Use the available freelance website to source freelancers with the skills that you need. If you find a great freelancer along the way you can continue to use them for future projects which will save you time and money in the long term.

We use Ascelade to build our website and SEO services. You might want to consider them.

Have fewer Meetings

Meeting can be both resources and time intensive eating up valuable hours in your working day. Not only this, if you don’t have meeting facilities at your place of work you may be spending a lot of money on hiring venues and offering hospitality, all of which can put a dent in your budget.

Softwares such as GoToMeeting or Join.Me enable participants to share screens and documents. Free tools such as Skype are also helpful.

Reduce face to face meetings as much as possible: arrange face to face meetings twice monthly and then hold the other meetings in between using collaborative technologies or free video calling and conferencing software.

Work Remotely

There is no doubt that office space costs money. With more and more businesses operating online, why not develop a virtual team? Not only will you save money on utility bills, you will also make significant cost savings on rent for your office space or building.

Project based software such as Basecamp or Go To Assist allow businesses to collaborate and set up schedules and to do lists for each member of the team. A central notice board or stream can be established so that all remote workers can log in and check progress.

Installing collaborative technology software can facilitate day to day business operations.

Switch to Cheaper Software

Some software options cost businesses thousands of dollars. There are many software tools which are very similar but much cheaper.

Web design software is very expensive, so is accounting software. Opt for cheaper versions provided that they offer the functionality that you need.

Research available options for software for example make simple switches to desktop publishing software or accounting programs.

Utilise Interns

Interns or apprentices can be excellent ways to support your business particularly during peak or busy periods.

Local training centres, colleges and universities may be an excellent place to begin.

Employ an intern or apprentice to carry out some of the more menial, time consuming tasks such as document checking, filing, processing and data input, freeing up time for your other more experienced staff to focus on other areas.

Hire Carefully

Recruitment is an essential process for any business but select wrong candidate and it could prove costly. Not only will you have to spend time and money training up a less skilled candidate but you may have to invest more time and resources in checking or correcting work.

There are a number of tools that can facilitate all aspects of the recruitment process from candidate and CV screening right through to online assessments and aptitude tests.

Ensure that you have a strong screening process in place and create accurate job descriptions so that you only invite the most qualified and experienced candidates for interview.

Rent Out Unneeded Space

If you currently own a building why not rent out spare floor space or desks to sole traders or freelancers who perhaps don’t need a permanent office space? If this is not something that you have considered before, you may be unaware of the demand for good quality office or desk space.

The internet is a great resources for advertising your spare office space along with the local media.

Rent out a small spaces like a spare desk in your office or if you have a large, expansive premises, you can rent out a whole unit or floor. This will create an ideal environment for sole traders or small businesses.

Use Project management Tools

Project management tools can be a great way to save time and resources enabling teams to break the project down into smaller tasks which can facilitate the distribution of workloads.

There are numerous project management tools including Trello, Capterra and Smart Sheet.

Increase effectiveness with time management, strengthen the planning and budgeting process with accurate project management monitoring tools.

Go Paperless

Businesses spend a lot of money on paper and ink for printing documents so more and more businesses are making the transition to paperless offices.

There are a number of tools that you can use to convert your paper documents into electronic versions or even remove paper from the office completely. Scanners, digital note taking applications such as Evernote, Intellinote project software or Adobe Reader for digitally signing documents.

Use the above pieces of software to scan and index documents into your company database system.

Buy Second Hand Equipment & Furniture

If you are hoping to fund your growing business, rather than purchasing new furniture seek out second hand desks, office chairs and other office furniture and equipment.

Websites such as Desk Stop, Want Don’t Want or Carousell enable business owners to buy and sell furniture.

Before purchasing new furniture check out local auctions trade magazines and use the internet to find suitable used furniture and equipment for a fraction of the price.

Share Services with Local Businesses

Sharing services across businesses can result in substantial cost savings. For example, businesses can share senior management knowledge or IT teams which can facilitate operations.

If you are a local business and have partnerships with others, seek advice as to whether there is the possibility of sharing services such as an IT department, HR or management function.

Get on the Cloud

Cloud based softwares can enable businesses to save costs in relation to server maintenance, power, software licensing and the expense associated with upgrading servers and equipment.

Sales Force, Cloudability and Cloud Cruiser are reliable cloud providers.

Initiate the transition to cloud based software selecting the most appropriate tools for your business.

Review Your Marketing Spend

Monitoring your finances is crucial and ensuring that your marketing expenditure is generating optimum return on investment is essential.

Finance software such as QuickBooks can help you see where your marketing budget is being invested.

Encourage your marketing team to think about the costs associated with different forms of marketing and where possible use free or low cost methods.

Switch to VoIP

Switching to VoIP technology can bring a number of benefits for your business, reducing costs on long distance calls and roaming charges as well as making use of Wi-Fi rather than network minutes.

Skype, Google Voice, Google Hangouts, OoVoo and Viber are tools that lots of small businesses are using too.

Where possible promote the use of VoIP amongst the workforce and you could even allow employees to bring their phones to work and work based calls can be made and received through the VoIP network.

Conclusion

There you go, all 17 cost saving ideas for your small business. Not all the ideas are suitable for your business. You may even need 1 or 2 ideas and it will save your business lots of money. I would suggest that you try them out in a small way before implementing it fully.

If you like these tips do share them to your social medias or even to mention it on your website or blog.

If you have any tips on cutting cost for small business, do comment below to share with us! B)

Read more

Debt Consolidation Lower Interest RateToday, we are sharing about debt consolidation and the pros and cons you need to know.

There are plenty of people in Singapore who have amassed a significant amount of debt on their credit cards (source from Straits Times) and have accumulated overdue debt. A lot of them are presently in the process of gradually paying it off but the process is very slow. It is also not as if this loan payment is the only expense that they need to deal with – they have to make arrangement for meeting other similarly critical expenses (home loan, car loan, renovation loan, business loan, etc) as well.

The biggest problem is that all of these debts carry different rates of interest of repayment. This only makes it even harder to keep a track of expenses and control them in the long term.

At the present moment there are a number of credit unions in Singapore that are offering people a chance to avail debt consolidation loans. For people, likes the ones who have been talked above, such loans are like god-sent opportunities since they allow you to collate all your debts in a single loan and take away the unnecessary and incessant headaches.

With these loans you can pay off all your debtors and concentrate on paying just one loan in a month. However, there are a few things that need to be taken into consideration before these loans are availed.

The main idea behind taking loans is to reduce the rates of interest you are paying in order to pay the loan off. So, you need to make sure that you are achieving that with these loans. The idea of availing these loans can be rather tempting. After all, you can dispose off all your credit card bills.

You do not need to make many payments to different lenders. This is something that can get to your head. The road to being debt free is made much smoother by these loans. However, there are a lot of other things associated with these loans that may make the situation even worse later on.

If financial experts are to be believed these loans are nonsense in most situations. One can jolly well do without them! However, it is really difficult to ignore these loans considering the benefits that they offer. It is also important that you keep in mind the fact that these are after all financial products – not charitable offerings.

Companies will not be offering them if they did not have any profit to make out of them. You need to take into account the time period and interest rate of the loans you are paying and the debt consolidation loan you are considering. Once you do the calculation and compare both will you be able to take the right decision.

In certain cases you may be paying a smaller rate of interest with consolidation but the loan repayment term may be much longer. That would mean that in the end you are paying much more than what you would have done with your credit card or other present debts. So, it is better to concentrate on paying them off in a shorter period of time.

It is not rocket science. All it takes is some financially responsible and mature behaviour on your part and you may have paid off the debt much quicker than you can realize.

There are several ways in which you will be able to manage your debt in a much better way than taking the conventional options like a debt consolidation loan. In case you are experiencing issues with your cash flow the first thing that you need to do is to create a budget detailing your income as well as expenses. This will give you a better idea of things and you will be able to come to a decision regarding the expenses that could be cut off in order to save money.

In this instance you can delete expenses that are not necessary and ones you can always do without such as eating out and going to the theatres to watch the latest flicks. Keep this spirit of abstinence till the time you are financially sound and then you can start enjoying life again. This will also make sure that you do not face any undue problems with your debt payment. As a general rule of thumb, your debts should not be more than 35% of what you are earning in a month.

The lower your income, the lower should be your debt percentage. For this, you should review your debts on a regular basis. There should ideally be only one source from which you have taken debt. This way, you will less heads to worry about and you yourself will be in a far better position to monitor your debts. It is also important that you pay off all your installments at the time they are supposed to be paid and in the right amount as well.

This will make sure that you do not have to pay the penalty charges that only make the situation far worse than it already is for you. In case you are unable to do so, get in touch with your lender and ask for any help that may come your way. One way to pay off debt quickly is to increase the frequency of payments. The second way is to make lump sum payments as and when you are able to. Whenever you have some additional money, ask your lender if you can use it to pay off a part of the loan.

However, you need to ask your lender if by doing so you will incur any penalty or not. Also ask them if any advance notification needs to be provided for the purpose. In case you have a lot of debts to deal with you can also start off by paying ones that carry the higher rates of interest. Normally the credit card debts are ones with the highest rates of interest. Hence, it could be prudent to start off with them. In case you are unable to pay the whole amount in one go, pay as much as you are able to.

Do share with us what you think. If you have more questions or thinking of having a debt consolidating loan, do contact us here.

Read more

Loan Questions To Ask Lender

What Loan Questions to Ask Lender?

There are many reasons as to why one might take loans. It could be to refinance an existing loan or even buy products that one would not be able to buy otherwise. However, before one takes a loan it is better to ask some important loan questions – these can be posed to the bank as well. The answers to these questions will help you determine the kind of loan that will be good for one and will suit one’s financial condition to the t. Quite often it is seen that people are not careful before they take a loan and only end up repenting it later on.

1) What is my Credit Score?

This is a very important factor to be taken in consideration before taking a loan or even applying for one. This will play a major role in whether you get the loan or not, and also the terms and conditions of repaying the same. Your expenses in the long term will also be dependent on your credit score to a significant extent. In case you have a low credit score you are always better off trying to improve it before you apply for a loan. You can do this by paying off the small debts and also correcting any mistakes in your credit report. If you make your payments on time it will be of great help as well.

2) Secured loan or not?

Before you take a loan you should always be sure regarding the nature of the loan – is it a secured loan or a non-secured loan? A secured loan is one where collateral is needed. You need to put up something against the loan. For example if it is a car loan or a house loan your car or house is the collateral. This means that if you are unable to pay the loan back the bank can take the asset away. Secured credit cards can also be called secured loans since in these cases there is a credit limit and you can only loan as much as you have in your account. Majority of the personal loans are not secured. Read more about “Difference Between Secured and Unsecured Loans“.

3) How’s the Process of Loan Application?

This is a rather important question as you need to know the amount of time it would be needed in order for the lender to approve the loan. You also need to be aware of the factors that will help you get approved for the loan. You should also know how much time the bank will take before it provides you the money you are looking for. In case of emergency loans this is an important criterion. iCredit will process your application within an hour and you will receive the loan. Talk to us for loan enquiries.

4) How do I land the loan?

You need to know what you have to do in order to be able to procure the loan. In certain cases basic information such as income statement and credit scores is enough. However, in some cases you may have to get copies of your bank statement or tax returns. This will prove the amount of assets at your disposal and the amount of money you are making every month.

5) How much is the Application Fee?

In order to start the loan or apply for the loan you may have to pay a fee. It is always better to know how much it is going to cost in this regard. With a proper comparison of various fees you would be in a better position to determine which one is economically more viable for you. This also helps when you make the said payment. Currently, our application fee is at $100.

6) What is the Rate of interest on Loan?

Interest rate is normally expressed by way of APR or annual percentage rate. However, this may not always be the case. With the help of the APR you will have a clear idea as to what your expenses are going to be, by way of paying your loan back. If your rate of interest is higher it means your payments will be bigger. Student loans and mortgage loans normally have rather high rates of interest – in the range of 4-6%. In case of loans taken on credit cards, the rate of repayment could go up to 10% or even more. At times, it might even be as high as 27%. Personal loans normally fall somewhere in between the aforementioned loans. However, a lot depends on your credit score. iCredit does not look much into your credit score and we provide 4% monthly interest rate for all our clients from 1st Oct 2015.

7) What is the Period of Repayment?

This is the time that you get to pay the loan back. In case your repayment period is on the shorter side your payments will be on the higher. This is because you are getting lesser time to pay the loan back. In case the period of repayment is longer the monthly payments are lower as well. In this instance you are getting a longer period for paying the loan back and the bank can afford to lower down the rates of interest. However, from an overall perspective, in case of a longer repayment period you are paying more than you would in a short period.

8) How much is the Pre-Payment Penalty?

In certain situations you may receive extra money from somewhere or you may be able to save some money from your monthly expenses. In such situations you might want to pay off your loan earlier than usual. In some cases lenders may penalize you for this. So, when you are taking the loan you should always find out if the loan carries any pre-payment penalty or not. That way, later on you will not incur any undue financial loss.

9) Any Limitations on using Loaned Money?

In some loans you may have to use the money you have loaned only for a definite purpose. Examples of such loans are the student loans, car loans, and mortgages. However, in case of personal loans you have the freedom of using the money exactly the way you want to. It is still better to ask before taking the loan to make sure if there is any restriction on using the loaned money.

10) What is the Default?

In certain cases it might so happen that you are not able to pay the loan installments or you may end up paying later than you are supposed to. So, you should always be aware of the fines and penalties that you may have to pay in such situations.

11) What is the Amount Needed to Set Aside?

This is something that one needs to be absolutely clear of before taking the loan. In case of businesses this question can be answered by coming up with a projection of the monthly cash flow of the company. This will include areas such as time taken by customers to make their payments and the time in which they themselves have to make their payments. It always makes a poor impression on the lender if the borrower does not know how much money he or she needs.

12) What Documentations are Needed to Apply for Loan?

It is common to see that a lot of loan applications never go far. This is not because of wont of qualification on part of the lender but because of problems related to documents provided by him or her or not provided by him or her. The situation gets even trickier in case of business loans or loans applied for by business entities. The paperwork involved is much more than what would happen in case of individual borrowers. It is always advisable to be fully prepared.

13) Any Loan Repayment in Case of Death?

These are things that one needs to be prepared for as it affects the near and dear ones. Majority of people think that in case they die before the loan is paid back there is nothing that the bank can do. However, that is farthest from truth. The banks always find a way to get back what is due to them. They can encroach on one’s savings. In case it is a secured loan they can jolly well take the asset away if they feel that is the best option.

14) Any Comparison with other Loans?

We can always go for personal loans instead of purpose-based loans such as car loans and mortgages. However, the question that we need to ask ourselves is will these loans cost more than the personal loans. The answer is no. More often than not, the specialized loans have lower rates of interest and they also provide more benefits than their personal cousins. In certain cases, where you already have taken a loan from a particular bank, if you apply for a specialized loan from them then you may get the interest waived off on it.

15) Did you Over-Leverage with Respect to Other Loans

You should never take another loan if you have already taken a personal loan in the space of three months. Normally personal loans dampen one’s chances of getting another loan. In certain cases it might so happen that you may have to take a specialized loan but you need to make the down payment as well, which will not be covered by the said loan. In that case you make the down payment with a personal loan and then apply for the specialized loan. However, the lender calculates your debt servicing ratio and finds it to be unacceptable. As such, the second application gets cancelled. Read “Using Credit Card to pay for any Loans is Suicidal!

Read more

credit card to pay loan

It is true that our lives is a beautiful gift from the Almighty. However, at times life throws the most unexpected surprises. We may be caught by several difficulties together at one point of time in life. Some of the difficulties we face in life are closely related to our finances. We may run short of money and may be forced to borrow loans from different sectors, both organized as well as unorganized. Nevertheless, it should be kept in mind that even in times of immense difficulty it is not a good idea to lose our composure and end up taking any kind of erratic decision.

Experts are of the opinion that one of the worst practices to pay your loan back is the use of the credit card. In fact, the use of credit cards to clear of personal loans is nothing but exchanging one form of borrowing with other. There are several reasons due to which you should strictly stay away from the use of credit card to pay loan back to your debtors. One of the major reasons for this can be you getting trapped in two kinds of debts.

Untoward incidents in Life is another factor that you should consider before taking such a decision. Suppose you have used your credit card to pay off the monthly EMI of a personal loan. Due to some reason or the other in the next month if you run out of money on account of a medical emergency or economic recession you can well imagine the situation you will be in. You are liable to pay the monthly EMI of your personal loan and at the same time you are accountable for the credit card installment that you had used to pay the EMI. It is a situation where you have two debts to pay off and not a single penny in hand. It can lead to an immensely stressful and difficult situation.

When in life an individual faces such a situation in life, it can get really difficult to handle. In fact, it can lead to conditions of extreme depression. The depression can be so overpowering that it may even lead to suicidal deaths. Moreover, when you have a credit card to pay off loans you do not even worry about the consequences and go on spending as much as you want. As a result a time might come when the bill amount may become extremely high. Such situations can really make you crazy and put you in situation on which you do not have control.

So most of the financial experts are of the opinion that it is never a good idea to use a credit card to pay off your loans. Apparently it might seem that such an arrangement is an easier one, but in the long run you get to realize that using one kind of loan to repay the other does nothing but throws you into a deeper trap of loans. It may become difficult to get rid of such a situation. Hence, it is recommended to limit the use of your credit cards and also try to lower the payment limit of your credit card. This will ensure that you do not run into any unnecessary troubles.

Read more

Which is the Best Credit Cards to Use?

Having the best credit cards in your wallet can be fun yet dangerous. It is like a double edge sword which you need to know and understand how it work to your advantage.

Singapore is one country that has progressed a lot ever since its inception. Thanks to the uncompromising-work ethic of its inhabitants as well as zero tolerance attitude towards crime and corruption. Singapore is right now one of the leading nations in Asia and is well on its way to fulfilling its destiny as a global power.

Living in such a country, it is but obvious that there will be a lot of financial options for Singaporeans such as credit cards. In the modern world, credit card is a man’s best friend but one also needs to know how to use it judiciously.

Use Cash Back Credit Card

The HSBC Visa Platinum Credit Card is one of the leading cash back cards in Singapore. It has been awarded 4.8 stars. It comes with a standard interest rate of 24% per annum and its annual fee is 180 Singapore dollars. However, in the first two years the fee is waived off. In order to avail this card your income should be at least 30,000 Singapore dollars. When you sign up for this card you will receive vouchers worth 200 Singapore dollars of Resorts World Sentosa. The OCBC 365 Visa Credit Card is also one of the leading names in this regard. Its rating is similar to the HSBC Visa Platinum Credit Card. Its standard interest rate is 25.92% per year.

In this card too, the fee, which is 160.50 Singapore dollars, is waived off for the first couple of years. Along with regular cash back rewards it provides gas-related benefits. In order to avail this card one must earn at least 30,000 Singapore dollars. The Citibank Rewards Card MasterCard has been awarded 4.8 out of 5 stars as well and is regarded as one of the top cash back cards in Singapore. Cardholders get an introductory interest rate of 0% for 6 months of balance transfers. It comes with a standard interest rate of 24% per annum and its annual fee is 192.60 Singapore dollars, which is inclusive of GST as well. It provides rewards in the forms of points. In case you want to avail this card your minimum yearly income should be 30,000 Singapore dollars.

Make Full use of the Credit Card rReward Points

The most convenient way to make the most of reward points on a credit card offer is to choose one where the reward points are going to be of some use to you as a consumer. If you are a middle-class person then you should look for cards that offer reward points for shopping at your preferred stores. In case you are a young entrepreneur who is more often than not living out of a suitcase you can look for credit cards that offer frequent flyer mile programs. It is also important to make sure that cashing your rewards does not mean that you have to spend even more money. Before choosing a card it is also important to compare the rewards on offer with other cards.

People often make a major mistake by opting for a credit card just because they feel like doing so. It is important that you put a lot of thought into it before you buy one. A proper comparison helps you understand if it is really worth having the card. There are plenty of aggregator sites where such information regarding rates and fees can be made. You should also keep in mind that these could go up or come down depending on your credit history and score. It is always better to beware of cards that charge hefty annual fees because that fee may as well reduce your benefits to nothing. This is why cash back cards without any or very little annual fees are the best way to go.

For a better understanding of this issue, please read the article 5 Easy Ways to Plan Your Spending & Increase Your Saving.

Consolidate your Spending in One Credit Card

In this age of high incomes and equally high spending as a consumer it is hard to keep a tab on which card is being used to pay which expense. This may seem to be trifling to start with but soon you understand that you have built up a mountain of debt that you are finding very hard to deal with. In order to pay that debt you have to incur more debt and the situation only spirals out of your control to such an extent that after a point you are forced to sell off your property and announce yourself bankrupt. Now you would not want such a situation to be in, right? The question is how you avoid such a serious pitfall.

The first thing that you need to do is have only one credit card and even if your income and your supposed needs – hammered on to your head by capitalist propaganda – increased you should always be parsimonious with your expenses. The lure will always be there but you need to be able to ignore it at will. With only one card you will be able to keep a proper track of your expenses as well. Try and buy as much you can with cash and limit your expenses. You may or may not acknowledge but you always need not flash the latest consumer goods to depict how much you have achieved in life. A debt-free life is also a good indicator of how well you are doing in life.

Decide Which Credit Card is Best for You

A country such as Singapore, which is synonymous with progress in so many ways, is awash with cards. There are different cards that can be availed in this country for a wide variety of purposes and it is for you to decide which one is going to be good enough for you. Cards such as OCBC, Citibank and POSB are good for activities related to EZ-Link. For buying petrol the best companies would be the American Express Platinum Credit Card, the POSB Everyday Card, and the UOB PRVI Miles Platinum Card. In case you are interested in buying products and services and pay in installments you can try the UOB One Card.

Do share with us your credit card strategies and how you choose them to your advantage.

Read more

Plan Spending Increase SavingOne easy way in which you can make better use of your money is to write down what you wish to do with it. If you write them down they will always appear more plausible and you will feel that there is always a good chance that you can achieve them. We often see that our daily expenses come in the way of our saving. A spending plan is a good way to ensure that our life’s financial goals are not messed up by our expenditure. A spending map or plan is different from a traditional budget in the sense that it is not as strict as the earlier. It is something that helps us assume greater control of our finances in the future. A spending map can definitely help us reach our goals.

Step 1: Decide Your Outcome, Reduce Cost, Increase Saving or Investment

The first thing that you need to do in order to save money is to understand where your money is going. It helps you get a control on your financial situation and also helps you achieve your goals with the financial resources at your disposal. There are a few things that need to be done if you want to understand where your money is heading. The first thing is to assess your financial habits. For starters, you can list down every area where you may have spent money in the last month. You can start with areas that are common expenses for all such as rent and utilities, insurance, minor purchases such as snacks and coffee, and groceries.

Step 2: What is Your Income (Monthly or Yearly)?

There are several components of your income – more than you may know or care to imagine. The first part of your income is the salary that remains after all the applicable taxes have been deducted. If you have other earning member/s in your home then this rule applies to them as well. Together you can calculate and arrive at a cumulative figure. The bonus and overtime payment that you receive from time to time or at definite intervals in a year also constitute your income. In case you earn some dividend on shares or any form of interest on your savings it is considered your earning as well.

Step 3: List Out Expenses (Monthly or Yearly)

The most important expense for you would be the various savings and investment that you are making in order to secure your financial future as well as that of the others important to you. The second important area of expense is housing. You could be paying mortgage or shelling out rent for the same. Electricity is a critical area of expense as well and one should try and use it as judiciously as possible. Then there are expenses such as heating oil and gas. Water is also an important area of expense. Telephones come with associated costs such as monthly rentals, internet connection, and costs incurred in long distance calls that inevitably are more expensive.

Step 4: Compare Income and Expenses.

Comparison of income and expenses is a very important part of any exercise aimed at saving money. You can do this by writing down your aggregate income in a month and then taking into account the total money that you are spending in a month. Your income should always be more than what you are spending.

Step 5: Set Priorities and Make Changes to Your Spending and Savings

If you are able to save money at the end of a month then it is a fantastic situation to be in. It shows that you have a balanced income. This means that you have the money you need to achieve your future goals. However, in case it is the other way round then you need to increase your income or reduce your expenses or, if possible, do both.

Summary

The basic thing is that you should always be careful about the condition that your money is in. You should earn as much as is possible for you and spend as little as you can. This will allow you to create a fund that will come in handy at various stages of your life.

Read more