Opening a business bank account is the first step for any new business. Running a business is not easy and we all know there are lots of risks involved. We’ll discuss the important considerations, but first, let’s talk about the top 3 business bank accounts. The top 3 business bank accounts in Singapore In no […]
How much money can I borrow from licensed moneylenders? In case your annual income is less than $20,000, it’s almost impossible to acquire a loan from a bank that’s ready to offer you an unsecured loan. But a licensed moneylender can legally offer a personal loan of a maximum of $3,000. In Singapore, there is […]
Everyone has had no credit score at some point in their lives. On a positive note, no credit history gives you the chance to build it. Responsible and smart use of products such as loans specially designed for people with no credit can be beneficial. People can spend several years attempting to fix their bad […]
Wouldn’t it be great to have enough money to pay all your expenses at any given time? Unfortunately, this isn’t reality for many people. You not only have to manage your day-to-day expenses and monthly bills, but also deal with unexpected expenses that life throws at you. Add to this the costs of major life […]
Requirements for getting a loan from a licensed moneylender The borrower should submit a duly completed loan application form to the lender. The form must include your particulars including; Your full name Personal Identification Number Date of birth Nationality Contact information Residential address Email address The loan amount you applied for. If a surety to […]
Eligibility for personal loans As mentioned earlier, anyone with a positive credit score is eligible for a personal loan from a licensed bank or moneylender. However, the local banks in Singapore impose certain restrictions on foreigners applying for personal loans. All foreigners are required to have proof of income. In some cases, you are required […]
Finding out if a moneylender is licensed The Ministry of Law has made it easier for borrowers to verify how legitimate a moneylender is and whether or not they are licensed. The ministry has created a list of all licensed moneylenders in Singapore. As a borrower, you can easily check the list and verify if […]
Who is a licensed moneylender? A moneylender, according to the Moneylenders Act, is an entity that acts as the principal lender or an agent to a particular moneylending organization, carries or holds themselves as running a money lending business. You cannot serve as a moneylender unless you are fully licensed or exempt or excluded moneylenders […]