Personal Loans

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Here Are 4 Tips That You Can Use To Increase Your Net Income

Finance, Loan

Here Are 4 Tips That You Can Use To Increase Your Net Income

It is the dream of most Singaporeans to achieve a higher level of personal income. If you are a resident of Singapore, there will probably come a time when you will need to have more money. Rather than apply for unsecured loans, it will be more advisable to look for other ways of boosting your income levels.  The following are some personal finance tips that will help you to improve your income levels as well as acquire better financial control. Get an extra source of income  In Singapore, there are numerous ways in which you can generate additional income. One common strategy is to engage in freelance jobs over the weekends or when you are not at work. Some of these freelance activities include photography, writing, tutoring or even blogging.  These are all activities that you do in your free time to generate an additional income. Depending on the kind of business that you choose, you can multiply income quickly. For example, some bloggers are known to make substantial amounts of money. Choose a suitable credit card Even though credit cards are known to have a very high APR variable, they also have some benefits. Having a massive amount of…

Personal Loans

Borrowers Who Should Avoid Personal Loans

Today, large banks are not the only possible source of borrowed funds. Any individual may apply for a more accessible loan online and get approval within hours. Personal loans may even enable people rejected by conventional institutions to improve their financial situation. However, they come with their own caveats.  Are these internet-assisted forms of credit suitable for everyone? Despite their tempting accessibility, you should weigh up the pros and cons carefully. Here is a look at the main upsides and downsides of such finance tools.  The Benefits: Easier to obtain Personal loans are associated with softer requirements.  Quicker  Approval takes from a few hours to a few days. Why Caution is Key Borrowers whose relationship with credit in the past was far from flawless, are normally dismissed by conventional lenders. Hence, they are left with no options except for the extremely precarious payday offers and the less risky personal loans.  However, the requirements for the latter may also include collateral and favorable credit history. Although some lenders look at just the income and credit score, others are more cautious in their selection of applicants. This explains why personal loans look extremely tempting, especially to borrowers with poor credit history. In…

Personal Loans

How Personal Loans Measure Up Against Old-School Bank Loans

When you are in dire financial straits or need funds for a large purchase, there are usually several options at hand. First, there are family and friends who could be asked for money. Secondly, there are banks with their conventional forms of credit. And thirdly, there are online-based lenders providing so-called personal loans.  While asking friends for help brings embarrassment and possible souring of relationships, impersonal institutions look like a better option. But should you take out an old-school loan, such as a mortgage, or opt for modern alternatives? Here is a comparison between the two.  Who can apply Personal credit is undeniably easier to obtain due to more lenient requirements for qualifying. Banks not only check an applicant’s credit score, their income and background, they also ask for collateral. This means that if you fall back on your payments, the lender will seize your property (vehicle, home, etc.) that serves as a guarantee of repayment.  Personal loan providers, on the other hand, will focus on just your income and credit history. Collateral is not always required. Moreover, the credit score they accept as the threshold is often lower. This means that if your relationship with borrowed money was turbulent…

Bank

Potential Consequences of Defaulting

No circumstances related to the financial problems of the debtor can relieve him/her from the responsibility of fulfilling the obligations of the creditor. Failure or untimely fulfillment of obligations leads to the calculation of penalties, interest, and forfeits. If the debt is not paid for a long time, the financial institution has the right to sue the non-payer.  We recommend you to carefully study and comply with the terms of the agreement you sign when applying for a loan. Violation of its requirements can lead to negative financial consequences and adversely affect your credit history. Information about late payment or non-payment of a loan may further limit your access to credit at all financial institutions. Missing Payments: It’s Not Worth it! What is the penalty for the non-payment of a loan if you miss only one payment? Of course, the lender will not go to court for one missed payment. Depending on the organization of the internal collection processes, most often you should expect calls and letters, penalties and fines. There is no need to delay the repayment — non-payment of the loan is not needed, it spoils the credit history. There are also unique circumstances associated with certain types…

Finance

What are the Main Personal Loan Pitfalls and Ways to Avoid Them

It’s an extremely intricate task to get money if you hardly make ends meet. You can get another job or sell some valuable things but if the pit of poverty extends day after day and you feel the lack of power to struggle with it, then taking a loan sounds like a rescue. However, in case you aren’t good at the financial sphere, applying for the personal loan may have devastating effects on your empty pockets. That’s why before rushing to the bank, consider possible credit pitfalls to avoid them.  Misinformed Decision-Making  As a customer, you need to conduct your own research to be able to make a reasonable choice. A problem is that many people fail to analyze the situation properly, and their ignorance leads to total bankruptcy and budget devastation. Various banks propose different terms and interest rates, so why don’t you spend a couple of days on getting basic knowledge and compare the options available?  Suspicious Lender You’ve already decided to take a plunge, that’s why picking the reliable lender is extremely essential detail. You should be very careful because nowadays there’s a great risk to be trapped and you won’t be pleased to know that your…

Loan

The Main Reasons for Refusing Loan

The reasons for refusing a loan can be conditionally divided into standard and non-standard ones. The former ones depend on the borrower, his or her past credit behavior, current financial and career situation, and are influenced. The latter are independent, and at first glance, they may even seem random. The borrower cannot influence them in any way. Standard Reasons for Refusing a Loan The presence of late payments and other negative information in the credit history. If you are not paying the loan to another bank now, the new one will not approve the loan. Or you have had experience with large arrears recently, a personal loan Singapore will also refuse you. Even if you have successfully closed a debt, it takes time for delays to influence the decision to give a new loan.You have a small income or you cannot verify its source. Everything is simple here. To be sure of repaying the loan, the bank should see you have a stable and high enough income to pay it back. If you don’t have it or can’t confirm it, then you will be refused in giving it.Information about the employer. Also, the stability of your income depends on the…