Moneylender Review: Low Interest Money Lender in Singapore 2022

Moneylender Review

Moneylender Review: Low Interest Money Lender in Singapore (2022)

Are you trying to compare rates and services to find out who the right licensed moneylender is for you? Here’s a moneylender review for low interest money lender in Singapore. 

As you may probably know, a licensed moneylender review in Singapore is handy for first-time loan borrowers and even those looking for a better borrowing experience.

However, is this the best way to choose your ideal moneylender?

With various money lenders in Singapore claiming to have low interests and good quality service, it’s challenging to decide which one won’t mistreat you and help you with your finances.

It is one of the important reasons why many of us will need to go through the long process of browsing forums and moneylender review sites online to check the opinions and verify the experience of other borrowers.

Click Here to Apply for a Quick Loan with Cash Mart

Are Licensed Moneylender Review Sites Okay?

Most of us think that loan review sites give us the advantage of foresight.

We understand how a money lender deals with its customers with review sites based on what other people have experienced.

Also, it will ensure that a certain moneylender has quality service and loan products.

Based on the testimonials and ratings, you can tell how satisfied previous clients are.

On the other hand, some borrowers will share their bad experiences so others will know what to expect if they borrow from the reviewed lender.

With these review sites sprouting here and there, finding the best money lender is like a walk in the park.

Right?

But should you believe everything you read on these sites?

Limitations of Moneylender Review about Low Interest Money Lender Singapore

Around 58% of the BrightLocal annual survey respondents shared that average star ratings are the most significant factor in an online review site.

Overall, 84% of consumers admitted that they trust online reviews. However, can you trust every testimony written by you do not personally know?

A review site can’t give you the whole picture. Most consumers will write a review when they get a poor experience.

Some consumers who get positive experiences may not be as concerned with writing a review.

Click Here to Apply for a Quick Loan with Cash Mart

People have different viewpoints and opinions. There will be times when some aggravating factors for others may be bearable for you.

When looking for a money lender, you shouldn’t simply rely on star ratings. Also, take some time to dig deeper for concrete details.

Finding Low-Interest Moneylenders in Singapore

The Singapore government strictly regulates money lenders. A lender’s license can get revoked if they violate the Moneylenders Act (2008).

According to this Act, money lenders can only charge an interest rate of up to 4% a month.

This cap applies to unsecured and secured loans.

Let’s say a borrower failed to repay the loan on the agreed due date. Then, the maximum interest rate the private loan money lender can charge is no more than 4% of the remaining balance for each month that had lapsed.

It means that the interest must be computed based on the remaining principal loan amount after deducting the total payments made.

If you take a loan of $ 10,000 and have repaid the $4,000, you will only compute the interest rate for the late payment against the remaining $6,000. As you can see, the late interest will not consider the principal loan amount unless the borrower did not pay a single cent.

Let’s say you agreed to repay your loan by instalment. What happens if you miss one due date?

Take, for example, a loan amount of $ 10,000.

If a borrower fails to pay the first instalment of $2,000, the moneylender can only charge a late interest on the missed $2,000 repayment.

The remaining balance, which is not due yet, will not be affected or considered.

Here are some insights we’ve also created to help you find suitable moneylenders in Singapore:

The Insolvency & Public Trustee’s Office (IPTO) & Moneylender Registry

In 1998, the Insolvency and Public Trustee’s Office (IPTO) became the first legal institution in Singapore to be ISO certified. It provides various services, namely:

  • Administration of the affairs of individual and corporate insolvencies,
  • Administration of motor accident compensation claims,
  • Licensing and regulation of moneylenders & pawnbrokers, and
  • Administration of the estates of deceased persons.

However, in 2014, the IPTO website was divided into four parts:

Nevertheless, the regulation of the moneylending industry continues to be more stringent.

Over the years, the number of moneylenders with valid licenses has gradually decreased.

In the 3rd quarter of 2017, there were 161 licensed moneylenders.

In 2022, only 156 legal money lenders and credit companies were verified by the Ministry of Law.

The receding number of licensed moneylenders means that the Registry of Moneylenders (ROM) is constantly checking the money lending practices in the city-state.

Source: Registry of Moneylenders

What is the Money Lending Act?

moneylender act | Moneylender Review

The Registry of Moneylenders now oversees the registration and regulation of moneylenders as mandated by the Money Lending Act.

Moneylenders in Singapore must meet the standards laid out in the Money Lending Act before getting a license to operate in Singapore. Once they can legally operate, they will still have to follow the government’s strict guidelines.

If a violation has been found and proven, their money lending license could get revoked.

As a borrower, you need to know how a licensed money lender should deal with clients. Here are five things you need to keep in mind:

Transparent terms of your loan

Every licensed money lender in Singapore must inform the borrower about all the loan terms. For example, the interest rates, permitted fees, the date of the loan disbursement, the computation of the late interest fee, the frequency of the instalment payments, and the total amount you will pay over the entire loan term.

Loan application process

Every legitimate money lender has to have a loan application process mandated by the Money Lending Act. If the loan process is too easy or does not require any documents, consider it a loan shark.

A licensed moneylender needs to require the borrowers’ full name, date of birth, personal identification number, residential address and telephone number. In addition, borrowers need to provide reliable documentary evidence to support the information provided in the application form.

Loan contract

When borrowing from a licensed money lender, you must expect a loan contract containing all the necessary information about your loan. Therefore, the loan contract must be complete and precise. Also, it must note the equal instalments at equal time intervals for your chosen payment scheme.

Right advertisements

Legal money lenders cannot send advertisements through text, social media, e-mails, and pamphlets. Any promotions should only be within the money lender’s website and physical office.

Copy of Contact

A reputable money lender should always give you a copy of the Note of contract for the loan. The loan officer should explain every part of the contract. 

What is the Credit Association of Singapore (CAS)?

Formerly known as the Money Lenders Association of Singapore (MLAS), they have rebranded into the Credit Association of Singapore. They exist to protect both the interest of borrowers and licensed moneylenders in Singapore.

Signs of Licensed Moneylender Harassment

Not every licensed money lender provides quality customer service.

There are still some moneylenders who violate the Money Lending Act, even those with licenses to operate.

Be mindful of the moneylender who:

  • Ask for your SingPass user ID and/or password. If the moneylender needs your SingPass, you must personally go to their office and key in your details. Never share your SingPass information with anyone.
  • Retain NRIC card or other personal ID documents. Never let anybody take your original documents, as they can use them for fraudulent activities.
  • Asks you to sign an incomplete contract.
  • Grants your loan request without exercising due diligence. If the loan application seems too good to be true, it probably is. As mentioned above, the Money Lending Act requires every loan application to go through a checking your credit history with the credit bureau.
  • It uses abusive language and threatens you. Licensed money lenders may visit your residence to collect your outstanding loan, but vandalism and other threatening activities are red flags.
  • Ask for an outright processing fee before disbursing your loan. Legitimate money lenders will never ask or solicit any advance fees from the borrowers.

Should you deal with a money lender doing these violations, you must file a complaint against this lender.

How to File a Complaint Against a Licensed Money Lender in Singapore

Since the money lending industry is highly regulated in Singapore, all registered money lenders must operate their business in line with the strict supervision of the Registry of Moneylenders (ROM). The ROM is a branch of the Singapore Ministry of Law that oversees the registration and regulation of money lenders.

As a borrower, you can file a complaint against a money lender should you experience unjust contracts, unfair lending practices, illegal collections practices, and any violations of the rules and regulations set forth by the ROM.

You can contact the Registry at (+65) 6325 1416 and 1800-2255-529 or via e-mail at ipto_romp@ipto.gov.sg. Alternatively, you can send your complaints to ipto_enquiry@ipes.mlaw.gov.sg and OneMinLaw@mlaw.gov.sg.

The Registry of Moneylenders can handle every complaint with the utmost confidentiality. Your personal details will not be revealed to the money lender without your consent. You may need to attend an interview with the Registry to provide all relevant information and documents related to your loan transactions.

If you think serious law violations are done to you by a money lender, you can file your complaint directly to the Singapore Police Force. However, if the complaint is civil, you may also file a complaint with the court under the Consumer Protection (Fair Trading) Act or the Small Claims Tribunal. The court has the power to set aside the loan transactions if proven substantially unfair.

The Registry views every complaint seriously and will investigate it thoroughly. But the best way to avoid such money lenders is to take your time shopping around. A moneylender review on low interest money lenders in Singapore helps you choose. Also, visit money lender review sites and read helpful information for borrowers in Singapore.

Are there Singapore Money Lenders for Bad Credit?

On a lighter note, a licensed moneylender can help you with your finances in the long run.

You can still get a loan from a reputable licensed money lender if you have a bad credit history due to unpaid loans and credit card bills.

Bad credit is usually caused by unpaid credit card bills and loans that you have allowed to balloon for the past months. Unpaid bills and outstanding balances are generally reported to the credit bureau.

Your credit score will pull down if you cannot resolve your debt. Bad credit means you will have difficulty applying for housing loans, auto loans, new credit cards, and other cash loans. So how will you be able to purchase your dream home or car?

The good news is that money lenders can help you rejuvenate your dwindling credit score.

You can get a personal loan from a licensed money lender. You may not be able to borrow a higher amount, but it is an excellent start to earning a positive credit score in the long run.

Once your loan has been approved, make sure that you pay the proper instalment at the right time. Always pay on time to have a positive record in the credit bureau.

What does it mean for me?

To avoid falling victim to loan sharks, get a loan only from a reliable licensed money lender in Singapore. As mentioned, a registered money lender will not charge you unfair interest rates. Moreover, money lending is a business based on trust. Later on, satisfied clients become loyal clients.

RELATED: Where to Get the Best Instant Cash Loan in Singapore

With more contented customers, the moneylender will stay in business throughout the years.

We at Cash Mart have been providing loans in Singapore since 1969.

Over the years, we’ve grown a long list of clientele with flexible terms and fair interest rates.

A moneylender review about low interest money lenders in Singapore indeed gives you a peep at how they treat their clients, but actual results speak for themselves.

If you want to get a taste of an excellent customer experience from a reputable moneylender in Singapore, you can give Cash Mart a call at +65 6397 4111 or drop by 277 Balestier Road today.

ANZ Home Loan Singapore: Your Financial Solution

ANZ Home Loan

ANZ Home Loan Singapore: Your Financial Solution

Having a home is the pinnacle of financial independence. For most of us, it is quite hard to accomplish. Thankfully, ANZ Home Loan Singapore exists to assist in practical home buying. 

The key to affording a home is not only to be practical when choosing a home. It also lies to the housing loan which you will use to finance your new home. With the increasing demand for affordable homes comes the innovation housing loans from various banks and financial institutions.

ANZ also offers various housing loan package which you can choose from depending on your purpose, need and current financial standing.

ANZ Home Loan Singapore

Application to ANZ Home Loan Singapore is more convenient if you know how it works. Learn how to secure the best financial assistance you need. 

ANZ Home Loan Singapore

Credit: http://findahomeloan.co/singapore/guides/anz-singapore/

ANZ Singapore Property Loan Eligibility

Before you even start your loan application, it is best to know the eligibility required by any loan provider. You don’t want to be declined for the simple reason that you did not qualify  the eligibility. After all, declined loan applications can hurt your credit score too.

ANZ offers loans to Singaporean citizens and permanent residents, foreigners working in Singapore and have been residing, and non-working foreigners bit their nationality is exclusively qualified.

Home Loan Documents

Just like any other housing loan, ANZ requires a copy of NRIC or passport (whichever is applicable to the client). This is to prove the person’s identity. Then the applicant must also present a proof of residence, proof of income (Latest 12 months CPF Statement or 2 Years Income Tax Assessment), Option to Purchase (OTP) or Sale & Purchase Agreement, and Evidence of sale of existing property.

Home Loan Amount

Never apply for a loan higher than you actually need. Though this posts as extra cash in hand, you need to remember that you will still be paying for it against the value of your home. It is best to just borrow the approximate amount which you will need to buy your home.

ANZ Home Loan amount is based on valuation ratio. It means that it will be based on the property’s market price. The minimum amount is SGD300,000 up to 80%. However, the approved amount will depend on the bank’s discretion.

This means that though you can borrow up to 80% of the property’s estimated value, the amount of approved loan can depend on your financial status, credit score, and income.

ANZ Home Loan Tenure

Loan tenure is the period of a loan. How many years do you want to pay off the housing loan? The longer the period means a lower amortisation rate. However, it also means that you will bear this financial responsibility for a long time. It may be a hindrance to getting other loans such as a car loan if you have high monthly repayments.

ANZ Home Loan tenure can be as short as 5 years up to the maximum of 30 years.

ANZ Home Loan Security

Housing loans are secured loans. The property you are purchasing will be used as the loan’s security. In ANZ, you must purchase a private residential property (completed or uncompleted) and HDB properties (4-room and above) to be able to get a loan.

Home Loan Interest Rates

It is important to decide the best interest rate that fits you.

  • Fixed Rates are pre-determined rates and repayment period. This is best for individuals who like to plan way ahead. It gives you the ability to foresee your finances and budget them accordingly.
  • Floating Rates are pegged to either 3-month Swap Offer Rate (SOR)2 or the average of both 3-month Singapore Interbank Offered Rate (SIBOR) and Swap Offer Rate (SOR). This means that the interest rate can go down or higher depending on the SIBOR. SIBOR is the interest rate used by banks when they get a loan from each other.

ANZ Home Loan Products

  • Purchasing Residential Property Loan
  • Equity Loan or getting a loan against your existing residential property
  • Bridge Loan is a loan offer by ANZ to help the customers have enough downpayment to get a housing loan.

ANZ Home Loan Calculator

ANZ Home Loan Calculator gives you an estimate on how much you can borrow depending on your income and other financial responsibilities. It is also important to note if you are getting a loan or jointly with someone else.

While you can get only an estimate, it will help you see how much you can borrow and if it is enough to buy your own home.

ANZ Home Loan Repayment Calculator

The Loan Repayment Calculator can show the estimated amount of your monthly repayments based on the amount you want to borrow and the interest rate. This calculator can give you an idea if you can actually handle the repayments without sacrificing your basic needs.

ANZ Property Loan Fees and Charges

Aside from the interest rates, there are also other fees and charges you have to consider. When buying a home, certain legalities are also involved. You will even need a lawyer to finalize your home purchase. Also, you will need to pay for the required insurance.

Conclusion

While ANZ offers various loan packages, take note that you have to use the one that best fits your need. If you are just looking for a loan to make a minor home improvement or buy additional furniture for your own home, you can opt to get a personal loan from Cash Mart.

Cash Mart offers personal loans with flexible terms based on your preference and needs. Talk to a Cash Mart loan executive today at +65 6397 4111.

How Does ANZ Personal Loan in Singapore Work?

ANZ Personal Loan Singapore

How Does ANZ Personal Loan in Singapore Work?

ANZ Personal Loan in Singapore is almost similar to ANZ MoneyLine Term Loan. However, it is a personal loan slightly different from most term loans offered by its bank competitors.

Since it may be a little confusing, you need to understand how it works, how to use it, and the fees involved with this loan product.

ANZ Personal Loan in Singapore

The ANZ Singapore MoneyLine may be considered unique among various personal loans offered to Singaporeans. It is a credit line for customers who can tap to provide extra cash for any purpose.

Unlike the traditional personal loans in banks, which subject you to a gruelling loan application process to get approved, you can open a MoneyLine account with a specific credit limit. As a result, there is no need to apply for a loan every time you use it.

The funds are not released all at once. You have control over how to release the funds and how much you will use. So you’ll be careful not to exceed the credit limit.

ANZ Personal Loan in Singapore

Credit: https://www.anz.com/institutional/global/singapore/en/

ANZ Singapore Personal Loan Eligibility

Like most banks, you must be at least 21 years old to 65 to be eligible for the loan. In addition, Singapore Citizens and Permanent Residents must earn at least $30,000 a year. ANZ also offers this loan product to foreigners, but they must have an income worth $60,000 per year.

ANZ Singapore Personal Loan Documents Required

Singapore Citizens and Permanent Residents must provide a photocopy of their IDs (front and back) and accompanying documents as proof of income. Foreigners need to provide a copy of their Employment Pass, valid for at least 9 months, a copy of Proof of Residence, passport, and other supporting documents.

The needed supporting documents must prove that you have earned enough income to be eligible for the MoneyLine. You may pass your CPF statements, Income Tax Notice of Assessment or recent payslips, whichever is applicable for you.

ANZ Personal Loan  in Singapore Promotion

If you apply for ANZ MoneyLine Term Loan, you can receive cashback up to $1,388. However, never get a loan you do not need just because you can get some cash back. If you have a loan less than $30,000, you will get a cashback worth 2% of the approved loan amount. If you apply for a loan worth $30,000 or more, you can get a cashback worth 2.5% of the approved loan.

The Interest rate can also be as low as 11.90% per year for new customers and 11.93% for existing customers. However, failing to meet the monthly repayment will automatically revert the interest rate to 19.88%p.a.

ANZ MoneyLine Express Processing

ANZ MoneyLine Express Processing is a same-day approval if you apply online. Just make sure to submit your application and supporting documents before 10:45 am on a business day to have them processed in 24 hours. Take note that there is a nominal fee of $50.

ANZ Personal Loan  in Singapore Payment Methods

Cheque payment

You have to mail the cheque and payment advice to Australia and New Zealand Banking Group Limited. Make sure that your cheque is made payable to your own ANZ MoneyLine Term Loan Account No.

Cash payment

You can visit an ANZ branch and pay your monthly repayment in cash. However, it can only be applicable during banking hours.

AXS machines

Payment can be done at over 750 AXS Stations with NETS ATM Card or CashCard. If you are unsure about the nearest AXS Stations, you can check a list of AXS Station locations through AXS Hotline at +65 6560 2727.

AXS QuickBill

You can make over-the-counter payments at Cheers and FairPrice Xpress stores using Cash and ATM cards.

Self-service Automated Machine (S.A.M.™)

You can also pay in cash in any branch of S.A.M.™ all over the city-state.

ANZ ATMs

If you have an ANZ account with an ATM Card, you can make your payments on any ANZ ATM.

Internet Banking

You can transfer funds from your ANZ accounts (if you have any) to your ANZ MoneyLine Term Loan account.

Important Reminder On ANZ Personal Loan

Take note that every time you ask for a loan, you will be charged the processing of $80. The interest rate will be based on the principal loan amount plus the processing fee.

You will also be charged an annual fee of $90 whether you use the ANZ MoneyLine or not. There are also other fees and charges which might apply to your account.

Like any bank, you will be charged with astounding penalties and interest rates if you default your payment. Therefore, you must use the ANZ MoneyLine wisely.

If you think you won’t need a credit line, it is best to apply for a traditional personal loan that is more predictable and does not have any annual fee. However, if you are looking for a quick cash loan, you can get it from Cash Mart today.

Cash Mart is a licensed moneylender in Singapore dedicated to bringing quality loan solutions. Give Cash Mart a call at +65 6397 4111 to know more.

Top 3 Carpool Apps for Singaporeans

carpool app

3 Top Carpool Apps for Singaporeans

Nowadays, Singaporeans are becoming more and more receptive to the idea of carpooling. But through time, they became more acquainted with it. So today, 3 top carpool apps for Singaporeans are prominent in the country.

Various carpooling apps have been introduced on the island since 2015. As a result, a new regulation mandating carpool drivers to get paid was made. It serves as thumbs up from the government since making the country car-lite is still a goal to be reached.

At the end of 2015, registered cars reached a five-year low. It does not point to COE prices, but rather experts say that apps such as Uber and Grab may have created such an effect. From here, there is a rise in the number of rental cars.

What is Carpooling?

Carpooling is different from the original idea introduced by Uber and Grab. Instead of activating apps and getting a driver to pick them up to go to a specific destination, the carpool driver can share his or her car with others.

In a simple scenario, if a driver goes to work and wants to share the empty seats in the car, he can pick up riders along the way using an app.

Picking up riders on the road and in parking lots is strictly prohibited. However, the driver and riders can agree about pick-up locations and the time.

Carpooling is not for profit as drivers are only allowed to have two carpool trips a day. It is just like sharing the ride with friends and the costs, including the gas.

Advantages of Carpooling

Reduce Carbon Footprint

The government is now in an active fight against pollution to help global warming problems. If there are fewer cars on the road, less fuel will be used while a couple of people can arrive at places they need to go. The carbon emitted by vehicles may be reduced to 1/3 if three people use a car every day.

Split Ride Cost

Since the driver gets paid on the ride, there is no need to worry about shelling out cash for the gas. Also, the riders don’t have to pay the whole bill since they are sharing it with other riders. Another advantage when talking about costs is that there is no surcharge on carpooling.

Social Experience

People get to meet other people. We have to admit that Singaporeans are now getting busy with their jobs and other responsibilities that they start to be strangers even to their next-door neighbours. If you are an extrovert, then this experience can be fun for you and convenient. You can meet people with various interests. And you may get to share your ride with them every day.

Reduce Traffic Congestion

Congested traffic is no fun during rush hour. People waste their time stuck in the traffic while they could have been spending it with their family and loved ones. Also, some rides get more expensive whenever there’s high demand. There will be fewer cars on the road with carpool, easing the traffic situation.

Disadvantages of Carpool Apps

Sudden Appointment Changes Due to Errands

Carpooling is not all sunshine and rainbow. There are some disadvantages, such as sudden errands that must be done.

For example, the driver may have to go home earlier to pick up a child who suddenly got sick in school. It will cause the riders to use another mode of transportation to get home independently.

Another is if the rider has sudden work demands before the shift ends. Then, the driver will have to wait instead of going home after the day’s job.

Also, there is the possibility that people have driving ethics. The key here is clear communication between the riders and the driver.

Car Insurance Doesn’t Cover Accident Claim on Commercial Basis

Private vehicles may have insurance; however, it may not cover the damages if used the car commercially during the accident. Contact your insurance provider and inform them that you plan to use your car in carpooling. Also, you can ask them regarding the extent of your car insurance coverage.

Popular Top Carpool Apps in Singapore

Travelling around is more convenient if you try out these top carpool apps for Singaporeans. 

Ryde

ryde carpool app

Ryde is one of the most popular carpooling apps in the country. It uses a “proprietary algorithm” to calculate the price based on variable costs of petrol, depreciation, and maintenance.

While there is still a risk of certain assaults during carpooling, Ryde is insured to $1,000,000 against sexual assault claims and third-party liabilities. It means that they give insurance to those who had accidental death and permanent disablement three months after the incident during carpool. Just be sure that you are a verified member to get insured.

To keep the safety of the carpooling community, Ryde has a two-way review wherein drivers and riders can evaluate each other. Those with less than four stars will be suspended from the community for a month.

Swat Mobility

swat mobility carpool app

Swat Mobility offers flexible carpool services with shared buses. While it is convenient for individuals to book their rides anytime anywhere, this app also helps businesses book for their employees.

The employee transport is designed to pick employees close to their homes. This assures that they sit with their co-employees with social distancing.

Grab Hitch 

grabhitch carpool app

The app takes pride that it is not an on-demand commercial ride but rather a social ride-sharing app. Grab calculates the fares, which only covers the driver’s variable costs. Currently, Grab is negotiating for cross-border carpooling services to cater to those crossing the borders between Singapore and Malaysia. The authority does not allow the use of cars on the island not registered in LTA, and Malaysia has a similar regulation. Nevertheless, Grab Hitch started a test run and collected various reactions from people.

Still, convinced you need your own car to go to places? Then, get a car loan to purchase your vehicle finally. Call Cash Mart now.

Best Instant Loan For Low Income Earners In Singapore

Best Instant Loan for Low Income Earners in Singapore

Best Instant Loan for Low Income Earners in Singapore

Despite being a first-world country, searching for the best instant loan for low-income earners in Singapore is still prevalent. It proves that the government still needs to help those earning low wages.

It is not easy working from payday to payday, saving or living by the budget and even sacrificing much of the luxuries to survive, yet all efforts seemed not enough.

With the Cost of Living Calculator, we can develop a sample monthly budget of $1,316.

As for the accommodation, we assume that it is a rented place in a suburban district, and the utilities are not yet included. But, of course, everyone has to use water and electricity to survive.

With the medical costs, the estimation only includes a visit to a general practitioner. Therefore, the medications and other health care needs are excluded.

In addition, the taxi ride to and fro work for transportation needs extra funds in your budget. 

The communication fee only includes the subscription fee, not the cost of the handset. With the budget of $1,316, it is a tight budget considering that there are many things you have to let go of, such as having better accommodation, visiting a specialist should your ailment become complicated or going to places for relaxation. So it is because there are so many sacrifices to stay on the budget.

Low Income Jobs in Singapore

It seems that despite the hard work put into their everyday tasks, they continue to earn low wages. However, rather than stay unemployed, many are still taking these jobs.

Every restaurant needs a service crew to run. They are the ones facing the customers with forced smiles. They take orders, man the cashier, clear the tables and serve the food and drinks.

The job is easy to get, but many Singaporeans will get it as a last resort for a job. The pay is low and the working hours can extend from 10 hours onwards due to understaffing.

Those in the construction and trade industry will not have a business if they don’t have construction workers, craftsmen, machine operators and assemblers. They work in extreme conditions under physical stress until the wee hours. Manual labour is very demanding, and they sometimes work in hazardous areas, yet the pay is meagre.

Nobody will clean someone else’s toilet, but some people do despite the low paycheck. They mop, wipe, dust, and take out the trash. Yet, with all the sweat, the income seems insufficient to survive.

Workfare

Workfare is the government’s solution for low-income wage earners. Also, it rewards work and encourages workers to take up some training to up-skill themselves. Workers can find better opportunities to expand their work choices with more skills. Under the Workfare is the Workfare Income Supplement scheme.

Workfare in Singapore | loan for low income earners in Singapore

The scheme is for older wage earners aged 35 and up who work regularly and are willing to do further training to up-skill themselves. Those who have eligibility can have temporary cash supplements according to age group.

Also, they can avail themselves of a CPF portion to help them build a better retirement fund. Furthermore, if they choose to undergo up-skill training to improve their employability, they will receive subsidies.

In addition, they will raise the qualifying income for this permanent scheme from $1,900 a month to $2,000. With this change, Finance Minister Heng Swee Keat expects to help around 460,000 Singaporeans to benefit from WIS. This way, they will help the bottom 20% of workers and those in the 30th wage percentile.

Those eligible will now get a bigger payout, yet it will still depend on the age group. For example, employees earning $3,500 now will get up to $3,600 a year because of increased WIS payouts; the workers earning $1,000 to $1,600 get a $100 to $500 increase.

From the quarterly payments, payouts are now monthly. With the newly revised scheme, the low wage workers will receive $770M.

Also, the criteria are now simplified: a worker has to work six months per calendar year, precisely two out of three consecutive months, or three out of six consecutive months.

Aside from those under age 35 and above, the scheme supports people with disabilities aged 13 and above with low wages.

With the existing effort from the government, is the Workfare enough for those earning low income?

Don’t worry.

Cash Mart: The Best Loan For Low Income Earners In Singapore

You can get flexi loans from the best licensed money lenders in Singapore anytime.

Apply for a low-interest Singapore personal loan from a licensed moneylender like Cash Mart.

The process is quick and easy as we do not require tedious paperwork.

Cash Mart offers unsecured loans, so there is no need to bring collateral, and they even approve loans to those with bad credits. So if you want to experience high-class service and flexible loans, you can drop by Cash Mart, and the friendly staff will be willing to walk you through the process.

Millennials Should Know About DBS Student Loans

Millennials Should Know About DBS Student Loans

Millennials Should Know About DBS Student Loans

Are you looking for a student loan? DBS Student Loans is one of the best choices for Millennials in Singapore. Learn more about it.

It seems that most students will not be able to finish their college degrees without any financial help. Some are fortunate to have a scholarship or a loving rich relative. A lot of students resort to loans.

Are DBS student loans the best for millennials?

dbs student loans in Singapore

Before you decide, here are some facts you should know.

Different loans from different institutions

Though DBS offers various student loans, it will still follow the terms and conditions laid out by specific institutions. Also, it would help if you took your time researching which one you are eligible to apply for. DBS offers Student Loans, Tuition Fee Loans, and Computer Loans.

DBS Student Loan requirements

The student must have a guarantor. The most preferred guarantor is a Singaporean citizen. The guarantor must be at least 21 years old but not more than 60. Understandably, the guarantor must have an outstanding credit history. It means that he/she must not have any loans ended in default or had not filed a bankruptcy. Some institutions may ask for other requirements.

DBS Student Loan benefits only for university students

DBS can loan up to 20% of the subsidized tuition fees or up to S$3,600 of the student’s annual living allowance. There is no interest charged until the course of study is finished, or the student dropped out of school.

The minimum monthly repayment is $100. You can pay the loan for up to 20 years.

DBS Student Loan benefits only for polytechnic students

DBS Student Loans can be up to 25% of the subsidized tuition fees or $2,000 annual living allowance. The interest will commence after the course completion.

In addition, you have up to 5 years repayment period for an interest-bearing loan. You will be eligible for DBS Student Loan if you take up Tuition Fee Loan Scheme, MENDAKI Subsidy Scheme/Loan, orCPF Education Scheme.

DBS Tuition Fee Loan

It is a government education loan. DBS Bank administers this loan to Singaporeans, Singapore Permanent Residents and international students. However, they must study in partnering local institutions, which are:

  • Singapore Polytechnic,
  • Nanyang Polytechnic,
  • Ngee Ann Polytechnic,
  • Temasek Polytechnic,
  • Republic Polytechnic,
  • Singapore Institute of Technology,
  • The National University of Singapore,
  • Nanyang Technological University,
  • SIM University, and
  • Singapore University of Technology and Design.

DBS Tuition Fee Eligibility

The loan offers students who have no financial aid at any school, covering the tuition fee. It means that if you want to apply for the DBS Tuition Fee Loan, no other loan or educational aid must have the same purpose.

In addition, though there is no required income or age restriction, you must have a guarantor within legal age but not older than 60.

DBS Computer Loan

This loan is to aid students who cannot afford a laptop. The offer is only for NUS undergraduates, Nanyang Polytechnic and Ngee Ann Polytechnic. The loan is interest-free. Plus, the repayments will commence after the completion of the course.

Points to Take Note

  • Even if you do not have a DBS bank account, the loan contract will still be binding. Therefore, make sure that you are applying for a loan that you can repay after you have finished your course.
  • Start your repayment as indicated in the loan contract to avoid penalties. Though it says 0% interest such as the Computer Loan or the interest rates seems low for you, do not miss your repayments, especially the first one. You may have a hard time getting your first job, but do not ignore the bank. Give the bank a call in case you think you can’t pay the monthly repayments.
  • Pay diligently. Though this is a student loan, it will still reflect your credit history. You will never want to flop your credit score if you wish to get a car or home loan someday.

Choose your student loan carefully. Take time to shop around and borrow what you need. Getting a loan may be privileged. But it is also your responsibility to settle.

Another best option to finish your studies is applying to a licensed money lender Singapore. For example, Cash Mart offers a low-interest personal loan. You can use instant quick cash to supply the finances for your college. 

How to Apply Online Loan Singapore in 3 Minutes?

apply online loan Singapore

How to Apply Online Loan Singapore in 3 Minutes?

We are now used to the convenience brought by the internet. So here’s how you can apply online loan Singapore in 3 minutes.

Food delivery, house cleaning services, and buying groceries are accessible online.

Also, this case applies when you need instant cash since there are loans you can now process online.

This detailed guide will help you understand how online loan in Singapore works. However, one of the more convenient ways to skip the nitty-gritty details on how to apply for an online loan that fits your needs easily is to contact an accredited moneylender in Singapore.

Despite the overwhelming number of moneylenders floating around the web, certain things still must consider.

What to check in a licensed moneylender?

Security Policy of the Website

If you are going to process your loan online, you will have to divulge your personal information, making you vulnerable to identity theft. Get to know the company you are giving your information to. Go over its website and see if it has a legit feeling.

Check for the padlock icon located next to the site’s email address. Aslo, if the ‘https’ is green, you’re on a secure website.

Call the lender’s phone number. Then, ask for their security policies to put your mind more at ease.

Also, make sure you read the privacy policies. Some lenders pass your information to other lenders for some commission.

Speed

Since you are processing online, you expect faster approval of loans. Browse around the lender’s site and check their guaranteed length of time for loan processing online. Remember that you need INSTANT cash.

Legality

Since it is risky to put up your information online, it is imperative to check the lender’s licensure on the Ministry of Law website. There are a lot of lenders willing to give you a loan. Make sure that you choose a legal moneylender with an active license. And though the lender is licensed, this does not guarantee quality service. Some licensed lenders had their licenses revoked. The government holds strict regulations in the money lending industry to protect borrowers and lenders.

Amount of Money to Loan

When getting the best personal loans, make sure that you do not get carried away and acquire loans bigger than you can afford. You have to remember that you will pay monthly.

If you have a lot of other financial responsibilities, you need to redo your budget. Defaulting your loan can lead to a bad credit rating. In addition, you will have a hard time getting more loans in the future.

Loan Tenure and Late Charges

In 2014, Easy88 lost its license after a client reported it charged extremely high ‘late charges.’ Though there is a regulation on the maximum interest rate lenders can get, there isn’t any law about the late fees.

Some lenders give a one-day loan, which requires the client to pay back the loan with interest on the next day. For example, the borrower applied for a loan of $1000 then got charged with a late repayment fee of $600 after failing to pay on time.

Deep in debt, the client then went to two other licensed providers. For example,  Assure Capital and AP Credit to cover the skyrocketing charges. But in the end, the borrower only gets the same horrible experience as the first one.

Check the Review Sites

Spend some time reading in moneylenders’ review sites. It is a place where clients voice out their satisfaction and frustrations over the services they receive from their moneylenders.

Also, you can gain insights into how a particular lender interacts with the clients. Therefore, it helps you decide which moneylending company you can apply. 

Requirements

Some licensed moneylenders in Singapore do not require a long list of requirements. With this, the loan approval process has been conveniently shortened. However, it would be best if you never let anyone gain access to your Sing Pass.

apply online loan Singapore

Credit: https://www.vectorstock.com/royalty-free-vector/online-loan-concept-big-hand-is-appeared-vector-36214887

Cash Mart Online Loan Application Process

The sample is purely based on the online loan application of Cash Mart Singapore. 

  1. Submit the filled-in online inquiry form.
  2. Wait for an email from the moneylender.
  3. Come down to the moneylender’s office.
  4. Chat with a loan executive
  5. Sign the contract
  6. Get the cash

How to Detect Loan Scams Online

As the growing moneylending industry grows, fraudulent activities spread as well. So, better protect yourself from being a victim of loan sharks. 

Loan Phishing Scams

Phishing is when fraudsters impersonate a reputable moneylender. Then, they will try to milk more personal information.

For example, some impersonate a well-known financial institution website. Meanwhile, others take time to create a seemingly legitimate site.

With the gathered personal information, they can steal your identity and apply for credit cards in your name or do other transactions at your expense.

Advance Fee Loans

The scammer will request a fee to release the ‘approved loan.’ When you are in great need of instant cash, it is good news to have your loan approved. However, you are asked to advance the processing fee or two months of payments before the actual loan is released.

Warning signs

Below are red flags you must observe when interacting with a moneylending company. 

  • A lender uninterested in your credit history

Even legitimate lenders cannot guarantee 100% if you can have a loan. Therefore, most licensed moneylenders prefer to talk with the borrower personally to evaluate creditworthiness.

  • Upfront loan fees

Licensed moneylenders in Singapore will NEVER ask for any upfront fee before you receive any loan. Most scammers will call this the processing fee, yet you will never receive any loan amount. To learn more about different types of loan scams, click here.

  • Pressure to decide immediately

No lender should pressure you, especially when deciding to sign a contract. Instead, take your time. Always ask for necessary documents. Never hesitate to confirm the echo behind your mind. 

  • No Location Information

Location increases police detection. Make sure you apply for an online loan from a money lender with a physical office. Without it, consider them as a loan sharks. 

  • Too easy process

On the other hand, if your loan gets approved without so much of a fuss, then it is something you should look out for.

Remember this when you apply online loan Singapore. Licensed a moneylender follows a particular application procedure. 

If you are looking for instant cash from a reputable moneylender online, start processing loans online at Cash Mart. Also, you can give us a call or drop by Cash Mart Balestier Road office. Then, meet its friendly team ready to assist you towards the smooth loan application process in just 3 minutes.

Can I Get A UOB Credit Card For A Fund Transfer?

UOB Credit Card

Can I Get A UOB Credit Card For A Fund Transfer?

Can you live without credit cards? Well, UOB Credit Card is the top choice of many for a reason. The best part of its services is fund transfer.

It seems that most Singaporeans need credit cards for various reasons. Some of us use credit cards to take advantage of rewards and rebates. Others want to build up their credit scores for their future loan applications. Finally, many see the other benefits, such as 0% instalments and fund transfers.

UOB credit cards have not only been packed with various rewards and rebates. Also, it has services you can use to make your financial life more stable. But, of course, this is if you can keep up with terms and conditions.

UOB CREDIT CARD FUNDS TRANSFER

UOB’s Funds Transfer offers to the Principal Cardmember provided that the cardmember has good credit standing and has never been delinquent in paying bills.

Here are some questions you should ask.

UOB credit card transfer

Credit: https://www.fool.com/the-ascent/credit-cards/articles/8-things-you-should-know-about-using-a-balance-transfer-credit-card/

What will happen when I apply for a funds transfer?

UOB will open an account in your name and debit the approved amount from this new account. The funds transfer outstanding amount, late payment charges, and interest rate will all be reflected in your monthly statement. The due amount is payable whether your card is activated or not.

How much can I apply for?

Naturally, the approved amount, including the processing and other service fees, must not exceed the credit card’s credit limit. That is why the approved amount for funds transfer will be at the bank’s sole discretion. The final decision of the bank will be final and binding.

What if I have multiple UOB credit cards?

The amount you can request will depend on the combined credit limit of all your UOB credit cards.

Is UOB Credit Card a 0% interest rate?

This promotional interest rate is applied when the fund’s transfer has been approved. Also, it continues until the promotional tenor reaches its last day. Or if the fund transfer has been settled. It recognized whichever is earlier.

Can I transfer funds to any account?

The bank will not approve your request if you intend to make a transfer to a third-party account. Also, the receiving account must be denominated in Singaporean dollars only.

How long should I wait for it to be approved?

UOB Funds Transfer for credit cards usually takes five (5) banking days.

What if I want to close the account or make early repayment?

You will be liable for the total outstanding amount. Therefore, make sure that you can handle the entire balance left before you decide to close the account.

What is the minimum payment for UOB Credit Card for a Fund Transfer?

The required minimum payment is at least 3% of the outstanding balance or $50, whichever is higher.

Getting a personal loan from a trusted and licensed money lender is better if you need some cash for debt consolidation or essential purchases. Cash Mart only takes 30 minutes to get your loan approved and your cash disbursement.

30 Amazing Tips To Save Money In Singapore

Tips to Save Money

30 Amazing Tips To Save Money In Singapore

While some countries got lower living costs, Singapore continues to rise and consistently kept the top place in recent years. So we have created 30 amazing tips to save money in Singapore.

As we know, Singapore has one of the highest costs of living globally, and if you are one of those average earning workers, it will help if you can save even a few dollars. Even The Economist rated Singapore as the country with the highest cost of living globally, topping over Zurich, Hong Kong, Paris, London and New York. The survey used the prices of the commodity, the currency devaluations, and geopolitical uncertainties. 

While many consider that salaries are high in the country, once compared with expenses, the regular paycheck does not seem enough anymore for average wage earners. So, if you are one of those who live payday after payday and you want to keep your head afloat, here are some tips to save up a few bucks.

Tips to save money

Credit: https://content.mycareersfuture.gov.sg/much-enough-5-sporeans-share-much-save-paycheck/

Catch the free early-bird MRT ride before 7:45 am.

Wherever you plan to go, or if you will work early, catch the free ride to city areas. Just be sure to tap any of the 18 destinations before 7.45 am during weekdays. Don’t beat yourself up if you miss it by a few minutes. The MRT offers a 50-cent discount off MRT fares before 8 am.

Choose from the destinations: Telok Ayer, Tanjong Pagar, Somerset, Promenade, Raffles Place, Outram Park, Marina Bay, Orchard, Lavender, Esplanade, Downtown, Dhoby Ghaut, Clarke Quay, Chinatown, City Hall, Bayfront and Bugis.

RELATED: Keys to Save SGD 1Million Before Retirement

Avail the fee subsidies for children

Get this for infant care and childcare and student care to young children from lower-income families in NTUC First Campus. Education does not need to be too expensive, especially if you are a Singapore citizen. However, since childcare and children’s education can bite a big chunk of the budget with at least two kids in the family, know where you can save up without sacrificing on quality education, uniforms, equipment, excursions, camps and other extracurricular activities.

Enjoy study grants

Some offered student grants to full-time Singaporean students in a Government or Government-aided school. Those who can academically excel than most students can apply for Edusave scholarships, good progress awards and bursaries.

Apply for UTAP and WTS

Working adults can qualify in Union Training Assistance Programme and Workfare Training Scheme. As a result, they can upgrade their working skills while getting funding assistance.

RELATED: 10 Money Saving Secrets for Newly Married Couples

Visit national parks

The country has plenty of parks to visit. Singapore Botanical Gardens, Gardens By The Bay, and the Southern Ridges have free admission. The Changi Airport attracts non-travellers with magnificent views suitable for hanging out and family bonding in all three terminals. It has free wifi, a 24-hour food court, various restaurants, a giant slide for adults, a play area for kids and a tax-free shopping area.

Finally, visit the Singapore Art Museum and see Asia’s most significant modern art collection.

Seniors watch in the cinema.

All Golden Village cinemas give senior citizens above 55 movie tickets at $4.50 on weekdays before 6 pm.

Set automatic bank payment

If you need to pay some loans fast, have your bank automatically send the payment from your paycheck. This way, there is no need to fuss over it. And you can avoid thinking about not paying for a while.

Have a particular goal

Give yourself a specific goal like saving at least six months’ worth of salary in your savings account. Do not forget to tell the people around you about this goal. They can help by reminding you. Make sure that your goal is attainable and even time-bound.

Bulky Tips to Save Money 

Buy in bulk but do not bite into the ‘sale’ traps. For example, do not buy gallons of milk just because it is on sale but because you need it.

Never save your credit info online.

It risks your identity and savings when shopping or applying for a loan. So be careful where you input these details, and remember to log out.

Tips to save money while paying your loans.

Spending is not enough. Make sure that you are still saving even a few cents. It is essential to have extra cash if you have an emergency. If you get into a tight budget, you can get a payday loan. It’s one of the best tips to save money. Some legal online moneylenders offer short term loans that you can pay every paycheck release.

RELATED: 3 Practical Tips to Build Enough Retirement Savings

Have someone shop for you.

Give a shopping list and let the person shop and stick with it. It is a good idea if you are the kind of person that tends to buy things when buying needed items impulsively.

Hang around with thrifty people.

Change your company. Those who spend carelessly are most likely to influence you if you are around those who spend carelessly. Be around frugal people, and you will soon be like them.

Shop with credit cards but pay immediately to get rewards.

Many banks offer credit card discounts and freebies if you use the card and pay immediately. However, make sure that you only buy those you can afford to pay. Have a personal limit when shopping. Plus, aim to settle for those you shopped immediately.

Tips to Save Money: Compare Things First

It’s best if you see which one has a higher potential loss. For example, if you have a long list of items you wish to but do not have enough cash, compare them and choose which one can benefit you.

Plan your groceries

Schedule your grocery shopping for just a week, not a month. Buying a week worth of groceries and necessities helps you estimate reasonably the quantities of what you need.

Have a home project

Explore your inner self white at home. Engage in activities like finishing reading a novel, knitting scarves, and having a herb garden. If you develop a hobby at home, you will think less of going out and shopping.

Negotiate fees if you can.

You have the freedom to negotiate with your banks and service providers. However, many companies do hear out their customers to retain them.

Have a joint account.

You need the other person’s permission to cash out. Without the person’s consent, you can’t get the cash and soon, your impulse to buy will disappear.

Face the salesperson on your own

It’s best to have some time for yourself. Then, if needed to get out, say you’ll ask your husband/wife. Many sellers would insist on selling to couples because they most likely will decide then and there, and there will be no way out of it.

However, if you are alone, not only will you have an excuse, you can get yourself extra time to think about it before spending cash.

Pay off your loans in the proper sequence.

It will give you a clear mind and lay out your budget in series without overlooking due payments. Also, it’s one of the easy tips to save money and avoid incurring more debts. 

Adopt a pet, not buy.

Adopting a pet is less expensive. It does not change your love for pets. Instead, you even help pets who are on the brink of being killed. Sometimes sellers of animals with expensive breeds are doing illegal transactions.

Check if your medication is cheaper abroad.

Then, if you can have a way, buy the prescription abroad, make sure that it is legal and all requirements are available and at hand.

Compare insurance policies and loan APNs before deciding.

APNs will help you see how much are you paying in a year. The monthly payment for a long life loan can prove more expensive, and you could end up paying way too much than you borrowed.

Have a specific credit card

If you have a car, it can be a Citibank Esso Mobil privilege card. Privilege cards can get you discounts and freebies. Who does not love those? So keep track of shops you frequent if they give freebies or deals based on the points system.

Learn to sell on the internet.

There are many buy and sell sites like eBay. If you are not using some items, but they are still in good condition, sell them online and get extra cash.

Ask for company discounts.

Check if your company has special discounts for employees. For example, some companies give discounts to employees who avail their services and products. In addition, some companies offer discounts to sister and affiliated companies.

Skip the junk foods

Avoid cheap junk foods. If you get sick, it will generate medical bills.

Check share economy online.

These are services like AIRBNB and eBay. Get to know the economic trend if you decide to deal with stocks. Also, you can have an idea if certain products or services get more expensive or cheaper.

Always Clear Cache

After you search, always clear cache for cheap hotels and flights. A lot of sites keep track of your searcher with cookies. Sometimes your info is being saved, and if you keep on using the same website, the prices will tend to go higher as they think you will continue to avail of their services even if it is slightly more expensive.

There are still many ways to save money, especially for rainy days, but if there is no one to turn to should a need arise, check private money lenders online, and they will be willing to assist you. In addition, some loans will have flexible payments details, such as the payday loan.

Related: Licensed Money Lender Singapore Review – Where to Find Top Licensed Moneylenders in Singapore

Ultimately, saving money needs to focus, self-control and dedication. Make saving a habit, and you will realize that it is helpful during dry months. 

What To Do: Lost Credit Or Debit Card In Singapore

lost credit or debit card in Singapore

What To Do: Lost Credit Or Debit Card In Singapore

Most Singaporeans don’t carry cash anymore. So, if they lost credit or debit card in Singapore, it’s indeed a hassle. Find out what to do.

Singapore is becoming a cashless society wherein most people transact with cards.

Credit cards and debit cards are becoming a way of life when spending and keeping track of finances. It has a direct connection to your personal finances. However, you look at it.

That is why losing your precious credit or debit cards can make you lose your mind. It feels like losing your money in the bank in just one snap!

Do not let panic grab your senses. Instead, take these steps to limit potential damage and protect your finances from looming risks.

Keep Calm and Retrace Your Steps

There are two possible reasons your cards got lost: Either you misplaced them, or someone intentionally stole them. Consider the first possibility first.

Consider the first possibility before anything else.

Take out everything from your bag, turn it upside-down and inside-out if you must. Your card may be just in between in the inner layers of your bag.

If it’s not the case, retrace your steps to revisit the places where you could have dropped or misplaced your card.

If you have been in public transport, it does not hurt to ask the people handling the company’s “Lost and Found” service. Here are the lost and found numbers worth checking out:

  • CityCab Pte Ltd – 6552 1111
  • Comfort Transportation Pte Ltd – 6552 1111
  • Go-Ahead Singapore Lost and Found – 6812 6458
  • Grab Lost and Found – 6655 0005
  • HDT Singapore Taxi Pte Ltd – 6258 8888
  • Premier Taxis Pte Ltd – 6363 6888
  • Prime Car Rental & Taxi Services Pte Ltd – 6898 2000
  • SBS Transit Lost and Found – 383 7211
  • SMRT Lost and Found – 1800 336 8900
  • SMRT Taxis Pte Ltd – 6555 8888]
  • Trans-Cab Services Pte Ltd – 6555 3333
  • Tower Transit Lost and Found – 1800 336 8900
  • Yellow Top Taxi – 6293 5545
  • Uber Lost and Found – Contact the concerned driver with the Uber App

If nobody has given you a positive response, you must assume it fell into greedy hands. Call your bank and cancel your lost debit or credit cards.

Freeze Your Card

If you have lost cards from multiple banks, call each one immediately after exhausting all possibilities that the cards were just misplaced. They will put accounts on hold until you get your replacement cards and activate them with a new PIN. Asking for a new card is easy, although it requires fees and will take a few days to replace them.

ABN AMRO Lost Card Contact Number: 6597 8866

If you lose your ABN AMRO debit card, you can block it through Internet Banking or the Mobile Banking app.

Use your identification code to block your card immediately. You can then ask for a replacement which you can receive in at least five days.

ABN AMRO Lost Card Contact

American Express (AmEx) Lost Card Phone Number: 1800 732 2244

Whether you lost your card or it got stolen, you can call AmEx to cancel your card and send you the replacement within a week.

American Express (AmEx) Lost Card

Bank of China 24 Hour Hotline: 1800 338 5335 and (65) 6338 5335

You can also send an email to cardservice.sg@bankofchina.com to cancel the card and ask for an immediate replacement.

Bank Of China Lost Card

Citibank Credit Card Hotline: 6225 5225

Dial the hotline number and enter the account number of the credit card or debit card you lost. Then press number 6 to report the lost card. Card replacement fee can cost $10.

Citibank Credit Card Hotline

DBS / POSB Credit Card Hotline: 1800 111 1111

If your card is lost or stolen, you can call the bank and cancel your card. You can also use iBanking to request a new card. Then, you will receive your card in 3 to 5 working days.

POSB Helpline

HSBC Customer Service Hotline: 64722 669

Call the HSBC Hotline to notify them about the lost card. HSBC will then activate its Singapore Fraud Team to watch out for any possible fraudulent activities coming from your lost card. Also, they can immediately tell you if your card has been part of such activities.

HSBC SG Contact

OCBC Credit Card Hotline: 1800 363 3333

Ask for your card to be blocked immediately. OCBC will offer you a replacement card that costs S$30. If your credit card is FRANK Card, the fee for the first two replacement cards is waived.

OCBC Credit Card Hotline

UOB Credit Card Hotline: 1800 222 2121

You must report your lost UOB cards or used PINs without authorization immediately. You will not be liable for any card transaction after you have notified the bank.

UOB Credit Card Hotline

Maybank Hotline: 1800 535 4142 (ATM) and 1800 535 4084 (Credit Card)

Maybank debit and credit card replacements can cost from S$15 to S$30. On the other hand, Card PIN Replacement is free of charge.

Maybank Credit Card Hotline

Make a Police Report for the Lost/Stolen Card

If you think that someone stole your cards, you have to file a police report as soon as possible. However, if you can’t go to a police station, you can simply do it online in three easy steps.

1: Log on to E-service with your SingPass.

2: Follow the instructions in lodging a Police report

3: Confirm the submission after reviewing all the details.

Unfortunately, if they terminate your filing halfway, it will not save any details you filled out. 

Why is it essential to make a Police report?

It is your responsibility to report your lost card to the issuer immediately. If you think that your card was actually stolen and not simply misplaced, make a police report. Then, call the card issuer.

After you have reported the lost or stolen card, you will only be liable for up to $100. It applies to any credit card fraudulent activities.

However, you must be able to prove to the bank that your card was stolen through a filed police report. You made efforts to report the incident to the issuer as soon as you discovered that it was missing and possibly stolen.

You would not be entitled to the capped liability if the card was lost due to your gross negligence.

Conclusion

As you can see, there is an urgent need to report the loss of any valuable items. A lost credit or debit card in Singapore has procedures to follow. It protects your finances from any possible fraudulent activities.

Nobody wants to go through such trouble, but it is still best to get ready when the worst comes. Make sure that you have a copy of your card issuer’s contact details with you. Have your card number written, but keep it safe from other people.

If you have lost credit or debit card in Singapore, all you have to do is cancel the card. But you still have to monitor your bills. First, observe that there is no suspicious transaction. If there is, report it immediately.

Losing your credit card or debit card may bring the initial panic. It can result in finances collapsing. Also, you will be helpless if you are already used to doing a cashless transaction. However, knowing what to do lessens the panic. Plus, it makes the experience less distressing.

Another quick way to have instant cash when you need it is through Cash Mart. Its loan products and services guarantee safe and secure money transactions.