5 Flexi Loan Benefits Singaporeans Need to Know

Need a loan, but your income is not qualified? Find a legal lender that offers various loan products. Also, look for flexi loan benefits.

Some Singaporeans are anxious to even apply for a loan. However, they don’t think they can get approved, considering their low income. The truth is that most moneylenders require a minimum income. It is for assurance that they can get paid.

The question is, where can the low-income earners get a financial lifeline? Of course, nobody wants to get involved with loan sharks. A handful of licensed moneylenders have understood this dilemma. Therefore, they created Flexi loans.

Flexi loans are short term loans especially created for low-income earners.

Credit: https://www.cnbc.com/select/boost-your-financial-confidence-according-to-a-fintech-vp/

5 Flexi Loan Benefits You Need to Know

Flexi loan eases the stress during a financial dilemma

Even experience lying in bed at night thinking how you will survive the next day with an empty wallet? And how will you go on a few days before your next salary?

The financial gap creates stress. People get anxious, especially if there is a sudden medical need for kids. A Flexi loan gives you hope to bridge this gap. Ease the stress by paying the medical bills not covered by the insurance.

You may have insurance, but the policy needs you to pay the bills first. Then, you can reimburse it. Finally, you can use the flexi loan to pay the bill.

Flexi loans are safe.

Borrow from registered moneylenders to ensure your information is safe from fraudulent activities. There are loan sharks who seem angels sent from above to help during your dark financial times. They will even push cash into your hands. Afterwards, they will squish out every cent you have, no matter what it takes.

When applying for a flexi loan, do not forget to secure your future. Get the flexi loan benefits only from licensed moneylenders.

Flexi loans help you rebuild your credit score.

Getting a flexi loan can help with your “no credit history.” Of course, no matter what you are earning now, it is best to keep your credit score in good shape. A credit score is crucial for loan applications. If moneylenders see that you have an outstanding credit history, you can easily get approved. In addition, you can even get a higher loan amount.

Remember that you only apply for the amount you are confident can pay off. Then, consistently meet the repayments and maintain a good relationship with your moneylender.

The best option for credit

There are other options you may have to get cash. For example, you can pawn your belongings, such as jewellery pieces. Failure to pay means losing what you have pawned.

What if you do not have anything to pawn? Maybe you can borrow from family and friends. You are lucky if someone lends you at short notice. However, you are risking the relationship you have. It is hard to face the person whose face reminds you of your loan.

What if you have nobody to turn to? Then, you can apply for the flexi loan benefits. Flexi loan is accessible, fast and convenient, especially if you can do it online.

Use a flexi loan for any purpose.

Flexi loans are multi-purpose loans. You can use it in any way you want. For example, pay your bills, purchase needed apparels, and buy groceries. It may help you reach rare opportunities such as investing.

If you want to learn new skills to upscale your career or get another job, you can use the flexi loan to enrol in some training lessons. Also, you can start a small home business as a sideline. Being a low-income earner does not mean you have no right to get any opportunities. Use a flexi loan as a tool to have a better income.

Common Misconceptions about Flexi Loan

It is only for those who are short on money or savings.

You can use the flexi loan to learn new skills or build a new home-based business. You may not need it for an emergency, but you can use it to make a better financial status.

It is a way to further debt.

A flexi loan may have interest charges, and that is understandable. If you get a flexi loan from a licensed moneylender, you can pick which fits your current finances. A responsible lender will not lend money which is impossible to get paid by the borrower.

Furthermore, you can avoid possible penalties if you consistently meet the repayments.

Borrow more than you need to have extra cash at hand

What other people think is that they must borrow more to get approved. What moneylenders consider is your ability to pay. Borrow what is within your means. The higher the amount you borrow, the higher the interest you need to repay.

Where to Get the Flexi Loan Benefits?

Cash Mart offers flexi loans to Singapore Citizen or Permanent Resident earning below $20,000. This amount fits low-income earners who can’t get a loan from banks and most money lenders.

Need a flexi-loan? Get it from Cash Mart today.

Revised Grants and Benefits for SG Entrepreneurs

Revised Grants and Benefits SG Entrepreneurs Shouldn’t Miss

With the competitiveness of SMEs, the government provided revised grants and benefits for SG entrepreneurs.

It has been proven that the government has a consistent commitment to business development in Singapore. It is evident, especially for SMEs. Mr Heng Swee Keat of the Ministry of Finance understands it. Also, he shared the importance of boosting small and medium enterprises on the island.

In addition, Mr Heng touched on creating new industrial opportunities. It helps to cluster companies while also supporting Trade Associations and Chambers.

SMEs can gain leverage in the ever-growing competitiveness in the industry. Furthermore, the financial support ranges from grants to tax rebates. Here is the gist of your expanded, revised grants and benefits from the budget 2016.

Latest Revised Grants and Benefits for SG Entrepreneurs

For years, the wide range of grants has been confusing business owners and directors. It asks for various requirements, eligibilities, and purposes. To save time, money and effort for grant processing, the government has announced the creation of the Business Grants Portal. It will be ready for use by the fourth quarter of 2016.

With this portal, SMEs and other thriving businesses can easily see the grant’s requirements. Moreover, they will know which one they are eligible to. Also, they get to know about the process. Plus, they can identify which stage their request is currently on. Therefore, they can track the grant they applied for.

Credit: https://www.taxassist.co.uk/resources/news/business-rate-relief-and-cash-grants-to-bolster-firms-during-covid-19-outbreak

SME Working Capital Loan

The SME Working Capital Loan will provide loans for startups. The SMEs can apply from participating financial institutions (PFIs) for $300,000. In addition, the government will be co-sharing the default risk at 50%. The interest rate will be subject to the PFIs’ assessment. SMEs must be currently registered in Singapore with at least 30% local shareholding.

PIC Scheme

On the other hand, Productivity and Innovation Credit (PIC) Scheme have reduced the required expenditure. It came from 60% to 40% effective on or after 1 August 2016. However, the scheme will soon expire in 2018. The government looks forward to more targeted measures rather than broad-based support. Also, this is to push SMEs towards the direction of more thriving firms through performance improvements.

Capability Development Grant

SPRING introduces an Automation Support Package with four components. First, Capability Development Grant (CDG) expanded to back up businesses. It intends to scale up its automation projects. While the grant caps at $1 million, the grant only covers up to 50% of the qualifying cost.

Investment Allowance

Investment Allowance (IA) provides additional cash to the existing capital allowance. It is exclusive to plants and machinery. The capital for each project caps at $10 million. As for enhancing financial support via loans, the government can increase the risk share further. It is under PFIs through the SPRING’s Local Enterprise Finance Scheme (LEFS) equipment loan. It will cover about 70% of the qualifying projects for SMEs.

Meanwhile, only 50% risk-share with PFIs will be for non-SMEs. Furthermore, IE will collaborate with SPRING. It is to aid businesses that aim to access overseas markets.

SME Mezzanine Growth Fund

The government introduced SME Mezzanine Growth Fund (MGF) in 2014. It is part of the Co-Investment Programme (CIP) for the investee companies. This year the fund size increased to $150 million. The purpose is to match the private sector investments and cover smaller SMEs.

SMEs seeking to acquire other companies for growth can take advantage of their Mergers and Acquisitions (M&A). To encourage SMEs to widen their scope, the government increased the value of the qualifying deals by up to $40 million. As a result, it increases the M&A tax allowance from $5 million to $10 million.

Moreover, SMEs have a chance to have more cash at hand. The Corporate Income Tax rebate has increased from 30% to 50% of tax payable. In addition, the rebate caps at $20,000 for 2016 and 2017.

Business owners are actively encouraged to hire workers aged 55 and above. However, it comes with a monthly payment of $4,000 a month.

Special Employment Credit

The Special Employment Credit scheme has been extended for another 3 years. However, the government will be raising the re-employment age in 2017. As the businesses scale up, they will need the added manpower and experiences of the older workers who can still do the job. The entrepreneurs will even receive subsidies needed for further expanding the business.

Other Revised Grants and Benefits

Thriving SMEs are now eyeing the international markets. Also, the government extends support. Examples are the Global Company Partnership and Market Readiness Assistance programmes and the Double Tax Deduction for Internationalisation.

The former aims to help SMEs with the cost of expansion to the overseas markets. Meanwhile, the latter allows the claims to claim a 200% tax deduction on airfare and hotel accommodations. In addition, even the salaries of Singaporeans staying abroad for business development.

The previous Budget announcement gave more hope to both budding and thriving businesses. It offers more local support through revised grants and benefits, loans, and tax rebates. Thus, it helps to grow further and expand.

Furthermore, the government encourages SMEs to broaden their horizons and eye for the overseas markets. Therefore, SMEs should efficiently take advantage of the said benefits to innovate, automate, and grow internationally.

If you need more cash for your business, do not hesitate to check out licensed money lenders in Singapore. Or simply give Cash Mart a call.

The friendly staff will assist you with your small business loan process. Expect cash disbursement in 30 minutes upon walking through their office doors.

10 Reasons You Need a Financial Plan

According to the 2016 MasterCard Index of Financial Literacy, Singapore tops the list of countries with high financial literacy in the Asia Pacific. Meaning Singaporeans are knowledgeable in basic money management, creating a financial plan, and investment matters.

Among these three core areas of financial literacy, you need to stabilise a financial plan. It allows you to build a framework for managing your finances. That way, you can tie together your short-term and long-term financial goals.

What is Financial Plan?

MoneySense defines financial planning as “taking charge and managing your finances to ensure your financial well-being.”

This includes monitoring your cash flow and spending habits, finding ways to settle your debt, building a budget plan, and more. Because it’s multi-faceted, you need a plan to tie all of this together.

Depending on your needs and goals, you can choose to build your own financial plan or ask for the help of a financial planner.

Regardless, here are ten reasons you need to plan your way to financial independence:

Credit: https://online.arbor.edu/news/what-does-a-financial-consultant-do

1. It Helps You Understand Your Financial Situation

When creating a financial plan, you need to know how much money you have, how much money you owe, and how much more money you need. It is not meant to make you feel devastated. Understanding your financial situation allows you to set realistic short-term and long-term financial goals.

2. It Helps You Understand Your Cash Flow

Your cash flow will be the foundation of your financial plans. It will determine whether you can start building the necessary funds to reach your goals or if it’s something you should work on. Thus, it’s important to consider your net salary and expenses when making a financial plan.

3. It Helps You Manage Your Income

Because you have realistic financial goals and you have a good understanding of your cash flow, it’ll be easier for you to manage your income. After all, you don’t really receive it in full. Following the tax and other salary deductions, a financial plan is a great reminder of how you should allocate your money.

4. It Helps You Find Ways to Build Capital

Financial planning allows you to manage your income. Meaning, it’ll be easier for you to allocate your money. And when you can allocate your money, it means you can stash a certain amount for your savings. Thus, you can slowly build your funds meant for investment.

5. It Helps You Find Ways to Make Your Money Grow

Financial planning allows you to give room for savings. What should you do with all the money you were able to save? There’s nothing wrong with spending some to reward yourself. However, it’s advisable that you use it as capital for investment. That way, you can see your money grow through time while you’re busy living your life.

6. It Helps You Build an Emergency Fund

Financial planning allows you to replicate successful processes you were able to build. If you could save enough money as investment capital, you can simply repeat the process to build your emergency funds. Why do you need an emergency fund? So you and your loved one can still survive in case of emergencies.

7. It Helps You Protect Your Loved Ones

Protecting your loved ones is part of financial planning. Other than building an emergency fund, now is also a great time for you to review the outcome of your financial plans. If all goes well, consider getting life insurance and health insurance.

8. It Helps You Understand Your Assets and Liabilities

Acquiring assets is desirable to have something you can liquidate in times of need. However, a lot of assets come with liabilities. Creating a financial plan helps you build assets that won’t become a burden in the future. After all, your net worth is a snapshot of your finances.

9. It Helps You Elevate Your Standard of Living

The wealth you were able to build because of careful financial planning could come in handy in times of need. When you have enough funds for various financial vehicles, it is easy to guarantee that your family is protected. In case you can no longer work and you’re the breadwinner of the family, they can still survive because you are insured.

10. It Helps You Achieve Better Financial Understanding

When you don’t know how to handle your finances, it can negatively impact almost every area of your life. The stress could then cloud your judgment. Well-planned and well-managed finances allow you to live a life free of worries.

Take the First Step to Financial Independence

Financial independence starts with identifying your short-term and long-term goals in life. Also, it hurdles you might face in the future.

With a financial plan, you become more confident with your decisions. That’s because you know you made the right choice on where to place your money. As a result, it reduces your stress and allows you to enjoy life more.

Financial planning is all about controlling your finance instead of the other way around.

Have you started creating a financial plan? Did you do it on your own, or did you seek professional help?

Cash Mart is a legit money lending company in Singapore. It assists you in creating a financial plan with your short-term personal loan. Find out more about what it can offer.

5% Managerial Pay Hike: What Is It To Singaporean

5% Managerial Pay Hike: What Does it Mean to Every Singaporean

Senior staff and managers in Singapore are now expected to receive a 5% managerial pay hike. It sounds like the best increase in their pay! So that sounds like good news, right?

What does it tell us about the city-state economy? Also, how are Singaporeans of working-age benefit from this?

Singapore’s Economy

While 48% of surveyed companies across Asia revealed their plan to increase their employees’ income, 58% of Singapore companies profess that this increase will soon happen in our own yard.

Credit: https://sbr.com.sg/hr-education/news/sg-employees-see-35-salary-increase-in-2022

What led to this welcoming development?

The managerial pay hike is a reflection that Singapore’s economy is stable. As a result, more works are available despite the unemployment rate recently hitting a six-year high of 2.2%. The city-state is still one of the countries where individuals can easily get a job. However, for some reason, the unemployment rate is increasing.

The economy is getting stable. 93% of companies in Singapore expressed their intent to keep or raise the number of their employees this year.

To retain their employees, they will increase the income of those in managerial positions. In addition, they will continue the employee engagement activities, career progression, and development programs. Most companies are now open to giving medical benefits, annual leave, and completion bonuses.

The ageing population is also becoming more in demand than in the past. It seems that retaining or hiring experienced workers and training the new employees will be more efficient. The younger population of the working age must learn more skills to advance on their career ladder or find a more fitting niche role.

The main beneficiaries of increased wages are the digital, technology and healthcare sectors.

RELATED LINK: Payday Loan in Singapore

Your Personal Finances

While Singapore’s economy has been stable, this does not mean that we are safe from inflation.

Every year the cost of living rises by about 3% a year. So your housing, rent, and other necessities are getting more expensive. What you can buy with your S$100 might cost double in the next couple of years. If your income remains static, you won’t be able to afford your needs in the near future.

The managerial pay hike is not actually a bonus. It is a way to help you keep up with the inflation. The new wage is also a means to know how Singaporeans fare amidst the current economic status. If you still feel that it is hard to survive despite the wage hike, then the economy is not as good as it seems.

On the other hand, if this helps the Singaporeans alleviate the impact of inflation on their daily living, the economy is indeed stable.

Your increased managerial pay hike is not a reward. Instead, it gives you a work-life balance as the cost of living goes up. It simply means you still need to continue saving up.

In case you get into a financial gap, Cash Mart can help you with its affordable, quick cash loans.

5 Ways Retail Stores Can Fight the Booming E-Commerce

Virtual carts get filled up as retail stores dry up their money. So save those shops with these ways to fight the booming e-commerce.

What used to be Singapore’s most famous shopping centre is now deserted. Then, orchard Road was where busybodies would avoid every weekend due to throngs of shoppers bustling from one shop to another. Nowadays, though, shops permanently close one after the other.

Some are left struggling to hope to get the shoppers back into their brick-and-mortar shops. However, the thing of the past will never be the same. It considers the skyrocketing success of e-commerce.

The Sudden Shift

More Singaporeans shop online.

There has been a massive shift in buyers’ behaviour over the past five years. As a result of the slow economic outlook, there is a 78 per cent increase in their online shopping activities. Moreover, Singapore is on the rise to cashless. Cards have made online shopping more convenient than ever.

PayPal’s recent survey showed that 38% of adults interviewed in Singapore will still do online shopping in the future. They explained it is more accessible.

Singaporeans embrace cross-border online shopping.

Compared to European and western countries, Singapore scores high with open attitudes to cross-border shopping.

The PayPal Cross-Border Consumer Research last 2016 revealed that Singaporeans are comfortable making purchases on foreign websites. The trust in online stores based abroad is the same as their trust in local shopping websites. It is no wonder that Singaporeans ranked as the most confident cross-border online shoppers in the Asia Pacific.

It is especially true now with MasterCard’s Zero Liability campaign. It gives security against fraud to shoppers using their cards. You will not be accountable for any “unauthorised transactions.” However, you must promptly report the loss of the card to your issue.

Smartphones are made smarter with mobile shopping apps

Undeniably, a lot of Singaporeans have a fast-paced lifestyle. Instead, they would use mobile shopping. It will save them more time, energy, and effort to get to the store and pick what they need. Joining the crowd to shop for an item is a thing of the past.

In addition, there is no need to carry heavy shopping bags. Purchased items will be delivered right to your doorstep. In 2016, mobile shopping increased by 42% in just a year. Singaporeans’ forecasted total online spending is S$3.5 billion. A third of it ($1.2billion) is coming from mobile shopping.

There is no stopping Lazada, Qoo10, Carousell, Zalora, EZbuy, and Redmart from invading people’s shopping experience.

Credit: https://www.facebook.com/icco.sg/

How Can Retail Stores Fight the Booming E-Commerce?

Personalised websites

Physical retail stores may seem traditional. But, what’s stopping them from using the internet to engage customers? A relevant website can help you track your customer’s digital journey. You can use this to give personalised services and assistance.

Get up close with your clients through social media

The digital tools are right at your fingertips. Take advantage of social media. Let people know that you have something great in store for them. Also, look for your target clients. Then, engage them by showing what is unique in your shop.

You can use social media to reach your clients. Moreover, get more insights. People will definitely talk about customer service, products, usage, quality, and hours open.

Show your merchandise

Singaporeans usually visit online stores to look for an item. Make them know that you offer something they can’t buy anywhere else. Have limited edition designer collaboration. It is why people were crazed about Hello Kitty outside McDonald’s in 2000. However, make sure that you can deliver what you have promised.

Events and activities

Recreate your store as an event space. For example, have a meet-and-greet event or make a children’s day out activity. If you can, have lounge areas in your shop. Make a reason why people should go down to your store and spend time there.

Furthermore, you co-host events and support charity works. In addition, choose giveaway promos which are worth their time.

Let people associate your store with the word “fun.” Let them enjoy the place even if they do not have to purchase because chances are they will buy something eventually.

Award freebies and discounts for in-store purchases

Some online shoppers reveal that they shop online because many items are cheaper. So aside from saving the effort of checking the store personally, they can keep their money. Everyone loves discounts and freebies. So make the promotion worthwhile.

Take the time to announce this promotion on your social media accounts and clarify your store location.

Conclusion

We are at a time when e-commerce can eat up the retail stores. Retail store owners must not let themselves get behind the ever-changing marketing strategies. You may have the traditional brick-and-mortar shops, but you need to make a website and reach your customers the way e-commerce merchants do it.

If you need quick cash to boost your retail store, apply for a business loan in Cash Mart. The legit moneylender approves a personal loan to credible borrowers.

Are You Ready to Get Married?

People always ask when you will be ready to get married. It seems like it is an easy task, but there are various things you have to consider.

In recent years, the number of singles has been increasing. However, there are quite some factors why young Singaporeans still opt to be single at age 20 and above.

Over 500 young Singaporeans, 18 years old and above, were asked about their view on marriage. Also, they voice out their concerns regarding weddings.

Why Do You Need to Be Ready to Get Married?

Marriage is a very serious matter. It means being with a partner at home and sharing their most intimate lives. Around 38% of correspondents say they are ready to get married. Yet, 62% say they are unsure about getting married. The number who haven’t made up their mind is almost double the number of those who are sure.

Around 46% shared they are ready to get married and admitted that they have found the one they want to marry. Sadly, 6% feel pressured by society. However, 16% are ready to start a family. Meanwhile, 32% are financially stable.

On the other hand, 3% don’t think there is a need to get married among those who are not yet ready to get married. Meanwhile, 12% are still young for marriage. The remaining 20% say they simply can’t afford it yet. At the same time, 65% are still yet to find their future spouse.

Aside from still looking for the love of their lives, the following main concern is the cost of the wedding. It is no secret that having a wedding in Singapore can be very expensive. So if you don’t plan it carefully, you’ll be in deep financial trouble.

The most important factor in their future husband should be a great personality for women. It is the same as for the ideal wives of men. While women consider having properties under their partner’s name necessary, men do not have the same expectations. This the properties nor the financial stability of their future wives are not too significant. On the other hand, women want their husbands to be stable financially, but they don’t think owning a car has the same significance. Both genders believe that good looks are just of minor importance.

Credit: https://theasiacollective.com/unique-wedding-venues-singapore/

Wedding Costs

Almost all women who want to get married want to have a memorable wedding. However, weddings can be very expensive. Some even prefer to do shopping abroad rather than get everything on the island. Therefore, most Singaporean feels that they need at least $35,000 for the wedding.

Despite the importance of the wedding, most correspondents feel that the honeymoon is the most significant thing at the start of a marriage. When it comes to expenditure during the wedding ceremony, the wedding rings or engagement rings come as the highest valued item. Then, the wedding gown and suit follow. However, as high as 70% say banquet is not really important. After it is by 48% said videography and photography are not important.

How to Fund the Wedding

Are you one of those who are considering getting married, yet you think you simply can’t afford it? Then, you should know that there are various ways to get funded.

Most single Singaporeans think their parents can help them big time. Others decided to get a personal loan either from a bank or moneylenders. Some will be likely to use their credit cards. In contrast, the least will get the help of their friends.

On the other hand, there are different ways to get your wedding. But, first, you must know that the ROM or the ceremony itself is free. It is just that most want to push through with expensive stuff. Examples are gowns, suits, banquets and classy wedding bands.

Ask for Help

Talk to your siblings if they can pay for the cake. Ask your entourage to buy their own apparel. Request your parents to buy your gown and suits. Invite your friends to sing and MC at your banquet.

Sell your Stuff

If there are bags, shoes and other stuff you rarely use, it is time to let go of your preloved items. It helps you earn more cash for the big day.

Ask for Cash Gift

Most of the visitors will be considering a wedding gift. You can apologetically tell them that you prefer cash instead.

Of the interviewed Singaporeans, more than half of them shared that they will not get financial assistance nor will they be taking any loans. However, almost half of the correspondents say that they will be taking loans. Personal Loans can be flexible. You can use it in any way you want. For added convenience, choose a Singapore moneylender which offers flexible loans and repayment schemes. Drop by Cash Mart to know how to get the most flexible loans in Singapore.

How to Support Your Retired Parents without Any Financial Worries

Despite being busy, Singaporeans worry about their elders. So if you wonder how to support your retired parents, continue reading. We’ll guide you through it without getting into money trouble.

According to the General Household Survey 2015, most Singaporeans aged 65 and above receive financial support from their children.

Singaporeans save up for their own financial security and retirements. However, they are still usually concerned with their parents’ own retirement.

Be Prepared to Support your Retired Parents

While your parents are still healthy, and it may seem awkward for some, you can start discussing their retirement plans. As our parents’ age, they get a higher risk of acquiring health problems. And it might be too late by then. Talk to them together with your siblings and discuss their plans. It needs a family effort. Therefore, everyone may have a part.

The key part of staying afloat financially is to save as early as possible. It will be helpful to get an endowment plan as it will grow over time. After around 10 years, your parents might be able to accumulate more savings to add to their CPF retirement funds.

Together with your family, you can build an emergency fund for your parents. It does not matter if you will pitch in $100 or $200 and more. Your goal is to have sufficient funds if your parents get into an emergency. If things go well, your parents can even choose to retire early.

As much as possible, help your parents be physically active and in shape. It prevents them from various health problems. Help them get a gym membership or enrol them in lifestyle programmes.

Credit: https://www.aia.com.sg/en/life-matters/wellness/provide-for-parents-in-old-age.html

Get adequate insurance coverage.

As early as possible, buy a wide range of policies for your parents. Nobody can predict the future. The wider coverage will be better. When you are getting health insurance, consider three things:

Your parents’ age

Check the insurance policy on the latest age individuals can apply. For example, if the maximum entry age is 80 years old, you can’t apply for the insurance if your parents are already 81 or older. However, the policy will cover your parents for life. So it is regardless of which age they have acquired the policy.

Pre-existing health conditions

Most health insurances only accept the applications of those who have untarnished medical records. So, for example, if your parents have cancer in their medical history, it will be harder to find insurance for them. On the other hand, MediShield Life still applies to all Singaporeans and Permanent Residents. So it is regardless of their past health conditions.

Consider getting Critical Illness coverage. It will greatly help to cover the health expenses. It includes medication and treatments if they get hospitalised. Therefore, you are more ready to support your retired parents.

Sharing the Bill

If you are financially capable, it will be best to top up your parents’ CPF. Also, you can spread the financial obligation with your siblings. Then, gradually take responsibility for your parents’ bills. This way, they can save more for their retirement.

Discounts

As soon as your parents officially become senior citizens at the age of 60, remind them of their discounts. Examples are rides on buses, MRT and LRT rides. Also, they get 2% off the total bill at NTUC Fairprice on Tuesdays with their card.

In addition, by the age of 65, they can already qualify for the Silver Support Scheme. The scheme aims to give more support to the bottom 20 per cent of Singaporean elderlies.

Those who live in one and two-room HBD flats will get $750. Meanwhile, those in three rooms will get $600. So if your parents live in a 4 room HBD flat, they will get $450.

Pioneer Generation Package helps pioneers with their healthcare costs for life. Your parents will qualify if they have been born on or before 31 December 1949 or aged 65 and above in 2014. If they have migrated, they should have obtained citizenship on or before 31 December 1986. With this package, they can have four benefits:

Credit: https://www.moh.gov.sg/cost-financing/healthcare-schemes-subsidies/pioneer-generation-package

Outpatient Care

Your parents can receive additional subsidies on top of their existing subsidies. Therefore, it covers the medications and other medical services by participating GPs and dental clinics.

Medisave Top-ups

Your parents will receive top-ups in their Medisave Accounts annually. But, the best part is for the rest of their lives.

MediShield Life

Your parents can pay less for Medishield life premiums. Thus, you can easily support your retired parents.

Disability Assistance

If your parents sustained moderate to severe functional disabilities, they could get cash amounting to $1,200 a year.

It pays to make your parents know about their discounts and other rights. It makes them more comfortable as they live their retirements.

If you need more cash to take care of and support your retired parents’ finances, you can rely on Cash Mart’s personal loan offers.

Call Cash Mart now.

POSB iBanking Guide For First-Timers

POSB iBanking is now called POSB Digibank with more than 150 online banking services all in one place. From opening a new savings account to transferring funds to almost any other bank in Singapore, you can surely handle it smoothly with POSB iBanking.

Upon signing up, you will be able to access the full range of banking services such as eStatements, PayLah! and SMS Banking. It is simple, secure and always available.

What are The POSB iBanking Eligibility Requirements?

You have to be at least 16 years old and currently have a personal or any joint-alternate account of:

DBS AutoSave Account
DBS Current Account
DBS Savings Account
DBS Savings Plus Account
POSB Savings Account
POSB Current Account
DBS or POSB Credit Card/Debit Card
DBS Cashline
DBS Home Loan with Servicing Account

POSB iBanking Registration

You can register for POSB iBanking via four (4) channels:

Online at dbs.com.sg/bankonline,
Digibank mobile app by selecting on “Get Started”,
any DBS/POSB Branches, and
by calling the Contact Centre at 1800 111 1111

For online registration, you will need to identify yourself with your Debit/ATM Card Number or Credit Card Number. These series of numbers are found in front of the card.

You will also need to provide your mobile number and email address during registration.

What are The Benefits of POSB iBanking

Effortless Application

You can register using your personal ATM card (DBS Bankcard, ALUMNUS card and POSB ATM cards), debit card, or credit card. Once you have registered, you can start accessing your accounts online.

Quick Bank Access

You can easily access your latest banking information on both your POSB and DBS accounts. You can instantly see your deposit accounts, cards, investments and credits.

POSB Security Features

The smooth online services are ensured by the intuitive navigation toolbars. The built-in security features protect every banking transaction and activity you do with POSB iBanking.

In addition, POSB provides 100% security on your funds by covering them under the Money Safe Guarantee. In the event that authorized access and transaction was done in your account, POSB will repay the money taken from your account.
You can also set and customise your email and SMS notifications. Every time you perform selected transactions, POSB will send an alert the moment transactions occurred and exceeded the amount you have specified.
The iBanking OTP serves as an additional security feature with a One Time Password authorisation. This is why you have to register your mobile number with POSB in order to receive a digibank OTP every time you make a transaction.

Fast

Getting your latest account information is just a breeze. You can even complete your banking transactions online to avoid the hassle and effort of queuing.

Anytime, Anywhere

You can do any banking transactions anywhere you are. You can also access your DBS and POSB monthly statements any time of the day.

Money Saver

POSB offers discounts when you use selected internet banking services.

Accessible

There is no need to worry about compatibility hardware. POSB iBanking is designed to run even with a PC with the minimum configuration.

Free of Charge

The standard commission or transaction fees for some services such as purchasing of cashiers’ order, demand draft or traveller’s cheque still applies but the use of the iBanking services themselves and sign-ups are free.

How to Log In to digibank Online for the First Time

Use your temporary User ID and PIN when logging in for the first time. You must also register your DBS iB Secure Device once you have been prompted.

Step 1: Enter your temporary User ID and PIN

Step 2: Tick the box to accept the Terms and Conditions of Electronic Services

Step 3: Click “Next”

Step 4: Key in your preferred digibank User ID

Step 5: Click “Next”

Step 6: Click “Submit”

What is iBanking OTP?

The iBanking One Time Password (OTP) is a security feature introduced by DBS for DBS and POSB account owners with online banking access. It is important to have your active mobile number registered with DBS or POSB to receive your iBanking OTP via SMS. You can use the iBanking OTP for the following services.

SMS Login

You will receive a 6-digit OTP via SMS. SMS Login with iBanking OTP is a new feature introduced in 2012. It is an alternative second-factor authentication on top of using your iB Secure Device.

Banking transactions

A 6-digit OTP will be sent to your registered mobile number via SMS. This is to authorise and complete the selected banking or online transactions such as updating personal information and contact details.

Bank notifications

SMS alerts will be sent to your registered mobile number once your online transactions have been completed.

You will not receive an iBanking OTP for online transactions if your mobile number is not updated correctly or the merchant website you are transacting on is not supported by the 3D Secure™ technology.

You will need your registered mobile number to add a payee, transfer funds overseas, pay bills, update personal details and update your mailing address.

You will need both your iBanking OTP and your iB Secure Device to authorise personal and contact details update, manage alerts, add new cheque, and demand draft recipient.

How to Change POSB iBanking PIN

You can change your iBanking Pin on the iBanking platform. Simply click “Preferences” on the top right-hand corner to access the “Change iBanking PIN” service. You will be required to key in your iBanking OTP before you can access this service.

Your DBS iBanking PIN and your Credit Card or ATM PIN number are not the same numbers. Changing your iBanking PIN does not change any of your cards’ PIN numbers.

How to Use iB Secure Device

The iB Secure Device keeps your transactions secured and safe from any fraudulent activities. Certain transactions require specific buttons on the device.

On the other hand, to access services such as Transaction History, Bill Payment or Funds Transfer, you will need an iBanking OTP sent to you via SMS. Otherwise, press and hold the button with the DBS logo on iB Secure Device.

How to Replace DBS iB Secure Device

In case that your DBS iB Secure Device has been damaged, you can request for a free replacement in three ways.

Via Video Teller Machine (VTM)

Step 1: Proceed to your nearest VTM and complete the authentication process with your NRIC, passport, or ATM/Credit/Debit card.

Step 2: Select “iB Secure Device”

Step 3: Tap “Yes” and select “Reason for Replacement”

Step 4: Collect your new DBS iB Secure Device

Step 5: Register the new device

Step 6: Scan the barcode

Step 7: Key in the 6-digit iB Secure PIN

Step 8: Press “Confirm”

Via digibank Online

Step 1: Log in to your iBanking account

Step 2: Select “Request” and then “More Requests”

Step 3: Tap “Other Services” and select “iB Secure Device Replacement”

Step 4: Click “Login with SMS” and then choose “Get OTP via SMS”

Step 5: Key in the OTP sent to you via SMS

Step 6: Click “Login”

Step 7: Select “Reason for Replacement”

Step 8: Click “Next”, then “Submit”

Via digibank Mobile

Step 1: Log in to digibank

Step 2: Select “Settings” and then “Request New iB Secure Device”

Step 3: Tap “Request/Replacement Reason”

Step 4: Verify your Mailing Address

Step 5: Select “Reason for Replacement”

Step 6: Click “Submit”

If your request via digibank Online/Mobile, your new DBS iB Secure Device will be sent to your mailing address within 3-5 working days

Final Thoughts on POSB iBanking

POSB iBanking lets you Make a Transfer, Manage Payments, GIRO Arrangements, Top Up, Redeem Rewards, Manage Investments, Apply to New Accounts, and Update Personal Details and Preferences. Each transaction is secured with iBanking OTP.

Managing your banking transactions has become more convenient. However, it is still your responsibility to be financially savvy to manage your overall finances.

And when it comes to convenience, getting a loan is just as smooth if you apply in Cash Mart. Cash Mart provides flexible online loan solutions for every Singaporean whenever you need them.

Free Beginners Guide to Borrowing from a Credit Company in Singapore

A credit company in Singapore has been helping Singaporeans get by throughout the years. Whether you are employed or an entrepreneur is seeking to widen your company’s reach, a loan is a handy tool. It helps you thrive or bridge a financial gap. However, getting a loan from a credit company in Singapore is not something you can take lightly.

Not because you can find many credit companies around the city-state does not mean that you can just choose one and borrow cash from any of them without proper research.

The Singaporean government has been concerned by the growing number of Singaporeans taking too many loans than they can handle.

The lack of foresight when borrowing cash can be your financial downfall. However, borrowing money is a helpful tool for an intelligent borrower. And being a responsible borrower does not start with repaying your loan on time to your credit company. It actually begins with choosing which credit company in Singapore to trust.

10 Questions to Ask a Credit Company in Singapore

1. Are you a licensed lender?

In short, a credit company thriving in the lending industry for a long time means there is already a reputable background that you can count to. To verify if a money lender is legally operating, you must check the list of licensed money lenders provided by MinLaw.

2. How much can I borrow?

If you exceed your loan cap, you will no longer be eligible to get an unsecured loan from any credit company in Singapore. While it is tempting to borrow more, a responsible money lender will likely decline a borrower who cannot repay the loan on time.

With the help of the Moneylenders Credit Bureau (MLCB), a credit company will know how much you can still borrow. It prevents you from getting too many loans that you can handle. After all, a credit company just wants to lend and get repaid on time to keep their business running.

3. What is the interest rate?

The late interest is charged only on the unpaid loan amount and not on the principal loan amount or the amount that is not yet due to be repaid.

4. What are the terms and conditions?

MinLaw requires every credit company to be clear and transparent with its terms and conditions. For example, get a loan only if the credit company could discuss and explain the crucial details in your loan contract.

Furthermore, make sure you fully understand every term in your contract, especially the interest rate, fees and repayment schedule. Bear in mind that the contract is legal and binding. It is the borrowers’ finances to hold their side of the contract.

5. Do you have flexible loan packages?

A reputable credit company will be willing to help you choose the most flexible option to help you repay your loan with ease.

6. How fast is the loan process?

The earlier you can complete your required documents, the faster you will process your loan application. For example, if you apply to Cash Mart, you can get your cash in as short as an hour to a day.

7. Is the loan advertisement real?

Did you receive or see any advertisements like SMS, emails, flyers or any forms of prohibited advertisements? It can be any of these two. First, they are from a licensed moneylender not following the strict rules and regulations. Or second, it is an unlicensed moneylender trying to fish for unsuspecting victims.

Do not respond to any illegal advertisement. Instead, report it to the Police or the Registry of Moneylenders.

8. What is the eligibility requirement?

Some credit companies only have loans for Singaporeans and Permanent Residents. Others give a loan to foreigners who have proper working documentation. Others offer loans to low-income earners, while others do not. Shop around to know which credit company can serve your needs.

9. Do you have friendly support?

In addition, many borrowers also appreciate it if the loan officer considers their personal preferences and needs. In addition, Cash Mart’s loan advisers and friendly and attentive. If you want to get advice on your loan-related matters, you can feel free to send a message on WhatsApp, call, or visit them.

Furthermore, a reputable credit company even helps customers who want to learn more about financial literacy.

10. What are the other fees that a credit company in Singapore can charge?

Take note that MinLaw permits money lenders to deduct a loan approval fee of up to 10% from the principal amount. However, they can’t ask borrowers to pay an upfront fee prior to the loan process approval or disbursement.

What to Do After Your Loan Is Granted?

As a responsible borrower, you must first check if the right loan amount has been disbursed. Then, get your own copy of the loan contract and meet the repayment schedule. Every time you make a repayment, be sure to keep the receipt safe. It will be proper documentation that you paid the right amount on time.

Being a smart borrower gives you the chance to build a positive relationship with the credit company. Also, you can build a healthy credit score that you can use to have better loan offers.

Signs That You Are Dealing With a Loan Shark

No licensed credit company in Singapore should use abusive language or behave threateningly. In addition, they must not ask for your SingPass user ID and/or password over the phone, email, SMS or through the online application. Add to that. They should not retain any of your personal ID documents.

Additionally, ensure that you do not sign an incomplete contract. A loan contract must have complete terms and conditions. Also, it must indicate your loan amount, repayment scheme and dates, and other fees. They must properly discuss the loan contract. It helps you understand what you are signing into.

No fair practising credit company will approve a loan without any due diligence. Therefore, even before you can completely file your application, approving your loan is an absolute red flag.

Should you encounter an Ah Long or a licensed money lender with unfair practices, you must report it to the Registry at 1800-2255-529. Rest assured that they will not disclose your personal details.

5 Thrifty Tips For Singaporean Online Business

5 Thrifty Tips to Create Your Singaporean Online Business

Do you want to create your Singaporean online business? It is an excellent move since it is prevalent in the country.

Online shopping has completely caught the hearts of Singaporeans. By 2015, it had penetrated the lives of Singaporeans at 57.31%. In addition, it is expected to reach 74.20% in 2020. E-commerce is indeed booming.

More than 50% of women shop online, while men catch up at 48%. Most shoppers are in the age group 45-54 years old. Meanwhile, the least number of shoppers by age are in their late teens and early 20s.

Singaporean online business seems to be a sound business strategy. However, if this is your first time venturing into e-commerce, you have to arm yourself with the knowledge to keep away from advantageous individuals.

Plan your Singaporean Online Business

Everything must start with a plan to know where you are heading. Before you get the funds, you must know what you want to sell online and who you will sell it. Despite the feeling that you have the best idea for an upcoming online shop, you still must do adequate research if the product you are going to offer really does stand out.

Will your product be a need everyone will look for or is it just one of those products in a highly saturated industry? Think clearly of the problem you are trying to solve with your product. Find out its advantages and how it can catch the consumers’ attention. Clearly define your niche. Furthermore, to whom will you sell, and how might they react. You are likely to discover interesting answers through research and analysis.

Finally, take your time to learn about your competition. For example, how are the other businesses with the same products fair? In addition, how they are attracting consumers? Moreover, what can you offer to stand out?

Credit: https://www.deskera.com/blog/start-online-business/

Estimate a Budget for Your New Website

Your website will be a powerful tool to get to your consumers. It has to be engaging and personalised.

List your specifications

Design

Decide the customisation you want, the colour scheme and the personal touches you think best describe your company. For example, would you want to include some photos? How many images do you want to put up? Do you like 3D designs, box types or flay layouts?

Content

How many pages would you want to be on your site? Would you like to keep a blog? Do you have the ability to write your content? Is it necessary to hire someone to write for you?

Functionality

What information do you want to offer? Do you need a customised order form? Are there various payment options? Do you want to keep a page for your clients’ feedback? Are you going to hire an SEO expert?

Get proposals either from one-stop web developers or freelancers.

Various web development agencies offer web services, from designs to SEO. For example, you can choose from these developers and their packages. Or you can hire individual freelancers. If you have a friend who can create your web design, you can create your own content and just hire a web developer as it will save you much.

Once you receive the proposals, do not be discouraged or be surprised if you see higher costs than expected. However, when you choose the service provider, see their portfolios. Ask about their experience and visit the site they have created or taken part in to understand how they will handle yours. Putting up a website can be more expensive the more unique you want it to be. On the other hand, generic-looking websites will be cheaper. It is your call.

Set up the Website for the Singaporean Online Business

A domain name is used for a uniform resource locator (URL) to access your website. People usually buy this, though some web hosts include it in their offered packages.
Web Hosting is a service that allows organisations and individuals to post a website or web page on the Internet. You will need Web Hosts such as SiteGround, InMotion Hosting, DreamHost, HostGator, Bluehost, Pagely, GreenGeeks, JustHost, Godaddy, and DreamPress. Also, you may choose a local web hosting companies such as SingHost, APC Hosting, Webvisions, QOXY, HostSG, and Signetique. The location of your web host does not matter as they can work anywhere on the globe.

Know the Consumer Protection Legislation

The amended Copyright Act in 1999 improved copyright protection in the digital environment. So while you are not the only one getting goods from your supplier, you have your own brand and website contents to protect from those trying to copy it.
On the other hand, as a booming industry, the government has strict policies to protect the welfare of consumers. The Unfair Contract Terms Act (UCTA) regulates the contracts’ terms, liabilities, and standards when people buy from e-commerce sites. Moreover, the Sale of Goods Act (SOGA) gives them the right to reject the goods if they are not satisfied with the quality. Furthermore, the Misrepresentation Act mandates retailers to be true to their advertisements. Their product quality must meet what is being promised on the sites.

Getting the Goods

Choose the best way you can purchase your products:

Buying personally

If you get your products from another country, you can bring home your goods with the appropriate tax. In addition, you can personally oversee the handling of your goods.

Through shipments

If you need to buy a bigger quantity of your products or raw materials, you can choose to have it shipped instead of buying it yourself.

Payments methods:

Banks with a merchant account

Compare bank rates to know where to get the best and most flexible merchant account.

PayPal

You can use PayPal provided code on your website to add security.

Payment Gateway Account (third-party merchants)

Remittances

Choose your remittance agents carefully. Take time to compare agents and search for their client’s experiences. Know their partner remittance agents in other countries should you need to ship and receive payments abroad. The license does not guarantee performance.

If you need more cash to start your online shop, do not hesitate to get a small business loan from Cash Mart. Let Cash Mart help realise your dream business.

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