Are you about to grab a long-awaited opportunity? Or do you need help with everyday life events? Are there sudden expenses like car repairs or bills? TESTx1
Cash Mart believes in providing people with financial tools. Also, they help them get a better chance in life.
With our Loan Repayment Calculator, you can determine the full repayment amount. Also, our flexible terms to settle your loan with ease. Simply drag the slider indicator on the loan repayment calculator. Then, select the amount of money you wish to borrow.
Afterwards, use the next slider to select the repayment term. Next, choose which one you wish to have the loan. It can be weekly, bi-weekly, or monthly.
In addition, our loan repayment calculator will then calculate the interest rates and total repayment amount. Also, it will even indicate your possible repayment dates.
List of Licensed Moneylenders & Top Banks in Singapore (2019 Update)
To save you more time, we’ve gathered the complete list of 157 licensed moneylenders and banks in Singapore verified by the Ministry of Law as of January 1, 2019.
Cash Mart Singapore is among these validly licensed moneylenders and is enumerated at #33.
How will this list of licensed moneylenders help me as a borrower?
The updated list of licensed moneylenders in Singapore is well-maintained and regularly updated by the Registry of Moneylenders and the Ministry of Law.
MinLaw (Ministry of Law) and the Registry of Moneylenders collaborated to create guidelineregulating all moneylenders and protectingct borrowers from illegal lenders.
Those credit companies who are non-compliant with the Moneylenders Act and other corresponding regulations of MinLaw will not be on the list.
What are the rules in moneylending that I must know?
As of 1 October 2015, all licensed Singapore moneylenders are only allowed to impose the following charges and expenses:
An administrative fee that’s no more than 10% of the principal loan amount when the loan is granted. This fee is when a loan gets approved
Late fees should not exceed $60/month
An Interest rate on late payments caps at 4% for each month of late repayment
The total cost of interest rates and fees should not exceed 100% of the principal loan sum.
If borrower A takes a loan for $10,000, then all the charges (interest, administrative fee, and monthly $60 late fee) should not exceed the principal loan amount of $10,000.
Furthermore, Moneylenders are prohibited from practising the following:
First, ask for your SingPass login details through SMS, phone call or email.
Then, ask you to sign an incomplete loan contract.
Grant you a cash loan without exercising a verification process with due diligence. If you can get approved without any documents or requirements, your lender is not operating as law mandates.
Retain your personal ID documents such as your NRIC card, passport, driver’s licence, etc.
Ask for an upfront fee before your loan is approved and disbursed.
How will I know if the online ad is from licensed moneylenders?
As of 1 November 2011, all licensed moneylenders are permitted to advertise using only these three channels:
online or printed business directories;
websites owned by the moneylender; and
advertisements within or on the exterior of the money lender’s business premises.
Other channels not included on the said lists are prohibited.
Moneylenders with social media ads are either unlicensed moneylenders or legal money lenders violating the Moneylenders Act. So, ignore those Facebook, Instagram or Linkedin, and Google Ads.
Avoid borrowing from these lenders.
If you are looking for a legitimate money lender, you must take your time to shop around, read moneylender reviews, and get the feedback of the people you trust.
Though the government has done their best to regulate the money lending industry strictly, it still pays to be vigilant to avoid loan sharks and illegal money lenders who post as legitimate businesses.
Why Choose Cash Mart Among Other Licensed Moneylenders
With Singaporeans’ changing lifestyle and evolving culture, loans have been a part of their lives for emergency needs and added convenience.
Licensed moneylenders in Singapore offer more flexible loans with a shorter process, taking pride in instant loans for Singaporeans and expats.
With many moneylenders floating around online to offer loans, take the time to choose where to apply for a loan.
Choose a moneylender with a long list of satisfied clients, transparent terms and proficient service. Need instant cash but are confused about which lender can meet your exact needs?
Singapore is known as the banking hub in Southeast Asia. It is an international financial centre under a government practising pro-business policies. Furthermore, our banking industry, regulated by the Monetary Authority of Singapore, manages more than $350 billion of assets.
Our global economy has been shaky, but now the markets are gaining ground and stability. Understandably, both Singaporeans and expats consider various factors when choosing their bank.
Out of Singapore’s 111 commercial banks, 49 merchant banks, and 45 banks with representative offices, we presented our Top 20 Singapore Banks in 2019.
DBS Bank/ POSB
Established by the Government in June 1968
100 branches across the city-state
Can make fast transfers between currencies
Has affiliated branches worldwide
There is no minimum balance required and no minimum salary input.
Holds a long-term credit rating of Aa1 (High Quality) from Moody’s
2018 Total Assets at USD404.1 billion
License Type: SGS Primary Dealer
UOB Singapore
Founded in 1935
It has 68 branches in Singapore
More than 500 offices in 19 countries across Asia-Pacific, North America, and Western Europe
Holds a long-term credit rating of Aa1 (High Quality) from Moody’s
2018 Total Assets at USD277.99 billion
License Type: SGS Primary Dealer
OCBC Bank
Operates through more than 570 branches
Second largest financial services group in Southeast Asia
With representative offices in 18 countries
Formed in 1932
With an Aa1 rating from Moody’s
License Type: SGS Primary Dealer and Local Bank
Citibank Singapore
Began operations in Singapore on 1 July 1902
Operates over 2,600 branches across 160 countries
Low-cost bank to bank money transfer from Citibank Singapore to another Citibank branch abroad.
License Type: Full Bank and SGS Primary Dealer
HSBC Singapore
The oldest banks were established in Singapore (December 1877)
It has 9 branches with ATMs and over 10 self-service terminals
The first bank to remove sales commission in Premier banking
License Type: Full Bank
Maybank Singapore
Active in Singapore since December 1960
It has 27 service locations across the country
2018 Total Assets at USD189.1 billion
License Type: SGS Primary Dealer
Standard Chartered Singapore
Started operations in the city-state back in 1859
Singapore’s largest custodian bank for foreign institutions
Has 19 branches, 7 Priority Banking centres
License Type: Full bank and SGS Primary Dealer
ANZ Singapore
In 1974, it was founded as a representative office of the Australia and New Zealand Banking Group
Converted to an offshore bank in 1980
Implemented an adult financial education program in collaboration with the Institute of Technical Education
License Type: SGS Primary Dealer
SBI Singapore
State Bank of India started operations in Singapore in 1977
Has a distribution network of 7 retail branches and 24 SBI ATMs
License Type: Full Bank
Bangkok Bank Singapore
A Thai Bank operating in Singapore focusing on corporate customers
Provides full commercial banking services
It has 32 branches in 15 economies
License Type: Full Bank
CIMB Singapore
Operating in Singapore since 1947 through Ban Hin Lee Bank
By 2009 CIMB had begun to offer universal banking services
Has Islamic banking products
It has 3 branches in Singapore
License Type: Full Bank
ICICI Bank Singapore
The first overseas branch is the Singapore Branch
Supports India’s trade with Singapore to address the needs of the global Indian community
Presented globally in 19 countries.
RHB Bank Singapore
Started operations in Singapore in 1961
Located at the wholly-owned 17-storey building at 90 Cecil Street
It has a network of seven (7) branches located around the island
License Type: Full Bank
Bank of India Singapore
Active in Singapore since 4th June 1951
Equipped Forex Dealing Room
Specialisation in India related business
Currently has three branches
License Type: Full Bank
Indian Overseas Bank Singapore
It started its activities in February 1941
It has a branch at Cecil Street and a Remittance Centre at Serangoon
Has well equipped Forex Dealing Room
Extended working hours on Saturday
License Type: Full Bank
J.P. Morgan Singapore
Operating in more than 60 countries
Has total assets of about USD2.3 trillion
The Singapore branch became the hub for J.P. Morgan’s South-East Asian operations.
License Type: Full Bank
Hong Leong Finance
Founded in 1961
A subsidiary of the Hong Leong Group
It has a network of 28 branches and 10 SME Centres
License Type: Finance Company
BNP Paribas Singapore
Begun operations in Singapore in 1968
Focuses on Corporate and Institutional Banking
Has a presence in 14 markets
License Type: Wholesale Bank
Bank of Singapore
A subsidiary of the OCBC Bank
Specialises in private banking and wealth management
2018 total assets at US$32 billion
License Type: Local Bank
Mizuho Bank Singapore
It started its branch operation in Singapore in 1974
With over 900 offices in major cities such as Tokyo, New York, and London,
License Type: Full Bank
For more than 100 years, banks have been known as the go-to places to get premium loans, yet soon Singaporeans have developed an insight that banks only lend to those with sound finances: basically, those who don’t need loans.
Those who have just enough money in their bank accounts get a hard time processing their loans as banks believe it is too risky to lend money to them.
These brick-and-mortar establishments have devised a long list of required documents to assure less risky loan transactions; however, this results in a few days of the process, which beats the need for quick cash.
Banks are also mindful of lending to those with bad credit scores, no credit history, foreigners and no regular income.
Fortunately, you can easily get a loan from online licensed money lenders whenever you need extra cash.
Are you curious about SGX? What is it all about? How does it work? Get answers to your questions as we discuss more of it.
Investing has been catching the attention of Singaporeans nowadays. Singapore Exchange has finally introduced a minimum trading price (MTP) for Mainboard companies. As a result, more investors can now access SGX. If you are a beginner, here are some things you should know.
SGX Singapore Exchange Ltd
On 1 December 1999, the SGX was founded as a holding company. Eventually, it took over the stocks of the Stock Exchange of Singapore (SES), Singapore International Monetary Exchange (Simex) and Securities Clearing and Computer Services Pte Ltd (SCCS). Then, SGX issued SGX shares to the existing shareholders of the three companies.
SGX provides depository, listing, clearing, trading, settlement, and data services. Also, it has 90% of listed bonds and 40% of listed companies outside Singapore. Therefore, SGX is the most internationally connected exchange.
The Market Price is the most current price of the asset or service. It can either be sold or bought. Also, it is greatly dependent on the supply and demand forces involved in the market. Therefore, the price depends on how the traders, dealers and investors interact. Furthermore, the difference between the bid and ask is called the spread. The more buyers, the higher will be the bid due to increased demand.
Moreover, the trade involves selling and buying. The traders buy the stock from the dealers. However, this does not necessarily mean that the dealers own the stock. Often, the dealer only represents other traders who specify the order limit. The dealer logs the order in the order book until the market finally reaches the order price. Then, the dealer will execute the order. In addition, the dealer can quote the market price with the bid and ask price. Typically, the ask is always higher than the bid. Why? The asking price will be the selling price, while the bid is the buying price.
Straits Times Index (STI) keeps track of the market capitalisation of the SGX top 30 companies.
Performance of Top 30 companies for the past 5 Years according to market price:
SGX Academy Singapore
SGX gives education and professional training to investors at various levels. It ranges from beginners to professionals. In addition, it aims to provide investors with the right knowledge to enhance their capabilities to be traders.
Also, SGX Academy continuously creates programmes and E-trainings. Plus, you can watch videos for free basic e-training on sgxacademy.com.
For beginner investors, SGX teaches the fundamentals of investing. The Intermediate Investors can learn the various investing methods and instruments they can utilise. Also, SGX has other programmes for savvy investors. Furthermore, the lessons on instruments and techniques can be used to future grow their investments.
SGX News Singapore
SGXNews via XML
Corporate statements and actions are delivered in real-time through the client’s system interface. In addition, it helps the clients understand the news and quickly get the most important information. Also, the statements have integrated a consistent structure in ISO20022 standard format. This way, it can spread crucial information quickly to concerned investors and traders. Moreover, it is ideal for information vendors, institutions, trading firms, and independent software vendors.
SGXNews via SWIFT Network
SGXnews utilises the SWIFT Network using ISO15022 standards to keep clients aware of corporate events. Furthermore, broadcasting 37 different types of corporate action events assists the end-users in processing their market events accurately. Plus, it ultimately lessens the operational risks. Thus, making it ideal for wealth managers and central securities depository/custodian service providers.
SGXNews – EOD Corporate Actions
The design supports the client’s Straight Through Processing (STP) environment. As a result, data dissemination can be very cost-effective. Plus, it is delivered through e-mails. Moreover, it is for those not using the SWIFT. In addition, it is for anyone who wants to get the golden information. Plus, it can potentially affect their portfolio.
SGX Catalist Board Singapore Stock Exchange
Catalist companies are directly under the supervision of sponsors. These are experienced companies in corporate finance. In addition, the catalyst has been created to support companies seeking to be fast-growing enterprises. Therefore, qualified sponsors present the initial list of the Catalist through an initial public offering (IPO). In short, the sponsors create the list using their criteria.
Catalist Listing Requirements
Review of Listing Documents
Sponsor & SGX
Quantitative Requirements
SGX requires no minimum quantitative criteria. Sponsors will use their own house deal selection criteria. However, an adequate amount of Indicated Resources for a minerals company and Contingent Resources for an Oil & Gas company are required.
MOG Requirements
Admission standards for MOG listing aspirants that are not in production
Also, a MOG listing aspirant that is not in production seeking a listing has to satisfy the following conditions
Discloses its plans, milestones and capital expenditure to advance to the production stage
Requirements for all MOG companies
Have at least achieved Indicated Resources (for Minerals). Or secure Contingent Resources (for Oil & Gas)
Have sufficient working capital for 18 months from listing
Shareholder Spread
15% of post-invitation share capital in public hands;
Minimum 200 shareholders.
Independent Directors
2 independent directors. It must have a minimum of 1 Singapore resident independent director for Foreign Companies.
Moratorium
At the time of IPO, if promoters hold more than 50% of the post-invitation share capital, they may sell. But must retain at least 50%. If they hold less than 50% of the post-invitation share capital at IPO, they may not sell any;
After IPO, promoters cannot sell their shareholdings for 6 months. However, they may sell up to 50% of their shareholdings after that for the next 6 months;
For Pre-IPO investors who acquired their shares within the 12 months before IPO. Also, the “profit portion” of their shareholdings is subjected to a moratorium period of 12 months after IPO;
Promoters of a MOG company are not to sell any of their shareholdings for 12 months after IPO. But, they may sell up to 50% of their shareholdings for the next 6 months.
IPO Documentation
Offer Document;
Include a 12-month working capital sufficiency statement from the issuer’s directors and Sponsor;
Lodged on SGX Catalodge website.
Accounting Standard
Singapore, US or International Accounting Standards
Domicile
At the discretion of the issuer
Business Operations
No requirement for operations in Singapore
Continuing Obligations
Rules relating to disclosure of material information, periodic reporting, additional share issuance, corporate transactions, corporate governance guidelines, interested person transaction and free float will apply.
The additional requirement to retain a Sponsor at all times will apply to Catalist companies.
Listing Fees
Initial
Minimum
$30,000
Maximum
$100,000
Variable Rate Per S$ million
$100
Basis
Market Value
Administration
$2,000
Annual
Minimum
$15,000
Maximum
$50,000
Variable Rate Per S$ million
$25
Basis
Market Value
SGX Singapore Address
Singapore
2 Shenton Way,
#02-02 SGX Centre 1,
Singapore 068804
11 North Buona
Vista Drive,
#06-07 The Metropolis Tower 2,
Singapore 138589
Tel. +65 6236 8888
Fax. +65 6535 6994
Central Depository
9 North Buona Vista Drive
#01-19/20 The Metropolis
Singapore 138588
Tel. +65 6535 7511
Fax. +65 6535 0775
Beijing
No. 6 Wudinghou Street, Excel Centre,
Unit 1905-A Xicheng District,
Beijing 100032, China
Tel: +86 10 6629 0660
Fax: +86 10 6629 0110
Shanghai
No. 168 Yincheng Zhong Road,
Room 25 and 26, 21F, Bank of Shanghai Tower,
Pudong Shanghai 200120, China
Tel: +86 21 5116 7230
Fax: +86 21 5116 7116
Europe & N.America
12 Floor, 30 Crown Place,
London EC2A 4EB
Tel: +44 207 856 2507
Hong Kong
Unit 12B, 12/F
No. 33 Des Voeux Road Central
Hong Kong
Tel:+852 2236 3000
India
The HUB 17th Floor, Tower 2B,
One India Bulls Centre,
Senapati Bapat Marg,
Elphinstone Road,
Mumbai 400013
Tel: + 22 6189 9845
Fax: +22 6189 9900
Tokyo
Level 27, Shiroyama Trust Tower,
4-3-1 Toranomon, Minato-ku, Tokyo
105-6016 Japan
Tel: +81 3 5403 4680
Fax: +81 3 5403 4646
SGX Customer Service
SGX Hotline
Monday to Friday 8.30 am to 5.00 pm
Saturday 9.00am to 12.30pm
Closed on Sundays & Public Holidays (65) 6535 7511
SGX CDP Customer Service
Monday to Friday 8.30 am to 5.00 pm
Saturday 9.00am to 12.30pm
Closed on Sundays & Public Holidays
SGX Singapore Careers
SSGX is currently in need of individuals who can fill in the spot of the following positions.
Assistant Vice President, Business Planning and Analysis (6 months contract)
Assistant Vice President/ Vice President, Media Communications (9 Months Contract)
If you want to gain a wide exposure to SGX, potentially have an attachment with one of the senior management offices. Or you may get a chance to work with other SGX external industry partners. Then, you can join the SGX Management Associate Programme (Open Track). Although the industry is vast, you can use the program to know which area can be your niche. For example, you will have a task to participate in business projects and special assignments personally. In addition, you will delve into the perspective of the organisation and the financial industry.
A sample rotation schedule in the MA Programme (Open Track):
If you are a fresh graduate interested in capital marketing, you can try the SGX Management Associate (Technology Track) Programme. The 2-year rotation programme design gives you exposure to technical and business understanding of the company. With a senior manager as a mentor, you can have continuous personal guidance. The end of the program will put you in the best position suited for you. Just submit your resume and wait for the reply to enrol in the program.
Conclusion
If you want to invest in the Singapore Exchange, you have to get to know the basics. So, enrol in the SGX academy and research online. It takes patience, time and money to get involved and start your journey as an investor. Therefore, there is no better time to start than now. Get a personal loan in Cash Mart and receive your cash within the day to finally make your first investment in SGX.
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Top 5 Money Lies Singaporeans Should Quit Using By 30
I will be lying if I say I never lied. One of the used lines is that money lies we tell ourselves. However, it comes with potential dangers.
By the age of 30, you probably finished a degree or two, landed a regular job, got a credit card in your wallet, and told a handful of lies. So let’s be honest (at least with ourselves) that we have told lies for whatsoever reason.
Top 5 Money Lies we Tell Ourselves.
Admittedly, these are also potential dangers to your finances if not avoided.
My income is just enough for my needs. I don’t have extra cash to save.
Ever heard of this before? The main reason some of us do not have savings is the thought that our salary is not enough.
Avoid using this lie to yourself and spare the people around you. You can adjust if you have the will to. When there is a will, there is definitely a way.
You might have heard that most financial advisers recommend saving at least 20% of the salary. Well, there is an exemption to the rule. So if your finances just can’t cut through the 20%-savings rule, make it a habit to save a more convenient amount every payday constantly.
Start by saving at least 5% of your salary. Then, you can increase it. Finally, put the money in your savings. In the future, it will surely save you.
I’m too young. Retirement savings can wait.
Yes, retirement can be around 20 to 30 years from now, but it is never too early to save up for it.
The earlier you save, the earlier you can retire and enjoy. You can start planning for your retirement now, then invest in various ways you could to grow your money.
When you invest, time can be your greatest ally.
Credit: https://www.cnbc.com/id/41973383
I need this for work.
Signature clothes, expensive shoes, and branded suits may be a need as work essentials. But, as they say, dress for success.
However, is it still rational if you buy this stuff every paycheck? When you go shopping, reasoning that you need to dress well for your work becomes a financial lie.
While your boss might appreciate you coming to the office in presentable attire for your clients, it would be appreciated if you showed up properly dressed and got the job done.
If I fish a bit from my savings now, I can make up for it later.
Now is not the best time to dip your fingers into your savings. But, if it is not a need, you better leave your savings in peace.
There are types of people who would feel lazy saving up once their savings got touched. If you are this type of person, you must avoid thinking that your savings are within easy reach.
It may take some time to discipline yourself financially, but it will be worth it in the long run.
Also, even though you say that you can pay off what you have “borrowed” from your savings, it may take some time. You will never be 100% sure that you can pay it back. Unforeseen things happen.
Consider that there is a chance that you might need the money for a real emergency anytime.
My finances are too simple. There is no need to sit and analyse it.
Now is the best time to analyse your finances. As you get older, have a family with kids and perhaps get a home loan, your finances will complicate.
While it is still simple, you must develop money-saving habits which you can use in the future when financial responsibilities start to pile up.
Take the time to check your transactions, create a budget, and recheck your financial habits.
Since you have simple finances, you might think that your money can figure out itself without any effort. But, unfortunately, too must optimism is dangerous for your finances.
While these self-rationalizations can give you short time comfort, you’ll soon realise that there is no other way around it but discipline yourself financially.
It sure is hard to have money-saving habits, especially when you are young with a social lifestyle to upkeep. However, it is harder to be in a situation when you’ll need cash. Unfortunately, there is nothing within reach.
You will not get younger by the number, now is the time to make deep gameplay by saving up.
With a legit moneylending company in Singapore, you can avoid the money lies from crowding your financial decisions. Cash Mart lets you take out a personal loan based on your salary and repayment capability. Contact them now to know more details.
You can live way longer than your retirement age. Moreover, you don’t want to worry about financing your health needs by that time! More than 20 years ago, Singaporeans heavily depended on their employers for health care benefits. Now, there is MediShield Life.
Directed by the Central Provident Fund (CPF) Board, MediShield Life protects all Singapore citizens and permanent residents. This national health insurance subsidies treatment in public hospitals. However, this will not cover the whole bill, especially if you stay in a Class A/B1 ward.
There is no need for an application since all citizens and residents are automatically included. While this sounds good, remember that not all will cover healthcare services.
If you want wider coverage, you must choose a health insurance plan that best fits you. For example, some policies cover the lost income during hospitalisation when buying health insurance. In comparison, others cover the costs of nursing care and other medical treatment.
Consider the following questions.
What is your purpose for buying health insurance?
Buying health insurance plans have different purposes:
For example, if you want a policy that covers your hospital and surgical (medical) expenses, consider Medical Expense Insurance.
If you want to receive a certain amount of cash while being hospitalized to cover your lost income, buy Hospital Cash Insurance.
If you want to get a lump sum of cash after a diagnosis of a terminal illness you can avail of Critical Illness Insurance.
In case you want to replace your income during a disability, you will need a Disability Income Insurance.
If you want to have your health care paid when you are severely disabled or too ill, you have to get Long-Term Care Insurance.
Which class of ward are you most likely to use?
There is a difference between your ideal ward and the ward you will most likely to use depending on your means. When choosing health insurance, most people think of getting the best choice when this is usually the most expensive.
Health Insurance will not cover the whole cost of your health care. You will have to pay an initial amount since they usually require the holder to pay around 10% of the bill. This initial amount is called “deductible.”
So, if you stay in a subsidised C class ward, you will need to pay the deductible cost of $1,500. For A-class or private hospitals, the deductible is $3,500.
Choose the affordable class based on your capacity to pay. Learning and getting ready with the deductible cost will help you prepare in case you’ll need to use the insurance benefits.
Can you handle the premium in the future?
Usually, you can find the current premium rates. You can use this to compare rates for now, but do not forget that the premiums will go up in a few years.
Health insurance is a long-term commitment. What you are paying now will increase in five years, so make sure you can still afford it by that time. Also, you have other financial responsibilities to handle and possible emergencies to deal with.
Remember that failing to pay your agreed premium may cause your insurance to lapse. So while you want to have great coverage for you and your loved ones, it is still better to have lesser coverage that you can diligently pay.
Do you have an existing chronic illness?
Some health insurance providers do not accept applicants who have pre-existing conditions. Others do, but they have higher premiums.
If you are worried that you will need expensive health care services such as regular dialysis, it is worth buying a more expensive plan. Usually, these plans are only available in higher A class and private hospital plans.
Do you need a rider?
A rider is an add-on you can purchase on top of a plan. With this, it is possible that you will not need to pay any deductible nor do a co-payment. However, riders are very expensive. So consider whether you can still pay it until you get old.
The downside of this option is that people feel obliged to use the free services that come with it. So it is regardless if they do not need to. Also, certain doctors charge higher fees after learning that their patients do not need to personally pay the bill.
There is a notion that services have to be consumed. This will cause the premium and the rider to increase the costs faster than they should.
Final Words
Buying health insurance is a good tool to protect you from the financial blow caused by sudden health care needs. Of course, nobody wants to get sick or hospitalised. However, you will be thankful that you have insurance.
On the other hand, the need for great coverage needs to have a balance with your ability to pay the premium continuously. Therefore, you must handle the payments at ease through proper financial planning.
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.
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.
