Posts tagged: personal finance

How To Qualify for a Personal Loan in Singapore

personal loan needsPersonal loans are beneficial, especially when you encounter an emergency. You do not have to worry about where to get enough funds to support your needs because there are several licensed money lenders in Singapore you can approach. However, qualifying for the loan may be challenging if you do not have the requirements.

Approach A Licensed Money Lender

Your qualification requirements for your loan may vary depending, on the type of lender you approach. Look around for various moneylender in Singapore and check out their requirements. From the very beginning, you can already determine whether you think you qualify for the loan. Here are some common personal conditions you should prepare for:

  • A government issued ID such as your passport or driver’s license;
  • Recent pay slip;
  • Latest Income Tax Return;
  • Utility Bills; and
  • Credit Card Statements

These documents are pretty accessible for anyone who wants to apply for the loan, primarily when you are employed. Moreover, the records are essential for any moneylender in determining your identity and ability to pay.

Prepare Your Financial Statements and Credit Card Scores

Some personal loans do not require you to give collateral, which should make borrowing money more accessible for anyone. But if there is one thing everyone should be prepared for instead, it is their financial and credit score ratings. These ratings are determinative in your ability to pay and serves as an indicator and basis for your lender’s.

As much as possible, you want to show your lenders that you have a good credit card score and your financial statements are looking great. Even if you are not planning on applying for a personal loan shortly, it still pays to be responsible and have proper credit. You can do this through the following examples:

  • Never delay your credit card payment;
  • Manage your expenses wisely;
  • Do not borrow too much money from a moneylender in Singapore.

Deal with Your Existing Debts First

If you have any existing debt or even a long-standing debt, you want to make sure you settle those first. It is vital that you do this, or else it will appear like you have a bad credit score which leaves a significant dent in your capacity to apply for a loan. Regardless of whether you got your previous loan from a licensed money lender in Singapore, you want to make sure you start with a clean slate with your moneylender.

This step is crucial, especially if you have a bad credit score. There are many ways for you to deal with your existing debts, and here are some easy techniques which you can observe:

  • Pay-off any current or long-standing deficit, by creating a strict payment schedule.
  • Check with your moneylender if they can reduce the interest rate you have to pay;
  • Negotiate whether they can extend the payment schedule so it would not be hard for you.

Make an Estimate of the Amount You Need to Loan

If you are lucky enough, you might be able to secure a big personal loan from your moneylender. But you want to make sure that you try applying for an amount which you need, because you may have to pay off the loan if you overestimate the amount. Before you contract the credit, identify the amount that you need and set a minimum and maximum limit.

One of the things you need to keep in mind when making a list is also your ability to pay. It isn’t just the responsibility of various money lender in Singapore to check your requirements because you also have to be aware of it.

  • Determine whether you can pay the amount you set;
  • Identify the necessity of contracting the loan;

Personal loans are easy to get, especially if you have all the requirements. But you should also remember that you also have the responsibility to check whether you think you qualify for the loan. As much as possible, you want to make sure you keep all your financial scores are excellent so you can increase the likelihood of your credit being approved.

How to Buy Rewards Points Instead of Waiting to Earn Them

card reward pointsNot many people know but it’s true that you can buy rewards points without having to wait to earn them. This has been a somewhat hidden option all this time. You can actually top up your account by buying points for a redemption. And the best thing is that the cost of doing so is not as unreasonable as you might think it will be.
People can buy points by their Membership Rewards Linked Cards, and at $25 for 1000 points, they’re not as expensive as one might think they’d be. These points are still cheaper than buying from an airline. So in this article, we’ll discuss how you can buy rewards points and why you might want to do that.

Why Buying Rewards Points Makes Sense

The main reason to buy rewards points is to top up your account for a particular redemption. Membership Rewards points happen to a flexible currency. This means you can check how many points you have and how you wish to use them. If you’re short, then you can buy as many points as you want to use them for whatever purpose you intend to use them for.

Buying points to top up your account when you know there’s an airline seat that can be redeemed is another reason to buy rewards points. This way you can secure the seat earlier instead of waiting until you have earned the remaining points from your day to day spends. If let’s say you’re another 1000 points short, then it could take a very long time to earn that many points, and the airline seat that you’re after won’t obviously wait for you for that long.

Important Details When Buying Rewards Points

The process of buying rewards points can easily be conducted over the phone number given at the back of your frequent flyer credit card or charge card. With American Express, you have to buy points in chunks of 1000. There is no limit on the number of points that can be bought. For more details about buying points, you can visit Points Bank.

Whenever you buy Membership Rewards points you’ll have to transfer them or redeem them over to a partner program at the time of purchase. So it’s better if you buy these points with a specific purpose in your mind. Points can be purchased on request immediately, and the transfer of points is also initiated at the same time.

Another advantage of buying points is that if there is any bonus promotion running at the time when you buy points, then the points will be offered to you at the bonus promotion that is being given at that time. However, you won’t be able to earn more points on the purchase of your points.

Buying rewards points is actually very easy. All you have to do is just make an account with Points Bank and state how much points you would like to purchase and for what purpose. These orders usually take 72 hours before your purchased points can be seen in your account.

Loan Options Available if You Have Less Than Perfect Credit

loan approvalMost people will encounter a time in their lives where they fall short on cash and need to borrow to cover their expenses. If you have a savings established you simply have to make a quick withdrawal. However, if you have no savings set up for emergencies and your credit is less than perfect you may think that you have no options. Luckily there are lenders willing to loan money to people who have a lower credit score, as well as other options available.

Short Term Loans

When you think of short-term loans, you may think that the only one you will qualify for is a very high-interest payday loan. Thankfully, there are payday loan alternatives. There are online lenders who offer low-monthly installment loans to people with less than perfect credit. And, unlike a payday loan, you have several different repayment options.

Title Loans

If you own your vehicle, there are lenders who are willing to use your car as collateral against a loan. Depending on the Blue Book value, this type of loan can give you access to more money than a short-term loan.

401K

If your company has a 401k plan and you are a contributor, you can borrow up to 50 percent of the vested amount. Since you are borrowing the money from you, the chances for a quick approval are very good. The best part about this type of loan is that while you will pay interest, you pay it back to you.

Pension

While you should never touch a retirement fund. If an emergency arises and you need the cash to prevent losing your home or your vehicle, and the company you work for allows it can give you access to a lot of cash in a lump sum. If you are less than 59.5-years old there is an additional fee of 10 percent plus the 20 percent withheld for the IRS.

Borrowing from Family

If you don’t have a savings account, a 401K or a pension that you can withdraw from, you can see if a family member is willing to give you a loan. If someone in your family does front you a loan, remember to treat it the same as you would any other lender. Come to an agreement before accepting the loan and then stick to it. It’s very easy to put a family member on the back burner and pay other bills first. Make every effort to repay per the terms agreed on and if you should have a rough month contact them and advise them when the next payment will be. This way you’ll stay on good terms should you need their help in the future.

Take on a Part-Time Job

If you find that you are having trouble making ends meet often, you may need to find a way to bring in more money each month. If you have a talent, you can sell items or services to fill in the gap until you reduce your overhead. If not, you may need to consider taking on a second job for a while to get you on your feet.

Hard times can happen to anyone. Maybe you lost your overtime or you have extra expenses like school or medical bills. Whatever the reason, there are many ways to dig out from under and get on an even platform. If your monthly expenses are very high, look at your bills and see where you can make cuts, even for the short-term. For instance, if you have a large cable bill, go to basic service. Also, if you eat out often, reduce it to once a month as a treat, brown bag your lunch for work and use coupons when going food shopping. By pulling in your belt, you will have the money you need to cover your expenses and work towards improving your credit score.

Moving Across The World Shouldn’t Cost You The Earth

moving costsAre you planning on moving abroad sometime soon? Whether you are moving for work and a new position or because you just want to try and start a new life in a new country, there are going to be some big financial burdens that could stand in your way. In fact, the cost of moving to the other side of the world can be so big that some families end up spending their entire life savings on the move. But does it really have to be so expensive?

Thankfully, you might not have to take out your entire savings to pay for your new life abroad. There are some ways you can make the transition a lot more affordable. Read on to find out more!

Ask For Moving Costs To Be Reimbursed

If you are moving because you have got a new job or your current firm wants you to relocate, there is a good chance that they will be able to help you with your moving costs. If the company haven’t mentioned anything to you as of yet, it’s worth asking them to find out if they can contribute to the costs. Sometimes, they might pay for your moving company or shipping costs. Even if they don’t cover all of the costs, they should still contribute a small amount as they are the ones making you move!

Hire Specialist Removal Firms

A lot of work and effort goes into packing up your whole life and shipping it to another country. Not every moving firm will be able to help you with this. But there are some international removalists that specialise in long-distance moves. It’s really worth hiring one of these firms as they will have a lot of experience in this kind of thing. They will advise you on the best form of shipping for your belongings, and will be on-hand to help with the practicalities of moving at each end of the journey.

Be Flexible With Your Moving Date

If you can be, it really is worth being as flexible as possible with your moving date. After all, the price of flights will go up and down depending on the time of year. If possible, you should try and wait to move until your destination’s low season. This will be when fewer tourists will be traveling there, so flights should be cheaper than in the high season.

Consider The Best Way To Transfer Money

It’s not just the practicalities of the move itself that could end up costing you big time. There are some hidden costs that you might forget about, such as transferring all of your money into a foreign bank account. Ideally, you need to wait until the exchange rates are in your favour so that you get as much for your money as possible. Even if this means waiting for a few weeks after you transfer your money, it will be worth it so that you don’t lose out on quite as much cash.

Follow these tips and your move abroad won’t be so pricey!

Moving Office? Don’t Forget These Business Costs

business moving expensesRelocating your office can be a great time for your business, however, it can also cause a few disruptions. Relocating usually means that you’re growing, but you shouldn’t just move without considering everything you need to consider first. For example, have you considered all of the costs that are related with moving offices? You may think you have them all covered, but if you read through the list here, you might be shocked and surprised.

Your Business Budget

When it comes to your business budget and moving office, there may be some delays and oversights – there usually is. Your budget can shoot up unbeknownst to you, especially if you have things that require special handling, like chemicals. Sizeable costs can be misjudged or missed if you’ve never moved offices before, so make sure you look at your industry carefully and create a plan.

Designing Your New Office

Depending on where you move, your new office may need just a spruce up or a full blown makeover. You can always hand over the responsibility by outsourcing, but of course, that’s going to cost much more. It can be worth the cost if you’ll have clients at your offices and you want them to match your company branding.

Consider your office furniture, will you buy new or take your old furniture? You may want a completely fresh start.

Your IT Systems

Your IT systems give you many points to consider. Computer systems are critical for running most businesses these days, and yours won’t be any exception, no matter how little work you actually do online. You need to make sure that you get back up and running as quickly as possible once you’ve made your move. An IT relocation company like https://www.prosyn.co.uk/it-relocation-london.php can help to get your desktops recommissioned and connected to new infrastructure so you can begin business as normal as soon as you’re in your new place. If you don’t want any unplanned business downtime (which could end up costing you more than you bargained for) this is something you must consider.

Communications

It may be worthwhile spending a little to let customers know that you’re moving, too. Letting customers know your moving is only polite, and you can do this any number of ways. Flyers and social media posts can work, and you can put a note at the end of your emails too. You may want to update your website with a notice. Flyers and similar techniques will cost money, while many online strategies can be free. It all depends on where your business is mostly based, but a mixture of techniques is a good idea. You have to keep your customers in the loop. You must let insurance companies and other important companies know too, or you could end up spending more trying to sort a mess out once you’ve let your old premises.

Make sure you remember these business costs when moving office and you should stick to your budget.