Quick Guide: Understanding Fund Express Pawn Shop Singapore

Quick Guide: Understanding Fund Express Pawn Shop Singapore

Congratulations! Did your special someone finally agree to have a date with you? You’re practically bursting with excitement!

But the thing is, you have spent all your paycheck on pesky bills and other monthly expenses.

It is embarrassing and awkward to withdraw your date proposal because your wallet’s feeling a little light.

What will you do?

Fortunately, there are pawnshops all over Singapore. One of these lifesavers is Fund Express Pawn Shop. You can get the money you need to secure the most romantic date.

Table of Content

Fund Express

What Services Does Fund Express Pawn Shop Offer?

  • Collateral Valuation
  • Pawnbroking
  • Online Selling for Pre-Owned Valuables

How to Pawn with Fund Express PawnShop?

  • Who can Pawn with Fund Express?
  • What to Pawn in Fund Express Pawn Shop?
  • What are the Steps when Pawning with Fund Express Pawnshop?

Where are Fund Express Pawn Shop Locations?

Frequently Asked Questions

  • How much is the interest in Fund Express Pawn Shop?
  • How long will I have to wait to redeem the pawned item?

fund express logo

Fund Express

Fund Express Pawnshop Pte Ltd has been around since 1975. Many seasoned pawnbrokers and savvy business folks founded it. They’ve got a real handle on what you, the customer, need and want. The Company specialise in offering short-term loans for 6 months, all tied to collateral like gold and jewellery in various grades.

Fund Express aims to offer top-notch services. It truly focuses on their client’s best interests for the long haul. If you want to sort out your finances, don’t hesitate to swing by their shop. They’re there to help you out.

Fund Express Pawn Shop knows how to build connections beyond just business. It keeps on maintaining relationships that stand the test of time. It’s not just transactions; it’s more like building friendships.

Furthermore, Fund Express is one of the best pawn shops with friendly assistance. They offer deals with attractive interest rates, making their services even more appealing.

Most importantly, Fund Express Pawnshop caters to all clientele beyond borders. It has a global scale that reaches Asia, Europe, and North America.

What Services Does Fund Express Pawn Shop Offer?

Fund Express is a well-known company in Singapore for a reason. For one, its services are superb; it is the first thing you’ll think about when in financial need.

fund express gold

Collateral Valuation

Are you curious about the value of your jewellery collection?

Fund Express Pawnshop gives a solid valuation on all sorts of jewellery, gems, gold, and the like. It has a team of experts in assessing the quality and value of your pledge. This assures you that your beloved possession is safe and trustworthy. Most importantly, your valuables get the best market value it deserves.

Pawnbroking

Do you want to pawn your gold ring for quick cash?

Fund Express Pawn Shop offers short-term loans for 6 months. It is all set up through your pledged collateral. You can pawn your gold and gold jewellery in 18K, 22K, and 24K. Or you may entrust your fancy branded watches like Rolex, Omega, Patek Philippe, and others.

Online Selling for Pre-Owned Valuables

Do you want to sell your used but never abused gold necklace?

Fund Express Pawn Shop is your best solution. It has an in-house system specifically for dealing with second-hand valuables. You can turn those unwanted pieces that have lost their sparkle in your eyes into extra cash in your pocket. Fund Express Pawnshop is the place to go when you’re ready to transform your forgotten jewellery into a more welcome form – money in hand!

Fund Express Pawn Shop is more than just pawning. It offers you other financial help based on your beloved article.

How to Pawn With Fund Express PawnShop?

Pawnbroking with Fund Express is a simple and hassle-free process. You can get an instant cash loan in minutes without much fuss.

fund express pawn shop

Who can Pawn with Fund Express?

If you are more than 18 years of age, you must present a valid identification. It can be your passport or an I/C. If you are a foreigner, your foreign document will help you succeed in getting a quick cash loan.

What to Pawn in Fund Express Pawn Shop?

Luxury timepieces, gold, and jewellery are valuables acceptable when pawning with Fund Express.

What are the Steps when Pawning with Fund Express Pawnshop?

If you have a prized possession that falls within the category of pawnable items, you can follow these steps.

Step 1. Visit the nearest Fund Express Pawnshop in your area. Bring with you the item you wish to pledge.

Step 2. Get an accurate quote from the experts. Have your item valued and quoted at your chosen pawnshop location.

Step 3. Receive a quick cash loan immediately. If you agree with the assessed value, you will have a pawn ticket for that item.

Step 4. Return pawn ticket. You can redeem your article with your pawn ticket after you have settled the principal and interest in full. It must be within six months, or you may renew the interest by paying interest.

Be reminded that the pawn ticket is a vital factor in pawning. Keep it safe at all times.

Where are Fund Express Pawn Shop Locations?

We understand that you are now feeling lost without money. It’s a good thing that Fund Express Pawnshops are easily accessible. You can conveniently visit any of the branches to begin your pawnbroking process.

fund express pawnshop

Balestier Fund Express Pawn Shop Pte Ltd

Year Founded: 1979

Office Address: 296 Balestier Road Singapore 329735

Contact Number: +65 6251 7368

Opening Hours:

  • Monday to Friday: 8:30am—6:00pm
  • Saturday: 8:30am—12:00pm

Bukit Merah Fund Express Pawn Shop Pte Ltd

Year Founded: 1975

Office Address: Blk 133 Jalan Bukit Merah #01-1508 Singapore 160133

Contact Number: +65 6270 3624

Opening Hours:

  • Monday to Friday: 8:30am–-6:00pm
  • Saturday: 8:30am—12:00 pm

Jurong East Fund Express Pawn Shop Pte Ltd

Year Founded: 1997

Office Address: Blk 345 Jurong East St 31 #01-11 Singapore 600345

Contact Number: +65 6896 1978

Opening Hours:

  • Monday to Friday: 8:30am–-6:00pm
  • Saturday: 8:30am—2:00pm

Jurong West Fund Express Pawn Shop Pte Ltd

Year Founded: 1987 

Office Address: Blk 463 Jurong West St 41 #01-574 Singapore 640463

Contact Number: +65 6567 8661

Opening Hours:

  • Monday to Friday: 8:45am—6:00pm
  • Saturday: 8:45am—2:00pm

Tampines Fund Express Pawn Shop Pte Ltd

Year Founded: 2003

Office Address: Blk 201E Tampines St 23 #01-86 Singapore 527201

Contact Number: +65 6785 1955

Opening Hours:

  • Monday to Friday: 8:30am—7:30pm
  • Saturday: 8:30am—5:00pm
  • Sunday: 8:30am—3:00pm

Tekka Fund Express Pawn Shop Pte Ltd

Year Founded: 2000

Office Address: No. 4 Buffalo Road Singapore 219781

Contact Number:+65 6293 8753

Opening Hours: 

  • Monday to Friday: 9:00am—7:00pm
  • Saturday: 9:00am—3:00pm

Before paying a visit to any of these Fund Express Pawnshop outlets, make sure to review their office hours. This way, you won’t waste your time going back and forth just to reach their shop closed.

Are you worried you don’t have qualified items to pawn with Fund Express?

Lucky you! Cash Mart is a licensed money lender in Singapore. It approves low-interest personal loans without collateral. Or you may apply for a payday loan. You can push through with your romantic date night hassle-free. Check out their legit website.

Related Article: Quick Guide: Understanding Heng Seng Pawnshop Singapore

Frequently Asked Questions

How much is the interest rate in Fund Express Pawn Shop?

Fund Express abides by the regulations of the Singapore Pawnbroker’s Association. The interest rate calculator depends on the amount of loan pawned and the loan months. Then, it is multiplied by 1.5% per month or part of the principal loan.

If your loan amount is worth SGD 500 for four months, here is what you must do.

(SGD 500 x 4 months) x 1.5% = Interest Rate

(2,000) x 1.5% = Interest Rate

SGD 30 = Interest Rate

Take note that this is a sample only. The interest rate may differ depending on the value of your pawnable item.

How long will I have to wait to redeem the pawned item?

You can redeem your pledged item anytime if you pay the entire loan amount and interest. Nevertheless, you can only redeem up to six months from the date you pawned your item. Beyond that, you have to say goodbye to your precious valuables. Meanwhile, you can renew your pledge if you still have yet to make plans to withdraw it. It will extend you to another six-month redemption period.

Quick Guide: Understanding Shing Heng Pawn Shop Singapore

Best Licensed Money Lenders Singapore

Quick Guide: Understanding Shing Heng Pawn Shop Singapore

Be familiar with how Shing Heng Pawn Shop Singapore.

Are you out for a weekend getaway? 

Everything’s ready—booked flight and reserved accommodation. 

Sadly, your paycheck is still due next week. 

Your expected budget for vacation is still missing. 

How will you survive without it? 

Easy. Pawn your valuables to the best pawn shop in Singapore. 

The country boasts licensed pawnshops, highly experienced appraisers, and accurate valuations. 

One of the trusted and leading pawn shops is Shing Heng. Learn more about the company, its services, and why many opt for it. 

Table of Content

Shing Heng Group 

What Services Does Shing Heng Pawn Shop Offer?

How Does Shing Heng Pawn Shop Operate?

What Is Shing Heng Pawnshop E-Renewal?

Where are Shing Heng Pawn Shop Locations?

Frequently Asked Questions

shing-heng-pawnshop

Shing Heng Group

Shing Heng is a company engaged in the pawnbroking industry for 25 years. It endured all the challenges of time and became pertinent despite the ever-changing customer demands and intense rivalry. 

Shing Heng Pawnshop originated as a solitary shop in 1996. But it evolved into a well-established pawnshop chain boasting six stores strategically positioned in residential areas in Singapore. 

Today, Shing Heng Pawnshops cater to individuals seeking secured loans, luxury timepieces, gold, and exquisite jewellery. These items are globally acclaimed in Switzerland and around the globe.

Milestones of Shing Heng Pawnshop

Back in 1996, the very first pawnshop sprang up in Woodlands. It went by Shing Heng Pawnshop and remained our flagship spot for over two decades. It is within a lively town bustling with locals and Malaysians working in Singapore. 

The store kept growing strong. Shing Heng even climbed the ladder to become one of the Top 10 pawnshops in Singapore, measured by the total value of pledges we collected.

In 2002, Shing Heng Group unveiled its second Shing Heng pawnshop Tampines. It targeted the eastern side of Singapore. Just two years later, the company headed west and opened up shop in Boon Lay.

Over the following years, the Shing Heng pawn shop expanded. It set up four more branches in high-traffic locations that connected more folks from major housing areas. The sequence began with the Shing Heng pawnshop Bedok store in 2011, followed by Ang Mo Kio in 2012, Marsiling in 2013, and Serangoon Central in 2018. All these outlets are just a stone’s throw away from suburban malls.

In 2010, Shing Heng wanted more than helping folks with finances. The company decided to broaden our services. It entered retail, offering new and pre-owned jewellery and luxury timepieces. And to top it off, Shing Heng started fixing up high-end watches.

In 2017, the flagship Woodlands store had to close up shop. The Old Woodlands Town Centre, where we’d been operating since 1996, had to make room for the Woodlands Checkpoint extension. It kept things smooth for the customers after the Woodlands store closure. The Shing Heng Group Marsiling branch was the go-to point of contact for folks living in northern Singapore.

What Services Does Shing Heng Pawn Shop Offer?

Shing Heng is different from your ordinary pawnshop.  In addition to its pawnbroking service, it presents a range of offerings that undoubtedly hold advantages.

shing-heng-pawnshop-jewellery

Pawnbroking

Shing Heng Pawnshop offers a loan that needs valuable collateral. If you give your pledge, a branded watch, gold, or jewellery, you will receive your money in return. But there is an interest involved.

Shing Heng Pawnbroking is super hassle-free. No credit checks to worry about. But your chosen collateral must be eligible to pawn. 

If you follow through the pawnbroking process, you will receive a pawn ticket. It is a document confirming the transaction and a receipt for your pledged collateral.

If you wish to extend the loan duration of your loan, you have the option of renewing your pawn ticket available to you. You can accomplish it conveniently by visiting a physical outlet or utilising our digital platform through the designated app.

If you decide to retrieve your pledged item, the process is easy. You must bring your pawn ticket and valid proof of your identity to any Shing Heng outlet. Then, you must settle the outstanding loan amount and the accrued interest. Once done, your item will be promptly returned to you, concluding the transaction.

Safe Keeping

Shing Heng Pawnshop offers a practical solution for individuals planning a vacation. It addresses concerns about the security of their valuables while far from their home. 

The premise is simple yet effective. You entrust your valuable items to Shing Heng pawnshops during your absence. In return, you can avail of two distinct advantages.

Firstly, the peace of mind that your precious belongings are securely stored and protected. As you embark on your unwinding journey, you can rest assured that your valuables are in responsible hands.

Secondly, the service extends beyond safekeeping. It provides an instant cash loan during your travels. You can enjoy the flexibility to indulge in overseas shopping with financial freedom. 

However, it is important to note even if the service provides convenience, interest charges still apply.

Trading

The “Trade-In Offer” presented by Shing Heng Group represents a valuable opportunity for individuals to leverage the worth of their cherished possessions. 

Shing Heng Pawnshop extends generous valuation. It ensures you receive a substantial cash value for the precious items you hold dear. It can be an exquisite piece of jewellery, a luxury timepiece, or cherished gold. Shing Heng commits to providing remuneration. As a result, it accurately reflects the significance and value of your belongings.

In addition, you can opt for a direct cash transaction, receiving immediate financial gain for your items. Or, you can explore the option of exchanging them. Shing Heng stores house various new and pre-loved items that you can peruse and select from. 

These two options underscore the company’s dedication to offering you versatile solutions. Therefore, you can align it with your individual preferences and needs.

Servicing and Alteration

Shing Heng Pawnshop offers an extension of service suitable for the diverse needs of esteemed clientele. It addresses general maintenance to more intricate fixes within luxury timepieces and fine jewellery.

Shing Heng provides various maintenance and repair services for luxury timepieces. Our skilled watchmaking professionals facilitate the process. From routine maintenance procedures to intricate repairs, the professionals are equipped with the proficiency to address a range of watch-related needs meticulously. 

Additionally, this service of Shing Heng addresses jewellery. Our precious bracelets and rings often hold immense sentimental value and personal significance. As your tastes evolve, you gain the desire to tailor them according to your personal preference. The skilled artisans assist you in achieving it. 

If you wish to resize a ring or reimagine the design of a necklace, Shing Heng pawnshop provides a seamless blend of tradition and innovation. But it is still concerning the unique character of each piece.

Online Shopping

Shing Heng e-Shop is another commitment to convenience and accessibility to valued customers. It is a virtual platform that serves as a digital marketplace. You can explore and engage various branded timepieces and gold or diamond jewellery products.

The Shing Heng e-Shop offers a user-friendly interface. It provides an intuitive navigation experience to browse through various categories seamlessly. It ranges from luxury timepieces to exquisite jewellery. The e-Shop showcases diverse offerings, catering to different preferences and tastes.

Customers can explore detailed product descriptions, high-quality images, and pertinent information about each item. This way, you can make informed decisions in alignment with their preferences and requirements.

Purchasing through the Shing Heng e-Shop is a streamlined process. You can add your desired items to the virtual cart. Then, proceed to a secure checkout process. Afterwards, you select your preferred payment methods. All payment gateways ensure that transactions have the highest level of security.

How Does Shing Heng Pawn Shop Operate?

Shing Heng Pawnshop continues to stand tall despite all the trials they face. Singaporeans and Permanent Residents seek financial aid because of how it works professionally. 

shing-heng-timepieces

Shing Heng Pawnbroking Process

If you are eligible to pawn, follow the steps below. 

Step 1. Free Valuation. Shing Heng Pawnshop has experts who assess the value of your pledge. 

Step 2. Get instant cash. Once the valuation is complete, you decide whether to accept the offer. If you agree, you can claim your instant cash loan from your beloved valuable. 

Step 3. Redeem or renew a loan. After receiving your quick online loan cash, you can redeem it by repaying the loan amount and interest. Or you can extend the loan process by renewal. 

The streamlined pawnbroking process ensures a fast transaction. Also, it provides flexible options that fit you.

Acceptable Collateral

Shing Heng Pawnshop accepts collateral such as diamonds, gold, jewellery, branded watches, and luxury bags. You can contact their pawnshop beforehand to ensure your cherished article is qualified.

Loan Amount and Tenure

The loan amount solely depends on your collateral value. Your article is subject to an appraisal of the professional valuers. 

There is no minimum loan period when pawning with Shing Heng. Although you can borrow for up to six months, you can still extend it. But it is still subjected to assessment.

Fees to Pay

You only need to worry about the interest when redeeming your pledged item. Also, you must consider the interest to extend your pawn beyond six months. 

In addition, you can pay the interest personally to any Shing Heng store. Or you can settle it online through their official website.

Pledge Assessment

Shing Heng pawn shop has a team of expert appraisers knowledgeable about all sorts of jewellery, diamonds, and gold. These folks know how to tell the real deal from the rest. 

Professional valuers carefully check out your articles and give them the authenticity stamp. Then, they assess their condition before giving you an offer. 

Furthermore, the appraisers are savvy about the current Shing Heng gold price. That’s why you are sure your items are in good hands with these experienced pros.

Pledge Redemption

Once you accept the appraised value of your item, you will get a pawn ticket. It is a golden key to retrieve your pledge back. You must keep it safe so that redeeming your item is fast and easy when it comes. 

You must visit the Shing Heng outlet and pay off the remaining loan amount and interest. Bring your pawn ticket and ID to prove your identity. Then, you will receive your item back.

Related Article: Quick Guide: Understanding Heng Seng Pawnshop Singapore

What Is Shing Heng Pawnshop E-Renewal?

Before, you could carry out renewal transactions to any branch near you, but now, online renewal of your pawn ticket is possible in Shing Heng Pawnshop. 

shing-heng-mobile-app

Perks of Shing Heng Online Renewal

The Shing Heng mobile app is an excellent choice if you seek convenience. No queues to worry. You can save time and effort with their available digital service. 

Furthermore, the Shing Heng app aids in securing your pawn ticket. If you are a registered app user, you can monitor all your transaction activities in their database. You can have your own hardcopy replacement, too. But you must go to a Shing Heng pawnshop outlet and settle the replacement fee. 

Most importantly, Shing Heng protects your personal information. It is similar to other private-sector entities that abide by Singapore’s PDPA (Personal Data Protection Act).

Downsides of Shing Heng Online Renewal

Despite the advantages of Shing Heng’s e-Renewal, disadvantages are inevitable. 

Currently, the only acceptable mode of payment for interest through the app is eNets. 

However, the mobile application only offers limited services. You cannot update your personal particulars in the app. If you wish to change any information, visit the nearest Shing Heng Pawnshop branch.

Where are Shing Heng Pawn Shop Locations?

As of today, Shing Heng Group Pawnshop has six outlets strategically situated across Singapore. You can visit any of their branches. So you can enjoy Shing Heng jewellery, luxury watches, and pawning services. 

shing-heng-outlets

Shing Heng Ang Mo Kio

Address: Blk 702, Ang Mo Kio Avenue 8 #01-2517 Singapore, 560702

Contact Number: +65-6457-9850

Business Hours: Monday–Sunday: 8:30 am to 8 pm

 

Shing Heng Bedok

Address: Blk 205, Bedok North Street 1 #01-391 Singapore, 460205

Contact Number:  +65-6245-0879

Business Hours: Monday–Sunday: 8:30 am to 8 pm

 

Shing Heng Boon Lay

Address: Blk 221, Boon Lay Place #01-124 Singapore, 640221

Contact Number: +65-6265-9203

Business Hours: Monday–Sunday: 8:30 am to 8 pm

 

Shing Heng Marsiling

Address: Blk 302, Woodlands Street 31 #01-297 Singapore, 730302

Contact Number: +65-6367-0323

Business Hours: Monday–Sunday: 8 am to 7:30 pm

 

Shing Heng Serangoon Ctrl

Address: Blk 264, Serangoon Central #01-227 Singapore, 550264

Contact Number: +65-6214-3252

Business Hours: Monday–Sunday: 8:30 am to 8 pm

 

Shing Heng Tampines

Address: Blk 201E, Tampines Street 23 #01-96 Singapore 527201

Contact Number: +65-6587-4618

Business Hours: Monday–Sunday: 8:30 am to 8 pm

Shing Heng Pawnshop operating hours vary depending on its location. Before you drop by their shop, check its schedule first. In addition, keep in mind that Shing Heng pawn shops are closed during Public Holidays. 

Pawnbroking is fun and easy, especially if you have a gold valuable or a limited timepiece. But what if you’re also short on those? How can you push through with your much-awaited weekend escape?

Well, you still have other financial solutions in Singapore. Licensed money lenders in the country are an everyday go-to fix for quick cash loans. You don’t need to risk your prized possession for it to work. 

Take Cash Mart, for instance. It is one of the top-notch legit lenders that approves loans without collateral. Also, its personal loans come with low interest. Or you may apply for its payday loan to get by with your unexpected financial challenges until your next paycheck. So you can get the funding you need to travel wherever you want.

Frequently Asked Questions

Are my valuables secured in Shing Heng Pawn Shop?

Shing Heng Pawn Shop keeps all pledges insured and secured. Your precious articles are kept in strong rooms and reinforced safes. Also, all stores have well-equipped alarm systems and 24-hour surveillance cameras. 

What happens if I fail to redeem my pledge or renew the pawn ticket?

You will have an additional interest charged for the pledge you missed to renew or redeem on time or upon expiry. Also, your items may be forfeited if you can not redeem them upon the end of the loan period. Nevertheless, Shing Heng provides a final reminder before doing so. 

What to do if my pawn ticket is lost?

A lost pawn ticket needs a replacement ticket. You can avail of it by visiting any Shing Heng pawnshop outlets. However, there is a processing fee entailed with it.

Quick Guide: Understanding Heng Seng Pawnshop Singapore

Best Licensed Money Lenders Singapore

Quick Guide: Understanding Heng Seng Pawnshop Singapore

Have you ever come across Heng Seng Pawnshop? It stands as a reputable and legitimate pawnbroker in Singapore. Discover the reasons behind its enduring presence in the country’s pawnbroking landscape.

Are you facing a financial shortfall?

Are you considering a personal loan but concerned about your credit history?

Refrain from denying yourself the necessary funds.

You can obtain immediate cash without worrying about credit assessments, especially if you pawn valuable gold jewellery or a luxurious timepiece.

Heng Seng is among the most reliable pawnshops. You can use your precious items as collateral to secure the instant cash loan you require.

However, that’s different from the extent of their services. The company also deals in buying gold and diamonds. Gain a deeper understanding of what Heng Seng Pawnshop Singapore offers as you continue reading.

Table of Content

Heng Seng Company

What Does Heng Seng Pawnshop Company Pte Ltd Do?

How Heng Seng Pawnshop Works?

What is the Process of Online Valuation in Heng Seng?

How to Process Heng Seng Online Renewal for Pawn Ticket?

Where to Find Heng Seng Pawnshop?

Frequently Asked Questions

heng-seng-pawnshop

Heng Seng Company

Heng Seng, a stalwart in the industry, boasts over five decades of operational history, having been officially registered with ACRA since its inception on November 22, 1971.

The pawnshop takes pride in its dedicated and experienced workforce, committed to delivering trustworthy and dependable pawnbroking services to needy individuals. Notably, it operates as a private entity without being publicly listed, and no records indicate any initial public offering (IPO) filing.

Furthermore, Heng Seng has maintained a clean legal record, not being involved in any litigation, as confirmed by the public records of the Supreme Court of Singapore. It underscores the company’s alignment with its Mission and Vision, showcasing its commitment to ethical practices.

Heng Seng firmly upholds principles of fairness and honesty in its operations, believing that customer satisfaction is the key to sustained success. Additionally, the company seeks to remain competitive within the trading systems, ensuring its continued relevance and excellence.

What Does Heng Seng Pawnshop Company Pte Ltd Do?

With a better understanding of Heng Seng Pawnshop, you can now see how the company can meet your financial needs. Here are your top choices.

heng seng luxury timepieces

Collateral-based Short-term Loans

Heng Seng Pawnshop runs loans for a 6-month tenure. The secured loan type requires you to pawn your valuable possession.

Pawning with Heng Seng accepts the following pledge.

Gold Jewellery. Heng Seng pawn shop accepts various gold grades. You can bring your necklace or bracelet if it falls under 18K, 22K, or 24K gold. After checking, you can head directly to Heng Seng Pawnshop for a quick source of funds.

Branded Timepiece. Another pledge you can use as collateral is a luxury watch. Heng Seng accepts specific brands of timepieces like Rolex, Omega, Patek Phillpe, and more.

Online Valuation

The latest addition to Heng Seng’s service is its online valuation. You can get an estimated value of your precious gold, jewellery, and branded watches through their official website. It is accessible and free. This way, you have an idea beforehand how much is the value of your prized possession.

Buy and Sell

Heng Seng assists you in selling your valuables without questions. It provides consignment services that permit them to sell goods on customers’ behalf.

Branded timepieces and gold jewellery are excellent investments. Even if it falls under the second hand category, you can find buyers willing to bid for it.

Moreover, Heng Seng allows you to browse and purchase pre-owned pieces at a discounted price. It ensures that all the transactions made are safe and secure. Plus, it assures you that every item is available on their official website and is legit and professionally appraised.

Heng Seng Pawn Shop offers trading, bartering, swapping, or laybys quality secondhand goods. You can have financial service options based on what you need.

How Heng Seng Pawnshop Works?

Heng Seng Company is a professional and hassle-free pawnbroker. Its services offer customers like you quick and hassle-free cash who prefer to pawn valuables.

heng seng gold

Heng Seng Pawnshop takes pride in conducting an honest and fair business bonded by the Pawnbrokers Association of Singapore.

This is how it works.

Step 1. Online Valuation. Set your expectations about the estimated value of your article by having an online valuation first.

Step 2. Bring your valuable. Submit the valuable item you applied for in e-Valuation at Heng Seng Pawnshop at Toa Payoh. A professional appraiser will check the quality and intricate details of your article. Also, they will cross-match every detail from the online valuation.

Step 3. Present your identification. Your identity card, NRIC or passport, are vital documents for the pawning process. Make sure to bring them along to validate your identity.

Step 4. Receive quick cash and pawn ticket. The expert valuer will present you with the offer. If you agree with them, you will get your money from the pawned item. Secure your pawn ticket is a safekeeping to avoid incurring other fees.

Step 5. Repayment is a must. Pay off your quick online loan on time to claim your precious jewellery. Or else you will lose your valuable to Heng Seng.

Pawnbroking with Heng Seng is straightforward. You can have the badly needed funding promptly.

What is the Process of Online Valuation in Heng Seng?

If you plan to pawn your precious jewellery, you can start with the online valuation process. It saves you the trip of coming down to the store. Follow these steps to receive the best price for your pledge.

Heng seng jewellery

Step 1. Identify your account.

Choose if you are a New User or have an Existing Account.

You must enter your NRIC/Fin and Password if you are the latter. Then, click Generate OTP. Once you receive your OTP, you can log in to your account.

But if you are a first-timer, click New User.

Step 2. Select category.

Choose which item you plan to pawn. Is it gold, jewellery, or luxury watches?

Step 3. Provide item details.

Based on your chosen pledge, enter all the vital information.

For jewellery, identify its type. Is it a bracelet, bangle, earrings, necklace, pendant, or ring? Then, pick its settings. Does it have diamond, jade, stone, or others? Afterwards, choose its material type. Is it gold, white gold, or platinum? Most importantly, input the jewellery’s weight and other additional descriptions.

For luxury timepieces, identify the brand. Is it, Audemars Piguet, Bvlgari, Cartier, Chopard, Frank Muller, Hublot, IWC, Jaeger-LeCoultre, Longines, Omega, Oris, Panerai, Patek Phillipe, Piaget, Rado, Richard Mille, Rolex, Tag Heuer, Tudor, or Vacheron Constantin? Then, click the model and input the production year. Afterwards, select the number of years for service maintenance. Most importantly, indicate the bracelet material. Is it stainless steel, titanium, gold, rubber, resin, silicone, or leather? Don’t forget to specify additional details.

For gold items, identify their purity. Is it 24K, 23K, 22K, 20K, 18K, 14K, or 9K? Then, input the weight in grams and other additional information.

Don’t forget to tick the boxes for the inclusive items. It includes information like Authencity Card, Original Box, Purchased Receipt, and Diamond Certificate.

Once you have provided these essential details, upload clear photos. Make sure to have front view, left view, right view, back view, and other vital documents. This way, you will receive a better valuation for your valuables.

Step 4. Input your personal contact information.

Ensure to provide your NRIC/FIN, full name (as it is in your NRIC), gender, race, birthdate, nationality, residential address, contact number, and email. Then, click Generate OTP to proceed.

Step 5. Review and confirm.

Before officially submitting your online valuation, double-check every detail you provided. This way, you’ll have the most accurate value for your pledge.

However, be reminded that this is only an estimate. Once you bring your valuables, Heng Seng expert valuers will still assess the item’s condition.

How to Process Heng Seng Online Renewal for Pawn Ticket?

Do you still need time to recuperate for your unexpected expenses? You can renew your pawn ticket without taking a day off from work online.

Heng seng pawnshop ticket

Here’s what you should do.

Step 1. Ensure you are registered to Heng Seng Pawnshop System. 

Online Renewal only works if your Registered NRIC / Work Permit / Passport Number and mobile number reflect on the system. You can contact the shop and confirm with the staff if you have doubts.

Step 2. Login to your Heng Seng account. 

Input your NRIC or Passport Number or Work Permit. Then, enter your password.

Step 3. Wait for your One-Time Password. 

Your registered mobile number will receive the OTP. Enter it first before you can click Login.

Step 4. Choose the Renewing Tickets. 

Once you’re in, you can see various options in your account. You can:

  • View all existing pawn tickets except for lapsed pawn tickets.
  • View your Profile but not edit.
  • Renewal of existing pawn tickets
  • Payment through PayPal and NetsQR.

Step 5. Follow the prompts. 

Enter all the necessary information to renew your pawn ticket successfully.

Where to Find Heng Seng Pawnshop Singapore?

Seng Heng PawnShop Singapore has only one branch. When you visit the place, ensure you can maximise all their services.

Heng seng pawn shop in Singapore

Heng Seng Pawnshop Co Pte Ltd

Heng Seng Address

520, Lorong 6 Toa Payoh, #01-59, HDB Hub, Singapore, 310520 (Above Toa Payoh MRT Station at Exit C)

Heng Seng Contact Number

6251-2213

Heng Seng Pawnshop Website

https://www.hengseng.com.sg/

Heng Seng Pawnshop Opening Hours

Monday–Friday: 8:30 am to 8 pm

Saturday: 8:30 am to 6 pm

Sunday: 11 am to 5 pm

Heng Seng Pawn Shop is closed during public holidays.

Pawning with Heng Seng is relatively fast and easy, especially if you have a luxury item to pawn. But what if you have none? How can you face your financial dilemma?

Licensed money lenders in Singapore is a known source of fast cash loan. You can borrow money even if you lack a prized possession. Cash Mart is an excellent example. You can apply for a low-interest personal loan even with poor credit records.

Frequently Asked Questions

What sector does Heng Seng Pawnshop belong to?

The company primarily operates in the Pawnbrokerage sector.

What are the acceptable modes of payment in Heng Seng Pawn Shop?

You can transact with Heng Seng through MasterCard, Visa, Bank Card, or Eftpos, whichever is convenient.

Quick Guide: Understanding Maxi-Cash Pawn Shop Singapore

Best Licensed Money Lenders Singapore

Quick Guide: Understanding Maxi-Cash Pawn Shop Singapore

Explore more about Maxi-Cash pawn shop Singapore. 

Are you currently on vacation and unexpectedly need extra funding?

You can get the additional cash you need at pawn shops in Singapore. It offers a unique and accessible method of obtaining quick online cash. It is a perfect choice for people who are unqualified to take out traditional bank loans. If you have poor credit or have no time to go through the lengthy application process, pawning your valuables is the best option.

Among the top options in Singapore is the Maxi-Cash pawn shop. It has well-known and reputable pawn shop chains conveniently accessible in all regions of the country. It has competitive interest rates and fees, making it stand out from other pawn shops in the country. On top of that, it has additional features that you will surely enjoy.

Discover more details regarding Maxi-Cash and the range of services it offers. Here is a concise company overview.

Maxi-Cash

Table of Content 

How Does Maxi-Cash Work?

How Maxi-Cash Pawnshop Pte Ltd Operate?

Where is Maxi-Cash Near Me?

What is Maxi-Cash Online?

Frequently Asked Questions

Maxi-Cash Singapore

Maxi-Cash started its corporation in 2008, a subsidiary of Aspial Corporation Limited. It is a pawnbroking shop and retail store for branded merchandise and jewellery. In addition, the company offers secured lending services.

The inaugural Maxi-Cash pawn shop opened in February 2009 at Ang Mo Kio Central. But it doesn’t stop there. It rapidly grew and now has an island-wide network of pawnshops and retail outlets.

Currently, Maxi-Cash Singapore is accessible in over 48 strategically chosen areas. Also, it has retail outlets across Hong Kong and Malaysia.

On June 12, 2012, Maxi-Cash was the first public-listed pawn shop on the Singapore Exchange (SGX) Catalist.

Maxi-Cash commits to building a customer-focused business. The company aligned and designed a Maxi-Cash App that addresses Singaporeans and Permanent Residents. It integrated online payment services through iPayment and online valuation—E-Valuation. Maxi-Cash E-Shop brings a seamless digital shopping experience to customers.

Awards and Recognitions

Maxi-Cash continuously grow and innovate products, services, and customer experience. It became a leader in the pawnbroking and retail industry. As a result, it garnered the following.

2022 and 2023 – Strait Times Singapore’s Best Employers Award

How Does Maxi-Cash Work?

Maxi-Cash has designed various products and services to cater to multiple needs. Find out what they offer.

gold bangle for Maxi-Cash pawn shop

Pawnbroking

Maxi-Cash is one of the prominent players in the pawnbroking industry. Singapore Citizens and Permanent Residents can pawn their cherished possessions at favourable interest rates. Plus, you have the assurance that your pawning transaction is swift yet secure.

Citigems Jewellery Shop

Maxi-Cash takes great pride in its exquisite jewellery selection. You can discover a wide range of contemporary diamond and gold jewellery in its shops. All of these perfectly suit modern men and women.

999 and 916 gold price in Singapore Maxi-Cash maintains the limelight. As one of the Maxi-Cash jewellery and gold collections, it boasts masterfully crafted beauty. Adorning yourself with it elevates your appearance with glow and brilliance.

A Maxi-Cash gold necklace, bracelet, ring, and others have exceptional purity. It showcases the most natural and dazzling gold, enhancing a woman’s beauty and radiance.

LuxeSTYLE

Maxi-Cash LuxeSTYLE offers a selection of fashionable and sought-after preloved items like watches, bags, and branded jewellery. In addition, the unique service has a crucial role in promoting a sustainable luxury circular economy.

If you participate in the LuxeSTYLE buy and sell off your preloved luxury items, you contribute to reducing carbon waste and waste footprints. Maxi-Cash dedicated a team responsible for conducting rigorous checks to inspect the quality and authenticity of every item bought and sold in Maxi-Cash.

How Does Maxi-Cash Pawn Shop Pte Ltd Operate?

Maxi-Cash Pawn Shop Singapore is the country’s pioneer pawnbroker offering Instant Cash via PayNow. The convenient service eliminates your need to carry a massive chunk of cash and endure long queues at the bank.

maxi-cash-singapore

What is the Pawnbroking Process of Maxi-Cash?

The Maxi-Cash procedure is a continuous cycle, depending on your financial circumstances. It takes four simple steps.

Step 1. Present your valuables. Before you take your precious gold, diamonds, branded jewellery, bag, or watch at any Maxi-Cash branch, assess its quality first.

Step 2. Obtain a valuation for your item. Maxi-Cash has a team of experienced valuers who will gauge the value of your pledged item.

Step 3. Receive quick cash. A Maxi-Cash appraiser will offer you the amount that best suits your pledge. You will get your instant cash loan immediately if you agree with the offer.

Step 4. Redeem or Renew. Become a responsible pawner by repaying your loan amount on time. Or renew your pawn ticket as needed.

From here, it is evident that pawnbroking with Maxi-Cash is less tedious than before.

How Maxi-Cash Online Valuation Works?

Maxi-Cash pawn shop takes pride in its competitive loan rates. With the convenience of the Internet, you can initiate your pawning journey at home or work using the Maxi-Cash E-Valuation service. It only takes a few steps to obtain an online valuation.

Step 1. Provide your contact information. Indicate your name, preferred mode of contact and preferred Maxi-Cash location.

Step 2. Enter your article details. Indicate the product category. For gold and jewellery, specify the gold content and weight. Meanwhile, for designer bags and luxury, choose the brand and model.

Step 3. Upload the item photo. A clear, detailed, and high-quality image helps the expert appraiser accurately get the best value for your article. It is best to follow the sample guide on the different views on taking a picture.

Step 4. Review and Submit. Reread all the information you entered and see if it is accurate. Once sure, click the Submit button.

If you heed the process above, you can receive the price quote aligned with your pledge value. In addition, be reminded that the offered value is only an estimation. You still need to visit a Maxi-Cash store to complete your transaction.

How Long is the Loan Period in Maxi-Cash?

At Maxi-Cash, pawning your valuables has a loan period that runs from 1 month up to 6 months.

Within the 6-months redemption period, if you wish to renew your loan or redeem your pledged item, you can. However, it is a must that you pay the required interest amount first.

But if you extend the redemption period, you can renew your loan in Maxi-Cash. Both parties, you and the pawnbroker, must consent to the loan agreement or the subsequent agreement.

How Much is the Maximum Interest Rate of Maxi-Cash?

Maxi-Cash is a licensed pawnbroker in Singapore that strictly abides by the regulations of the Pawnbroking Act regarding chargeable interest rates.

For example, if you pawn your precious Maxi-Cash gold bracelet, the applicable interest rate will be 1.5% monthly or part thereof on the principal loan amount. And your maximum annual percentage interest rate is 18%.

On top of the monthly interest, an additional fee will be imposed if your redemption period lapses. Nevertheless, Maxi-Cash pawn shop will only take profit on your loan for up to 2 months after the redemption period expires.

Here is a sample scenario: 

You applied to pawn your gold bracelet at the Maxi-Cash pawn shop. Your total loan amount costs SGD 10,000. With a pawn duration of 6 months, your total interest is SGD 900. Therefore, your total repayment amount is SGD 10,900.

Aside from the interest rate, other chargeable fees are associated with Maxi-Cash pawnbroking. Singapore Pawnbrokers Act permits the following charges:

Pawn Ticket Issuance Fee. Every pawn ticket costs $2, but you will not incur any if your pawn ticket is issued for the following changes:

  • Pawner’s contact number, address, or email address
  • Name or address of the pawnbroker’s business
  • Correction in any particular in the pawn ticket

Pawn Application Fee. Every time you pawn any of your valuable gold jewellery, you will be charged the following application:

  • A person claims to be entitled to redeem a pledge but has no pawn ticket
  • A person claims to be the rightful owner of articles wrongfully pawned.

Keep in mind that the processing fee is mandatory. The charge came directly from the third-party payment gateway service provider.

Related Article: Where to Find the Best Pawn Shops Near You

Where is Maxi-Cash Near Me?

Maxi-Cash provides one of the largest networks of pawn shops and retail stores. These are conveniently located in nearby amenities like MRT stations and bus interchanges. You can find a store near you in these areas.

maxi-cash pawn shop

Central Region

  • Maxi-Cash Boon Keng MRT
  • Maxi-Cash Bugis
  • Maxi-Cash Bukit Merah
  • Maxi-Cash Dhoby Ghaut
  • Maxi-Cash HarbourFront Centre
  • Maxi-Cash Holland Drive
  • Maxi-Cash Lucky Plaza #B1-12/14
  • Maxi-Cash Lucky Plaza #01-06
  • Maxi-Cash Lucky Plaza #02-34/35/36/37
  • Maxi-Cash People’s Park
  • Maxi-Cash 61 Serangoon Road
  • Maxi-Cash 152 Serangoon Road
  • Maxi-Cash Serangoon #01-08
  • Maxi-Cash Tiong Bahru Plaza

North Region

  • Maxi-Cash Admiralty MRT
  • Maxi-Cash Ang Mo Kio Ave 8
  • Maxi-Cash Ang Mo Kion Ave 4
  • Maxi-Cash Causeway Point
  • Maxi-Cash Chong Pang
  • Maxi-Cash Hougang
  • Maxi-Cash Marsiling MRT
  • Maxi-Cash NEX
  • Maxi-Cash North Point City
  • Maxi-Cash Punggol Plaza
  • Maxi-Cash Seletar Mall
  • Maxi-Cash Sembawang MRT
  • Maxi-Cash Sengkang MRT
  • Maxi-Cash Sengkang MRT (LuxeSTYLE)
  • Maxi-Cash Toa Payoh
  • Maxi-Cash Waterway Point
  • Maxi-Cash Wisteria Mall

West Region

  • Maxi-Cash Boon Lay MRT
  • Maxi-Cash Bukit Batok MRT
  • Maxi-Cash Bukit Panjang Plaza
  • Maxi-Cash Clementi
  • Maxi-Cash Jurong Gateway
  • Maxi-Cash Jurong West
  • Maxi-Cash Jurong Point
  • Maxi-Cash Lot One Shoppers’ Mall

East Region

  • Maxi-Cash Aljuniied MRT
  • Maxi-Cash Bedok
  • Maxi-Cash Eunos MRT
  • Maxi-Cash Joo Chiat
  • Maxi-Cash Marine Parade
  • Maxi-Cash Paya Lebar MRT
  • Maxi-Cash Tampines MRT

Thanks to the strategic locations of Maxi-Cash pawn shop, you can avail of their services anytime you need them. But it does not end there. Maxi-Cash is now more accessible with its recent innovation—Maxi-Cash mobile app.

What is Maxi-Cash Online?

You can now access Maxi-Cash through its mobile application. It is a one-stop app that provides a safe and easy shopping experience. You can now process online valuations while at home or at work. Most importantly, the Maxi-Cash app permits your instalments and interest payments.

maxi-cash pawn shop mobile app

 

Why Download a Maxi-Cash App?

Even though Maxi-Cash is almost everywhere in Singapore, some locals still prefer to have a Maxi-Cash on their phones.

Save time. All your loan interest payments and shopping instalments push through within seconds. You don’t need to commute going to the nearby Maxi-Cash branch.

Hassle-free. You only need to download the app and register. Once you’re in, you’re just a tap away from accomplishing all your Maxi-Cash transactions.

Pay anytime, anywhere. With Maxi-Cash, you can leave all your worries behind regarding your dues and financial obligations. With your app, you settle your bill whenever and wherever you are.

How to Use the Maxi-Cash App?

Grab the convenience the mobile app brings by following these steps.

Step 1. Download the app. Visit the Play Store or Apple Store. Look for the app and download it.

Step 2. Register. Create your account by following the prompts. Check if you provided all the essential details correctly.

Step 3. Pay. Sign in to your registered account. You can see all your active transactions and pawn tickets. Tap once to pay your interest and instalments to finish.

Now, you have complete access to all the Maxi-Cash services. Buying a Maxi-Cash gold ring is faster and easier with just one click. Fundamentally, you can monitor all your dues without missing it.

However, there is still a limit to what Maxi-Cash can offer. If you don’t have an acceptable brand of luxury bags and timepieces, pawning is not a wise decision. Fortunately, you can turn to a licensed moneylender like Cash Mart.

Cash Mart approves quick online cash without asking for any collateral. Its legit money lending procedure is fast and easy to use. You can take out a low-interest personal loan hassle-free wherever you are. That’s why it is perfect while travelling.

Frequently Asked Questions

What is MaxiPAY?

MaxiPAY is a personal eWallet by Maxi-Cash. It provides a convenient and secure solution to any transactions accepted worldwide.  You can use it for online shopping, real-time remittance, cashless in-store payment, and overseas withdrawal.

MaxiPAY is available in both physical and virtual cards. You can top it up conveniently, so you won’t worry about insufficient funds.

How can I use Maxi-Cash Down-Loan?

Down-Loan works when you reduce your loan amount through every interest payment. You can apply for this through the Maxi-Cash app or visit any Maxi-Cash store.

What are acceptable items in the Maxi-Cash pawn shop?

Maxi-Cash accepts the following as your pledge:

  • gold bars
  • gold jewellery with a gold content minimum of 9k
  • gold jewellery with gemstones
  • platinum jewellery
  • diamond jewellery
  • luxury timepiece

What are acceptable branded bags to pawn in Maxi-Cash?

You can pawn your Louis Vuitton and Chanel at any of the following Maxi-Cash outlets:

  • HarbourFront Centre
  • Lucky Plaza (B1-12/14)
  • Northpoint City
  • Tampines MRT
  • Tiong Bahru Plaza
  • Waterway Point

What are acceptable luxury timepieces brands to pawn in Maxi-Cash?

You can pawn a variety of expensive watches in Maxi-Cash. However, only certain branches accept such brands. Here is the list.

  • Rolex is allowed in all Maxi-Cash stores.
  • Omega is allowed in Maxi-Cash outlets, such as 61 Serangoon Road, Choa Chu Kang MRT, Clementi, HarbourFront Centre, Hougang, and People’s Park Complex Seng Kang MRT.
  • Other branded timepieces are allowed in Maxi-Cash HarbourFront Centre. These are Breitling, Cartier, Bvlgari, Chanel, IWC, Franck Muller, Panerai, Hermes, Montblanc, Tag Heuer, Tudor, and Tiffany & Co.

How to Sell Bags to Maxi-Cash?

If you want to sell or consign your luxury items, Maxi-Cash is the best choice. Plus, you get an excellent valuation for branded goods like bags, watches and jewellery.

Quick Guide: Understanding ValueMax Pawn Shop Singapore

Best Licensed Money Lenders Singapore

Quick Guide: Understanding ValueMax Pawn Shop Singapore

Why Pawn with ValueMax Pawn Shop Singapore?

Ever wonder why pawnshops are almost in every part of Singapore?

Pawnbroking started from a basic principle of legal money lending from portable collateral. Instead of pawning real estate properties, you use valuable items like jewellery, watches, and gold will do.

Singapore is among the countries that adopted the progressive pawnshop industry. The operation greatly depends on the principles of trust and integrity. You entrust your valuables in exchange for quick cash.

As the industry continued to develop, different pawnbroking surfaced and grew too. More established pawn shops offer their services to people needing urgent funding. One of the top names you can recall is ValueMax.

ValueMax Group Ltd provides an alternative credit facility—pawnbroking for better assurance and peace of mind. It allows eligible pawners to receive hassle-free instant loan cash without credit checks.

Learn more about ValueMax and its services offered. Here is a brief discussion about the company.

Table of Content

ValueMax Company 

What Does ValueMax Holdings Ltd Do?

How ValueMax Pawnshop Pte Ltd Works?#ltdworks

What are ValueMax Pawnshop Branches?

Frequently Asked Questions

valuemax

ValueMax Company 

ValueMax holds one of the oldest and best-established pawnbroking chains in Singapore. It was founded in 1988 by Mr Yeah Hiang Nam and steadfastly serves many communities in the country. It stands with its mission, which is to provide professional, reliable, and sincere financial services at excellent value for each customer.

In 2004, the ValueMax brand launched. It revolutionised the look and feel of pawnshops. With its new concept, the pawnbroking chain became popular.

ValueMax offers different services that anyone can avail of. It provides pawnbroking, secured moneylending, and retail and trading pre-owned items such as luxury timepieces, jewellery, and gold.

The Company boasts of its expert valuation and reliable services. If ever you think of earning from your precious items like selling, pawning, or buying, ValueMax is a great option.

Another excellent asset of ValueMax properties is its stores’ convenient location island-wide. You can take advantage of their network products and services wherever you are.

As one of Singapore’s progressive and earliest pawnbrokers, ValueMax always applies technology. Now, it offers online services such as valuation and renewal. You can begin the journey of pawnbroking at your fingertips.

Awards and Certifications

ValueMax is the first company to be enlisted in the Singapore Exchange Mainboard. From this achievement, the company continuously strive to attain other recognitions.

2018 – Singapore Quality Class

Service award for commitment towards business quality excellence.

2019 – E.Y. Entrepreneur Of The Year Award

Recognition for Mr Yeah Hiang Nam’s contributions to society and the economy

2019, 2020, 2021, and 2022 – The Edge Centurion Club

In Retailer Category for Growth in PAT for over 3 years

2020 and 2021 – Singapore Corporate Awards

Recognition for Corporate Excellence and Resilience Award

What Does ValueMax Holdings Ltd Do?

If you ever wonder how ValueMax Company can assist you financially, look at its services. From here, you can choose which is suitable for your needs.

gold jewelries

Pawnbroking

Present your luxury items for valuation for any branch and receive the highest value. Your pledged timepieces and gold are secure. The pawn shop in Singapore maintains your item’s original condition. You can renew your contract for another six months or redeem it any day within the six-month contract period.

Moneylending

This ValueMax service is subsidised licensed moneylending from VM Credit Pte Ltd. It has loan products and services that aid in financing your personal and corporate investment needs. Its offerings include Private Financing, Property Mortgage Loans, Unsecured Personal Loans, and Dealership Financing.

Retail of Jewellery and Watches

ValueMax Jewellery and Timepieces is an online shop with the best money value offered. Every piece has 100% authenticity. You can see and try their items before purchasing. Plus, it provides hassle-free returns.

Gold and Precious Metal Trading

With its long years of service, ValueMax is an abundant trading experience for precious metals. It has competitive trading prices make them garner loyal clients. The company sells scraps of gold with various purities, silver, and platinum. Also, it accepts preloved jewellery, diamonds, stones, and luxury timepieces. However, it only sells fine gold and gram bars and scraps of gold bars.

How ValueMax Pawnshop Pte Ltd Works?

With their highly experienced appraisers, ValueMax became more popular for its pawn shop services. Singapore Citizens and Permanent Residents seek financial assistance during tough economic moments.

How can you maximise their service?

Here is a brief discussion of how ValueMax pawn shop works.

valuemax pawn shop

What is the Process of ValueMax Pawnbroking?

ValueMax Pawn Shop offers quick and easy loans for every eligible pawner. You can borrow money from them without worrying about credit checks.

Step 1. Visit ValueMax Pawn Shop. The process begins when you bring your pawnable articles to any ValueMax store. The qualified appraiser will assess and authenticate your items. Afterwards, an experienced appraiser will make an offer based on their valuation.

Step 2. Receive your Pawn Ticket and Cash. Decide whether you will take their offer or not. You can turn your precious gold necklace into instant loan cash if you agree.

Step 3. Redeem your Pawned Valuables. You can pay off your pawned item within six months. Or you can renew your loan through interest payment.

What does ValueMax Invest in?

ValueMax accepts a variety of collaterals. You can bring the following precious articles to ValueMax pawn shop for appraisal.

  • All kinds of gold
  • Jewellery
  • Luxury timepieces
  • Luxury writing instruments like pens
  • Loose diamonds

What are the ValueMax Pawning Requirements?

If you decide to pawn your valuables at ValueMax Pawn Shop, you must bring the following.

Pawnable Item. Your article must fall into the list of acceptable items of ValueMax. It ensures your approval for your transaction for instant loan cash.

Proof of Identity. If you’re a Singaporean or Permanent Resident, you need your Identity Card. But your passport or foreign document is essential if you’re a foreigner working or residing in Singapore.

In addition, your ID must indicate that you are at least 18 years of age to make a transaction.

These two are basic and easy to find. And it proves how pawning with ValueMax is indeed convenient.

How Much is the Maximum ValueMax Interest Rate?

ValueMax is a licensed pawnbroker that abides by the law. Its interest rate is 1.5% per month or a part thereof on your principal loan amount. However, there is an additional monthly interest if your redemption period lapses.

Therefore, ValueMax has a maxim annual percentage for an interest rate of 18%.

How Does ValueMax Online Valuation Works?

ValueMax pawnshop boasts of its accessibility and convenience. Thanks to technology, you can start your pawning adventure anytime, anywhere. You only need a computer or mobile phone, a strong internet connection, and a captivating photo of your beloved item. Here’s what to do.

Step 1. Complete the online application. Fill out the online form from the ValueMax Online Valuation website.

Essential details include your name, email address, and contact number. Then, choose which category your article belongs—Gold Bars and Coins, Jewellery, Luxury Timepieces, or Luxury Pens. Afterwards, specify more information about your items, such as weight, purity, brand, etc. Lastly, review all the details you entered. If you wish to add another entity, you can. When you have confirmed everything, click the button “Finish Application.” 

Step 2. Response from ValueMax. After sending your application for valuation, ValueMax will contact you within one working day. The Company will provide an estimated offer about your item.

Step 3. Take valuables to any ValueMax branch. Schedule an appointment at any ValueMax store island-wide if you have no violent reaction. Bring articles with you for an accurate valuation.

Step 4. Agree with the final offer. Weigh whether you’ll accept ValueMax’s professional appraiser. Note that the final quote is from the in-person assessment of your valuables.

Step 5. Receive your instant cash loan. You can get your quick cash from ValueMax. Your pledge is kept safe and secure inside the well–equipped ValueMax pawn shop. Its reinforced safes have alarm systems and 24-hour surveillance cameras.

Step 6. Repay for your pledged item. If you wish to redeem your possession, be diligent in your payment. This way, you can bring home your pledge or renew it if needed.

What is ValueMax Online Renewal?

You can renew the service if you still prefer to entrust your precious bracelet to ValueMax. You can skip the hassle of a store visit by renewing your pawn ticket online. Here’s what to do.

Step 1. Register for the Online Renewal Service. The renewal service only applies to customers who provided their mobile numbers and emails during the initial pawnbroking process.

Step 2. Check for the registration email. You will receive an email—“Your ValueMax E-Services Account.” You can check the Promotion, Advertisement, Spam, or Junk folders.

Step 3. Click the registration link. The registration email contains a link and instructions on how to get started with your renewal. Also, it has your initial login credentials for your account.

Step 4. Log in to your account of ValueMax Online Renewal Service. Access your user account and change the password into a strong one you can easily remember. Follow the succeeding steps on how you can renew your pledged item.

ValueMax protects customers’ privacy and information. You cannot request for creation of a user account online. Instead, you must visit the ValueMax outlet where you pawned your article.

 Related Article: Quick Guide: Understanding Maxi-Cash Pawn Shop Singapore

What are ValueMax Pawnshop Branches?

ValueMax pawnshops are available anywhere you go in the country. So whether you’re out for vacation or residing in the area, you can surely leave your possession behind for extra quick cash. Most importantly, you wouldn’t miss your financial obligation.

valuemax branch

Main Branch

  • ValueMax Waterloo Centre

North Region

  • ValueMax Admiralty Place
  • ValueMax Ang Mo Kio Central
  • ValueMax Ang Mo Kio Avenue 1
  • ValueMax Bishan
  • ValueMax Hougang
  • ValueMax Kovan
  • ValueMax Punggol MRT Station
  • ValueMax Rivervale
  • ValueMax Sengkang Kopitian Square
  • ValueMax Sengkang MRT Station
  • ValueMax Serangoon Central Drive
  • ValueMax Woodlands MRT Station
  • ValueMax Woodlands Vista Point
  • ValueMax Yishun Central
  • ValueMax Yishun Chong Pang
  • ValueMax Yishun Junction 9
  • ValueMax Yishun Street 22

Central Region

  • ValueMax Balestier
  • ValueMax Boong Keng
  • ValueMax Bugis Village
  • ValueMax Havelock
  • ValueMax Lucky Plaza
  • ValueMax Lucky Plaza 2
  • ValueMax People’s Park Centre
  • ValueMax Tekka Centre
  • ValueMax Toa Payoh Central

East Region

  • ValueMax Aljunied
  • ValueMax Bedok North Street 11
  • ValueMax Bedok Town Centre
  • ValueMax Joo Chiat
  • ValueMax Pasir Ris Drive 6
  • ValueMax Pasir Ris MRT Station
  • ValueMax Tampines Central
  • ValueMax Tampines Eastlink Mall
  • ValueMax Tampines Round Market
  • ValueMax White Sands Mall

West Region

  • ValueMax Boon Lay
  • ValueMax Boon Lay MRT Station
  • ValueMax Bukit Gombak
  • ValueMax Bukit Batok East
  • ValueMax Choa Chu Kang Centre
  • ValueMax Jcube
  • ValueMax Jurong Point
  • ValueMax Jurong West
  • ValueMax West Mall

ValueMax strategically placed its stores to reach everyone in need of urgent financing. You can pawn or sell your gold to any of these branches.

However, only some have luxury articles to pawn. If you need quick online cash but have no collaterals to risk, you can seek a trusted lending company in Singapore.

Cash Mart offers a low-interest personal loan. You can apply online and receive an instant cash loan without the agonising waiting game. As a result, you can meet your financial obligation fast and convenient.

Frequently Asked Questions

 

Can I pay my interest to another ValueMax branch?

Yes. You can repay your interest and renew your pledges to any store of ValueMax.

What are the consequences if I don’t make a timely payment?

Paying your loan amount in ValueMax can be in full or in instalments, although you don’t have to pay all at once. If you choose an instalment, your repayment holding period extends for another six months.

However, your beloved item will be forfeited if you miss your pledge renewal or redemption after six months.

How can I redeem my items?

You can only redeem your pledged article after paying the principal loan amount and the accrued interest. In addition, you need to present the pawn ticket and identification card.

Can others redeem the pawned items on my behalf?

Yes. Your authorised family or friend can redeem your pawned items on your behalf. But they must have the pawn ticket, the representative’s identity card or work permit, the pawner’s identification, and an authorisation letter.

What to do with the lost pawn ticket?

You can request a replacement pawn ticket from the ValueMax branch you pawned your item. You must pay a processing fee of SGD 10 for each replacement pawn ticket. The charge is inclusive of 7% GST.

Quick Guide: Understanding MoneyMax Pawn Shop Singapore

Best Licensed Money Lenders Singapore

Quick Guide: Understanding MoneyMax Pawn Shop Singapore

Getting to know more about MoneyMax Pawn Shop Singapore

Have you ever faced a financial dilemma and had no one to turn to? It is devastating to be left alone, especially during trying times. Who will you ask for money assistance?

Through the years, Moneymax continuously helped and guided Singaporeans, Permanent Residents, and foreigners. It commits to providing the best value to each customer.

In addition, Money Max has competitive payouts that ensure every client gains a fair price. Regardless if your item is pre-loved or brand new, the company will take good care of it.

Furthermore, MoneyMax boasts of its team. It is composed of professional valuers equipped with years of valued experience. That’s why the company offers one of the best valuations in the country.

Moreover, its services do not limit to pawnbroking only. It caters to all possible financial aid any locals and expats need. No wonder you can read much positive feedback about them.

It is truly fascinating how a single company can assist you in many ways, just one. Nevertheless, the company does not stop there. Learn more about what Money Max can offer as you read along.

Table of Content

MoneyMax Company Background

What are MoneyMax Services Offered?

How MoneyMax Pawn Shop Works?

How to Use MoneyMax Mobile App?

What are MoneyMax Pawn Shop Branches?

How to Sell Luxury Bags, Watches, and Gold Jewellery in MoneyMax?

Frequently Asked Questions

moneymax

MoneyMax Company Background

MoneyMax Financial Services Ltd. started in 2008. Often, it is addressed as the Money Max, the Company, or the Group. It is an innovative yet customer-centric company that pawnbrokers, retail, and trade pre-owned luxury items.

Through years of financial service, MoneyMax expanded to 90 outlets in Singapore and Malaysia. That’s why it is known as one of the largest and most trusted pawnbroking chains.

By 2015, the Company and its progressive exploration of opportunities launched MoneyMax Online. It became the country’s first pawnbroking chain with an online platform. Their latest innovation allows you to shop, sell, and appraise your valuables while sitting comfortably at home.

In the following year, 2016, the Company set in motion a new 916 Love Gold Jewellery Collection, which is available in all outlets. You can look at a broader range of jewellery and gold options on top of their pre-owned offerings.

In the same year, Money Max collaborated with the People’s Republic of China for a joint venture in providing financial leasing services. It specifically took place in Chongqing, PRC.

By 2017, the Company entered the Tokyo Stock Exchange-listed Aucnet Inc. It aimed to develop Singapore’s first online LIVE B2B auction platform. It focuses more on gold and diamond goods and luxury branded merchandise.

In 2018, Money Max ventured to another financial service—automotive. With its MoneyMax Leasing and MoneyMax Assurance Agency, you can achieve your dream goal for a vehicle.

That year, Money Max had its first intellectual property jewellery series—Peppa Pig. The first one is in ASEAN. As a result, it became a hit for many.

Awards and Recognitions

In 15 years, MoneyMax won multiple awards. These are:

2013 – Singapore Prestige Brands Award and Overall Winner Award for Promising Brands

2015 – The Most Popular Brand Award for Established Brands and inducted into the Hall of Fame

2020 – Singapore’s Fastest Growing Company by The Strait Times

What are MoneyMax Services Offered?

The Company made its name in Singapore since it can cater to almost all sorts of financial needs. Residents and foreigners can enjoy the list of services available offered by Money Max.

gold

Pawnbroking

MoneyMax pawn shops allow you to turn your precious items into instant cash. If you have diamond or gold jewellery, gemstones, luxury timepieces or bags, you can bring it to any MoneyMax Pawn shop. With its systematic and accurate assessment, you can take home the quick cash you need.

Value Now

The Company has a team valuing jewellery, diamonds, gold, luxury bags, and watches. If you take your items, you can get exceptional value for them. It won’t underestimate your goods. You won’t have a second thought about selling your items.

Jewellery

If you’re looking for the most suitable gift for your partner at an affordable price, you can check MoneyMax Jewellery. It has retail outlets with a wide array of brand-new gold collections of 916 and 999. In addition, you can shop for other accessories like pearls, diamonds, and fine jewellery at a reasonable price.

Also, you can choose from pre-owned luxury items like timepieces, bags, leather, and fine jewellery.

Car Financing

As stated above, Money Max ventured into financing automotive purchases. MoneyMax Leasing offers COE (Certificate of Entitlement) and Car Financing solutions. It caters to more than just interested customers. Instead, it bridges you to car dealer companies as well.

MoneyMax Renewal COE Financing has the best attractive rates and flexible monthly repayment. In addition, it has fast online loan approval with a loan tenure that can last up to 7 years. It will surely give you a hassle-free experience to get on the road to drive.

Insurance

In partnership with Money Max Leasing, Money Max Assurance Agency was made. It offers general and extensive insurance services—essential protection up to comprehensive coverage like fire and acts of theft.

Their motor and car insurance coverage includes vehicles purchased through Car Financing. If you prefer less hassle securing your vehicle, take advantage of their service.

Auction

With SG e-Auction, you can buy and sell your precious articles conveniently and confidently. Thanks to state-of-the-art technology, you can reach a wide range of traders. Since the auction is now available online, you can make real-time live electronic bids.

Through the MoneyMax platform, you can determine your product condition in stringent grading scales. It ranges from A, B, C, D, and S grades. Interior and exterior quality assessments are from highly-experienced valuers. That’s why you have the peace of mind that all transactions are safe and secure.

Money Max truly deserves its recognition. Its various financial services allow you to cope with your neverending challenges.

How MoneyMax Pawn Shop Works?

Despite the numerous services MoneyMax has, it created a big name for its pawnshops. Many locals and even foreigners bring their beloved valuables to them. It is prevalent, especially during challenging financial times.

But what does MoneyMax pawn shop do?

Here is a brief explanation of how their pawnbroking works, how you can apply for it, and the fees that entail with it.

moneymax pawn shop

The Process of MoneyMax Pawnbroking

MoneyMax Pawn shop is simple. It is a fast, stress-free financial solution suitable for your short-term cash demand.

If you have valuables like gold, gemstones, diamond, or luxury watches and bags, you can receive instant cash in no time. No more need to worry about tedious forms and agonising credit checks. Most importantly, approval no longer takes much of your time.

MoneyMax pawn shop has a safe yet more extended redemption period. You can claim your pledged items for up to 6 months. Or you have the option to pursue MoneyMax Renewal.

Your precious necklace stays inside their vault for safekeeping. It means your pawned items will not be sold while it is within the redemption period. Nevertheless, you can redeem it once you repay your loan at any MoneyMax Pawn Shop branch.

Are you interested in pawning your beloved gold earrings?

Follow the guide below.

Step 1. Bring your prized possession and Identity Card to any MoneyMax Pawn Shop.

Step 2. The appraisal procedure will take place. The experienced valuer will propose a loan amount.

Step 3. Agree with the valuation and claim your instant cash.

Step 4. Renew or redeem your pledge valuable within the redemption period. Remember that you can repay anytime as long as it is within the required amount.

Important Reminder:

The loan amount for your pawned item does not have a guaranteed market value for your pledged article. It is only subjected to Money Max personnel’s judgement of the value. Also, remember that your creditworthiness as a customer plays a crucial part in it.

What if you end your redemption period and still struggle with money?

You can request to re-pledge the same item. You don’t have to take a different golden accessory to create a new transaction. Instead, you have to do this.

Step 1. Discuss your plan to re-pledge with MoneyMax staff. Your items will pass through another valuation and inspection round as it serves as another transaction.

Step 2. Consider the pawnbroker’s prerogative whether they will accept the re-pledged item or not.

Step 3. Expect the difference in the loan amount from your previous transaction. It is always subject to change. The forecast of your pawned article depends on the time of valuation. The continuous fluctuations in the prevailing gold price are a significant factor.

What are the Requirements for Pawn?

MoneyMax Pawn shop is known to be easy since you only need to bring your beloved possession and Identification Card.

Singaporeans and Permanent Residents must present their National Registration Identity Card (NRIC). Meanwhile, foreigners must have a Work Permit for pawnbroking to push through.

In addition, you need to bring a purchase receipt or guarantor as proof. But it is only necessary if your instant cash loan exceeds SGD 200.

How Much is MoneyMax Interest Rate?

Money Max abides by the law when it comes to interest rate computation. It includes the pawned loan amount, loan months, and a rate of 1.50% per month. The basis of your interest is on full-month.

As of this writing, MoneyMax provides a 1% Interest Promotion. However, it is only valid in the following situations:

  • You redeem your pledge within the first month or renew it monthly.
  • You redeem or renew your pledge in the second month. It means the first-month interest rate is 1%, while the second-month interest rate is 1.5%.

If you wish to avail of the MoneyMax interest rate promotion, you must redeem or renew your pledge.

In addition, the value of your pledge must be $750 and above.

What are MoneyMax Fees and Profits?

MoneyMax Pawn shop charges only permitted profit and fees. If you plan to pawn your diamond ring, you will have to be aware of the following fees.

Interest Rate. You have a maximum interest chargeable is 1.5% monthly or a part thereof.

Pawn Ticket Charge. You have a chargeable of $2 every time a pawn ticket is issued.

Pawn Ticket Replacement Fee. If you lose your pawn ticket, you will pay a processing fee of $10 as a replacement.

Bear in mind these fees to avoid incurring any penalty. Moreover, keep your pawn ticket safe since it is vital in redeeming and renewing your pledged article.

How to Use MoneyMax Mobile App?

The All-in-One MoneyMax e-Services App is convenient and easy to use. It offers a seamless online valuation and shopping experience with just a tap of your finger. Also, you can manage your pawn interest payments and retail instalments with just your mobile device.

moneymax pawn shop mobile app

Best Features of Money Max e-Services

MoneyMax mobile app is the next best thing that Money Max developed. Its topmost features are:

Smooth Shopping Experience. You can buy the bags, timepieces, and jewellery you love through the e-store. No need to queue just to avail the best price offered. With the mobile app, you can get exclusive deals wherever you are.

Valuation Online. You can figure out how much the worth of your gold, jewellery, timepiece, and bag without second guessing. The online valuation portal gives you access to get quotes from experts.

Trouble-free Payment. You can renew your pawn tickets without going to the nearest Money Max branch. Also, you can pay your instalments diligently online with your debit cards and the PayNow platform.

Steps to Register for MoneyMax Login

To enjoy the benefits the MoneyMay app offers, create your account first. Here’s what to do:

Step 1. Download the mobile app from App Store (iPhone) or Google Play (Android).

Step 2. Tap on Register.

Step 3. Enter your name, active email address, and mobile number. Then, click Continue.

Step 4. Enter the One Time Password (OTP). Then, click Proceed.

Step 5. Verify the information and sign. Then, click Submit.

Step 6. Wait for a notice that states your registration is successful. Check your email for login credentials.

Step 7. Change the initial password into a stronger one that you can easily remember. Then, you’re done!

Steps to Pay Retail Instalment

Avoid overdue payments by paying your instalment online. Here’s what to do:

Step 1. Login to your MoneyMax account.

Step 2. Enter the OTP.

Step 3. Click on Instalment.

Step 4. Choose the instalment ticket you wish to pay.

Step 5. Enter the instalment amount. Then, click Confirm.

Step 6. Check all the details. Once good, click Proceed to Pay.

Step 7. Choose your mode of payment.

Step 8. Wait for the confirmation that your transaction pushed through.

Steps to Pay Pawn Interest

Don’t let your pawned valuables slip away by paying your pawn interest on time. Here’s what to do:

Step 1. Log in to your Money Max account.

Step 2. Enter the OTP.

Step 3. Select Pawn Ticket to view your active pawn ticket.

Step 4. Select the pledges you wish to pay.

Step 5. Check all the details. Once good, click Proceed to Pay.

Step 6. Choose your mode of payment.

Step 7. Scan to Pay with PayNow.

Step 8. Wait for the confirmation that your transaction pushed through.

Steps to Reduce Loan

If you want to decrease the loan amount you wish to repay, here’s what to do:

Step 1. Log in to your MoneyMax account.

Step 2. Enter the OTP.

Step 3. Select Pawn Ticket. 

Step 4. Choose the ticket and click Down-Loan.

Step 5. Enter the new pledge amount. Then, click Confirm.

Step 6. Check all the details. Once good, click Proceed to Pay.

Step 7. Choose your mode of payment.

Step 8. Wait for the confirmation that your transaction pushed through.

Steps to Activate MoneyMax e-Renewal Account

If you want to reactive your account to renew your pledge, here’s what to do:

Step 1. Sign in with your User ID and initial password.

Step 2. Enter the OTP.

Step 3. Change your initial password and user ID.

Step 4. Select the pledges you wish to renew.

Step 5. Check all the details. Once good, click Proceed to Pay.

Step 6. Choose your mode of payment.

Step 7. Wait for the confirmation that your transaction pushed through.

You can do almost every transaction with your MoneyMax mobile app. However, it is crucial that you keep your OTP to yourself to avoid future problems.

Related Article: Where to Find the Best Pawn Shops Near You

Where are MoneyMax Pawn Shop Branches?

The Company grew big in name and number in Singapore. It is in almost all parts of the country. Wherever you may be, you can inquire with them or repay your loan without fuss. Here are the locations where you can find MoneyMax pawn shops.

moneymax outlet

North Region

  • MoneyMax Pawnshop Ang Mo Kio
  • MoneyMax Pawnshop Causeway Point
  • MoneyMax Pawnshop Chong Pang
  • MoneyMax Pawnshop Hougang Mall
  • MoneyMax Pawnshop Hougang
  • MoneyMax Pawnshop Kovan Central
  • MoneyMax Pawnshop Marsiling MRT
  • MoneyMax Pawnshop Northpoint City
  • MoneyMax Pawnshop Rivervale Plaza
  • MoneyMax Pawnshop Sembawang MRT
  • MoneyMax Pawnshop Sengkang Grand Mall
  • MoneyMax Pawnshop Yew Tee MRT
  • MoneyMax Pawnshop Waterway Point
  • MoneyMax Pawnshop Woodlands MRT

Central Region

  • MoneyMax Pawnshop Bendemeer
  • MoneyMax Pawnshop Bishan MRT
  • MoneyMax Pawnshop Bukit Merah
  • MoneyMax Pawnshop Little India
  • MoneyMax Pawnshop Lucky Plaza #01-65/66
  • MoneyMax Pawnshop Lucky Plaza #02-77
  • MoneyMax Pawnshop Lucky Plaza #B1-04/05
  • MoneyMax Pawnshop NEX
  • MoneyMax Pawnshop People’s Park Complex
  • MoneyMax Pawnshop Redhill
  • MoneyMax Pawnshop Serangoon 81
  • MoneyMax Pawnshop Serangoon 93
  • MoneyMax Pawnshop Tanjong Pagar Plaza
  • MoneyMax Pawnshop Tekka Centre
  • MoneyMax Pawnshop Toa Payoh

East Region

  • MoneyMax Pawnshop Bedok
  • MoneyMax Pawnshop Geylang
  • MoneyMax Pawnshop Joo Chiat Complex
  • MoneyMax Pawnshop Paya Lebar MRT
  • MoneyMax Pawnshop Tampines MRT
  • MoneyMax Pawnshop White Sands Shopping Centre

West Region

  • MoneyMax Pawnshop Boon Lay
  • MoneyMax Pawnshop Bukit Gombak
  • MoneyMax Pawnshop Bukit Panjang Plaza
  • MoneyMax Pawnshop Choa Chu Kang MRT
  • MoneyMax Pawnshop Clementi
  • MoneyMax Pawnshop IMM Shopping Mall
  • MoneyMax Pawnshop Jem Shopping Centre
  • MoneyMax Pawnshop Jurong East
  • MoneyMax Pawnshop Jurong East MRT
  • MoneyMax Pawnshop Jurong Point Shopping Centre
  • MoneyMax Pawnshop Jurong West
  • MoneyMax Pawnshop Zheng Hua

You surely won’t miss a repayment. Aside from having a mobile application, MoneyMax is also everywhere.

How to Sell Luxury Bags, Watches, and Gold Jewellery in Money Max?

Did you fall out of love with your luxury items? Are you worried you haven’t got your money’s worth?

Worry no more. MoneyMax is not all about pawning. It can also be your platform to earn cash from your beloved possessions.

louis vuitton

Why Sell in MoneyMax?

Many Singaporeans earn extra cash from pre-owned luxury accessories, bags, and watches. It is all thanks to Money Max. But why should you trust your precious items to them?

Here are the top three reasons why.

A Trusted Partner. Money Max is a licensed pawnbroking chain in Singapore. It has an extensive network in the industry. No wonder it has over 70 stores network in Singapore and Malaysia.

More Than 20 Years of Experience. MoneyMax consists of a team of highly-experienced valuers that have years of valuing luxury timepieces and bags, diamond jewellery, and gold. Their vast knowledge and skills offer the best valuation most customers receive.

Instant Cash Payout. Selling out your items in Money Max is hassle-free. You can receive your quick cash from your special pre-owned items fast. Plus, it is time-saving since you don’t have to line up to get your valuables assessed.

Competitive Price. MoneyMax commits to serving the best value to all customers. It provides a competitive payout that ensures all clients receive the most appropriate deal for their pre-owned stuff.

Steps to Sell Luxury Bags

To secure that buyers and sellers receive authentic designer bags, Money Max started making luxury accessible and available to everyone.

Selling out your bags is not just gaining instant cash. It also gives you more free space at home. This way, you can purchase new items and secure a safe slot for them.

Here’s what to do.

Step 1. Snap a photo of your luxury bag.

Step 2. Submit a clear picture of the bag on the MoneyMax website. You may use your desktop or mobile phone for online valuation enquiry.

Step 3. Get a free estimated quote for your bag. The experienced valuer will send it to you.

Step 4. Accept the quote offered if reasonable.

Step 5. Bring the pre-owned bag luxury to the MoneyMax outlet.

Step 6. Claim your cash payment.

What bag brands does MoneyMax accept?

Burberry, Celine, Chanel, Dior, Fendi, Gucci, Hermes, Louis Vuitton, Prada, and more are acceptable bag designer brands.

What factors affect a fair valuation?

The current bag condition is the primary factor. But the original retail value and current fashion trends take a significant effect.

It’s that easy. You get to secure that your precious bag is in good hands. Most importantly, you receive the best value suitable for it.

Steps to Sell Luxury Watches

Selling your expensive timepieces is a complex and confusing procedure. MoneyMax makes the process and transactions more simple and fair for all sellers. Here’s what to do.

If you sell your precious watch, you earn instant cash and finance your next purchase. Here’s what to do.

Step 1. Snap a photo of your luxury watch.

Step 2. Submit a clear picture of the watch on the official website of MoneyMax for online valuation.

Step 3. Get a free estimated quote for your bag. The experienced valuer will send it to you.

Step 4. Accept the quote offered if reasonable.

Step 5. Bring the pre-owned watch luxury to the MoneyMax outlet.

Step 6. Claim your cash payment.

What watch brands does MoneyMax accept?

Audemars Piguet, IWC, Omega, Rolex, Panerai, Patek Philippe, Tag Heuer, and more are acceptable timepiece brands.

What factors affect a fair valuation?

The current watch condition is a determining factor for a fair and competitive valuation. But you also have to present the box and certificate. The current market data is another essential detail to consider.

Steps to Sell Luxury Jewellery

If you feel your gold bangles have gone out of style, sell them on MoneyMax. You can turn your beloved jewellery into extra financing you never thought you needed.

You can purchase new jewellery that fits that latest trend by selling your precious pre-owned gold article. Just contact a trusted pawnbroker and trader of pre-owned jewellery items in Singapore.

Here’s what to do.

Step 1. Snap a photo of your luxury accessory.

Step 2. Submit a clear picture of the gold jewellery on MoneyMax for online valuation.

Step 3. Get a free estimated quote for your bag. The experienced valuer will send it to you.

Step 4. Accept the quote offered if reasonable.

Step 5. Bring the pre-owned gold luxury item to the MoneyMax outlet.

Step 6. Claim your cash payment.

What kind of jewellery does MoneyMax accept?

MoneyMax accepts gold jewellery like earrings, necklaces, pendants, and rings.

What factors affect a fair valuation?

The quality of your gold jewellery, like weight and purity, are vital factors in giving a competitive valuation.

MoneyMax Value Now is the next best feature of the company. Aside from being a pawnbroker, Moneymax is an experienced valuer and trader for your pre-owned items.

But what if you don’t have any expensive articles to pawn or sell? How can you cope with your need for urgent cash?

Fortunately, you can apply for a low-interest personal loan in Singapore. Cash Mart approves quick cash collateral free—no need to leave your prized possession behind. Check out their online lending products and services. See how a licensed moneylender can assist you.

Frequently Asked Questions

Is it worth it to sell luxury items via MoneyMax?

Yes. MoneyMax has a team of experts with numerous years of experience valuing luxury articles. It assures you that you trusted the correct pawnbroker and trader.

Can I sell my wallet to MoneyMax?

Yes. MoneyMax approves cash payouts for pre-owned luxury items. It includes accessories, bags, wallets, and watches.

How long does a pawn loan take?

If you have no time to visit any MoneyMax store, you can process it online within 3 minutes. You can get an estimated value within 3 business days with the online valuation service.

What to do if I lose the pawn ticket?

You must get a replacement ticket from MoneyMax immediately. You can visit the store with your Identity Card and pay the replacement ticket processing fee.

Can I repay at another MoneyMax outlet?

Yes. MoneyMax has a dedication to providing maximum convenience. Their Inter-Store MoneyMax Renewal Service allows you to pay interest at any outlet islandwide.

Are my luxury items safe in MoneyMax?

Yes. MoneyMax offers insurance to your valuables while they are being kept in their vault.

Can I still redeem my pledge after it expires?

No. According to the Pawnbroker’s Act, the redemption period for a pledged collateral is 6 months.

Do I still need to visit a physical store to complete a transaction?

Yes. The valuers need to inspect and appraise your article in person. But you can still start the process conveniently at home with the online valuation portal.

Is pawning and selling the same?

No. Pawning allows you to get quick cash from your valuables and redeem it within 6 months. You can still hold onto its sentimental value once you repay it and its interest. Meanwhile, selling is exchanging your pre-owned watch, bag, and jewellery for cash.

Best Pawn Shops Near You

Best Licensed Money Lenders Singapore

Where to Find the Best Pawn Shops Near You

Need quick cash but don’t know where to go?

When we require extra financial assistance, we usually turn to friends and family for help. We sometimes explore other options, such as bank loans and legal money lenders. However, we tend to overlook the possibility of pawn shops as another alternative.

If you’re in Singapore and looking to pawn some valuables, it’s important to be cautious. Don’t rush into pawning with the first pawnbroker you come across. Researching and choosing wisely is crucial, or you could lose your beloved possessions or pay an exorbitant amount to retrieve them. Protect yourself from falling prey to fraudulent pawn shops by educating yourself about licensed pawn shops.

This article can provide you with more information on how they operate.

Table of Content

How Pawn Shop Works

Pawn Shops Near You

List of Panwshops in your Location

How to Get an Instant Cash Loan from Pawn Shops

What is a Pawn Ticket?

Quick Tips for Finding Legit Pawnbrokers

How Pawn Shop Works

We often associate pawn shops with leaving our treasured possessions in exchange for cash. But there’s more that you need to know about it.

how pawn shops near near me work

Pawn Shop Singapore

Pawn shops in Singapore are not only for getting cash in exchange for a valuable item to bridge a financial gap. It is a practical way of decluttering. You can sell valuable items instead of throwing them away and get instant cash, especially during challenging financial moments.

The Pawning Process

Pawn shops operate on a straightforward premise. You provide an item of value as collateral, and the pawnbroker will provide a loan based on its worth. You may retrieve your item upon repayment of the borrowed sum plus interest.

An appraiser will verify your precious item in their pawn shop. If you bring jewellery, silver, or gold, they will assess if it is genuine or just an imitation. Your jewellery undergoes close examination. They check its weight and use a magnifying glass to see its authenticity and look for any damage. This way, the appraiser can determine the market value of the pledge, but on its second-hand retail price.

The cost of your item is affected by several factors.

Economic Trend. Jewellery and gold are greatly affected by the fluctuating trend. A pawnbroker needs to predict the future value to avoid loss.

Edition. Pawn shops check if your designer bag or watch is from a limited edition. If it is, you can claim a higher loan amount. If not, expect a lower value.

Buy and sell website. With online services, a pawn shop now considers reviewing what internet. This way, they can compare the current prices offered to the public.

Quality. Most importantly, your valuables get scrutinised by an expert from the pawn shop. If you have gems or silver, they look into its weight, metalwork, cuts, and rarity.

Sentimental value. Although not all pawnbrokers check this aspect, some pawnshops still use it. You might get a higher value if you have a high emotional attachment to your pledge. It is because you have a higher drive to redeem it, which is a gain from pawn shops in Singapore.

Ownership. When you pawn an item, you must prove that you own it. If you fail to do it, the pawnbroker will suspect it was stolen or acquired illegally. Instead of receiving a cash loan, you might end up getting detained. Or worse, your item will be considered suspicious and undergo a police investigation.

Once your pawned item receives its equivalent value, you can get a loan and use it for whatever purpose. But don’t forget that you still have to pay it back with interest. You cannot retrieve your items if you fail to repay your instant cash loan.

If you borrow money from licensed pawn shops, you take a risk. But a whole part of it depends on your ability to repay. To retrieve your designer watch, you must be diligent with your payments.

Pawnbrokers Act

If you cannot repay your pawnshop loan, your pledged item will be forfeited and become the property of the pawnshop. They have the discretion to either keep it for safekeeping or sell it. However, in most cases, they will need to recover the lent amount and thus sell the item to someone else.

As per the Pawnbrokers Act revised in April 2015, a pawn shop cannot auction off unredeemed items but can sell them.

Failing to repay your loan within six months would mean bidding farewell to your cherished possession. Therefore, if you have a strong emotional attachment to your pledged item, settling the loan is advisable. However, if you can meet the repayment deadline, reclaiming your belongings will be hassle-free.

Pawn Shop Gold Price

Gold is one of the most tried and tested investments available. Its highly valuable asset allows you to have a strong return in the future. Even though the market remains volatile, gold is still the safest investment form in the country.
If you are in dire need of money but have gold stored in your vault, you can pawn it in legal pawn shops in Singapore. It is more advantageous since it offers fair and honest appraisals from established and well-trusted buyers. Most importantly, you can get your cash on the spot. There’s no more agonizing waiting game.

pawn shop gold price

Factors to Determine A Gold’s Value

Various pawn shops buy gold. But if you plan to sell your gold, do not stick to the first one offering to buy. You have to consider a trustworthy pawnshop that knows the best value of your gold jewellery.

To know if you are at the right pawn shop, assess if the pawnbroker is the following:

The three basic methods in determining a gold’s value.

Purity of the Gold Jewellery. The basic information needed when pawning gold is the purity rating. Check the table below.

pawn shop singapore gold price

When it comes to gold items, anything less than 24 karat is best for jewellery making as pure 24k gold is too soft. If your item is less than 99.99%, it is likely an alloy with other metals such as silver, platinum, or copper. To avoid incorrect pricing, inspecting for engravement and knowing the purity level written in your gold piece before going to any pawnshops is important.

However, selling your gold article is not solely reliant on karat. It’s also important to consider today’s gold price and weight in grams. Additionally, if your jewellery contains gems or diamonds, the pawnshop will need to determine its worth separately, as purity only accounts for the gold item itself.

Weight of the Gold Item. Determining the value of your gold can be done simply and easily by measuring its weight. A jewellery scale, measuring up to a tenth of a gram, is used by knowledgeable pawnshop experts to provide the most accurate assessment. However, it is important to note that this method may not be suitable for gold jewellery that contains other adornments. Additionally, it is worth inquiring about other precious metals you may possess, as licensed pawnshops may accept these items provided proof of ownership can be presented.

Gold Price. The price changes almost every day. If you wish to know the current market value, you may check this website.

As of today (June 23, 2023), 1 gram of pure gold is SGD 83.543.

gold price pawn shop singapore

Gold Price Calculation

If you have all the vital information about your gold, you can sell it at a more fair price.

(Weight in grams x Purity) x current market gold value = pawnable amount

Here’s an example scenario.

You have a gold necklace with an 18-karat engraved—purity is 75% (0.75) and weighs 50 grams. You have to multiply 50 by 0.75. Then, multiply the answer by the current market price of gold per gram.

(50 grams x 0.75) x SGD 83.54 = SGD 3,132.75

**Take note that the market gold price was based on the article’s written date. It may vary depending on the value of gold in the market per gram.

Pawn brokers will pay 25% and up of the gold worth. Searching for pawn shops near you with an excellent track record is best if you need quick online cash when selling your gold.

What Do Pawn Shops Buy in Singapore

Pawning offers a convenient and versatile option. It accepts a wide variety of collateral items. You can pawn any of the following:

  • Piece of jewellery (yellow or white gold, diamond)
  • Musical instrument
  • Antique material
  • Branded timepieces
  • Bars and coins (gold, platinum, silver)
  • Designer items

Pawn Shops Near You

When you pawn your beloved possession, you put it on the line. That’s why you should entrust your pledge to licensed pawnshops in Singapore. Here are the nearby pawnshops you can visit.

ValueMax Group

ValueMax is one of the famous pawnshops in Singapore that allows pawners to receive hassle-free instant loans. Its services include pawnbroking, jewellery, gold, diamond, and luxury watch goods.

ValueMax pawn shop

Maxi-Cash

Maxi-Cash is a leading pawn shop in Singapore. It offers pawnbroking as a financial service for retail and trading of good value pre-loved items. Its services include gold, timepieces, jewellery, Citigems, and designer bags.

Maxi-cash near you

MoneyMax

Moneymax provides the best value designed for its customers. It offers competitive payouts that ensure you receive a fair price for your pawned items. In addition, Moneymax has an experienced team that evaluates and provides the most accurate valuation for customers like you. Its pawnbroking services include jewellery, luxury watches, leather goods, and designer bags.

Money max near me

These three are just some of the top pawn shops found in the country. If you find other pawning shops, double-check whether it’s legit.

Related Article: Quick Guide: Understanding MoneyMax Pawn Shop Singapore

List of Pawn Shops Near Your Location

If you need urgent cash while in Singapore, visit these pawn shops. However, you must have acceptable and pawnable items to claim your loan cash.

North Region

Hougang Pawn Shop

Hougang comes from the Teochew/Hokkien dialect, which means river end. Before the 1990s, it was a pig farm. But after the farmer’s relocation, it became a famous and most populated residential area.

Hougang Pawn Shop

If you plan to move into a new city, Hougang is the best place to be. Its commercial malls include Serangoon Shopping Centre, Hougang Mall, Hougang 1, and Heartland Mall. Whatever you need, these malls got you covered.

In addition, Hougang offers community centres and sports halls. You can stay fit and active and have a healthy lifestyle in their parks. You can visit Hougang Neighbourhood Park, Punggol Park, and Realty Park Playground.

Regarding transportation, the area has multiple bus routes and integrated transport networks. These are your Hougang Central Bus Interchange and Hougang MRT Station. If you’re moving the whole family, you can choose between HDB properties and condominiums. Plus, your kids can continue their studies with the various schools present.

The best part of moving to Hougang is the availability of pawn shops. Get the best options from this list.

  • MoneyMax Group Pte Ltd
  • ValueMax Group Limited
  • Megacash Corp Pte Ltd
  • Maxi-Cash Group Pte Ltd
  • Heng Heng Pawnshop Pte Ltd

Pawn Shop Woodlands

Woodlands is a charming place to visit when you’re on vacation. It provides the most prominent tourist hotspot in Northern Singapore.

Pawn Shop Woodlands

One of Woodlands’ best offers is its proximity to Johor Bahru City. Its connection with Johor-Singapore Causeway attracts travellers, business people and more.

Woodlands houses the country’s most relaxing, only natural hot spring—Sembawang Hot Spring. Feel rejuvenated and have good times while enjoying the scenic beauty of Singapore.

Woodlands Waterfront Park is your next bet if you are a nature lover. It is an 11,000-hectare area with a tranquil coastal park. It offers a magnificent overlooking sea from the north and a wide range of playgrounds with all equipment.

Do you love fishing or fresh fish and seafood? Head to Senoko Fishery Port. The place is packed with fun activities where you can enjoy your fresh catch with friends or family.

Or are you a shopaholic or a food lover? Market Street boasts with outdoor mall filled with high-end fashion shops. On top of that, you can watch a movie, dine at world-class restaurants, or stay in a four-star hotel.

Above all these, Woodlands support your travel financially if you need additional budget while on the go. You can drop by any of these pawn shops in Woodlands.

  • Shing Heng Pte Ltd
  • VaueMax Group Ltd
  • Thye Eik Pawnshop Pte Ltd
  • Maxi-Cash Group Pte Ltd
  • Soon Yu Pawnshop Pte Ltd

Ang Mo Kio Pawn Shop

Ang Mo Kio in northern Singapore means red-haired man’s bridge from the Hokkien dialect. Meanwhile, Ang Mo is a colloquial term for Caucasians. Although Ang Mo Kio was uninhabited in the 19th century, it started to welcome settlers during the booming stage of the rubber industry. From there, a huge land area became rubber plantation estates.

Ang Mo Kio Pawn Shop

And the growth of Ang Mo Kio didn’t stop there. With its continuous development, it attracts more families. Various condominium complexes, HDB flats, and apartments are within reach. Also, the place is complete with all levels of education—primary, secondary, and tertiary.

In addition, travelling across the area is convenient with its two serving MRT stations—Ang Mo Kio and Yiou Chu Kang. You can explore and experience the site hassle-free. You can drop by Kebun Baru Birdsinging Club and savour the melodic sounds of the birds chirping.

Then you can head to one of the country’s largest and most beautiful parks—Bishan-Ang Mo Kio Park. Enjoy a day out from work or school with your family and friends. Its river has lush banks of wildflowers and green forests, a pond garden, and a rare animal view.

But if, in the middle of your tour, you encounter money trouble. No worry. Ang Mo Kio also provides lending facilities like these pawnshops.

  • Trustcare Enterprise Pte Ltd
  • Hin Fatt Pawnshop Pte Ltd
  • ValueMax Group Limited
  • Maxi-Cash Group
  • Fook Cheong Pawnshop Pte Ltd

Central Region

Toa Payoh Pawn Shop

Toa Payoh came from the Hokkien dialect, which means big swamp. Before, the area was a squatter’s district. Residents worked as hawkers, domestic helpers, factory workers, pig farmers, or mechanics. During the 1960s and 1980s, the area was famous for its vice. That’s why many crime syndicates live and operate here. But after the redevelopment program, it became one of the most accessible residential towns. From being the vice and squatter’s district, it is now the most desirable location to live in Singapore.

toa payoh pawn shop

There are many reasons why Singaporeans, citizens, and foreigners love Toa Payoh. You can stay at condominiums like Trevista, Trellis Towers, and Sky Eleven. But if you prefer to live in a residential, you can choose Gem Residences.

In addition, you can find the best hawker experience here. Your top options are Sliced Fish Soup, Ocean Curry, and Sam Soon Oyster Omelette. Then, you can cap off your palate with sweet treats at The Daily Long Press. If you prefer something warm, visit Oasis Taiwan Porridge.

Moreover, you shouldn’t miss shopping in Toa Payoh. Everything is almost available at Toa Payoh Central and Toa Payoh Market. While you’re at it, you can maximize the sporting facilities nearby. Toa Payoh Stadium, Toa Payoh Swimming Complex, and Toa Payoh Sports Hall are open to public. If you prefer a retreat instead of rigid activities, drop by Toa Payoh Town Park. You can enjoy many flora, waterfalls, and koi ponds here.

Furthermore, Toa Payoh boasts about the various financial aid present. If you have a precious gold necklace, you can pawn it at these shops.

You can have quick cash ready just as you need it in the following.
  • Thai Hong Pawnshop Pte Ltd
  • Heng Seng Pawnshop Co Pte Ltd
  • MoneyMax Group Pte Ltd
  • Min Tai Pawnshop Pte Ltd
  • Maxi-Cash Group Pte Ltd

Pawn Shop Redhill

Redhill is a mature estate on the border of the city. It came from a legendary story of a clever young boy. The kid was murdered out of jealousy for saving the entire village from swordfish. His blood flowed down and stained the hill where he lived. Thus, the name of the area.

Pawn Shop Redhill

Redhill is one of the underrated neighbourhoods in Singapore. It houses untouched nature parks from one end with a city centre on the other. If you are trying to decide where to go on a short weekend trip, Redhill offers most of what you need.

Start your itinerary with a food trip. You can find sumptuous meals at Bak Kee Teochew Satay Bee Hon, Seng Hong Coffeeshop, and Chao Yuan Gourmet. Then, treat yourself to a shopping spree of handmade products at Redhill Market. Various stalls of potters, artists, and investors are available here. It is the perfect memorabilia for your weekend getaway.

Lastly, cap your evening at Clarke Quay. It is a historical riverside city hub that stretches along Singapore banks. You can capture the scenic view of the river while dining. Also, you can avail fun, entertainment and adventurous options—extreme swing and reverse bungee. Or you can experience a romantic ride with a river cruise.

But what if you need more funds in the middle of your trip? You can check out these legit pawn shops for safe financial aid.

  • MoneyMax Group Pte Ltd
  • Fund Express Pawnshop Pte Ltd
  • Thai Onn Pawnshop Pte Ltd
  • Soon Hin Pawnshop Pte Ltd
  • Maxi-Cash Group Pte Lt

Bishan Pawn Shop

Bishan is an urban planning area in the centre of Singapore. Its name originated from Kwong Wai Siew Peck San Theng, which means a Chinese cemetery. In English, it means Pavilions on the Jade Hills. It serves the burial needs of Hakka and Cantonese immigrants from Guangdong, China.

Bishan Pawn Shop

As of today, Bishan turned into a residential area full of fantastic cafes, lush parks, and nostalgic tourist destinations. Also, it is famous for its distinctive colourful roofs. Its linkway structures elicit images of the pavilions on the green. Many move and live a new life in this part of Singapore.

One of the reasons for staying here is the numerous options of mouthwatering dining spots. You can taste the best meals and desserts at Burp Kitchen & Bar, Covet Coffee, Denzy Gelato, Sin Ming Roti Prata, Ming Kee Chicken Rice, and more.

For a relaxing yet fun exploration, you can check out these shops and parks in Bishan. You can visit Books Beyond Borders, Bishan-Ang Mo Kio Park, MacRitchie Reservoir, Aramsa Spa, Clock Playground and more.

On top of it all, Bishan houses the licensed pawn shops in the country. For emergency financial matters, you can head here.

  • MoneyMax Group Pte Ltd
  • ValueMax Group Limited

East Region

Bedok Pawn Shop

Bedok is one of Singapore’s most visited towns. It is in the eastern region with strategically planned residential houses. It is a perfect spot for peaceful living. Everything you need is nearby.

bedok pawn shop

Bedok is rich with the latest shops and malls. Some of these are Bedok Mall and Djitsun Mall Bedok. Plus, you have a lot of sumptuous restaurants nearby. You can indulge your cravings at 85 Fengshan Market, Lek Lim Nonya Cake Confectionery, Bedok Market Place, and Katong Sin Chew Bakery.

Bedok offers various activities, like watching daredevil tricks at Xtreme Skate Park and being bold and brave at Fun Forest Adventure. Also, you can appreciate the majestic view at Bedok Jetty. Then, relax your body with a full body massage at Ayur Centre.

On top of that, you have accessible pawnshops that can assist you with urgent funding needs.

Check out these pawnshops present in Bedok.
  • Lian Foong Pawnshop Pte Ltd
  • ValueMax Group Limited
  • Megacash Corp Pte Ltd Main Office
  • Shing Heng Pte Ltd
  • Maxi-Cash Group Pte Ltd

Pawn Shop Tampines

Tampines is a fast-growing tourist spot in the country. It is the third-largest town in the urban planning of the Eastern area of Singapore.

Tampines came from the indigenous Ironwood trees called “tempinis” that grew abundantly in the area. Before, it was full of swamps, forests, sand quarries, and rubber plantations. But now, it is extensively developed to cater latest trends and needs of its residents.

pawn shop tampines

If it’s your first time travelling in Tampines, you need an itinerary ready to your itinerary. This way, you won’t be overwhelmed by the different activities you can do.

If you’re up for a shopping spree, visit Tampines Mall, Century Square, and Our Tampines Hub. Get the best and tasty meals at Tampines Round Market & Food Centre. Also, you can capture the best Instagrammable spots at Tampines Central Park. In addition, you can explore your inner child in Timezone and Tampines Changkat Butterfly Garden. You can visit The Historical Tampines Chinese Temple if you opt for a quiet moment.

The best part of Tampines is the wide availability of licensed pawn shops.

Pawn your valuable article at any of these trusted pawnshops.
  • Fund Express Pawnshop Pte Ltd
  • Chye Hin Pawnshop Pte Ltd
  • Shing Heng (East) Pte Ltd
  • Hua Lian Pawnshop Pte Ltd
  • ValueMax Group Limited

Joo Chiat Pawn Shop

Joo Chiat is in eastern Singapore with a multicultural heritage. The name of the area came from Chew Joo Chiat. He is a humble harvester and trader that became a prosperous landowner, then the King of Katong.

Joo Chiat Pawn Shop

Joo Chiat is an overpopulated district with a bustling neighbourhood. Walking around it, you can encounter both old and modern Singapore. Also, you can find the best dining area, shops, and spots to explore.

You can taste their yummy treats at Micro Bakery & Kitchen, Petin Pain Bakery, and Awful Chocolate Bakey & Cafe. But if you prefer heavy meals, you can dine at Five Star Hainanese Chicken Rice, Kim Choo Kueh Chang, Ponggol Nasi Lemak and more.

If you prefer shopping, whether your needs or wants, you can. Stop by stores named Onlewo, Lavavella, A Vintage Tale, TheAC, and Singapore Trading Post. But if you want to explore more about the culture, you can allot some time. You can visit Katong Antique House, Heritage shophouses, Sri Senpaga Vinayagar Temple, The Intan, and many more.

But what most people miss is the pawnshops ready to serve qualified pawners. You can visit the following in Joo Chiat.

  • Maxi-Cash Group Pte Ltd
  • Min Lian Pawnshop Pte Ltd
  • MoneyMax Group Pte Ltd

West Region

Clementi Pawn Shop

Clementi is an old neighbourhood in the western part of Singapore. It transformed from being a swampland to one of the top thriving new towns in the country. So it’s no surprise why many locals and foreigners love to stay here.

clementi pawn shop

You can have fun and enjoy here whether you’ll stay for the meantime or for good. Explore the richness of nature in the district at Maju Forest and Clementi Forest. If you have a pet dog, create more bonding moments at Clementi Woods Park Dog Run and Glass Roasters. Then you can have memorabilia from Caricaturist.SG. It roves around carnivals and pop-up events. But you can find it in the NEWest Mall.

In addition, you may let go of your inner child quest at Wonderful World of Whimsy and Gamewerks. Afterwards, take the relaxing me-time you deserve at Syouji. Their whole body massage and foot reflexology are worth the price.

Beat the heat from exploring Clementi at MIXUE. It offers refreshing shakes, ice creams, and smoothies. But if you prefer some downtime, Sunset Way Coffee Shop, Balmoral Bakery, and Burnt Cones are excellent choices.

Among other things, Clementi takes pride in its legit pawn shops.

You can bring your prized possession for urgent financial needs here.
  • Cash Box Pawnshop Pte Ltd
  • Loong Shing Pawnshop Pte Ltd
  • Maxi-Cash Group Pte Ltd
  • MoneyMax Group Pte Lt

Pawn Shop Boon Lay

Boon Lay is within the Jurong West Planning Area. Its name was after Chew Boon Lay, one of the pioneers of extensive rubber plantations in the early 20th century. From being a large-scale industrial estate, Boon Lay developed into a housing estate. With this, many low-cost accommodations helped workers find a suitable place to stay.

Pawn Shop Boon Lay

The charming Boon Lay is packed with tourist destinations that even locals visit. For example, the Science Centre offers scientific and technological awareness and know-how. It houses innovation replicas, scientific instruments, models, and journals.

Meanwhile, Waterway Point is a mall with ample shops. Aside from buying various items you like, you can also try delicious food here. On top of that, you can enjoy watching a movie in the cinema hall.

Of course, you should not miss the most iconic resort in the country—Marina Bay Sands. It is an ideal destination if you are fond of luxury items and experiences. Plus, you get to see the stunning view of the entire city of Singapore.

Most importantly, Boon Lay serves residents with pawn shops you can trust. You can find the following within the district.

  • ValueMax Group Limited
  • MoneyMax Group Pte Ltd
  • Shing Heng Pte Ltd
  • Maxi-Cash Group Pte Lt

Jurong East Pawn Shop

Jurong East in western Singapore is a large yet quaint neighbourhood estate. It is famous for its exciting tourist attractions. If you and your friends plan to go here, you need an itinerary ready. Or else you might be overwhelmed by the various activities you can do.

Jurong East Pawn Shop

You must know what you want to do if it’s your first time in Jurong East. You can go to Westgate Shopping Mall or IMM Outlet Mall for shopping escapades.

If you prefer nature more, you can head to parks and gardens. These are the Japanese Garden, Singapore Botanic Garden, National Orchid Garden, Chinese Garden, and Jurong Bird Park.

If you want to learn more about culture and history, you can visit museums. Your options are the Lee Kong Chian Natural History Museum, the Science Centre, and The Live Turtle and Tortoise Museum.

Aside from entertainment, Jurong East offers pawn shops suitable for your urgent money needs. You can check the following.

  • MoneyMax Group Pte Ltd
  • Thai Shin Pawnshop Pte Ltd
  • Ban Yu Pawnshop Pte Ltd
  • Fund Express Pawnshop Pte Ltd
  • Maxi-Cash Group Pte Lt

How To Get An Instant Cash Loan From Pawn Shops

Pawn shops in Singapore offer a simple and hassle-free process of pawning. You can get your instant cash loans in minutes.

Jewelry-inspection

Who can pawn?

If you have a valuable possession and require quick cash, you can pawn it if you possess the following:

  • Your age must be at least 18 years old and above.
  • You must present identification. It can be your passport or a valid Singapore Identification Card. If you’re a foreigner, bring all your foreign documents for successful pawning.

What can you use to pawn?

A pawn shop in Singapore accepts any pledges you possess. It can be your branded watch, jewellery, or even gold.

Steps on how to pawn

If you want to succeed in getting quick cash from a pawn shop, you must follow these steps.

Step 1. Research is a must.

You can find various pawn shops in Singapore. Before you drop by any pawn shop, ensure you have done your part to search for the best and nearest to you.

Step 2. Visit the pawn shop.

Once you have chosen the most suitable pawn shop, visit them. Make sure to bring the requirements needed as well as your pawnable item.

Step 3. Get your valuable article quoted. 

As you present your item, the pawn shop expert will get it valued and quoted. This way, you will know how much you will receive for it.

Step 4. Receive your instant cash.

If you agree on the price of your item, you’ll get your cash immediately. Claim it together with your Pawn Ticket. Ensure your ticket reflects the value and weight of the item and loan amount. Also, ensure the pawn period shows six months from the day you pawn.

Step 5. Redeem your pledged item.

Getting your cash is still the beginning of your pawning journey. Of course, you still have to claim your article back. You can redeem it after you paid the principal and interest in full within six months. Or renew the loan by paying only the interest. Just be sure that you have the pawn ticket with you.

What is a Pawn Ticket?

A pawn ticket is like your Note of Contract. It contains vital information about the entire pawning process. It includes the following:

Item

It indicated that you had a precious article left in the pawn shop to pawn.

Pawner Details

It includes your personal information and contact information.

Pawning Date

It is the date when you applied for the pawn.

Expiry Date

It is the last day of the redemption period.

Pawn Amount

It is the approved loan amount of the pawnbroker for your item.

Interest Rate

It is the calculation between the amount of the pawn loan, the number of loan months, and 1.50% per month or part of the principal loan amount.

Here is the formula:

Interest Rate = (Pawn loan amount) x (Number of loan months) x 1.50%

Example Scenario:

You pledged your diamond earrings for SGD 500. The pawnshop offers a 3-month loan term with an interest rate of 1.5% monthly. The computation will be:

SGD 22.50 = (SGD 500 x 3 months) x 1.50%

If you pay in full on the first month, your total repayment is SGD 522.50. If you fail to repay in three months, the interest rate is multiplied by three months—4.50%. So you have to settle SGD 567.50.

Always remember to review your pawn ticket after receiving it. This way, you can correct any incorrect details about it.

Most importantly, always keep your ticket. Or else you have to say goodbye to your precious pawned article.

Quick Tips for Finding Legit Pawnbrokers

Pawning is a significant risk for you and your beloved pledged item. If you leave your valuables to fraud shops, you lose your prized article for life. That’s why it is crucial that you do your research beforehand. Here’s what you should do to ensure you are dealing with trusted pawn brokers.

Jewelries

Registered as a Licensed Pawn Shop in Singapore

For a safe and secure pawning transaction, check if your chosen pawn shop belongs to the list of Licensed Pawnbrokers in Singapore.

The Ministry of Law in Singapore implemented strict rules for pawn brokers to follow. One of these is acquiring a license before starting business operations.

Moreover, The Registry of Pawnbrokers has a Pawnbrokers Act regulating all licensed pawnshops in the country. It regularly conducts revisions based on the current needs and situation to enhance the pawning industry in Singapore.

Offers Different Redemption Options

A legit pawn shop in Singapore allows you to redeem your pledge after you present your pawn ticket and identification. Also, it offers you various means such as:

Full Redemption. It means you are ending the liability and obligation between you and the pawnbroker. You repay the principal loan and due interest in the total amount.

Partial Redemption. Partial withdrawal applies when your pledge consists of a few articles. It means you can redeem only a part of your pawned item. But it is only possible to repay a partial loan and interest due from the original principal loan amount. After you complete the partial redemption, the balance loan amount of your remaining pawned article is now a new pledge.

Renewal. You have no plans to withdraw your pawned item. You settle the interest payable. The pawn shop can extend your redemption period for another six months.

Partial Renewal. It comes into two sub-categories.

  1. You renew to extend your redemption period and reduce the loan amount. It is possible if you pay off the due interest on the principal loan and part of the original pawn amount. But remember, it still depends on the pawner’s discretion.
  2. You renew to extend your redemption period and request to increase the pawn amount. It is possible to pay off the principal loan’s due interest and acquire the additional balance from the increased loan amount. You can only increase the principal loan amount if you request to start your pawned article at a much lower value.

Various Modes of Service for Forfeiture Notice

Pawnbrokers Act 2015 has an under section 63(1) that tackles a notice of forfeiture. It must be served within two months from the redemption period expiration. Instead of the traditional method of services, the law added more means to contact you. It is to welcome the current digitisation. These are as follows.

Registered Post. Your home address will receive a forfeiture notice.

Email. Like before, you still get notified through the active email address you provided.

In-person. Your pawn shop will request your physical presence to inform you about your pawning status.

SMS. With the provided mobile number, you will receive a short message service from the pawnbroker.

Internet-based messaging tool. For better accessibility and communication, the pawnbroker will use your WhatsApp, Telegram, and other social networking sites. But don’t worry. They are only allowed to use it with your consent.

Taking out quick cash from a pawn shop in Singapore comes with a great risk of losing your beloved pledge. Fortunately, you can still have instant cash without collateral with Cash Mart. Its personal loans offer a low-interest rate, flexible terms, and payment schemes tailored to every borrower’s need. Check it out today!

Best Ways To Get Legal Loans From Private Moneylenders 2022

Best Licensed Money Lenders Singapore

Best Licensed Money Lenders Singapore: How To Get Legal Loans From Private Money Lenders 2022

They say the best-licensed money lenders in Singapore help you face a financial crisis. Well, that’s a fact. That’s why it is common for Singaporeans to get legal loans in dire financial situations.

Fortunately, there are many private money lenders in the country. However, picking which suits your financial needs is quite a challenge. Therefore, we made a comprehensive guide about the loan application in line with this.

Find out which circumstances call for borrowing money. Understand the law that governs the moneylending industry for safety precautions. Learn the different private money lenders near your area. Also, identify legal ones from scams.

In addition, know the entire loan process before jumping on the first money lender you find. But don’t forget your responsibilities after receiving your instant cash loan.

Always remember that it’s best if you contact legal money lenders. It saves you from causing more financial burden.

When To Apply for Legal Loans From a Licensed Money Lender?

A personal loan is one of licensed moneylenders’ most applied legal loans. They seek this loan product during the following financial conditions.

Emergency Situations

An emergency is an unplanned expense. If you have no emergency funds, your financial status will crumble. Hospitalisation and accidents are some of the unexpected expenditures. Where will you call for help?

Luckily, legal money lenders in Singapore provide online loan products and services. With them, you can move forward and solve your money issues.

Business Expansion in Singapore

Some small business owners wish to expand but lack funds. A quick and safe solution is applying for a business loan. Compute the right amount you need. So, there’s no need for a new loan application.

Reputable moneylenders can guide you in computing the right loan amount. They lend a reasonable amount within your means, too.

Unanticipated Utility Charges

Monthly bill payments are part of your monthly budget. But there are moments when you look at your electricity bill; it will shock you. Your dues exceed your fund allocation. Don’t fret.

A payday loan helps you get by with the sudden increase in utility fees. First, pay your bills on time while still waiting for your paycheck. Then, repay the loan once you receive your next salary.

HBD Home Renovations And Repairs

Home repairs are inevitable. Although you can save money for it, time won’t let you. For example, the roof needs attention before the rainy season comes. But with an approved loan from a licensed moneylender, you can fix it quickly.

Commencing Investment

Stock investment is a gamble. You’ll never know when the market goes up or down. So, while there’s perfect competition, it’s best to take the risk. However, it is possible if you have loan cash. Legal moneylenders help you achieve better funding for your new venture.

Build a Positive Credit Score

Taking out legal loans from private moneylenders improves your credit score. Repaying it on time takes it up to another level. So, if you plan to create a healthy credit grade, repeat these steps. Your credit record is in good hands as long as you borrow from reputable lenders.

Ticking Off Bucket List

Dream vacations or target out-of-country trips seem so hard to achieve. Flight tickets and accommodation are some of the expenses. Add to that your budget during the entire travel. It might take you years before you achieve your goals. But if you get legal loans from legit moneylenders, it is highly feasible. You can check all your wish lists without regret with a personal loan.

Cover a Large Purchase

Do you suddenly need to buy a new refrigerator? Does your washing machine break down unexpectedly? You need an immense amount to purchase these appliances. Sadly, your current budget can’t handle it.

Borrow cash from the best-licensed money lender in Singapore. So you can make procurement even though it’s last minute. Plus, it helps you save more. Instead of buying takeouts, you can cook and store foods in your new ref. Instead of taking your dirty clothes to laundry shops, you can still wash them at home.

Asking out legal loans has a broad scope. Of course, an emergency is the number one reason, but it is not the only acceptable situation. Whichever financial dilemma or investment you want to try, it is attainable. Keep in mind to apply for legal loans from best licensed money lenders in Singapore.

What Does The Moneylenders Act Singapore Mean For You As a Borrower?

In Singapore, the government highly regulates the moneylending industry. The Ministry of Law mandates a Moneylenders Act. It protects lending facilities from delinquent borrowers. At the same time, it guides potential borrowers to legal money lenders in the country.

The Registry of Moneylenders approves the license. Moneylending companies that meet the standards get a permit. However, it rejects those who can’t.

As long as the lender abides by the law, it can continuously operate. But license revocation is highly possible if it violates any of the regulations.

Ministry of Law

Transparent Loan Terms

MinLaw highly demands transparency of loan terms. Private money lenders must explain all the details that encompass their loan products. It guides you from breaching the terms and conditions.

As a client, you need to know the following information.

  • Interest Rates
  • Authorised Fees
  • Loan Disbursement Date
  • Computation for Late Interest Fee
  • Instalment Payment Details – Amount and Frequency
  • Overall Amount for the Loan Term

Knowing this information lets you get an overview of your loan.

Allowed Loan Amount

The Moneylenders Act indicates how much a borrower can take. Its basis is your citizenship and annual income.

If you applied for a secured loan, any amount is loanable to you. But if you opt for an unsecured loan, there’s a total maximum amount you can apply. See the illustration below.

How much you can borrow

Before approaching a reputable money lender, ensure you’re in the correct category.

Loan Application Process

The Moneylenders Act set a loan procedure for licensed lending companies to follow. Part of the process is to obtain the borrower’s information.

If you take out a loan, it is standard to share these details.

  • Client’s Full Name
  • Birthdate
  • Residential Number
  • Contact Number
  • Personal Identification Number

Always be honest when disclosing personal information. The data gets verified before encoding it into the system. Afterwards, you’ll receive your copy. Review if it matches you.

Best licensed money lenders in Singapore must strictly follow the loan application process. If there’s a skip in the process, you may suspect you’re dealing with illegal lenders.

Note of Contract

A loan contract is a must-have for any transaction. MinLaw is firm in implementing this. A lack of a contract means a lack of proof. So, private money lenders provide the written agreement.

Remember, the following information must be present.

  • Details of the loan agreement
  • Preferred Repayment Scheme
  • The amount of loan instalment at each loan interval

In addition, a borrower must have a personal copy. It serves as your evidence once your loan gets approved.

Appropriate Advertisements

Best licensed money lenders in Singapore advertise through specific platforms. The Moneylenders Act set guidelines for legal money lending facilities. Promoting their loan products and services must be in the following forms.

Official Website

Creating advertisements through the official webpage is acceptable.

Physical Office

Setting up tarps is possible. But it must be within the company’s premises only.

Business Directories

Consumer directories, whether in print or online media, is allowable.

Other than these channels, advertisements are prohibited. So when you receive a call, text message, email, or flyers, don’t respond. Instead, consider it came from an unlicensed moneylender.

Action Against Unlicensed Moneylenders

Upon shopping around money lending facilities, you’ll see unacceptable practices immediately. The Moneylenders Act provided various ways to notify them. First, report the illegal lenders immediately. Include the business name of the moneylender, license, and contact number.

Call the Registry

Contact 1800-2255-529

Visit the Registry Website

Check the MinLaw website at https://eservices.mlaw.gov.sg/enquiry/

The Registry of Moneylenders investigates delinquent licensed moneylenders, while the Police probe more to unlicensed moneylenders.

The Moneylenders Act protects both borrowers and legal moneylenders. Understanding how it works keeps you safe from loan scams. Plus, it leads you to the best financial solutions.

Registry of Moneylenders

What To Do When Choosing Licensed Private Money Lenders Near You?

A reliable licensed moneylender assists borrowers during a tough financial dilemma. So it’s best to determine which among the lenders is worth your trust. Observe the following factors when shopping around.

Credibility Of Reliable Money Lenders

Get to know the reputation of a moneylending company in the market. So research these details.

License To Operate

A license from MinLaw is evidence of being eligible to operate legally.

Tenure In The Industry

The length of existence in the industry proves the capability of the company.

Performance Level

Look into how the private money lender operates. It serves as a great reflection of the entire company.

Private Money Lenders Interest Rates

Interest Rate is one of the determining factors when getting a legal loan. But every trusted money lender offers different interest rates. So take time to compare before finalising your decision. Also, take note of how the law strictly implements the calculation.

Maximum Interest Rate

A legit moneylender can only charge a maximum of 4% monthly. The limit is not based on the loan type and the borrower’s income.

The calculation of the interest is from the remaining principal amount. The value comes after deducting the total payments from the original principal. Here is an example.

Let’s say you borrowed cash of $10,000 and repaid $3,000. The remaining $7,000 is part of the calculation of the interest.

Maximum Late Interest Rate

Expect an additional fee if you fail to pay off your loan on time. A charge of 4% monthly is the maximum rate for late repayment. The fee applies for every month of delayed payment.

The computation of the late interest is only from the late repayment amount. The outstanding balance is not affected since it is not due yet. Here is an example.

Let’s say you borrow cash of $10,000. But you failed to repay the first instalment costing $3,000. A licensed money lender can only charge the late interest of $3,000. The remaining $7,000 is not part of the calculation as it is not due yet.

Fees Charged By The Best Money Lender

A private legal moneylender comes with other expenses within your loan application. Expect an upfront administrative, interest, late interest, and late fee. Fortunately, MinLaw implements a limit when imposing penalties. Therefore, all the charges must not exceed the total principal loan amount.

Monthly Late Repayment

A charge must not exceed $60.

Administrative Fee

A charge must not exceed 10% of the approved loan amount.

Legal Costs Granted By The Court

A successful claim by the lender to recover from the loan

So you borrow loan cash worth $10,000. The 10% administrative fee, interest, late interest and fees must not exceed the approved principal loan.

Repayments Charged In Legal Loans

When looking for the top licensed moneylender, review their repayment options, too. Again, it helps you plan how to accomplish your financial responsibility.

Weekly Loan Term

Weekly repayment is paying off your loan in weekly intervals. Therefore, attending to immediate money issues within a week’s space is advisable. Also, borrowers have the privilege to use up to 5 term instalments. All of these are equally divided based on the chosen weekly term.

Bi-Weekly Loan Term

Bi-weekly repayment is paying off the loan every 2 weeks. It is pretty similar to the weekly loan term. However, the instalment options typically come to three options.

  • A borrower can settle the loaned amount after 2 weeks.
  • Borrower’s repayment is divided into 2 equally.
  • Borrower’s repayment is divided into 3 equally.

Monthly Loan Term

Monthly loan repayment is paying off the loan after 28 days. It is preferable if you allocate your budget every month. This way, you have enough time and funds to settle the due amount.

Application Process In Private Money Lenders

Taking out a loan from banks is more complicated. They follow a stringent procedure. Thus, it slims your chances of loan approval.

Less Stringent

Getting legal loans from a licensed moneylender is another story. Although they check the borrower’s eligibility, they are more lenient. So, getting approved is still possible even if you have a poor credit rating.

Standard Procedure

In addition, the application process with legit lenders is standard. They abide by the Registry regulation to maintain their license. So, it ensures you’re on the right path to receiving instant loan cash.

Transparent Terms and Conditions

Trusted moneylenders explain all the procedures and conditions clearly. Also, they provide a copy of your terms. It gives borrowers the assurance that everything’s upfront and nothing hidden.

Finding the best is difficult with the growing number of money lending facilities in Singapore. But if you’re knowledgeable of how a private moneylender works, everything would be easy-peasy.

How to Distinguish Licensed Moneylender From a Loan Shark?

With the height of the need for borrowing money, many lending companies pop out of nowhere. Sad to say, not all of these financial institutions are legit. Illegal lenders flock everywhere. That’s why it’s a must that you can identify a reputable money lender from a loan scam.

Review The MinLaw Registry

The Ministry of Law created rules to help licensed moneylenders to screen their borrowers. Also, it assists borrowers in filtering the various moneylending companies near you.

You can understand how a financial company must work through the Moneylenders Act. Take time to read it. It’s the best guide when identifying illegal money lenders from the legit ones.

Check With The Registry Of Moneylenders And Their List of Money Lenders

A quick way to know whether a moneylending facility is licensed is through the Registry of Moneylenders. The official list of licensed money lenders in Singapore gets updated every month. Visit it before applying for legal loans to avoid blocklisted moneylenders in the country.

Check the list on their official website at https://rom.mlaw.gov.sg/information-for-borrowers/list-of-licensed-moneylenders-in-singapore/.

List of Best Licensed Money Lenders in Singapore

Ask About The Loan Application Process

A loan application follows a procedure. It includes an assessment of your credibility and capacity to repay. In addition, it seeks the paperwork. It’s not as tedious as before, but the application flow is still there. Plus, the income tax assessment is vital in your loan application.

A licensed money lender sticks to it, but a loan shark jumps from one step to another. As a result, illegal lenders neglect essential factors before approving your loan. Also, they prefer to grant loan approval through phone or email. So if there’s no particular workflow upon inquiry, consider them a red flag.

Inquire About Necessary Documents And Other Loan Requirements

Documents are essential when taking out legal loans from private money lenders. It helps in the assessment and validation of your credibility.

As a borrower, you only need to submit a copy of the requirements. However, giving your original identification, Singpass ID, and other paperwork is a big red flag. Furthermore, loan sharks tend to retain your NRIC card and personal documents. So when a money lending facility forces you to oblige, report them immediately.

Discuss The Interest Rate And Fees with Trusted Private Money Lenders

Request a clear explanation about your legal loan application’s interest rates and fees. A reputable money lender will not hesitate to discuss the standard protocol about interest rates, charges and other expenses. Also, they take time to clarify all sorts of misunderstandings.

On the other hand, loan sharks divert your attention whenever you inquire about details. Some even ask for more than what is mandated by the law. Worse, they provide vague information. When you encounter such a scenario, cut your communication with them immediately.

Observe The Behaviour During Face-To-Face Assessment

A physical office is still necessary for licensed moneylenders with digital loan services. Although you made an online application, face-to-face verification is vital. Wait for a reputable moneylender to request you to visit them at their office address. Then, expect the loan executive to conduct an interview.

Without the one-on-one physical verification, your loan disbursement is questionable. Have a doubt if you receive a notification through text message or phone call? High chance it came from illegal moneylenders. Remember that unsolicited loan approval through phone calls is from unlicensed moneylenders. In addition, the use of abusive language and threatening behaviour is a warning.

Request For A Copy Of The Note Of Contract

The Note of Contract is the most important document you must keep. Best licensed money lenders in Singapore never hesitate to give you your personal copy.

However, loan sharks won’t hand you one. Also, they may ask you to sign an incomplete or blank contract. So never oblige on such an act.

Ask If They Report Payment History to Moneylender Credit Bureau

Assessing reputable moneylenders is not only about their physical and behavioural aspects. Borrowers also need to see if they are responsible lending companies. A legal moneylender accurately reports all the payments to their Credit Bureau.

However, unlicensed moneylenders skip this obligation. So don’t be shy to ask if they comply with their responsibilities. Refusing to answer your questions is a sign that they are illegal lenders.

Read a Licensed Money Lender Singapore Review

Another quick way to figure out if a moneylending facility is licensed or not is through feedback. Spend some time reading the reviews about licensed moneylenders Singapore. You’ll get an idea of which among the number of moneylenders in the country is worth your time.

Borrowing money means you need a quick cash loan for an urgent reason. But if you deal with loan scams, you might build a neverending debt. So don’t be a victim. Instead, be aware of the characteristics of a licensed money lender from an unlicensed moneylender. Also, if you encounter them, report them to ROM immediately.

Tips Before Getting a Loan From a Lender With Money Lending License In Singapore

We understand the need for instant loan cash. However, getting legal loans from private money lenders is straightforward.

Prioritise Your Income And Expenses

Taking out a loan might be due to an emergency, business, or leisure. Whichever your reason may be, take a moment to think about it. First, analyse your income and expenses. Then, ask yourself if you have the financial capability to proceed with the loan application. For example, can you repay while juggling other daily payments?

In addition, think through if it’s indispensable to borrow money. If yes, proceed with your intention to get legal loans. Remember that taking out any loan has a ripple effect. It can help you cope with your financial struggle. Or you might end up swimming into a pile of debts. So always borrow the amount that you need and can repay.

Identify The Loan Type You Need

Once you figure out that you need loan cash, determine which type of loan suits your financial conditions. Best licensed money lenders in Singapore have various loan products and services. You might be overwhelmed by the different kinds. Here’s a quick discussion about it.

Secured Loans

Some legal moneylenders offer the service, like banks. Borrowers can take out a loan while leaving collateral behind. Putting your asset forward assures the lenders that you’ll repay the loan responsibly.

Failure to do so means the lender has the right to seize your asset. Therefore, it cuts down their risk when they approve your loan application.

Unsecured Loans

It is the typical loan product and service offered by the best licensed money lenders in Singapore. Borrowers don’t need collateral to get approved. Instead, it verifies your eligibility through your annual income and citizenship.

Personal Loan

Applying for a personal loan is relatively fast. Trusted moneylenders take approximately 1 to 2 working days for approval. In addition, it offers a more considerable sum of cash loans compared to other loan types. That’s why it is the go-to option for most borrowers.

Payday Loan

Taking out a payday loan is the best option when needing immediate cash. Most reputable moneylenders approve loans instantly. You get to pay it off within the next paycheck. However, it comes with lower loan amounts and higher interest rates.

Every licensed moneylender offers different kinds of loans. It’s up to you to pick the best for your financial situation. Nevertheless, trusted moneylenders assist when choosing your loan.

Request For Your Credit Record and Avoid Bad Credit

You already have an idea of which type of loan to apply for. Now, you need to get your credit report. Request a copy from the Moneylenders Credit Bureau (MCLB) or Credit Bureau Singapore (CBS).

Your credit rating is vital when applying for legal loans. Although not all trusted moneylenders check a borrower’s credit report, it’s best to be prepared. Unfortunately, there are instances where personal loans get rejected because of poor credit ratings.

If you have no records yet, don’t worry. Best licensed money lenders in Singapore still grant a loan application. But they consider other factors before approving or denying.

Assess Your Eligibility Based on Income and Citizenship

As mentioned above, your eligibility highly depends on your residency and annual paycheck. However, these are not the only basis for private money lenders to arrive at their decision.

Age

You have a fat chance of getting approved if you’re 21 to 65 years old. This stage reflects a stable job or peak of one’s career. Therefore, the borrower has a regular source of income for on-time loan repayment.

Meanwhile, those below 21 and above 65 years old are high-risk borrowers. Younger age means no employment or starting on the first job. On the other hand, the older age is already in retirement. Most likely, there’s no other source of income aside from a pension.

Citizenship

Banks quickly grant loan applications for Singapore Citizens and Permanent Residents. Fortunately, best licensed money lenders in Singapore approve loans even for foreigners.

Income

Aside from reviewing the chart above, assess your financial status. Yes, you’re borrowing money for a particular purchase. But the question is, can your monthly earnings cover the additional charges?

Luckily, licensed private moneylenders provide a loan calculator. This way, you can foresee how much you need for a specific loan amount. Therefore, you can allocate a budget within your monthly paycheck.

Credit Score

Legal moneylenders need to review a borrower’s creditworthiness through your credit rating. The Credit Bureau keeps track of all your legal loans and repayment history. Reputable moneylenders look into this information. Then, it will help them decide about your loan application.

Although not all money lending facilities check this, having a healthy credit score still pays.

Employment Duration

Tenure in your current company is also essential when applying for legal loans. As part of the assessment, you must be employed to get approved. It should be at least three to four months. It indicates that you currently have stable earnings to pay off your new financial responsibility.

If you know you’re credible and eligible for a legal loan, receiving your quick cash loan is at your doorstep.

Prepare The Requirements

Gather the pertinent documents to prove your eligibility. Licensed private money lenders provide the list of the requirements to process a loan application. Here’s a list.

Personal Identification

An ID must contain your age or birthdate. It can be your passport, driver’s license, or any valid ID showing your age between 21 and 65.

Proof of Citizenship

Best licensed money lenders in Singapore approve loans even to those who are not Singaporeans.

NRIC

If you’re a Singapore citizen, present your National Registration Identification Card.

FIN

If you’re a permanent resident or a foreigner, bring your Foreign Identification Number.

Latest Proof of Billing

The purpose is to show your current address. So the bill must be under your name.

Latest 3-month Payslip

Legal moneylenders assess your income through your paycheck. Present a CPF Contribution or Central Provident Fund to ensure a loan approval.

Letter of Employment

Trusted money lenders need proof of your current employment status. So request from the Human Resources in your company about it.

Fortunately, all this paperwork is not as tedious compared to banks. You can accomplish it within a day or two.

Send Your Loan Application To Your Chosen Licensed Money Lender Near You

Once you have completed all the relevant documents, send in your application. You can drop by their physical office or official website.

Your chosen reputable moneylenders will verify all the information first. Then, call your attention to attend their face-to-face interview.

Keep in mind that all original copies must be kept in your hands. Legit moneylenders have no right to demand nor force you to provide the original ones.

Clarify All Your Queries About The Legal Loans Product And Services

As you go to the private licensed moneylender’s office, a loan officer will have a quick chat with you. Expect a brief interview as they assess all the data you have submitted.

Afterwards, the loan executive discusses the terms and conditions applied. The fees and repayment terms are also included. The law requires lenders to do it. Listen attentively and take note of fine details. If you have some queries, ask right away. Legit moneylenders provide all the details about their legal loans.

Claim Your Instant Cash Loan

Once everything is clear, the loan executive will present the contract. Read it carefully and request your copy. Before signing, make sure nothing is bothering you about the loan contract.

Then, wait for your quick cash disbursement. Claim it directly from the cashier. Make it a habit to count the money before leaving the counter. Always ask for the official receipt.

Being knowledgeable about the policies and procedures of legal loans is practical. It saves you from being a victim of unlicensed moneylenders. Also, it helps you solve your current financial trouble.

What To Do After Approval Your Legal Loans Application by a Licensed Money Lender?  

Getting a positive response and receiving your loan cash is not the end of your application. Hence, it’s the beginning of your responsibility. Take note of the following to keep yourself on track.

File Your Documents

Your Note of Contract and payment receipts are vital for your instant cash loan. Keep it for future reference. In case of unexpected troubles, you’ll have them as proof of diligence. No worries. A licensed money lender provides all essential documents to their borrowers.

Be Diligent With Your Repayment

Always remember your repayment schedule. Keep in mind that forgetting your financial responsibility has consequences. For example, you wouldn’t want to pay more because of late payments, right?

Fortunately, there are plenty of ways to recall your dues. Follow these tips for your convenience.

Set A Phone Reminder

We all use our mobile devices daily. Set the alarm on your phone two to three days before your next bill for easy access. This way, you can set aside funds for the due payment.

Include In Your Planner

Writing things down helps you remember easily. So, plot in your journal all your repayment dues. Also, it enables you to track how long you’ve been paying and how many more repayments you need to settle.

Automate Repayment

Set automation if your means of paying off your loan through online transactions. This way, it automatically transfers funds to the licensed money lender as your payment. It saves you time and money. Incurring late payment fees would be the least of your concerns. However, don’t forget to check for sufficient funds in your account.

Private licensed moneylenders send notice before the due date. They understand borrowers take out a loan due to financial constraints. So, they help you avoid creating more debts. Thus, you repay lenders on time.

Always Communicate With Your Licensed Money Lender

Communication plays a vital role when you get legal loans. It is a must to talk to your loan executive before loan approval. Also, staying in contact with them after receiving your quick cash loan is necessary.

If you’re having issues with your repayment, call them immediately. Explain your current situation so they can provide alternative solutions. In this manner, you might save yourself from impending financial doom. Also, you can avoid any possible lawsuits.

Leave a Moneylender Review to Help Others Find a Legal Moneylender

A borrower identifies a legit moneylender near the area from previous client feedback. So help another aspiring borrower by providing a good review.

Be honest and transparent with your experience. A walkthrough on applying until you claim your loan cash is a big help to others.

Get to Know How to Increase Your Loan Amount

Taking out a loan creates an impact on your credit score. Whether you can make a better standing or pull your record down is up to you. If you’re a responsible borrower, you can increase your future loan limit through the following.

On-Time Payment

Paying off your financial obligation shows that you’re a responsible borrower. It helps improve your credit rating. So it is visible when other private money lenders review your record. As a result, a higher loan amount is feasible in your next loan application.

Apply To The Same Legal Moneylender

Being loyal to your trusted moneylender has its perks, too. First, you’re sure that they are reputable and legit. Second, you’re familiar with their loan products and services. Third, you have an idea of how to settle your financial responsibility. Last, you have a better chance to get future loans for a larger amount.

Borrowing money from a reputable money lender is not about receiving the loan cash. What you do afterwards reflects the kind of borrower you are. So, do your best to follow these tips above once you get approval from your legal loan.

Frequently Asked Questions About Licensed Money Lenders

How To Settle Licensed Money Lender?

Before you apply to any lender, consider other financial assistance schemes first. Various Government agencies in Singapore are available. Check it out.

If you deem to take out legal loans from a licensed money lender, take time to shop around. Different money lending companies offer favourable terms. However, never rush to commit yourself to any loan.

How To Check Money Lender License?

There’s an increasing number of scammers and illegal moneylenders. Therefore, borrowers need to check the list of best licensed money lenders in Singapore. The ROM updates the list every month for safety and security. Visit the website to see the complete list of licensed moneylenders in the country.

Who Needs A Money Lender License?

Any moneylending business in Singapore needs a license to operate. Without it, a lender is considered illegal. Thus, it calls for a suspension to continue lending to Singapore Citizens and Permanent Residents.

Is Licensed Money Lender Safe?

Taking out a legal loan from all licensed money lenders governed by MinLaw is safe. But applying for illegal moneylenders isn’t. So always check if the moneylending company is enlisted in the official list.

How Much Can I Borrow From Money Lender?

A secured loan has no cap for the loanable amount. But with unsecured loans, there’s a maximum amount to follow based on your annual income and citizenship.

How Can I Borrow Money Fast?

Borrowing from a private licensed moneylender is a quick way to do it. If you’re a potential borrower with due diligence to repay the loan, instant loan cash is the least of your concerns.

Can I Apply For A Bad Credit Loan In Singapore?

A borrower’s bad credit score leaves a poor impression. As a result, financial institutions, banks, and lenders will have second thoughts about your loan application. Fortunately, best licensed money lenders in Singapore accept legal loans for those with poor credit history. Instead, they assist you in building a good credit score.

Now and then, we face unexpected expenses. When this happens, we must be strong and find the best licensed money lenders as our alliance. Cash Mart Singapore is a trusted moneylender that approves legal online loans instantly. It upholds the values of excellence, integrity, and honesty. That’s why it is advantageous during challenging financial moments. Plus, it keeps you away from building more debts.

What to Eat in Boon Keng: 10 Must-Eat Stalls

what to eat in Boon Keng

What to Eat in Boon Keng: 10 Must-Eat Stalls

Boon Keng is a small area in Singapore, yet it’s the perfect place for the residents living here. The vibrant town has condos, shops, supermarkets, markets, eateries, and many more! Those who live here are a few steps away from all the good places in the area. It’s also the perfect place for foodies who know what to eat in Boon Keng. Especially for those who want a taste of traditional Singapore dishes!

You see, the place consists of Boon Keng itself, Bendermeer, and Towner. The Bendemeer area is well-known for the Bendemeer Market and Food Centre. It’s packed with hawker stalls that offer authentic yet cheap Singaporean dishes. Imagine eating a lot without breaking the bank!

As a foodie, you can’t miss this place if you want to experience excellent quality hawker stall dishes! Boon Keng’s Bendemeer Market and Food Centre is a true paradise for food lovers out there. Here we listed some of the 10 must-eat hawker stall specialities of what to eat in Boon Keng area for you to try!

Guide On What To Eat In Boon Keng

Amigo Bak Chor Mee

Bak Chor Mee is an authentic Singaporean dish served in hawker stalls. When translated to English, Bak Chor Mee means minced meat noodles. There are two ways of serving this. It can be a noodle dish or a minced meat noodle soup.

The dish consists of several ingredients! Imagine bouncy and chewy noodles tossed in savoury, spicy, and tangy seasonings. You even have the power to choose whether you want thin or wide noodles for your dish. (Remember the words Mee Kia is for thin noodles and Mee Pok for wide noodles!)

On top of the noodles, there are a few mouth-watering components. We have tender slices of braised mushrooms, soft minced meat, slices of pork, and crispy lard. If you order noodles, then the common ingredients of the broth would be chicken stock and fish sauce. Added flavours on the broth vary depending on the store you buy Bak Chor Mee from.

A famous hawker stall for Bak Chor Mee would be Amigo. The balance of tastes, texture of noodles, and combination of toppings are excellent! It’s not hard to notice the long queue at the stall, but this only proves how well-loved it is! The stall location is at 01-12, Bendemeer Market and Food Centre.

Amigo Bak Chor Mee | what to eat in Boon Keng

Credit: https://www.misstamchiak.com/bak-chor-mee/

Bendemeer Prawn Noodles

Prawn Mee is a popular local dish with various reports of its origin. One thing for sure, this is a prawn noodle soup that people love! Several big-name restaurants serve Prawn Mee. But in finding what to eat in Boon Keng, we know a hawker stall offers the same excellent quality at an affordable price!

Prawn Mee soup is watery and brown, which is perfect for slurping as it goes down smooth. The broth has a strong taste of crustacean umami, porcine sweetness, and soy sauce savoury. By request, you can add a layer of a peppery heat taste to your order. For the noodles, they use soft Mee Kia noodles coated with spicy lard sauce.

The toppings include fresh and tender shelled shrimp. The prawns are usually the size of an index finger, but you can request a bigger one at the counter. They also include a generous amount of lard croutons and fried shallots. The stall also offers homemade sambal chilli sauce that has the perfect heat for those who love spice!

The signboard of this hawker stall is straight-up Bendemeer Prawn Noodles. It also says that the Prawn Mee is authentic Xiamen style. You can find this well-known hawker stall at 01-42, Bendemeer Market & Food Centre.

No Name Prawn Mee: Hidden Dry Prawn Mee For Only S$3.50 In BendemeerCredit: https://pixelm6.sg-host.com/no-name-prawn-mee-singapore/#

Hainanese Curry Rice

The birth of Hainanese Curry Rice came from different cultures and ethnicities. Nevertheless, it gathered the perfect harmony of flavours to create this. The extraordinary dish is a result of their unification!

Every Hainanese Curry Rice hawker stall has its protected secret recipe! Usually, their special recipe for the curry sauce started generations ago. Elders hand down their family recipe to the younger generations for it to carry on. So, the sauce will be different depending on the stall you prefer!

Some of the stall owners use various curry gravies for each of their Hainanese Curry Rice sets. Usually, there’s a different selection available for you! But keep in mind that this could also differ from each stall. Although, some stall owners only use one curry sauce recipe for all their dishes.

The no-name Hainanese Curry Rice stall in Bendemeer Market is famous for its recipe. The available sets are curry chicken, pork chop, braised meat, and fried prawn. They serve quality Hainanese Curry Rice that comes at a very affordable price! You can find them at #01-59, Bendemeer Food Centre & Market.

Scissor Cut Hainanese Curry Rice for what to eat in Boon Keng SingaporeCredit: https://migrationology.com/scissor-cut-hainanese-curry-rice/

Hai Sheng Carrot Cake

Carrot cake is a well-known food all over the world. In Boon Keng, you’ll get to taste the traditional carrot cake of Singapore. It’s authentic and popular among the hawker stalls of Bendemeer Market. The stall Hai Sheng Carrot Cake serves two types, and they sell out in a few hours after they open!

Hai Sheng Carrot Cakes are either the black version or the white version. Other stalls have black and white versions too, but only the colour is different. In comparison, Hai Sheng shows a clear difference between the taste, texture, and aroma! For them, the versions have their personality and depth, that’s why they’re famous for it!

The white version looks more like a golden carrot cake than it is white. It’s stir-fried well with crispy eggs and plated to look perfect and golden. The chilli gives a beautiful hint of orange to the now fragrant golden dish. The cake gives a slightly crisp and eggy aroma hint of a spicy, savoury taste as you bite through.

The black version is true to its name. The cubes of soft Kueh fries together with the egg and later covered with dark sauce. The taste harmonises with each other. The Kueh gives it a hint of sweetness, the dark sauce packs a savoury punch, and the egginess completes it all.

The Hai Sheng Carrot Cake hawker stall usually closes at 10 in the morning. Expect a long line as soon as the hawker stall opens. In mere hours, Hai Sheng is out of stock. You can find them at 01-85, Bendemeer Food Centre & Market, give their carrot cake a try!

ALL ABOUT CEIL: Hai Sheng Carrot CakeCredit: http://www.allaboutceil.com/2013/11/hai-sheng-carrot-cake.html

Heng Kee Lor Mee

The Heng Kee Lor Mee business has been around for more than 40 years in Bendemeer Market. Unfortunately, the younger generations of the original owner took over the stall. However, the passion and legacy of every owner of that stall continue to live!

Heng Kee’s Lor Mee has the perfect starchy texture of gravy that compliments the noodles. The toppings are bean sprouts, hard-boiled egg, fried pork belly, and fried wonton.

In this dish, the famous fried pork belly is the main star of the menu. The addicting texture and flavour keep the customers coming back!

The deep-fried pork belly is crunchy and savoury from the soaked up flavours of the gravy. However, the fatty layer of the pork has a nice soft texture that contrasts the crunch. The entire dish has a complete harmony of flavours with its teeming ingredients. If you want to add more to it, they can increase the vinegared gravy, minced garlic, and chilli sauce!

The Heng Kee Lor Mee hawker stall is well-known and a true favourite of locals. Customers wake up early to get a whiff and taste of their Lor Mee. The store opens early in the morning and sells out by lunchtime. You can find this at 01-87, Bendemeer Market & Food Centre.

Heng Kee Lor Mee - The Special Deep Fried Pork Belly Won My Heart - Miss Tam ChiakCredit: https://www.misstamchiak.com/heng-kee-lor-mee/

Min Ji Laksa: The Best What To Eat In Boon Keng

For over 17 years, Min Ji Laksa has stood firm at the Bendemeer Market. The old-school flavour brings the feeling of nostalgia from the good old days. This hawker stall does not disappoint when it comes to their dishes. With years of experience comes mastery; they know what they’re doing!

The Laksa comes with uncut, thick, and juicy noodles. The broth is creamy yet light with the taste of coconut milk and a slight hint of dried shrimp. They also provide sambal chilli if you want to add a bit of heat and spice to your dish. You’ll find yourself slurping up the broth until the last drop!

There are various toppings to the Laksa that will ensure you’ll feel full after the meal. It comes with a hard-boiled egg, fried beancurd, fish cakes, and a generous amount of bean sprouts. The meat has fresh and plump blood cockles and shredded chicken meat. If ever you want extra toppings, ask the counter, and they can give it to you!

For an affordable price, you’ll get a quality bowl of Laksa that your palette will enjoy! You can find Min Ji Laksa at 01-31, Bendemeer Market & Food Centre.

SG Food on Foot | Singapore Food Blog | Best Singapore Food | Singapore Food Reviews: Min Ji Laksa @ Bendemeer Food Centre - Old School, Nostalgic LaksaCredit: https://www.sgfoodonfoot.com/2016/05/min-ji-laksa-bendemeer-food-centre-old.html

One Ton Mee Wonton Mee Char Siew

Wonton Mee is a Singapore hawker dish that has Chinese origins. It is a combination of noodles and dumplings in one steaming bowl of greatness. Char Siew translates to roast pork in English. The Char Siew is then added to this great meal to create perfection in a bowl!

For Wonton Mee Char Siew, you have two options: the wet and the dry one. The wet version has all the components in one bowl, including the soup broth.

In contrast, the dry version has a separate bowl for the soup broth and wontons and a plate for the noodles and Char Siew.

The noodles of wonton mee are flat yellow egg noodles that give the meal its springy texture. It’s better to go with stalls that have handmade noodles instead of store-bought. Make sure to look for the correct hawker stall if you want to taste quality noodles!

The Wonton Mee Char Siew has a delicious sweet tomato and chilli base for the broth. The taste isn’t too sweet and intense; it has a perfect balance that complements the whole dish. A mixture of prawns, minced pork, and mushroom stuffing creates the wontons. You can choose to have it steamed for a juicy wonton or fried for a crunchy wonton.

You can consider the slices of Char Siew toppings as the cherry on top. It is a completely balanced meal with satisfying flavours that’ll make you want more. The generous amount of the dish comes at an affordable price. Check their hawker stall out at 1-09, Bendemeer Market & Food Centre.

WON TON MEE (MALAYSIAN WONTON NOODLES) - ASIAN TOP 10 RECIPES | what to eat in Boon KengCredit: https://asiantoprecipes.weebly.com/won-ton-mee-malaysian-wonton-noodles.html

Singapore Bao Lo Mai Gai

The menu of the hawker stall, Singapore Bao, only offers two items. A plump, chunky, and meaty Siew Mai and their highlight, the tender Lo Mai Gai. Even though the name of the stall has Bao on it, they do not sell buns!

The literal translation of Lo Mai Gai in English is Glutinous Rice Chicken. The authentic Lo Mai Gai is a traditional Cantonese dish that started as a snack wrapped in lotus leaf. In Singapore, they eat the Lo Mai Gai straight from the plate. As the name suggests, the dish consists of glutinous rice, chicken, and mushrooms.

The sticky rice is tender yet firm when you take a bite. It has a slight stickiness to it, but it doesn’t feel greasy. There is a chewy-nutty taste to the glutinous rice. The sweetness of the rice balances the savoury flavour that the sauces give!

The hawker stall provides a generous fill of chicken meat! It is tender with a taste of its sauce-soaked chicken, which gives the meal substance. The stewed mushrooms further add depth, texture, and flavour to the rice. They also have their homemade chilli that’s salty, sweet, tangy, and spicy!

Singapore Bao only opens in the morning. It is because customers are already lining up the moment it opens. So after the long queue, expect the famous Singapore Bao to be out of stock already! You can check their stall at 01-61, Bendemeer Market & Food Centre.

Chinese Sticky Rice (糯米雞 / Lo Mai Gai) · i am a food blog | what to eat in Boon KengCredit: https://iamafoodblog.com/chinese-sticky-rice/

Toa Payoh Hwa Heng Beef Noodle

Hwa Heng Beef Noodles has an old-school nostalgic taste to it. The Toa Payoh stall started in the 1970s with a different name. It’s why it has that good old memory vibes translated to taste! The well-loved store always seems to have a long queue for their Hwa Heng Beef Noodles.

There are two versions of their beef noodles. The dry version comes with thick dark gravy drenching the thin slices of beef. The chilli sauce is optional, but it elevates the acidic tang and umami flavour of the meal. It also comes with a small bowl of broth, but it’s different from the soup version of the beef noodles.

The soup version of the beef noodles is a piping hot bowl of a hearty meal. The broth is light and has a more subtle flavour. The soup has bits of beef fat that give it more flavour and balances it to the right level of saltiness. It contains the same beef slices but with added pieces of beef tendons. It’s a wholesome, comforting, and warm bowl of beef noodles.

Toa Payoh Hwa Heng Beef Noodles offers exceptional dishes for only a low price. They even give the customers the freedom to customise their meals. You get to choose the version, noodles, and toppings you want! You can visit the hawker stall at 01-01, Bendemeer Market & Food Centre.

Toa Payoh Hwa Heng Beef Noodle - I Loved The Dry Version! | what to eat in Boon KengCredit: https://www.misstamchiak.com/toa-payoh-hwa-heng-beef-noodle/

Yong Xiang Kueh

An essential part of Singapore’s culinary identity is the traditional bite-sized snack, Kueh. The love for Kueh is universal. So, Southeast Asians have a soft spot for Kuehs that they even have different versions of it!

To make the traditional Kueh, you’ll need coconut, palm sugar, pandan, rice, and tapioca. Now that options are available, it depends on what Kueh you’re trying to make. In Bendemeer, there’s a hawker stall famous for their Kuehs. The way they make it is an art according to their customers!

Yong Xiang Carrot Cake is well-liked for its unique fried Kueh! They also sell carrot cake there, but their Kuehs are the ones who receive praise. What’s so special about their Kuehs, you may ask. Well, traditional Kuehs aren’t fried, so this discovery adds more to the snack!

In Yong Xiang Carrot Cake, you can choose from Teochew Png Kueh and Soon Kueh. It’s up to you if you want them to fry it for you, but it’s very recommended that you let them. You can also choose to add eggs and chilli while it’s fried. After that, it’s also your choice if you want to drizzle their sweet dark sauce on top of it!

The chunks of Kueh have a crispy exterior and a nice chewy interior. Pan-frying gives it the pleasant smoky aroma that it secretes. The complete new dish is sweet, peppery, and has a slight hint of umami. The addicting crisp and balanced taste of the Kueh, egg, and chilli brings the snack to a whole new level!

People end up feeling revolutionised with the Kuehs of Yong Xiang Carrot Cake. It is why customers keep coming back for more! If you want to check them out, you can find them at 01-35, Bendemeer Market & Food Centre!

SG Food on Foot | Singapore Food Blog | Best Singapore Food | Singapore Food Reviews: Yong Xiang Carrot Cake @ Bendemeer Food Centre - Have You Tried Fried Png Kueh ThatCredit: https://www.sgfoodonfoot.com/2016/04/yong-xiang-carrot-cake-bendemeer-food.html

Conclusion

It is fascinating to know that there are various food stalls in the area. Locating what to eat in Boon Keng is easy. Furthermore, enjoying a food adventure is more fun if you have sufficient funds with you. Make it possible by securing quick cash from legit, licensed moneylenders such as Cash Mart Singapore.

Cash Mart is reputable in the industry. One of its well-known products is the instant cash loan. So, borrowers like you have the great convenience of taking out a loan without too much fuss. And explore more about what to eat in Boon Keng has to offer.

Related Article: What to Do in Boon Keng: Must-See Delights

Getting to Know More About OCBC EasiCredit

Getting To Know More About OCBC EasiCredit

They say borrowing money is like robbing your future self. It is somehow true, but in some cases, it can be a smart financial move. Oversea-Chinese Banking Corporation Limited, or OCBC Bank, offers excellent lending options. Let’s see how this OCBC EasiCredit measures up.

ocbc easicredit

What is OCBC EasiCredit?

OCBC EasiCredit is a backup borrowing limit a borrower can draw on at any time. It has a flexible payment to choose how long and how much you want to repay. It is accessible at your own time and convenience through your devices, ATMs, and cheques. You’ll get fast approval and receive the payout money in no time if you apply with MyInfo.

Interest Rate

The amount of interest you have to pay for your EasiCredit depends on your annual income. If the borrower earns 20 to 29 Singaporean dollars per year, the interest rate on their loan is 29.8% per year. Borrowers whose annual income is more than 30 Singaporean dollars can get a 20.9% interest rate yearly.

Credit Limit

The highest credit limit that a borrower can get will also depend on their annual income. If the borrower’s income is 20 to 29 Singaporean dollars per year, they can get up to twice their monthly salary.

They will give higher credit limits to specific borrowers. If the borrower’s income is 30 to 119 Singaporean dollars per year, they can get up to 4 times their monthly salary.

Borrowers earning more than 120 Singaporean dollars per year have the highest limit. They can enjoy up to 6 times their monthly income.

Repayment

Borrowers with lower annual income have a choice for their lowest repayment amount. It can be 5% of their outstanding balance or 50 Singaporean dollars, whichever is higher.

Borrowers with higher annual income have two options. It can be 3% of their outstanding balance or 50 Singaporean dollars, whichever is higher.

Fees

A borrower or an applicant should also be aware of the other charges of OCBC EasiCredit.  It is for the reason of avoiding confusion when paying. The fees below are for those with an annual income of 20 Singaporean dollars and above.

OCBC EasiCredit doesn’t have a monthly service fee. But, there is an annual fee of 120 Singaporean dollars.

So, a borrower with a yearly income of 30 dollars will waive the annual fee for the first year.

The lowest interest fee is 5 Singaporean dollars if the borrower uses an overdraft.

Nevertheless, payment after the due date will have a late fee of 120 Singaporean dollars.

Excess usage from the borrower’s credit limit will have an extra fee of 50 Singaporean dollars.

Over-the-counter payments and deposits have a transaction fee. It costs 25 Singaporean dollars per transaction.

They will charge 40 Singaporean dollars for every return of a cheque. 30 Singaporean dollars for stop cheques made in branches or call centres. 10 Singaporean dollars stop cheques from electronic or phone banking channels. Loss of a chequebook has a charge of 50 Singaporean dollars via branch or call centre. For electronic or phone banking channel transactions, it is 30 Singaporean dollars.

If the borrower loses his card and wants a replacement, the fee is 5 Singaporean dollars. If they forget the PIN, the replacement fee is 5 Singaporean dollars per card. Damaged cards can get a free replacement.

How to Apply For OCBC EasiCredit?

With the knowledge of how EasiCredit OCBC works, you might want to apply for it. But before jumping to the bank, find out first what you must do.

Things to Consider Before Applying

Applying for OCBC EasiCredit is easy. But, there are things that one must consider before sending their application. An applicant must be 21 years old and have an annual income of at least 20 Singaporean dollars and above. Foreign applicants must reach a certain amount of annual income to be eligible. They should have 45 Singaporean dollars and above.

Documents Needed

After knowing what to consider before applying, here are the documents needed.  Singaporeans and Permanent residents need primary identification documents.  A front and back copy of NRIC is enough.

But ready supporting documents if the information in NRIC is not updated. The applicant’s residential or mailing address is different from the NRIC. A copy of an official receipt from utilities’ billings or bank statements would be enough.

For foreign applicants, they have to submit primary identification as well. It includes a copy of their passport and employment pass or work permit with a validity of at least 6 months. Their supporting documents can be a copy of utilities’ billing or bank statements.

You also need income documents for the application. It is necessary for salary not credited to an OCBC account. So, prepare for the latest CPF statement with at least 3 months of contribution history.  They may also ask for the income tax notice of assessment, a copy of the payslip or a bank statement. The bank statement should show the employer’s name for salary crediting.

Self-employed applicants must submit their income documents as well, such as a copy of the CPF contribution statement or their latest income tax notice of assessment. The CPF contribution statement must be at least 12 months of history.

Applicants who are new to the workforce are also required to submit income documents. They can ask for an original copy of the certification from their employer.  It should state their employment date and salary. Also, they should provide a copy of the payslip or bank statement. The bank statement should show their salary credit.

How to Pay OCBC EasiCredit?

There are different ways to repay your debt. Here is a list for you.

Mode of Payments

OCBC Branch payment

If an OCBC branch is near your place, you can visit them and pay for your outstanding balance.

Fund Transfer Payment

If there is no OCBC branch near your place, it can be an inconvenience. It is a good thing that payment through an online banking platform is possible to save time.

Cheque Payment

Payments through cheques are another possible mode of payment. The cut-off time is 3:30 pm from Monday to Friday, and the clearing is for the next working day.

AXS and Cash Deposit Machines Payment

Payments through AXS terminals and Cash Deposit machines are possible as well. As long as the borrower considers the cut-offs, weekends, and holidays, there will be no problem.

Time of Cut-offs

For fund transfers, if the payment is within an OCBC account, it’ll reflect immediately. In comparison, it’ll take 2-3 business days if the transfer is from other banks.

The cut-off time for cheque payments made from Monday to Friday is 3:30 pm for clearing the next working day.

For payments made through AXS machines, there is an implemented daily cut-off time. If it is after 5 pm, on a Sunday, or on a public holiday, it will be for the next working day.

For payments through cash deposit machines, 9 pm from Monday to Saturday is the cut-off time. Deposits on a Sundays and public holidays are for the following working day processing.

Due Date of Payments

Generating OCBC EasiCredit statements is at the end of the month, and the due date will be after 28 days. If the due date falls on a non-business day or a holiday, the payment should be on the previous business day.

You may reach OCBC EasiCredit contact for your other queries, and they’d be glad to be of help. The OCBC EasiCredit hotline is at 1800 363 3333 or (65) 6363 3333 when calling from overseas.

Cash Mart Singapore: Online Loan Provider

Other financial institutions get you out of your money trouble. Take Cash Mart Singapore as the best example.

The licensed money lender has loan products and services. It caters to almost all your financial needs. So whether you need a Business Loan or a Personal Loan, Cash Mart has it for you.

Furthermore, Cash Mart is one of the country’s top licensed money lending facilities. It abides by the Moneylenders Act. That’s why it proves its efficiency and reliability over time.

As of today, Cash Mart Singapore extends its service through convenience. With its Online Loan, applicants can take out the product with less hassle.

Experience how magnificent Cash Mart works. Check out their official website and apply for a loan suitable for you.

Why Choose FHR24 Singapore To Help You?

FHR24 Singapore

Why Choose FHR24 Singapore To Help You?

Recently, FHR24 Singapore has been on the top list of many applicants. Many financial institutions offer this loan product.

Since most applied financial assistance is home loans, FHR24 in Singapore eases borrowers with their financial responsibility. All the while bridging the gap of securing your dream home.

Individuals seek the service for a reason. Understand why many choose FHR24 to help you.

FHR24 Singapore

Fixed Deposit Home Rate (FHR)

Fixed Deposit Home Rate, also known as FHR, is a board rate set by the bank. Thus, the rates are far from the influence of external market conditions. In turn, FHR secures your home loan to the bank’s fixed deposit rates.

Furthermore, FHR is written with a number next to it. You can notice FHR8, FHR24, and FHR36. What do these numbers indicate?

The numerical value refers to the interest rate period. Therefore, 8 in FHR8 reflects the 8-month fixed deposit rate. Meanwhile, 24 in FHR24 corresponds to a 24-month fixed deposit rate. And 36 in FHR36 indicates the 36-month fixed deposit rate.

Loans from FHR have interest rates pegged in a specific portion of fixed deposits. That is why banks are responsible for forcing a payout on their fixed deposit holders. Or else bank rates will spike higher than they should.

Nowadays, FHR loans are the most common home loan. To be specific, FHR24 is the top choice by many. All because it has advantages that are genuinely beneficial to its borrowers.

Perks of FHR24 Singapore

There are numerous reasons why Singaporeans and Permanent Residents apply for an FHR24.

Easy Calculation

Among all other FHR loans available, FHR 24 is relatively easy to calculate. It only takes 24 months of the bank’s fixed deposit interest rate.

You don’t need to be a math expert to determine how much you must pay. Nevertheless, never neglect to communicate with bank personnel. These people provide a better estimate of your FHR.

Convenience

Unlike before, FHR24 in Singapore is extensively accessible. Checking out the latest news about your loan does not require your office visit. Instead, you only have to open your gadget or computer to check it out.

However, you have to be extra careful when doing so. Make sure you open only the bank’s official website for your security.

Transparent

FHR24 in Singapore offers a good business sense to anyone interested in it. Often, banks are transpicuous with the fees included. Also, these financial institutions keep the fixed deposit interest rates low.

If you have second thoughts about the bank of your choice, observe its interest rate. This figure represents how much the cost of a bank is. And reputable banks are aware of it.

Consistent

Recently, the FHR24 Singapore interest rates have decreased consistently. Therefore, any increase in the charge seems to be least expected. Hence subsequently boosting the economic growth of the country.

With this, FHR24 clients continuously benefit. You have the assurance that there is no dramatic increase in the future. Therefore, you can focus more on saving for other expenses. And finish your financial obligation in due time.

FHR24 is genuinely advantageous. There is no doubt why many opt for this financial aid. Nevertheless, there are still some disadvantages you have to watch out for.

Drawbacks of FHR24 Singapore

Here are some of the cons of FHR24.

Change is inevitable

Despite the transparency, banks have the right to adjust board rates at times. Financial institutions can do it when they need to.

Since FHR24 Singapore is a board rate, the same thing goes with it. It might incur a cost by higher fixed interest deposit rates. You might be surprised by the sudden change one day. So, keep yourself updated every time.

There is nothing constant in this world today. So, it is better to be prepared in the future. Taking out an FHR24 has its perks and drawbacks. Be knowledgeable of all the details about it before indulging yourself with the home loan.

What is the Difference Between SIBOR and FHR?

Singapore Interbank Offered Rate or SIBOR is commonly used as a base rate for a mortgage. Also, it is the interest rate banks give to one another.

Most of the time, SIBOR and FHR are being compared to one another. Let’s identify how these two differ.

Interest Rate

Nowadays, the FHR24 Singapore trends more than the SIBOR. The interest rates play a definitive role in it.

The FHR interest rates do not rise as quickly as the SIBOR. Meanwhile, the latter has a predominantly increase soon.

Here is an excellent example of this.

For the past 20 years, the highest FHR was 1.8%. Meanwhile, SIBOR was at 2.38%.

On the other hand, the lowest FHR was 0.1%. Meanwhile, SIBOR was at 0.37%.

From there, you can see the significant impact of interest rates between the two.

Charges

Aside from the interest rate, you must also review the bank’s charges. These fees are also called the fixed spread.

As of the moment, FHR and SIBOR are almost the same. In other words, the charge depends more on the banks offering it. It is up to you to look for banking facilities with lower spreads.

Nonetheless, remember that a lower fixed spread is the best choice.

Whether you’re planning to apply for SIBOR or FHR24, always shop around first. Then, take a closer look at how these financial facilities provide home loans to their clients.

Cash Mart Singapore: Personal Loan

You might think a personal loan is just for unexpected expenses. But Cash Mart Singapore provides financial assistance beyond your imagination.

The personal loan offered by Cash Mart helps you manage all your spending. Whether it be your utility bill, medical bill, vehicle repair, or even your mortgage, the loan can assist you.

Cash Mart Singapore Personal Loan offers competitive interest rates. Sometimes, it is even better with your previous home loan.

Moreover, the loan application is convenient. You can apply for it whenever and wherever you are. But first, secure a strong internet connection with your gadget. Then, you are good at getting approved.

Nevertheless, Cash Mart Singapore rewards a diligent borrower. If you pay your monthly dues on time, you are one step away from building a healthy credit score.

It is no surprise why Cash Mart has continuously grown over the past 45 years. It is one of the law-abiding money lenders under the Ministry of Law. Being one of the trusted money lenders in the country, Singaporeans, Permanent Residents, and Foreigners enjoy the products and services of the company.

It is truly amazing what Cash Mart Singapore can do. Try it for yourself while securing your new home. Experience their excellent service and become one of their loyal customers.

Tips On How To Use DBS FX Rates Singapore

DBS FX Rates Singapore

Tips On How To Use DBS FX Rates Singapore

The foreign exchange may seem difficult initially, but it doesn’t always have to be like that. For example, exchanging your Singaporean dollars for another currency is not impossible. However,  it depends on the DBS FX rates Singapore.

Forex markets are the major financial markets. It reaches a worldwide audience through finance, trading, and business.

DBS Bank made exchanging foreign currencies accessible—all thanks to the online forex services. Holders can access it on their website and mobile banking app.

How can YOU take advantage of this info? Read up and find out.

foreign exchange market

Advantages and Disadvantages of Forex Market

It is crucial to get a good grasp of the foreign exchange market before doing any trading. Of course, one can be trading for practical reasons. But most of the traders’ reason would be to earn profit.

Advantages of Forex Market

It has a low transaction cost.

The forex market has low transaction fees as compared to other markets. This is because there are fewer variations or spreads compared to other markets.

What are spreads? They are the differences between the value of the buying and the selling currencies. It’s the way of earning profit in foreign exchange.

For example, compare prices at a local money exchange outlet with the forex outlet at the airport. As you can notice, the differences are almost unnoticeable. It is because the value differs in the tenth or hundredth decimal place.

But note that the market has small spreads. That’s because of brokers who offer the currency exchange. As a result, they have minimal transaction fees or no extra fees.

The volatility of rates.

Another reason you should start with a foreign exchange is its volatility.

Volatility is either high or low. It is a measure of how drastic price changes are in the market.

High volatility means that the prices can change in an instant. And most of the assets are non-liquid- the term for how easily a particular item converts to cash. Examples would be stock markets and cryptocurrencies.

Low volatility in the market means that prices are stable. They don’t change that fast, and if there are changes, they are minimal.

You can experience these activities in the foreign exchange market. Use this knowledge to your advantage. It will help you decide when always to buy and sell currencies.

24/5 open hours

One can trade in the market 24 hours a day and five times a week. Thus, it’s one great opportunity to plan when you want to trade. And it gives you a lot of time to plan your trading strategies.

Other markets are open and close at a specific time. And it can be challenging to adjust your schedule to accommodate the schedule.

Disadvantages of Forex Market

High leverage

Leverage can be both a dream and a nightmare for a trader. It can give you lots of profit, but its downside can also provide a loss.

Leverage is a loan provided by the broker which you can use to buy currencies and multiply your capital. The usual leverage is in the form of a ratio.

Examples would be 1:50, 1:100, and up to 1:500. They offer them based on the experience of the trader and their previous portfolio.

Beginners are prone to making these mistakes, so before using leverage. Make sure

You have a better understanding of the risk to mitigate its effects.

Price Determination Process

One may ask how to determine the currency’s price. It involves many multi-layered reasons. It could include current politics, global concerns, and many more. There’s a lot to consider for the pricing when you trade in forex exchange. Analysing this chunk of information can be difficult.

International politics and the economy affect the forex market through price changes. Because of this uncertainty, traders would use technical analysis instead to forecast prices.

Self-directed learning

One of the biggest challenges of a beginner in this field is having little help or no support. Being self-directed can lead to many mistakes. That is due to a lack of training and limited foreign exchange knowledge.

It may dishearten beginners and make them quit. Be disciplined, and don’t stop striving for effective self-learning.

Creating an account with DBS FX Rates Singapore.

Now that you get acquainted with the Forex market, you can start looking for avenues to trade. DBS Bank offers an experience on foreign exchange that is convenient and very easy to access.

DBS FX Rates Singapore mobile app

Open a DBS Multi-Currency Account

To open an account for a DBS Multi-Currency Account, download the DBS Digibank app. If you have a Singpass, you can open an account fast.

If you don’t have a Singpass, you can check on this site for documents needed for the application. Once you’ve created an account, you’re all set for your first transaction.

There are no age restrictions, and no initial deposit is required. Also, there will be no foreign exchange conversion fees when using the card.

You’ll get notifications when there are changes in DBS forex rates Singapore. It’s an alert feature that can help you get updates on the latest trends.

Transfer Forex Using DBS Digibank Mobile App

You can now transfer forex using your account on DBS Bank. One of the methods would be using the Digibank Mobile.

Here are the steps to navigate the app. Login to your account using the security feature you set up, or use your USER ID and PIN to log in instead.

Choose the Invest Tab, then go to FX. The page will show two currencies: the currency you are selling and the currency you are buying.

Enter the amount of the currency you’re selling. Next, select the preferred settlement date. Afterwards, choose between today, tomorrow or the day after tomorrow.

Select Review Details, then verify if the information is correct. Once reviewed, click Submit. Note that currencies can change in value, and you visit this link to check the current DBS forex.

Trade Using  DBS Digibank

Foreign exchange trades here from 7:00 AM to 5:00 AM the next day. So you can trade from Monday to Friday. Only note that the daily cut-off for the same-day trade would be at 5:00 PM.

The least amount for a trade would be SGD 100 or equal to other currencies. After that, you can trade up to the maximum amount, SGD 500,000.

To start trade in Digibank is almost as easy as accessing the DBS Digibank Mobile App.

Log in first with your USER ID and PIN. Then, navigate the Menu bar, choose Invest and select Foreign Exchange. Next, choose from the nine available currencies to buy and sell.

The nine currencies available are the following:

  • Australian Dollar
  • Canadian Dollar
  • Chinese Yuan
  • Euro
  • British Pound
  • Japanese Yen
  • U.S. Dollar
  • Singaporean Dollar

It’s better to familiarise yourself with how to trade on DBS Forex on their two platforms. Then, afterwards, you’re ready for the next step.

Create strategy from research and experience

To be a successful trader, you must develop a winning strategy that takes time to perfect. Here are three things to consider when making your strategy.

Supply and Demand

One has to understand how the concept of supply and demand affects the currency market.

The value of dollars increases when there is a shortage in money circulation. So, the value decreases when there are too many dollars circulating.

What currencies are currently in demand and surplus? Which currencies do you think will increase in value in the future?

Take note of these things when creating your strategy.

Current DBS Foreign Exchange Rate vs Past Rates

Make a list of trades you have already done. Take note of changes in the trading currency values from the past to your most current.

Were you able to make a profit? Or was it a loss? Each experience in trading will help you track your transactions.

Create a forecast from the past data you have from your transactions. And also your findings on supply and demand.

The Perfect Timing

Now that you have researched, it’s time to wait for the timing. Then, take advantage of watching different rates and values.

By doing this, you may be able to locate a reasonable exchange rate. Then, buy the currency when the value is lower and sell when the exchange rate looks more promising.

A diversified strategy is one way to spread your risk in a low-growth phase. It’s a low-interest-rate environment.

Consider DBS FX Rates Singapore, among others.

You won’t need to do anything else besides turning on the push notification. DBS forex rates Singapore are very convenient to view on their platform.

Zero fees on the same day transfers set apart DBS bank from others. Moreover, online transfers to the countries on their list also have no transfer fees.

You can set a preferred rate through lock-ins. Auto foreign exchange transfers are also possible for amounts of about SGD 1000.

Do you need funding?

Extra funding always comes in handy since the perfect opportunity may come. But this opportunity may come to pass if you don’t grab it.

Aside from banks, you can get help from a Cash Mart Singapore. It is a licensed moneylender in the country that strictly abides by the Moneylenders Act. So when you find that perfect exchange rate, they can immediately fund your needs.

Money lending entities offer various instant cash loans which you can use to do trading. Like banks, moneylenders have proven themselves by being in the industry for a long time. And they guarantee quality products and services to their consumers.

Understanding DBS FHR8 Singapore 2021

dbs fhr8 Singapore

Understanding DBS FHR8 Singapore 2021

Are you looking forward to finally having that place you’ve dreamed of owning for so long? You might have heard about DBS FHR8 Singapore. It is one of the top choices in making your dream come true and working to make it come true!

There are several mortgage loans offered by banks or mortgage lenders out there. Learn the different plans and search which fits you the best.

Make that dream a reality by understanding how  DBS FHR8 works. Read till the end.

complete family with DBS FHR8 Singapore

DBS Fixed Home Rate

The Fixed Deposit Home rate or FHR means a fixed rate for the loan period. It is the rate provided by the bank for your loan.

You will be paying the same interest rate until the end of the loan period. To better understand FHR, here are the basic terms and definitions.

Basic terms in DBS FHR8 Singapore

Mortgage interest rate

First, we need to understand what a mortgage is. A mortgage is a loan granted by a bank or moneylender. It helps the individual to buy a house.

The rate of interest charged on a mortgage can be either fixed or floating.

Tenure of loan

It is the period you’ll be paying your loan along with interest. It may last up to 18 years, depending on the offered mortgage plan by your provider.

Lock-in period

Depending on the mortgage plan, you will pay an actual interest rate for your monthly mortgage instalment. It may span for at least 15 days up to 60 days.

It will protect you from rising interest rates while processing the loan application.

Maturity date

The loan balance includes the interest and end fees due date.

Types of DBS Fixed Home Rate Loans

The current DBS FHR8 Singapore is 0.600%. During the pandemic, the market interest rates have decreased, especially in March.

The first type is a 1-year lock-in period where loaners will pay the FHR8 plus the bank spread of 1.13% p.a. for 8 months. It varies for 1 year, 2 years,3 years, and 4 years or more plan.

The second type is a no-lock-in period plan. For example, FHR8 and the bank spread of 1.20% p.a. are paid for 8 months. It also varies for 1 year, 2 years,3 years, and 4 years or more plan.

The third type is a 3-year lock-in period. The bank spread of 1.80% p.a. is paid for the first three years. Then, for the year 4 and the following years, FHR8 plus the spread paid.

The last type is the 5-year lock-in period. The amount of bank spread to be paid for the year 1-5 is 1.80% p.a. For year 6, FHR8 and bank spread of 1.40% p.a. is the amount.

Advantages of DBS FHR8 in Singapore

Fixed income and looking for stability

If stability in your investments is your main concern, then the DBS FHR8  Singapore is a good plan for you. Unlike the other indexes, where rates are based on SIBOR and SOR, FHR is less volatile than others.

It also fits those with fixed incomes. Since in the next 8 months, the loanee would have the same interest rate for them to pay.

Elimination of Uncertainty

Another advantage would be any changes in the market interest rate would not affect you. So whether your fixed-rate period for the loan is one year, two years or three years, you will still be paying for the same rate.

They also offer a five-year plan for those uncertain about the next year’s market rate.

Opportunity on a rising interest rate

It can also be an opportunity for those who want to invest in the market due to the rising mortgage rates. In addition, you will be paying less since the rate is fixed.

Disadvantages of FHR8 in Singapore

Noticeable higher interest rates

Compared to other market rates, DBS FHR8 Singapore is distinctly higher since there is a fixed rate. You are paying for that premium in exchange for the uncertainty in the market.

The lock-in period limitation

During the lock-in period, there is no partial capital repayment. Usually, there is a clause for the lock-in period of one or two years of fixed interest.

You cannot reduce the capital repayment, and being unable to pay it would be a breach of contract. However, in recent times, flexible plans allow you to pay for partial capital.

Loss in falling interest rate

If the market interest is falling, you are disadvantaged since the fixed-rate bonds you.

For example, the current FHR8 for your plan is 3.0%. Yet the market price dropped to 2.5% or 2.0%. Unfortunately, you won’t be able to take advantage of the lower prices since the agreement secures you.

FHR v.s. SIBOR

You may ask why there are different rates between banks, and you also wonder how the rates are established in the first place.

There are only two bases for Singapore rates.

The first basis is called SIBOR. SIBOR (Singapore Inter-Bank Offered Rate) changes almost all the time.

The Association of Banks in Singapore site shows the current rates. It is government-monitored. The information about the rates is available to the public.

The usage of the SIBOR rate includes the SIBOR rate plus a spread,  a charge or a fee by the bank. The amount of spread also affects the rate.

The second basis, which is more transparent, is called a board rate set by the bank. A variation of the board rate is a fixed deposit loan.

With the board rates, you are to accept an interest rate set by your bank. There are other variations of board rates.

The most attractive one is the interest rate packed of fixed deposits. It is prevalent among people because it is believed to restrict the bank from raising interest. Since promotional deals and offers change constantly, it is wise to consult a specialist.

Besides the bases of the rates, what affects the rate changes?

Mortgage supply and demand influence the general estate market.  The higher the number of people who want a home, the higher the rates go. But, the lower the demand for these homes, the rate goes down.

Another thing to consider in rates would be the bank quota. Banks set targets on how much they want to loan out. If the interest rate nears its quota, interest rates also go up.

The rate is lower if the interest rate is far from the quota. That is why not all banks offer the same rate. 2 or 3 banks may offer the cheapest rates.

Conclusion

You are now familiar with DBS FHR8 Singapore. Before getting that loan, Here are some reminders to get your dream home.

Make sure you have approval in principle before paying any deposit. For example, the property you have agreed upon times, but the owner wants more payment than agreed.

Check if the loan plans match your living. If it matches your income, paying the account would be a breeze. It would be the opposite if it weren’t; it is better to check first than regret later.

If you have trouble acquiring bank loans, why not try a Money lending service provider?

Cash Mart Singapore is a licensed money lender in the country. It is under the regulation of Singapore law. Their years in the business speak a lot about how they provide excellent service.

Moreover, the company requires fewer documents than banks. Personal Loan application is faster and more accessible through its official website.

Once you receive a pre-approved loan application, you can visit their office. Then, finally, receive the loan cash you need.

Top 12 Fast Cash Job in Singapore 2021

fast cash payday loans singapore

Top 12 Fast Cash Jobs in Singapore 2021

Looking for a fast cash job in Singapore? Well, that’s inevitable.

Life is not always a bed of roses. Despite having a stable job, you’ll come to a point where you’ll need instant cash. Unanticipated medical expenses or car repairs are the best examples. 

When this happens, you seek job opportunities providing quick income. 

Fortunately, there are 12 fast cash jobs in Singapore in the country. We listed it down for you. 

Food and Grocery Delivery

Delivery is the fastest-growing trend nationwide. Food and groceries are the most common products that utilise this kind of service. 

food and grocery delivery as fast cash job in Singapore

With this, it became one of the top side hustles people opt to do. Make extra income with your car or motorcycle without letting other people ride your vehicle. 

However, this fast cash job has a drawback. Restaurants are not always open. Therefore, you need to know what time each shop closes. 

Ridesharing as a Fast Cash Job in Singapore

Ridesharing is now the talk of the town. Although some people detest it, others love it. The same goes for those who need a fast cash job in Singapore. 

You can earn extra money anytime, anywhere, on your terms. If you’re available in wee hours, you can still provide service and instant cash. 

Buy and Resell

Buy and sell has long been in the market. But nowadays, it is not only applicable in your garage. You can resell your items online as well. 

Even if you have an office hour job, you can make more cash through this fast cash job. First, get to know the latest trends through your target market. Then, search for a legitimate supplier or warehouse for your chosen product. 

Afterwards, choose which platform you plan to sell. There are many to choose online selling sites available. Pick from eBay, Amazon, Facebook, Instagram, or many more. 

Create to Sell

Try creating your own products if you find it hard to scavenge for stuff to sell. If you have the skills to craft things, you’re suitable for creating to sell. 

It is like selling homemade items like stationery, printables, or household items. Potential products are limitless, depending on your talent. Nevertheless, it takes time to brainstorm and produce a unique piece to sell. 

Tutor For Fast Cash Job Singapore

Tutoring is perfect for an individual who has a college degree. Whether you’re a teacher or not, you can get paid. 

Nowadays, an English tutor is the hottest demand in the country. Parents prefer their kids to learn it as a second language. That’s why it is one of Singapore’s high-paying quick cash jobs. 

It is advantageous for people who have day jobs. Often, students come from the United States. With the different time zones, you can work at night for extra income at home. 

However, you have to gear yourself. Camera, mic, lights, and technical computer skills are essential. Also, a bachelor’s degree is a must-have. 

Babysit 

Before, babysitting was the most typical side job. If you love kids, you are an excellent candidate. But you need recommendations so parents can hire you. 

baby sit for fast cash in Singapore

Fortunately, there are online apps available. It helps you connect with clients looking for your service. Just make sure you build a healthy and trustworthy profile. This way, you can attract possible prospects. 

Animal Care

If you empathise more with animals than children, dogsitting is your next best choice. 

Some people who own pets need assistance. Whether they travel for work or vacation, an extra hand is necessary. 

Typically, you have to clean, play, and walk the pets. Some owners pay on a per-house basis, while others base it on the service provided. Nonetheless, animal care is a great way to earn quick cash. 

Freelance

Online freelancing comes with a wide variety of skills. You are apt for it if you have what it takes to read, write, create videos, programs, bookkeeping, or others. The potential is limitless. Whichever your capability extends, you can use it for your fast cash job. 

However, you must look for a reputable online platform. Check if it caters to the skillset you have. Then, create a profile to connect with your prospective client. Once you get a job order, fulfil your responsibility. And you can start earning more. 

Answer Online Surveys

Online surveys are a great way to make money online. You don’t have to leave your home to earn. 

Although it is a relatively low-paying opportunity, it’s available during your spare time. Do it during break time in your office or school. Get paid just by answering questions. Be mindful of the websites available. Read reviews and check if it is legit or not. 

Become Mr. Fixit

Fast cash jobs in Singapore are not all about online skill sets. But, if you know the way around the house, you can also earn potential. 

You can either assemble furniture or mount televisions. Repairing minor house issues is also part of your task. Utilize your knowledge and competency for housework.

Start working with people near you. Let their words travel to gain more customers. Also, check out online apps that cater to this type of work. 

Tour Guide

Singapore has a fair share of tourists yearly. Take advantage of it by becoming a tour guide. Equip yourself with knowledge about the country. 

Research the historical places. Then, create an unparalleled itinerary for tourists. Afterwards, submit your plan to platforms. Usually, Airbnb accepts this kind of service. 

Travelers looking for a Singapore tour opt for an itinerary for a particular group size at a reasonable price. With a well-designed idea, you earn quick cash and meet people across the world. 

Cook Homemade Foods

Nothing beats home-cooked meals. If you love preparing food, make it your side hustle. Bring it to work or school and sell it. Also, learn variations of your menu. If you can bake, try making out brownies, pies, or cakes. 

cook homemade foods

Earn extra money by doing what you love. Just be mindful of maintaining cleanliness. Once you’re more established, try selling your homemade food on online platforms. 

There are many ways to solve your urgent financial need. First, find out your personal skills. Then, earn extra income from it. 

Cash Mart Singapore: Fast Cash Provider

There’s nothing wrong with doing side jobs, as long as it’s hard-earned money. However, it takes time to secure the income. If you’re in urgent need of cash, it’s not quite advisable. 

Luckily, Cash Mart Singapore is readily available for anyone. Apply for it online and get approved in no time. Find the quick solution to your financial dilemma without stepping out of your home. And you repay it based on your financial capability. 

All of this is possible because of Cash Mart Personal Loan. The loan service lets you borrow fast cash for as low as $5,000. It is payable for up to three months. 

You don’t have to worry about the tedious requirements and long application queues. With your gadget and internet connection, you can apply for a personal loan wherever you are. 

Also, there’s no more agonizing waiting time. The approval period takes as quick as 30 minutes. 

With this feature of Cash Mart Singapore, you can pay off any unprecedented expenses. So get fast cash without much hassle. Just remember to become a diligent borrower by paying off on time. Then, who knows, you’ll be rewarded with a good credit record in the future. 

How Personal Loans Singapore Work

How Personal Loans Singapore Work

Loans, by far, have proven the best ally for any financial difficulty. 

Financial institutions like banks and moneylenders offer a wide variety of products and services. 

There are business loans, education loans, payday loans, personal loans, and so much more. It is all up to you which loans are available to take out. 

Besides, personal loans are the foremost trusted by people. They say it solves their urgent money problem. 

Let’s learn how personal loans work in Singapore to better understand why borrowers look forward to them. 

What is a personal loan, anyway?

A personal loan is like other loan types. Borrowers take out a certain amount of money from either a bank or a lender. Then, you utilise the funds to pay for whatever things you need. Afterwards, you pay it off on the agreed loan tenure. 

But what sets personal loans apart from others is the flexibility. The loan cash can settle a range of expenses. It can be your medical emergencies, vehicle repair, education fees, wedding expenses, or even debt repayment. 

Name your financial issue; a personal loan can solve it for you. Yet, quick cash comes with an interest rate. So see that you engage with reputable banks and legit money lenders for a competitive rate. 

Furthermore, a personal loan comes in two types: secured or unsecured. 

Secured Personal Loans

A secured personal loan requires borrowers to have some collateral. It guarantees the financial facility that you will repay your loan. Or else you’ll lose the asset you used as a surety. 

Banking institutions and money lending companies accept several collaterals. It can be your cash assets or physical assets. 

Cash assets include a savings account, a certificate of deposit, and more. In contrast, physical assets can be a vehicle, property, jewellery, and the like. 

Failure to pay off the secured loan or default means your lender can keep the collateral.

Unsecured Personal Loans

Unlike the first type, an unsecured personal loan does not need collateral. As a result, borrowers can take out the loan without the risk of losing property. 

Banks, moneylenders, and credit unions also offer this type of loan. However, banks often collect a higher interest rate. All because unsecured loans are a lot riskier than secured loans. 

With the knowledge about personal loans in Singapore, let’s dig deeper into how it works. 

How does Personal Loan work in Singapore?

how personal loan works

Personal loans in Singapore help your finances in both the short-term and long-term. Nonetheless, you have to comprehend if you have what it takes to apply for it. 

When taking out a personal loan, banks and lenders assess if you’re suitable for it. Aside from being eligible, they check if you can repay on time. Your credit score plays a significant role in your approval. 

Once you get approved, you have to review the loan contract. Make sure everything is crystal clear. The loanable amount, loan tenure, repayment scheme, interest rate, and other fees are comprehensible. Financial institutions vary when it comes to these details. You must know all the information about your loan. 

After signing the contract, you will receive the funds for the loan. It can be through direct deposit into your account or on a cash basis. 

But it does not stop there. A diligent borrower repays the loan based on your loan agreement. In return, it lifts your credit score the healthy way. 

Just like that, you can fund your family vacation abroad or the moving expenses. So, why is it necessary to take one out? 

Why get a personal loan in Singapore?

Singaporeans favour personal loans for the following reasons. 

Always Available

Banks and money lending facilities have a fast process. More often than not, application and approval take within a week. But if you’re credible and have an excellent record, same-day approval is possible. That’s why a personal loan is the best choice during an emergency. 

Unsecured

Being unsecured does not mean it’s unsafe; instead, it’s the other way around. Unsecured personal loans help you keep your possessions. The consequence of not repaying the debt will reflect on your credit history. It is far different when you fail to pay off your mortgage. 

Fixed Interest Rates

Often, personal loans are fixed interest rates. Thus, you don’t have to worry about a sudden add-up in charges. Also, it is much safer than credit cards, wherein interest rates hike as the balance increases. 

Personal loans in Singapore are genuinely beneficial. So, it’s no surprise why many opt for this kind of financial help. 

When is the right time to get a Singapore Personal Loan?

The need for a large sum of cash may come from various reasons. It can be a desperate moment or not. 

Family Emergency

If you or any family member is in dire need of money, a Singapore personal loan can be your best bet. The instant cash loan aids in paying whatever bills or repairs your family demands. 

Medical Emergency

Your insurance may cover costly medical treatment. But home medications and follow-up fees are another financial despair to consider. To solve this, borrow a personal loan from banks and legal money lending companies. 

Wedding Bands

Wedding preparation takes time, effort, and money. Aside from the church, gowns and suits, and reception, securing wedding bands is your top priority. But how can you do this if you lack sufficient funding? Fortunately, Singapore personal loans help finance this vital matter. 

Travel Expenses

Travelling is an enjoyable yet pricey leisure activity. Luckily, quick loan cash can cover the costs for you. Receive your accommodation and tickets with it. Plus, it can even suffice your pocket money. 

Credit Card Payment

Credit cards have a lot of perks. Yet, many fees entail it. So, save yourself from digging into your financial grave. Approved personal loans can pay off the nearing due date. 

Education Fees 

Parents and students face financial struggles in their studies. But with instant cash, tuition fees and textbooks are more affordable. 

These are just some reasons you should take out a loan. If you’re in trouble with finances, a personal loan is a top choice. But, regardless of your reason, any credible individual can apply for it. 

Business Matter

Business people in Singapore support their business operations with short-term business loans. It’s one way you can never hurt your business’ money when things turn out unfavourably. Thus, it keeps your business’ income afloat while you support your finances with personal loans. 

Where to apply for a personal loan in Singapore?

Where to get Personal Loan

Personal loans in Singapore are almost everywhere. So, applying for it is convenient for anyone needing urgent cash. 

Banks 

Your credit union or current bank is one of the first places to check. As of today, the majority of banking facilities offer this type of loan. Talk to your banker about the available loans. Find out which among them qualifies you. 

Moneylenders

Also, there are many reputable money lending companies present in Singapore. Shop around and assess if the lender is licensed or not. Watch out for lurking loan sharks. Remember, you take out a loan to overcome your financial trouble. But not to dive into another pool of debts. 

To be safe, refer to Singapore’s official list of licensed moneylenders. In addition, you can visit the Ministry of Law Singapore’s website. All these licensed moneylenders abide by the Moneylenders Act, a law that regulates the lending industry. 

Always pay attention to specific details if you plan to take out a loan. Ask about the interest rates and fees included in a personal loan. Find out if the borrowing limits and collateral requirements are acceptable for you. Most importantly, check if you can meet the repayment terms laid out for you. 

Personal Loans Pros and Cons: Banks vs Moneylenders

Banks and moneylenders are both excellent sources of financial help. But which of the two is the right choice for a personal loan? First, let’s differentiate the perks and downsides of the two. 

Eligibility Requirements

Banks extend the personal loan service to Singapore citizens, permanent residents, and foreigners. Yet, it requires an annual income of more than $20,000. So, unfortunately, it is not attainable for many. 

Meanwhile, trusted moneylenders have a faster approval rate. Also, they have fewer restrictions. You can bring it home if you get qualified under the citizenship and income category. Fortunately, it’s easy to attain. 

The loan amount you can take

Generally, money lending facilities offer only small loans. However, you can take out cash from a few hundred or up to $3,000. 

Banks, on the other hand, offer higher amounts for personal loans. For example, you can borrow at least $10,000. 

The loan process

Typically, personal loans with licensed moneylenders have a faster transaction. You apply in the morning, get approved in an hour, and receive cash by noon. It won’t take much of your time to receive your emergency cash. 

However, banks have an agonising loan process and tedious requirements. Also, scrutinising your credit history takes time. Thus delaying the cash disbursement you need. 

Interest Rates offered

Comparing the interest rate between a bank and a moneylender is genuinely competitive. Some lenders offer interest rates that are higher but relatively reasonable. However, some money lending companies offer low-interest personal loans. For others, banks have a whopping interest you cannot deny. 

Nonetheless, both the bank and moneylender have a way of helping your finances. Just make sure you focus your loan on a specific purpose. Then, afterwards, fulfil your financial obligation for the repayment. 

Personal loans in Singapore work like magic. It does not only help you get through the last week of the month. Instead, it pushes you to achieve your goal and solve the financial dilemma. 

Are you in need of extra money? Cash Mart Singapore can help you! Loans are at a low-interest rate. You can make applications online and get approval within a day.

OCBC iBanking Guidelines Singapore

OCBC iBanking Singapore

OCBC iBanking Guidelines Singapore

At first, you might think that online banking and digital banking are the same. But, there’s a fine line that differs between the two. 

iBanking or online banking deals with essential transactions. It aids most people in managing their finances effortlessly. It focuses more on digitizing the core banking aspects. 

On the other hand, digital banking encompasses every digital platform for every transaction. Therefore, it has more profound and comprehensive re-engineers of the internal system of a bank. 

Regardless of the difference between the two, OCBC Bank Singapore offers both of the services. Nevertheless, iBanking seems to be more prominent than the other. 

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OCBC Singapore’s Brief History

Oversea-Chinese Banking Corporation is also known as OCBC Singapore. It is a Singaporean corporation located at the OCBC Centre, Raffles Place. 

OCBC came from the consolidation of three banks. These are the Chinese Commercial Bank Limited, Ho Hong Bank Limited, and Oversea-Chinese Bank Limited. It was formed in 1932 and served as the longest-established bank in Singapore. 

For the past years, OCBC Bank Singapore consistently received recognition as one of the World’s Top 50 Safest Banks worldwide from Global Finance. Also, it gained the title of the Best Managed Bank in Singapore from The Asian Banker. 

As of today, OCBC Singapore provides multinational banking and financial services. From commercial banking to specialist financial and wealth management. Also, it caters to the consumer, corporate, and investment. In addition, the institution has involvement with transaction banking, treasury, insurance, and stockbroking services. 

That’s why it is no surprise it is available in other countries. Aside from Singapore, OCBC is accessible in Malaysia, Indonesia, and Greater China. Plus, it now has over 400 branches and offices. 

OCBC Singapore is one of the top banking groups in the country. And it continuously develops technology products and services for every individual in the country. The recent leading player of OCBC bank is iBanking.

OCBC iBanking Singapore

OCBC iBanking Singapore

With the current situation the world is facing, OCBC strengthens its services through iBanking. Online banking permits transactions that do not require account holders to get out of their homes. Thus, it provides an easy connection to OCBC customers.

Benefits of OCBC iBanking

OCBC iBanking Singapore is so beneficial. A lot of residents in the country opt for this service. There’s no need to visit a bank branch. Plus, it allows you to initiate banking transactions convenient for you. 

You can pay your bills and transfer funds while sitting on your porch. Also, you can verify transactions and account balances without stepping out of your bedroom. Or you can apply for a loan and deposit checks while working in your home office. 

Must-Have for OCBC iBanking

Nevertheless, it is a must that you have a gadget suitable for it. You may use a computer, mobile device, or tablet. A strong internet connection is incredibly essential. 

If you have these, you can quickly accomplish your financial responsibility effortlessly. 

Security of OCBC Bank Singapore

OCBC iBanking provides safety features to all account owners. Technology keeps your personal information and bank account number away from theft. Keep in mind the importance of the verification details such as your birth date and Social Security Number. 

Also, beware of online scams. OCBC Singapore always reminds every holder not to divulge crucial information. It is strongly advised to access your account via the authentic website only. Also, be familiar with phishing schemes through email or text. 

If ever errors or fraud occur, report it immediately. Federal law often protects account holders from such events. 

OCBC iBanking has a lot of perks. But without proper handling, it might end up in financial chaos. 

How to apply for OCBC iBanking?

Signing up for OCBC iBanking is so simple. But first, assess yourself if you have the qualifications. 

Eligibility for OCBC iBanking

Applicants for online banking must be an existing principal cardholder of any OCBC credit card. Or at least have any of the following OCBC accounts:

  • Current Account
  • Savings Account
  • Foreign Currency Checking Account
  • Foreign Currency Call Account
  • CPF Investment Account
  • Supplementary Retirement Scheme Account (SRS)

There are different methods to apply for OCBC iBanking. Below are the possible options you can take when applying through iBanking.

Visit any of OCBC’s Branches

If you opt for the traditional banking application, visit any branches. Then, you can talk to the bank executive and apply for Online Banking. In addition, you can get your access code and PIN immediately.

Apply via OCBC Mail

Firstly, make sure you have a copy of the banking application form beforehand. You can get your application form through download or collect it from any of the branches. Secondly, complete the necessary information in the form. Then, finally, send your application to their mailing address: Oversea-Chinese Banking Corporation Ltd, Account Services, Bras Basah Post Office, Singapore 911886.

Online Application

OCBC iBanking

With the strict implementation of homestay, online application is more prevalent. First, visit ocbc.com/ApplyNow. Then, second, you fill in the required details accurately. Afterwards, submit the online form.

Once done, you can check the instant access to Online Banking. Once you have secured your personal OCBC banking details, you can access your online account instantly. 

OCBC Mobile Banking App

OCBC iBanking Singapore truly brings out accessibility. In fact, OCBC has a mobile banking app that could bring extra convenience for everybody’s needs. OCBC Mobile Banking App is another feature where customers fully control their financial information. Thus, using it gives you a bird’s eye view all over your finances.

OCBC mobile banking app is downloadable from Google Play (Android) and App Store (iOS). So, download and have fun managing and checking your accounts in one place while sitting on a couch. 

Choosing Fast Online Lending 

Besides iBanking, you can also find online lending offering online loans to Singaporeans. Gone are the days when you must leave your home to apply for a loan. The money lending industry became more competitive with other financial institutions like banks. 

One of the trusted moneylenders in Singapore is Cash Mart, which has taken pride in serving the country since 1969. For over 45 years, the institution firmly upholds excellence, honesty, and integrity. Also, the company is adept at the legal process and current market trends. Thus, they can provide innovative and flexible loan options for Singaporeans. Here are the best loan services of the company:

Payday Loan

If you need money upfront before your next paycheck, apply for a payday loan. For example, use the instant cash loan to pay off your monthly dues or groceries. 

Receive a loan amount of $500 to $15,000 at an interest rate of 0.98 per term. Approval time for a Cash Mart Payday Loan is as early as 30 minutes—no need for the hustle and bustle to get approved. 

Calculate the amount you need and pay it off in your preferred term. For example, it can be in 4, 8, or 12 weeks. 

Business Loan

If you need continuous cash flow for your venture, seek a business loan. Find out how much you need for machine procurement or employee’s salary. Instant cash can also cover the business expansion. 

The loanable amount for a Business Loan starts from $10,000 to $300,000. It has an interest rate of 3.99% per term. Get approved for seven business days. 

Make sure to repay your loan cash in your chosen term. For example, it can be in 6, 12, or 18 weeks. 

Personal Loan

The leading financial product of Cash Mart Singapore is the low-interest Personal Loan. It is the perfect cash solution for any money problem. Securing your instant loan cash helps you manage emergency hospitalization, unexpected car and house repairs, and many more. 

A personal loan application takes about 30 minutes to get approved. It has a loanable amount of $5,000 to $50,000. The interest rate is at 3.99% per term. Plus, it is payable for up to three months. 

The best part about Cash Mart Singapore is its stress-free application procedure.  

3-Step Application Process

Conveniently apply for the loans without leaving your comfort zone. 

  • Fill up the inquiry form. Expect feedback within one working day. 
  • Talk to the loan executives as part of the verification process. Present all the required documents for a more effortless transaction. 
  • Sign the Note of Contract. Receive your disbursed loan cash instantly. 

Getting your funds from Cash Mart Singapore does not take too long. Everything is made easy and convenient for your comfort. Also, they value the safety of every applicant and borrower. 

Find the best financial solution in this most trying time. First, seek assistance from the top-tier moneylender in the country. Then, apply for the loan services by Cash Mart Singapore.

How Does A Temporary Bridging Loan Works?

Temporary Bridging Loan

How Does A Temporary Bridging Loan Works?

Are you planning to sell out your current house to buy a new home? Unfortunately, your finances cannot suffice your new purchase. 

Well, a bridging loan can help you be one step closer to your dream home. But don’t forget one tiny detail. Applying for the loan must be the same bank as your mortgage. 

Are you curious how a temporary bridging loan works? Find the answers you need here in this article. 

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What Is Bridging Loan Singapore?

A temporary bridging loan provides the funds needed for your next house purchase. It is beneficial. It keeps your finances afloat while waiting for the sale proceeds from your current house. 

The bridging loan is best for individuals who intend a home upgrade. For example, you’re living in an HDB flat and plan to move into private property. The loan suits you since procurement requires a hefty sum for a down payment. 

Nonetheless, bridging loans are not solely for private property buyers. It can also bridge the financial gap when buying an HDB flat. 

Types of Bridging Loans

When considering taking out a temporary bridging loan, you have two options. 

Capitalised Interest Bridging Loan

You don’t have to worry about two different loans simultaneously in this type of loan. Your chosen bank pays out the entire new house. Then, start paying your mortgage once you sell your old home. 

Simultaneous Payment Bridging Loan

Just like its name, it works in pairs. It means you pay off the home loan and the bridging loan simultaneously. Then, you must sell your old property and start loan repayment. Yet, you have to do these in 12 months. 

Knowing facts will help you decide on anything you plan to do, especially regarding finances. From the two types of bridging loans provided above, assess which will best fit your needs. 

Indeed, Temporary Bridging Loans stand by its name. It is a financial solution you need while selling your previous property. 

5 Tips On How To Apply For Bridging Loan In Singapore

Once you’ve decided to take a Temporary Bridging Loan, consider these details in your preferred bank. 

Know the Loanable Amount

A temporary bridging loan can only finance up to 25% of your new home’s cost. So, it is sensible to borrow the amount needed to cover the down payment. It can even complete the property transaction. 

But, always take into consideration the high interest rate and shorter loan tenure. 

Understand the Loan Tenure

Bridging loans are usually short-term loans. Bank tenure depends on the bank’s policy. Some take up to six months to repay the loan. 

Nevertheless, note the amount you borrow and the interest rates that come with it. A short-term loan chalks up the monthly repayment. 

Calculate the Interest Rate

Taking up bridging loans in Singapore goes along with higher interest rates. It typically ranges from 5% to 6% p.a. 

Luckily, banks are considerate of their borrowers. Some banks allow you to repay the interest first, and then you pay off the bridging loan. That is when you have received the proceeds from your previous house. 

Estimate the Monthly Repayment

The monthly responsibility is something you have to think about. With your regular expenses, decide if adding another repayment is feasible to your budget. Have important regard for your savings. Also, don’t forget that the amount is on top of your mortgage. 

You would not want to compromise your daily expenses for your new home, right?

Be Prepared for Risks

A temporary bridging loan in Singapore is a risky financial endeavour. You take out a large sum of a loan before you receive the property sale proceeds. Also, you have to pay for a higher interest rate in a shorter period. That’s why banks use the borrower’s property as collateral.

Who is Eligible for Temporary Bridging Loans?

With the risks entailed with bridging loans, applicants must assess whether they are qualified. 

Residency Requirement 

Singaporeans, Permanent Residents, and even Foreigners can apply for a temporary bridging loan. However, it is a must that the borrower has a property to sell in Singapore. 

Credit Records

A healthy credit score has a positive impact on loan approval. 

Complete the Documents Required

Here is the paperwork one must prepare for the temporary bridging loan application. 

Option to Purchase (OTP): A document that indicates you have the right to buy an apt property. 

Bank Loan Statements: Banks require that you apply for the same institution you have your mortgage.

Central Provident Fund (CPF): The withdrawal statements are necessary. It allows the financial facility to see where the proceeds will be available. 

A bridging loan is a significant financial aid for your home-buying experience. It is a short-term loan used to finance a property purchase. But just like other solutions, you need to be knowledgeable. 

Facts can tell what you need.

Getting a loan with less information might let you fall into false expectations. Of course, we don’t want that to happen. Facts will help you tell which meets your current needs. 

For instance, you need money for home improvements. A renovation loan can help you. For instance, it’s also a short-term loan you can use to make a home makeover. Thus, there are loan products designed for a particular purpose. 

If you need a loan for home renovations, you can seek financial help from moneylenders. Getting a loan from a licensed moneylender will ensure security for customers. 

The Ministry of Law Singapore provided an official list of licensed moneylenders. Customers can check on it and choose which moneylender they want to transact with. In this way, it ensures that the customers transact with legal lending entities. 

Why Get A Loan from Cash Mart Singapore?

Cash Mart Singapore is one of the most trusted moneylenders you can find in the country. For more than fifty years, the company has well-served its clients. But, until now, the company has thrived on extending financial services to every citizen. 

Low credit score? Don’t worry. Cash Mart welcomes applicants regardless of their credit history. That’s one of the reasons why Singaporeans trust the company’s services. 

Here’s what you need to meet when you get a Renovation Loan from Cash Mart:

People who can get a loan from moneylender Cash Mart

Singaporeans, Permanent Residents, and Foreigners can take out a personal loan. Yet, the applicant should meet the age limit of 21 years old and above. 

Regardless of your employment status, you can apply for a loan. And most importantly, borrowers must have no undischarged bankruptcy or bankruptcy proceeding. 

Required Documents

After assessing yourself, gather all the requirements. 

  • Salaried or Commission-based Employees: NRIC, SingPass Login with 2FA, proof of billing, last three-month payslip, and letter of employment

  • Self-Employed Individuals: NRIC, SingPass, proof of billing, Notice of Assessment, and ACRA.

  • Taxi Drivers: NRIC, Vocational license, Taxi Pass, 7-day job summary, and proof of billing.

Loan Amount

The loanable amount depends on the borrower’s annual income. 

For an applicant with less than $20,000 annual income, the loan amount is up to $3,000. While for applicants with a yearly income between $20,000 and $30,000, the loan amount is up to two months’ salary. 

An applicant can get a loan of up to four months’ salary. That is if they earn an annual income between $30,000 and $120,000. 

But those with more than $120,000 annual income can loan any amount they desire. 

Interest Rate

A Renovation Loan by Cash Mart charges an interest rate of not more than 4% every month. As mentioned, the company abides by the Moneylenders Act, in which interest rates are capped at 4%. Moneylenders offering more than the stated rate will result in license revocation. 

Other Charges

A diligent borrower knows how important on-time repayment is. If not, they have to settle unnecessary fees. 

You’ll get charged with a Late Repayment Fee that does not exceed $60 each month. 

After being granted the loan, a fee not exceeding 10% of the principal loan amount. The court implements Legal Costs. It is charged for every successful claim for the loan recovery.

Cash Mart can support your goals from personal to home needs. You’ll get to expand your space or bring your family into a better living place. Yet, it comes with a large sum of money. 

Thankfully, there are financial institutions readily available to provide financial support. All you have to do is choose wisely which is the best fitting for your financial needs.

Getting To Know More On ANZ Home Loan Rates

ANZ Home Loan

Understanding ANZ Home Loans Singapore

Having your property must be one of the most significant investments you can have in your life. There are a lot of lending institutions that will help you secure your dream home. 

Getting a home loan is an excellent way of financial help. That is if you do not have enough cash to buy a home upfront. 

Buying a home can be a reality with easy payment schemes that lending institutions offer. Yet, before getting a home loan, you need to check which you think is perfect for you. And most importantly, you should know all the necessary factors to consider when you buy a home. 

ANZ is one of the known banks offering home loans to Singaporeans. In this article, ANZ provided essential factors you might not know about. Read up so you would know if ANZ Home Loan is the best choice for you. 

Table of Contents

Three Factors To Consider Before Getting a Home Loan

Prioritise Affordability

There are a lot of options that you can consider when you are getting a home loan. One significant factor you should prioritise considering is your chosen home’s affordability.

You can borrow a tremendous amount of money, but think about it very well. You can go over your cost of living when choosing a more expensive home than you need. Take note that the longer you pay for your home, the higher the interest rates will be. 

Also, there are other factors that you can consider while choosing your home. Consider the location, size and price of your home. Will it be enough for your family? Is the house worth it for its price? Ensure that your house’s cost won’t exceed your financing capabilities.

Weigh All Loan Options

Make an effort to do extensive research about all the institutions that offer home loans. You can quickly get a comparison of rates through the internet. Take note of the essential factors that you should be considering. These factors are repayment tenure, down payment and interest rates. If you’re aware of the range of these factors, it will be easier to choose the home loan that is right for you. 

However, home loans are usually larger than other loans. So, ensure that you are aware of all the charges you might encounter as you pay off your home loan. 

Read the Terms and Conditions

Make sure to read the contract with your home loan advisor thoroughly. You would not want to be surprised about hidden terms you are unaware of while applying for your loan. For example, be aware of specific lock-in periods and other charges. 

Going through the document carefully will give you a comprehensive knowledge of what you are getting into. Getting a home loan is a long-term mutual trust. 

ANZ Home Loan in Singapore

ANZ Bank Singapore

ANZ offer mortgages not only in Singapore, such as 3M SOR and 3M Combo. Both offer different rates to borrowers, so choose which home loan type you think you can afford to get. Let’s get a broader picture of these two home loans.

ANZ Home Loan Rate: 3M SOR 

SOR stands for Swap Offer Rates. Then, it is based on the foreign exchange rate between the SGD and USD rates. With ANZ, they get a rate at 8 pm fixing from the Association of Banks in Singapore (ABS). That is specifically on the last business day of the previous month. 

ANZ Home Loan Rate: 3M COMBO

SIBOR (Singapore Interbank Offered Rate) is based on the interest rate charged to other Singapore banks. It’s different from SOR, but you can get SIBOR rates from the Association of Banks in Singapore. 

Regarding ANZ Home Loans, the bank offers a home loan rate pegged to 3M SIBOR and 3M SIBOR average rate. The difference in getting the SIBOR rate is that you can get it at 11 am, fixing the first day of the month for 3M SIBOR. So that is on the first business day of the month 3M SIBOR.

By the way, that big letter “M” signifies “month”. So when we say 3M SIBOR/SOR, it means three-month SIBOR or SOR. Yet, available rates don’t happen every day. And when that happens, what ANZ does is look for a better alternative yet reasonable rate.

ANZ Home Loan Fixed Rates

Be it known that the interest rates are stated in the Letter of Offer and considered fixed. Additionally, the said fixed rates can’t be revised when rates are stated as fixed. Rates can only become variable after their fixed period. 

ANZ Home Loan Cost of Funds

Aside from fixed rates, ANZ does offer rates based on the cost of funds. Cost of Funds refers to the cost paid (a particular currency within a certain period) to a related financial facility. About currencies, ANZ only offers AUD and SGD currency. 

For instance, your 3M period commences by the time the facility disbursed the funds. Then, after three months, it could be revised only on the first business day of the 4th-month, when the loan has been disbursed.

ANZ Home Loan Fees 

When getting a home loan, you should also consider ANZ’s home loan fees and other charges. Such fees include the redemption, partial prepayment, and cancellation fees. 

  • Redemption Fee: You’ll get charged a fee whenever you want to redeem your loan.

  • Partial Prepayment Fee: This kind of fee is applicable when you want to repay your home loan partially.

  • Cancellation Fee: When the cancellation of a loan happens right after accepting the facility letter, you will get charged a fee of 1.5%. That fee will be based on the cancelled loan amount. 

Note that there are certain legalities involved when buying a property. Thus, having a lawyer to finalise your home purchase is necessary. Additionally, you might be required to pay for insurance. 

ANZ Home Loan Repayment Calculator

ANZ Home Loan Calculator Singapore

ANZ’s Home Loan Repayment Calculator will estimate your fees and rates for your home loan package. And the result will all be based on the information you provide. ANZ provided this calculator to clients for illustrative purposes. 

Despite giving you only the estimated amount of what you are looking for, you will be informed of the fees and rates you are about to pay. Thus, you can borrow depending on your lifestyle and income. 

Conclusion

Before applying for a home loan from ANZ, be sure you have already assessed your financial capability to repay it. If you think you won’t have any financial problems, choose which home loan rate best fits your needs. 

Home Loans made it easy to make your dream home a reality. If you need extra funds to make minor home improvements or renovate your property, a renovation loan from Cash Mart can help.

Cash Mart, a trusted licensed moneylender who abides by the Moneylenders Act, offers various instant cash loans to citizens. You can visit the lending website and discover more about Cash Mart.

Is ANZ Credit Card Singapore Worth It?

ANZ Credit Card

Facts you should know about ANZ Credit Cards

Australia and New Zealand Banking Group (ANZ) is one of the finest financial institutions in Australia. It started in 1835 and currently operates in several countries around the globe. 

ANZ is well-known for helping sustain the future of business, shareholders, clients, and communities. So it is no surprise it is present in Asia, Europe, and the United States. 

ANZ acquired RBS Singapore on May 15, 2010. Today, it functions in six different branches all over the country. It deals with about 300,000 clients in Singapore. It can be assistance in wealth management, retail, and commercial and institutional banking.

Recently, credit cards are now a top product of the company. A lot show interest but are still hesitant. With that, let us show you if it is worth applying for an ANZ credit card. 

ANZ credit card singapore

ANZ Platinum Credit Card

ANZ Platinum Credit Card follows a point system. In return, cardholders receive perks suitable to their needs. 

Among other credit cards of ANZ, Platinum Card holds the most benefits for its cardholders. So, let’s dig deeper into what the credit card has to offer.

ANZ Platinum Credit Card Benefits

Double your Rewards Points: Earning rewards is faster. Shop online with ANZ Platinum Credit Card, especially for online and overseas purchases. Also, it applies when you buy in any currency besides Singapore Dollars. 

Savour dining privileges: Any ANZ Credit Card Singapore has the advantage of delectable meals from restaurants you prefer. 

Petrol Savings. Experience savings of up to 20.3% every time you fill your tank with petrol at Caltex. 

Complimentary Parking: Lessen your hassle of weekend parking at TANGS at Tang Plaza when you swipe your ANZ Platinum Credit Card. 

Rewards: Being a cardholder of ANZ Platinum provides you with amazing Platinum rewards. 

On top of these benefits, a Platinum Card has additional promising features. 

You can balance transfer for six months with a 0% interest rate per annum and processing fee. Also, it offers a complimentary MoneyLine account.

Furthermore, FlexiLoan is more accessible with the Platinum credit card. And it allows you to enjoy the FlexiPlan, which has a purchase program now and pay later.

Aside from earning rewards points through shopping, you gain them when paying off your income tax. In addition, ANZ Credit cards assist cardholders to be responsible citizens with perks. 

Platinum Card has a security feature that saves you from being stressed from unauthorised expenses and payments. 

ANZ Credit Card Fees and Other Charges

ANZ Platinum Credit Card has the lowest annual fee of $160. Luckily, it is waived for the first year. 

The instalment payment plan has a 0% interest. Also, payments for the credit card is more convenient than ever. Use the Scan and Go and fulfil your financial obligation in no time. 

ANZ Platinum Credit Card Eligibility Requirements

Applicants who wish to avail of the ANZ Platinum Credit Card must be eligible with the following. 

Age Limit Required: It is available for individuals aged 21 to 65 years old. 

Annual Income Required: The minimum annual income for Singaporeans and Permanent Residents must be $30,000. Foreigners can also avail of this card with an annual income of $60,000.

ANZ Credit Card Application Contact

Applying for an ANZ Platinum Credit Card is easy when you fulfil is available to over 800 DragonPass lounges worldwide—all the requirements. 

Personal Information: Ensure accurate details about your full name, birth date, and residential address. Your contact number and email address are also necessary. If you’re a foreigner, don’t forget to secure your passport. 

Financial details: As mentioned earlier, the minimum annual income is essential. Complete the paperwork that has your income. Ensure that the employment details and government payments are also present. 

Also, prepare to share the details about your assets. It can be your savings, regular expenses, and liabilities. 

Supporting Documentation: Other documents are necessary besides personal and financial details. Your recent payslips play a vital role in your credit card application. It verifies your income. 

ANZ Platinum Credit Card provides rewards beneficial to every cardholder. Secure one for yourself and obtain Platinum perks. 

Other ANZ Credit Card Singapore

Credit cards from ANZ offer a wide range of services. It benefits low rates, rewards, frequent flyers, and platinum. When you plan to take an ANZ Credit Card, find out which types are worthy of applying. 

ANZ Switch Platinum Card

The Switch Platinum is the go-to credit card with no annual fee. It is an ANZ Credit card with a rewards program. 

Eligibility Requirements: It applies to cardholders at the age of 21 to 65 years old. The minimum annual income for Singaporeans and Permanent Residents must be $30,000. Foreigners can also avail of this card with an annual income of $60,000. 

Card’s Interest Rate: ANZ Platinum Credit Card offers the lowest interest rate per annum at 23%. 

Features: The plastic card is best for dining privileges. It provides complimentary weekend parking at TANGS in Tang Plaza. Also, earn rewards when you use it for petrol at Caltex, up to 20.3% savings. 

Payment Methods: Enjoy the faster payment process with Tap & Go. 

If you prefer a credit card free from the annual fee, apply for an ANZ Switch Platinum Card. 

ANZ Optimum World MasterCard Credit Card

The popular ANZ credit card for cash rebates. 

Eligibility Requirements: It applies to cardholders at the age of 21 to 65 years old. The minimum annual income for Singaporeans, Permanent Residents, and Foreigners must be $80,000. 

Annual Fee Requirement: Optimum World MasterCard Credit Card has an annual fee of $180. Nevertheless, cardholders have the privilege of a waived fee in the first year. 

Features: The credit card allows you to earn all the cash rebates based on your spending. Gain a 5% cash rebate on one of the following categories.

  • Groceries – Supermarkets
  • Shopping – Fashion boutiques and stores (can be physical shops or online)
  • Dining and Leisure – Restaurants, bars, cinemas, and hotels
  • Travel – Airlines, travel agencies, and online portals for travel

Always remember that your choice can vary for every calendar quarter. 

Furthermore, cardholders still can earn 1% on all other spending not mentioned above. 

Plus, it does not require a minimum spend. Therefore, there are no limits on how much cash rebate you can earn. 

Take out an ANZ Optimum World MasterCard Credit Card if you’re after a credit card with rebates or cashback. 

ANZ Travel Visa Signature Card

The ANZ Travel Visa Signature credit card offers miles people never thought they needed. 

Eligibility Requirements: It applies to cardholders at the age of 21 to 65 years old. The minimum annual income for Singaporeans and Permanent Residents must be $60,000. Foreigners can also avail of this card with an annual income of $90,000. 

Annual Fee Requirements: Travel Visa Signature Card has an annual fee of $200. Nevertheless, cardholders have the privilege of waiving fees in the first year. 

Features: The ANZ Credit Card Singapore provides more than just miles. 

Earn more air miles with every dollar spent. Get 2.8 air miles per $1 for flight bookings made in Qantas and Jetstar airlines. Receive 1.4 air miles for every $1 of other purchases made. 

Redeem airport limousine transfers. Cruise the airport with a chauffeured Mercedes E-class when you use the ANZ Travel Card Rewards Program. The Travel$ provides a one-way airport ride.

Access to DragonPass airport lounges. It is available to over 800 DragonPass lounges worldwide. Receive two complimentary access every time you charge a minimum of $10,000 in your ANZ Travel Card. Take note that it applies in each calendar quarter. 

The flexible function of Travel$. Offset any of your travel-related purchases, or you may convert them to cash. 

Obtain insurance coverage for travel accidents and inconvenience. Gain the benefit every time you charge air tickets to ANZ Travel Visa Signature. You can have up to $1 million for yourself. At the same time, your spouse and child can have up to $100,000. 

Visa Signature provides up to 75% off at over 65,000 hotels around the world. Also, it offers a 5% discount on petrol purchases at any Caltex service station. 

Payment Methods: Enjoy the convenient payment procedure with Wave & Go. 

If you aim to save for your out-of-the-country vacation, grab the ANZ Travel Visa Signature Card. 

ANZ Credit Card Singapore is just like the ones available in Australia. However, it expanded its products and services to cater to every individual’s needs.

Will credit cards be your best spending buddy?

With a credit card, your purchasing experience will get better and more manageable. For example, you have to pay for a high-ticket item. Using a credit card would be lighter than paying it upfront. 

Let’s say you need to buy a  high-ticket purchase such as home improvement. Of course, using credit cards for such a purchase is acceptable. However, other options might be better for home improvement projects, such as personal loans. 

Personal loans have lower interest rates. That’s why people tend to apply for personal loans or short-term renovation loans rather than credit cards.

You can also find an instant cash loan offering low-interest personal loans in Singapore. Moneylending companies have better options to offer in terms of personal loans. 

Considering the scenario given above, it is best to understand how a credit card works first. And most importantly, when to properly use it. In that way, you can avoid being lulled to huge debts.

UOB Credit Cards Quick Review 2021

UOB Credit Card

Which UOB Credit Card Stands Out?

Credit cards are widely used nowadays. You can use it both for online and offline shopping. Also, it is a key to your long-time planned escapades. If you have an unexpected purchase, a credit card helps you with it. 

Many banking facilities offer credit card services. UOB is one of the prominent brands that give it. 

UOB Credit card provides promotions, rebates, miles, contactless spending, and more. It is generally generous to every cardholder. 

Of all the UOB credit cards, the UOB One Credit Card is the most promising. So, let’s find out why it stands out among others. 

Table of Contents

UOB One Credit Card

UOB One is the best rebate UOB credit card. It is a card suitable for regular spenders or individuals with stable budgets. It lets you absorb as much cash rebate as possible. 

At first, the UOB One Credit Card offers cashback for retail spending. Recently, it introduced an additional inclusion. You get a cashback for every transaction made on Grab services and Shopee. Purchases from Dairy Farm Group merchants earn rebates as well. 

Also, paying off your utility bill payments is more convenient. If you utilize UOB Travel Planner, you take home a cash rebate, too. 

On top of that, UOB One Credit Card has a lot to offer. Get to know more about it. 

Experience UOB Credit Card Rewards

Securing a UOB One Credit Card is a wise choice for your everyday spending. Such a card earned recognition as Singapore’s most generous cashback card. 

These UOB Credit Card rewards include the following. 

Up to 10% cashback for your Shopee, Grab, Dairy Farm Singapore, UOB Travel

Shopee: In addition, receiving UOB One is the perfect match for your online shopping. 

Shopee Singapore lets you enjoy your additional 5% cashback, excluding ShopeePay. 

Also, you are privileged of the following: 

  • Remarkable discount on Big Campaign Days
  • Get $6 off Shopee Supermarket for every $60 minimum spend
  • Exclusive deals during Super Brand Days
  • Special promotions on pre-launch products

Grab: UOB One credit card helps you save more on transport and food delivery. In addition, receive an extra 5% cashback with Grab services. 

Be mindful that it excludes mobile wallet top-ups. Nevertheless, it applies, especially if you qualify for quarterly cashback. 

Dairy Farm Singapore: Buy your daily essentials at any of their merchants with your UOB One card. Get the most generous savings you never imagined. 

Purchases from Cold Storage, Guardian, Giant, Marketplace, Jasons, Jasons Deli, and 7-Eleven earn an extra 5% cashback. It is applicable, especially if you qualify for your quarterly cashback. 

UOB Travel: One of the perks of UOB One is bringing forward your holiday plans. It gives more than 5% cashback for UOB Travel spending. 

Things excluded are the online, flights-only bookings and other relevant taxes. So, it is applicable, especially if you qualify for your quarterly cashback. 

All in all, UOB One Credit Card has a $2,400 rebate every year. 

Up to 6% cashback on bills under Singapore Power Utilities

The partnership of UOB One and SP Group is beneficial. For every bill due paid, cardholders get an additional 1% cashback. It is applicable, especially if you qualify for your quarterly cashback.

Calculation Basis of UOB credit card rewards 

Spend: With a minimum of five purchases, cardholders must spend $500, $1,000, or $2,000 every month. 

Months: Based on your qualifying quarters, you must spend three months consecutively. 

Cashback: Receive rebates of either $50, $100, or $300, respectively per quarter. 

How does it work: A cardholder’s statement is every 15th of the month. Therefore, if you want to earn a quarterly cashback, make at least five purchases. 

Combining with minimum expenses is also possible. But the posting should be before the statement date. If you fail to do so, you fail to qualify for the rebate. 

Fuel Savings: Aside from the groceries, health, and beauty expenses, the UOB Credit Card rewards you with fuel. Get up to 21.15% off with your fuel at Shell and 24% at SPC. It allows you to go further on less spending. 

UOB One Credit Card is genuinely an exceptional card. It is practical for people with stable budgets. It provides the highest rebate tier when consolidating all your spending into one card. Thus justifying its name. 

Always read the terms and conditions and ensure that it includes all the card benefits and privileges. 

UOB Credit Card Annual Fee Waiver

Just like any other credit card, UOB One has an annual fee. 

Principal card: Every year, the credit card has a $192.60 fee. Thankfully, in your first year, the annual fee gets waived.

Supplementary Card: Subsequent cards cost $96.30 for their annual fee. Nonetheless, it is free on the first cards. 

Aside from the annual fee, other charges inclusive with UOB One are as follows. 

Interest Rate: The annual interest rate is 25.90%. 

Minimum Monthly Repayment: Pay either 3% or $50 or which every amount is higher. 

Be mindful of these fees so you can wisely set your monthly and annual payments budget. 

UOB Credit Card Requirements

Applying for UOB One looks for the following qualifications. 

Minimum income requirements: All Singapore citizens/Permanent Residents and non-Singaporeans are welcome. However, the applicant should meet the annual income requirement of at least $30,000 annually. 

But for non-Singaporeans, the annual income requirement is $80,000.

In addition, they should have Fixed Deposit collateral of at least $10,000. That is if they don’t meet the annual income requirement.

Age Limit Requirement: Eligible applicants are individuals aged 21 years and above. 

Documents Needed to Comply

The following is essential for a UOB credit card application. 

Singaporean or Permanent Resident Applicants

NRIC and latest billing proof within the last six months. Income documents such as:

  • CPF Contribution History Statement (last 12 months)
  • Computerized Payslip (previous three months)
  • Tax Notice of Assessment (latest)

Foreigner Applicants 

Valid Passport for all nationalities and Employment Pass. Latest billing proof with our local residential address. Income documents such as:

  • Computerized Payslip (recent or last three months)
  • Employment Company Letter and Monthly Salary (dated within three months)

Bring home the easy-to-use card and maximize the rebates when you qualify for a UOB credit card application. 

UOB One is the perfect choice for stable spenders. It is a single card that lets you pay for your daily expenses. But, at the same time, it gives you the privilege of fantastic cashback. 

Crucial Points To Understand Credit Cards

Some people choose to get a credit card. Yet, some fear getting one due to the temptation of using it and being into colossal debt. Some people wish to have credit cards as their backup money whenever an uncertain event comes their way.

Here are some crucial points that every credit card applicant should know before applying for a credit card. 

How do credit cards work?

With credit cards, you get a revolving credit, which you can use anytime. Moreover, the used credit will be replenished every repayment period. But note that repayments will always depend on how much credit you use within your billing period. 

Advantages of Credit Card 

You get a smooth spending experience using credit cards. It’s lighter compared to carrying heavy cash in your wallet. It is also easy to manage your budget when using cards as long as you pay off your debt on time. Also, you get rewards and other perks when using the card. 

Another advantage of using credit cards is that they can help you with urgent expenditures or emergencies. 

Disadvantages Credit Card 

Credit Cards are easy to use. However, the convenience of using credit cards can become one significant disadvantage. It makes it more tempting to swipe your card every time you buy. And that’s the reason why many get pacified into debt. 

Another thing you should know about is paying your credit card with minimum payments. That will help you prevent paying fees. Yet, making the minimum payments with high-interest credit cards will lead you to pay hefty rates.

Are you ready to get your UOB Credit Card Singapore?

Owning a credit card makes it handy when purchasing. It’s an ideal tool for your regular purchasing activity in which you enjoy reaping the benefits while using credit cards. You can also use credit cards to buy high-ticket items. 

But if you’re thinking about consolidating debt using a credit card, you better consider other options like personal loans. Both can help you reduce your debts. But either of the two requires a good credit standing before getting one. 

The ideal credit score for getting a personal loan or credit card could be 690 and above. Yet, card issuers are pretty strict about credit approval. That’s why many choose to take a personal loan to consolidate debts. 

One advantage of personal loans is that they require lower credit scores. It’s more likely 580.

Several banks are offering personal loans for consolidating high-interest loans. Or, if you are looking for a low-interest personal loan, you can try applying to a reputable licensed moneylender in Singapore. 

Aside from banks, money lending institutions are also financial entities providing loan services. Therefore, they are also under the regulation of the Ministry of Law Singapore, abiding by the Moneylenders Act

Instant cash loans are what they offer with competitive rates and flexible repayment plans. You can also look up other online loan services they offer. Included are business loans, payday loans, and loans for ex-pats

Application is accessible, and the approval will only take up to 24 to 48 hours. But, of course, that depends on the authenticity and accuracy of your profile when you apply for personal loans.

Don’t get hasty when it comes to getting a credit card. Instead, sit back and keep calm. Doing personal research, first, will give you facts. Afterwards, use all the information you gain and check your financial standing. That would help you when choosing which is which.

What Is The Best DBS Credit Card In Singapore?

DBS Credit Card

What DBS Credit Cards can offer you?

Have you ever wondered why DBS is Singapore’s leading credit card service? 

For one, the bank’s product offers a broad scope of financial services. It allows cardholders to purchase almost anything they need. 

Also, it is easily accessible all over the country. Several branches of DBS are present almost everywhere. 

It’s no surprise why citizens love their financial assistance. But among all their available credit cards, which one should you choose? 

Let’s have a rundown of the best DBS credit cards in Singapore.  

Table of Contents

DBS Cashback Credit Card

DBS is well-known for its cashback and rebates for everyday expenses. You want to earn something in exchange for your daily spending. Then, taking out a DBS Cashback Credit Card is a great choice. 

DBS Live Fresh

DBS Live Fresh is your go-to DBS Credit Card for online purchases. Also, it provides special perks for Visa contactless spending and public transport. It is like cardholders earn on almost every purchase made anywhere. 

Income Requirement: Singaporeans and Permanent Residents must have a minimum annual income of $30,000. In comparison, foreigners must earn $45,000 annually. 

Annual Fee: The annual fee is $192.60. However, it is waived off in the first year. 

Cashback: Get the following rebates every time you use DBS Live Fresh for the following:

  • Online spending, Visa contactless spending, and SimplyGo rides have a cashback of 5% 
  • All other spending have a cashback of 0.3%

Spending Requirement: Maximize the perks included in your DBS Credit Card. Meet the required minimum monthly spending of $600. 

DBS Live Fresh Card is the epitome of convenience. It is like your all-in-one card with SimplyGo. 

SAFRA DBS

DBS SAFRA is also a DBS Credit Card suitable for your online shopping and public transport expenses. However, it provides Mastercard contactless spending. 

Income Requirement: Singaporeans and Permanent Residents must have a minimum annual income of $30,000. 

Annual Fee: SAFRA DBS has no yearly fee but a membership fee. As long as you settle to remain a SAFRA member, you don’t have to worry about the annual fee. 

Cashback: Earn 1 SAFRAPOINT every dollar you spend for participating outlets and facilities. Enjoy the following rebates every time you swipe SAFRA DBS for the following:

  • 3% cashback for local transactions with Mastercard contactless
  • 3% cash back for online purchases
  • 0.3% cash back for all other retail purchases or transactions

Being a cardholder lets, you have exclusive access to 6 SAFRA Clubhouses island-wide. Also, maximize your benefits at over 1,800 merchants across DBS networks and SAFRA. 

Spending Requirement: Utilize the benefits included in your DBS SAFRA. Meet the required minimum monthly spending of $500. 

SAFRA members benefit from all the perks inclusive of the SAFRA DBS Credit Card. So, become one of them and be stress-free from the annual fee. 

Securing a cashback credit card in your wallet is genuinely advantageous. It gets you a percentage of cash rebates for every card usage. And you may use these rebates on your next purchase. 

DBS Miles Card

Miles Card is the best bet for cardholders for travel. However, if you intend to spend on local or overseas vacations in the future, you better apply for a DBS credit card designed for it. 

DBS Altitude 

DBS Altitude is the credit card for travel and public transport, SimplyGo included. Also, it is a good choice for other spending matters. 

Income Requirement: Singaporeans and Permanent Residents must have a minimum annual income of $30,000. In comparison, foreigners must earn $45,000 annually. 

Annual Fee: The annual fee is $192.60. But it is waived off in the first year. 

Miles: Earn top rewards rates every time you use DBS Altitude for the following:

  • Local spending, including bus and train rides, earns 1.2 MPD
  • Overseas spending in foreign currency earns two MPD
  • Online transactions for flights and hotels make three MPD. 

On top of that, you receive two complimentary lounge visits. The time frame must be within 12 months of your DBS Altitude Visa membership. Also, you gain free travel insurance, golfing, and dining privileges. 

Be mindful that the miles earned never expire. So, enjoy these perks while using a DBS credit card for travel. 

DBS Credit Card Rewards

DBS credit cards do not only focus on rebates and miles. Some of its cards offer either of the two, depending on the range of your purchases. 

DBS Woman’s World Card

Women’s World Cards are DBS Credit Card Rewards giving miles for every online purchase. It is ideal for frequent online shoppers who buy big and pay back over time. 

Income Requirement: Singaporeans, Permanent Residents, and Foreigners with at least $80,000 annually. 

Annual Fee: The annual fee is $192.60. However, it is waived off in the first year. 

Miles: Earn your miles rewards every time you use DBS Woman’s World for the following:

  • Online spending receives four MPD.
  • Purchase made overseas receives 1.2 MPD.
  • All other purchases receive 0.4 MPD.

One of the perks of having a Woman’s World Card is the e-commerce protection for every online transaction. 

Also, note that four MPD is capped each month at $2,000. 

If you see yourself shopping online most of the time, Woman’s World Cards are your DBS credit card rewards. 

DBS Woman’s Card

DBS Woman’s Card is almost like the Woman’s World Card. But they differ on the miles earned and the requirements. So let’s understand more about it. 

Income Requirement: Singaporeans and Permanent Residents must have a minimum annual income of $30,000. In comparison, foreigners must earn $45,000 annually. 

Annual Fee: The annual fee costs $192.60. Yet, the said fee gets waived in the first year. 

Miles: Maximize your miles rewards every time you use DBS Woman’s Card for the following:

  • Online spending gets two MPD
  • All other purchases receive 0.4 MPD.

DBS Woman’s Card provides e-commerce protection for every online transaction. Also, the two MPD is capped at $1,000 each statement month. 

From this, we can say that the Woman’s Card is reasonably affordable for average earners and spenders. 

DBS credit card has a wide array of options to choose from. For example, opt for a DBS Cashback credit card if you seek rebates. If you want to earn miles or secure a travel deal, choose DBS credit cash rewards or DBS miles card. 

Your Best Money Backup Alternative 

Owning a credit card could be an advantage for you. It makes your purchasing experience lighter and more convenient. Plus, you get rewards even when you spend. Another help is that owning a credit card can also be your money backup in emergencies. 

However, not all meet the credit card qualifications set by the DBS Bank. In addition, certain factors could affect the approval of your credit card application. For example, it could be your current credit score and income profile. 

There’s still a way whenever you need a financial backup. Your best alternative is getting an instant cash loan from licensed moneylenders. Money lending entities abide by the Moneylenders Act, a law provided by the Ministry of Law Singapore.

One moneylender you can trust in the country is Cash Mart Singapore. The company has been doing the business for fifty years, funding people in dire need of extra money. In addition, the company lends money to customers, regardless of their credit standing. But note that Cash Mart still has qualifications that you should meet. Yet, it’s less strict compared to banks like DBS.

The leading financial service offered by Cash Mart is the low-interest Personal Loan. It is flexible, which you can use regardless of what purpose you have. Thus, the loan cash appeases any of your money problems.

Also, it has flexible repayment terms. Choose which you can afford to repay your debt. The loan application process is quick and easy. There are no more queue lines and mundane paperwork. 

Other best online loan services you can find in Cash Mart are Payday Loan, Business Loan, Wedding Loan, and Renovation Loan

Eligible Applicants

Cash Mart is the first choice of Singapore citizens, Permanent Residents, and even Foreigners. It caters to all qualified applicants ages 21 years and above. 

Also, it entertains borrowers even if they have a poor credit score or zero credit history. Instead, the company guides you through building a better credit record by approving an instant cash loan

Approved Loan Cash

Furthermore, Cash Mart approves a loan amount based on your annual income. 

  • If you earn less than $20,000, you can take out up to $3,000. 
  • If you earn between $20,000 and $30,000, you can take out up to two months of your income. 
  • If you earn between $30,000 and $120,000, you can take out up to four months of your income. 
  • You can take out any amount if you make $120,000 or more.

The quick cash range serves as your safety net. Cash Mart is not stingy. Instead, they care for every borrower. They only disburse funds, knowing your capability fully to pay it on time, keeping you safe from paying more than your paycheck.  

These features indicate that Cash Mart Singapore is a trustworthy moneylender. They are far different from loan sharks lurking in the country. So, save yourself from the hassle of paying annual fees due to credit cards. Instead, take out a loan from a moneylender like Cash Mart

Citibank Credit Cards: Pick which best suits you

CITIBANK Credit Card

Which Citibank Credit Card Singapore Do You Need?

Citibank gained immense distinction because of its financial product – credit card. It became Singaporean’s partner for solving money problems. 

Citibank Credit Card bridges the gap between your finances. It comes in different types that suit perfectly any of your money needs. So whatever cash issues you’re facing, Citibank got you covered. 

Find out which of the following Citi Credit Cards you need. 

Table of Contents

Citibank Cashback Credit Card

Citi Cash Back Card is the go-to credit for average spenders. You gain benefits even from everyday purchases, specifically food and petrol expenses. 

Citi Cashback Credit Card Benefits

Experience fantastic cash back for every swipe used for groceries, dining, and petrol. Earn rebates of up to 8% on groceries and 6% on dining. On top of that, you get a chance to receive discounts of up to 20.88%. It applies to Esso & Shell cardholders. Other petrol stations have 8% cashback. Expect a 0.25% cash back for other purchases. Be mindful that the capped rebate is $80 every month.

Spending Requirements

Access the rates when you reach the minimum requirement of $800. If you go under or over the limit, your cashback is just 0.25%. Also, follow the eligible expenditure to secure your rebate. 

Citi Cashback Card Fee 

The annual fee gets waived for one year but costs $192.60 in the succeeding year. 

Eligibility Requirements

Singaporeans and Permanent Residents must have an annual income of $30,000. Foreigners must earn $42,000 annually. 

Citi Cashback Card Rebate Program

Citi Cashback Card earnings mean your $1 rebate is equivalent to $1 in value. It is automatically credited to the cardholder’s account every month. It does not expire, but you can withdraw it at a minimum of $50. Also, your cashback is non-transferable. But it forfeits when you close your account. 

Citibank Cash Back Card is famous for its rebate feature. It is practical for your budget for food and transport. Plus, it is recognized both in Singapore and worldwide. 

Citi SMRT Card

Citibank Credit Card offers the Citi SMRT Card, which is the best for low-spenders. Enjoy the everyday rebate of 5% whenever you have a minimum spending of $500. 

Citi SMRT Card Cashback Benefits 

The rebate differs based on the category of your spending. 

  • 5% cashback on groceries, fast food, coffee, and movies
  • 3% cashback on online shopping
  • 2% cashback on health and wellness
  • Fuel savings of up to 14% at Esso and Shell
  • 7.3% for FairOrice Xtra Kallang Wave

In addition, Citi SMRT has an EZ-Reload functionality. It is very convenient for individuals who commute every day. And it has a 2% rebate on Auto Top-Ups. 

Be advised that rebates are limited to selected merchants only. Also, the capped rebate is $600 annually.

Spending Requirement

The credit card does not require a minimum amount of spending to access the rates. 

Citi SMRT Card Fee

The annual fee gets waived for two years but costs $192.60 in the succeeding year. 

Eligibility Requirements

Singaporeans and Permanent Residents must have an annual income of $30,000. Foreigners must earn $42,000 annually. 

Citi SMRT Card Rebate Program

SMRT is the rebate earnings. 1 SMRT rebate is equivalent to $1 in value.

If a supplementary card earns it, it goes directly to the principal account. You can redeem your SMRT either in cash rebate or via a shopping voucher. Cash rebates require five units, while ten units for a coupon. 

Be mindful that the validity of SMRT is up to 15 months. It is based on the qualifying period since earned. Meanwhile, reward vouchers are valid only three months from the issuing date. 

Most importantly, Citi SMRT Card is an easy way to earn cashback while spending on daily necessities. 

Citi PremierMiles

Citi Premier Miles is the best miles credit card for average consumers. It earns miles and lets you enjoy perks most affordably. Also, it is suitable for people who travel often. 

Citi PremierMiles Rewards Rate

Cardholders earn miles based on the following spending. 

  • 1.2 miles for every $1 local spend 
  • 2 miles for overseas
  • As much as 10 miles with selected travel booking sites
  • 4 miles for $1 spending on food delivery and home entertainment
  • New card members receive a welcome gift of 45,000 Citi Miles. 

On top of that, Citi PrimierMiles holders have travel insurance and two complimentary airport lounge visits every year. It even has an additional bonus of 10,000 renewal miles yearly, worth $100. 

Citi PremierMiles Fee

The annual fee is for one year but costs $192.60 in the succeeding year. 

Eligibility Requirements

Singaporeans and Permanent Residents must have an annual income of $30,000. Foreigners must earn $42,000 annually. 

Citi PremierMiles Program

1 Citi Mile is equivalent to 1 mile redeemed. Miles accumulated in Citibank Credit Card never expire. Mile redemption is always in multiples of 2 miles. It means minimum blocks of 500 and a maximum of 100k mi/day. Also, it has flexible redeeming options. Use your earned miles in over 60 airlines and 8,000 hotels. Remember that you’ll pay an administrative fee of $25 for every redemption. 

Citi PremierMiles Care stands out for its excellent miles earning. Plus, you enjoy the various travel perks without the trouble of paying a substantial annual fee.

Citi Prestige Card

Citi Prestige Card is the top choice for luxury travel perks. It is ideal for individuals with higher budgets. 

Citi Prestige Card Rewards Rate

Cardholders enjoy spending more since they earn the following miles. 

  • 1.3 miles for every $1 local spend 
  • 2 miles for overseas
  • 4 miles for $1 spending on food delivery and home entertainment
  • New card members receive a welcome gift of 45,000 Citi Miles. 

Citi Prestige cardholders have unlimited lounge access, travel insurance, and free hotel nights. Also, it has an annual 25,000 renewal miles worth $250. 

On top of that, the credit card had an annual Citi relationship bonus of 15%-30%. 

Citi Prestige Card Fee

The annual fee is $535. Take note that this credit card has no waiver. 

Eligibility Requirements

Singaporeans and Permanent Residents must have an annual income of $120,000. Foreigners must earn $120,000 annually. 

Citi Prestige Miles Program

Citi Prestige points are called Citi ThankYou Points. Every 2.5 points is equivalent to 1 mile. The points are transferable to any participating loyalty program. And should transfer it in blocks of 10,000 points. 

Citi ThankYou Points are redeemable in selected merchants, cash rewards, or even miles. Every redemption, transfer, or miles requires payment of an administrative fee of $25. 

Miles earned in Citibank Credit Card never expire. However, keep in mind that points or miles are forfeited when you terminate your credit card. Thus, the Citi Prestige Card is the Citibank Credit Card designed for your travel with luxurious benefits. 

Citi Rewards Card

Citi Rewards Card is the most refined shopping Citibank Credit Card for miles. It is beneficial for online and offline shoppers and frequent travellers. 

Citi Rewards Card Rewards Rate

Cardholders can avail points based on the following spending.

  • 4 miles or 10 points for every $1 fashion retail spend 
  • 4 miles or 10 points for every $1 online spend, including food delivery and ride-hailing services
  • 0.4 miles or 1 point for all other retail spending 

Citi Rewards cardholders have the privilege of free travel insurance. 

Citi Rewards Card Fee

The annual fee gets waived for one year but costs $192.60 in the succeeding year. 

Eligibility Requirement

Singaporeans and Permanent Residents must have an annual income of $30,000. Foreigners must earn $42,000 annually. 

Citi Rewards Card Miles Program

The validity of Citi Rewards points is five years. Check the point balance on your monthly statement. 

Every 25,000 points is equivalent to 10,000 miles. 

Citi Rewards points are redeemable in selected merchants, cash rewards, or even miles. Every redemption transfer or mile has an administrative fee of $25.  

Miles earned in Citibank Credit Card never expire. However, keep in mind that points or miles are forfeited when you terminate your credit card. 

Citi Rewards Card is enjoyable for keeping up with the latest fashion trends. Maximize your purchases by earning rewards with this Citibank Credit Card. 

Citibank indeed aimed to give the best credit card services. It has a designated card for every expense you need. Not only that, Citibank Credit Card gives away various rewards that you’ll surely need. 

A Financial Backup For Non-credit Account Holders

Having a credit card can help make your purchasing experience convenient. At the same time, it can help you manage your finances. Yet, credit cards aren’t for everybody. Some might fail to qualify for cards, and some fear getting one. 

Needing money for backup without credit cards isn’t a problem. In situations of emergencies, you can rely on trusted moneylenders in Singapore. 

Money lending institutions are the best alternatives when you need an instant cash loan for urgent matters. You can seek financial help from Cash Mart Singapore if you need extra money. 

Cash Mart is an established legal money lender in Singapore, operated since 1969. The company abides by the Ministry of Law Singapore. With its reputation earned for years, Cash Mart is now on the top list of licensed moneylenders. Until today, the company has upheld its reputation of honesty, integrity, and excellence. 

Various Loan Products and Services

Cash Mart Singapore is recognizable for its low-interest Personal Loan. The product is proven to be the solution to any financial constraints. Whether you’re having an emergency money problem or planning to travel, the loan got you covered. 

Furthermore, Cash Mart offers Business Loans. It is a wise option when starting your own venture or dealing with business expansion. 

Aside from that, Cash Mart Singapore has a Payday Loan. It’s the most suitable loan to help you get by until your next paycheck. Use instant cash for utility bills or groceries. 

Most importantly, Cash Mart caters to the needs of ex-pats. The institution designed a Foreigner Loan to provide financial assistance to everyone. 

Fast Loan Application Process

Taking out quick cash from Cash Mart Singapore is easy. You don’t have to trouble yourself with the tedious process. You can begin your loan application wherever you are. 

Get verified minutes after you submit your application. Then, talk to the trusted loan executive and explain your current financial status. They will help you find the right solution to your problem. 

Also, the licensed moneylender is very transparent. Therefore, the Note of Contract is understandable and free from hidden charges. Sign it after reading. Then, receive your disbursed loan cash directly from the cashier. Keepsafe your receipt as proof of the quick process. 

Also, don’t forget to repay your fast cash loan diligently. Being a responsible borrower in Cash Mart helps you build your credit score in the long run. 

With this, you can undoubtedly believe that Cash Mart Singapore is your best financial backup. Whatever financial dilemma you’re facing, it has a suitable loan service. 

POSB Credit Card Guide For First-Timers

POSB Credit Card Singapore

What First-Timers should know about POSB Everyday Credit Card?

Are you planning to get a POSB Credit Card? 

Singapore is one expensive place to live in. With a high cost of living, citizens are careful with their finances. Thus, citizens have to be financially literate as a way to survive living in the country. Even when applying for a credit card, Singaporeans have to choose smartly. 

Getting a POSB Credit Card could be advantageous in your purchases or the opposite. Here are some facts you might not know yet about POSB Credit Cards. Read up and understand if a POSB Credit Card best suits your financial situation.

POSB Everyday Card Reviews 

Among all banks available in Singapore, POSB is one of the trusted banks committed to making a difference in the lives of Singaporeans. POSB Everyday Card is the only credit card that POSB offers. Yet, this card can pay you back with rewards and other benefits. 

POSB Everyday Card Benefits You’ll Enjoy:

Using a POSB Everyday Credit Card in your purchases will surely benefit you with various rewards and perks. But, of course, that depends on what purchase category you spend.

Dining Expenses: 

Purchasing Foodpanda and Deliveroo using the card will give you 10% cash rebates.

Shopping Expenses:

You can enjoy shopping with the POSB Everyday Card with 5% cash rebates. But only you can use the card at select shops, namely:

  • Lazada
  • Amazon.sg
  • Qoo10
  • Shopee
  • RedMart, and
  • iHerb

You can even qualify for additional rebates when you spend at least S$800 per calendar. Qualified POSB credit cardholders can receive a maximum of S$30 POSB Daily$ per calendar month (capped at $15 per purchase category). Some other terms and conditions apply to this, so read it carefully. 

Card Application:

POSB grants a S$200 cash back if you apply online. That’s one great gift a new POSB cardholder can get. 

POSB Everyday Card Annual Fees 

Be aware of POSB annual fees: S$192.60 for the Principal Card and S$96.30 for the Supplementary Card. When you apply for this card, you’ll enjoy the benefits that come with it while the annual fees get waived in the first year. But note that in the succeeding years, POSB will charge 26.80% of the Annual Interest Rate. 

Crucial Facts You Might Need To Know About Credit Card Annual Fees

An annual fee is what we pay for the benefits we get from credit cards. Let’s take the POSB Everyday Card as an example. Paid annual fees cover all the rewards from the credit card. 

In general, banks offer cards with such fees. The higher the annual fee, the more benefits and perks you’ll get. However, not all annual fees are worth paying and only cost you more. You should look into a credit card whose rewards and benefits outweigh the annual fee you pay.

Banks usually charge annual fees once a year, while some charge monthly fees (fees divided equally). So whether your card carries any balance or not, banks will still charge you with such a fee. 

Also, note that annual fees are separately charged from other fees like late payment fees or early payment fees. Waiving annual fees for the first year, like POSB Everyday Card, is one way to attract more customers. Later on, it will get charged to your account.

A no-annual-fee credit card would be fine if it is your first time getting one. You’ll find banks in the country offering credit cards that don’t come with annual fees. But if you want a card with such a fee, you can have one like a POSB credit card. 

During its first year, while annual fees are waived, assess if the rewards and other perks outstrip the cost. If you’re satisfied with what you gain from using the card, continue using it sensibly

Request to waive the annual fee.

Waiving the annual fee on your credit card is possible and could be a big help for you. You can negotiate with your bank partner to waive your yearly costs. Here are some tips that can help you in waiving your annual fees. 

Ask if you can waive your annual. 

Genuinely ask if they can waive your annual fees. Ask the representative to help you with your request. Some banks can bargain some ways to waive your annual fees. 

For example, they may ask you to spend a minimum amount to waive your annual expenses. That way can benefit you and the bank. Waiving your annual fees forever will maximize your purchasing power. It will be a big help for you to save money.

Compare offers with other banking institutions. 

Research the competitors of your bank in the market. If you found several banks offering a zero-annual fee card, you could negotiate with your bank. Also, if you found similar benefits as your current card, mention that to the bank representative. 

Inquire about cancelling your account.

There have been many instances that banks often offer waiving the annual fees if you inquire about cancelling your card. In addition, to prevent you from withdrawing, various banks will try to provide promos and rewards. One of these is waiving your annual fees. It does not hurt to try, though.

Make them feel you are loyal. 

If you have been their client for a long time, tell them that you deserve your annual fees to be waived. Try bargaining about the years you have been with them. This tactic will let the company know you are a customer willing to stay. Your activity, on-time payments and regular use might be enough to waive the annual fees. 

POSB Everyday Card Eligibility Requirements

For you to be eligible to apply, Singaporeans should be earning a minimum income of S$ 30,000. For non-Singaporeans, the minimum income required is $45,000. 

POSB Online Application

Applying online makes things more convenient! You can apply to either the POSB Website or the Digibank Mobile App.

Application through the POSB website

All you need is to select POSB Everyday Credit Card and click the “Apply” button. Then, you select the Manually Complete Form and fill it. Ensure to review your application before submitting it. Check whether you gave the correct information. Once all set, proceed by clicking the “Continue” button.

The bank will require you to submit some documents. First, upload all the listed documents requested by the bank. Be sure that all uploaded requirements are clear and readable. Then, you can proceed to the next step, creating a Card PIN. Finally, click the “Submit” button to finish your credit card application.

Or, to make the application process more efficient, you can use MyInfo. Then, you don’t need to manually provide all the necessary information—Click Apply with Myinfo under a Singpass Account.

Application through POSB Digibank Mobile App

POSB Digibank mobile app is downloadable in the App Store and Google Play Store. First, launch the app and log in with your Touch or Face ID. Or use your Digibank User ID and PIN. After, tap the “More” button under “Apply” and select “Cards”. Next, select the POSB Everyday Credit Card and tap the “Apply” button.

After, key in your name to appear on the Card and click “Apply.” Check your details before you tap “Apply Now.” Once everything’s all set, you can set your Card PIN and tap the “Submit” button.

Are you ready for your POSB Credit journey?

Credit cards are essential to most Singaporeans. The beauty of using a credit card is that it gives you an efficient and convenient credit experience. 

First, credit cards are safer than having them in your pocket or wallet. Second, you can directly call the bank issuer to cancel your credit account if you lose your credit card. Plus, you get protected by the strict security data of banks. 

Second, having a credit card can help you build a good credit standing if you use the card responsibly. The higher the credit score you earn, the more credit privileges you’ll make in the future. 

Third, you’ll enjoy interest-free days if you’re a good payer. Plus, you’ll end up reaping the rewards when you spend using the card. 

Lastly, you need not worry about unexpected costs coming your way. Your card can be your safety net to pay for the costs, especially if you don’t have enough money and savings. 

But what if you badly need cash yet still don’t have a credit card to use? Emergencies can’t wait for credit card approval. In such a situation, you can seek financial help from a licensed moneylender in Singapore.  

Moneylenders provide instant cash loans, such as low-interest personal loans, which you can use immediately. Look for a moneylender in the industry for a long time. Such lenders can assure the quality of their loan products and services.  

OCBC Home Loan Singapore Packages

OCBC Home loan

OCBC Home Loan Solutions in Singapore

OCBC offers a range of pricing packages with guidance from a mortgage specialist. You can choose from OCBC’s wide range of fixed and variable pricing packages. 

The great thing is that you can borrow up to 75% of your property’s valuation. Also, you get a home loan approval within 60 minutes. 

One type of Home Loan that OCBC offers is the Eco-Care Home Loan. In partnership with BuildSG and Sunseap, you can earn OCB$ from your energy savings. You can redeem them on the STACK marketplace. 

OCBC also offers a two to three-year fixed-rate home loan package. The interest rate on the said period is at 1.38%. A Lock-in period applies, though. 

People who are eligible to take OCBC home loans are Singaporean citizens/permanent residents. Note that the age limit requirement is 21 years old and above. Once you meet all these criteria, you can get an OCBC home loan of at least S$ 300,000. 

Table of Contents

What OCBC Home Loan Package best fits me?

When you look for home solutions, you’ll get many options in Singapore. Banks offer various home loan solutions, meeting different homebuyer profiles. Now, if you’re looking for which bank you want to get a home loan from, OCBC is worth considering.

There are several home loan packages available in OCBC:

OCBC Home Loan Options

  • OCBC 2Y/3Y Fixed-Rate
  • OCBC Mortgage Board Rates
  • 3M SIBOR
  • 1M Compounded SORA

OCBC Home Loan: 2Y/3Y Fixed-Rate

Be aware that interest rates fluctuate over time, causing the rise and fall. And that’s one factor that worries borrowers. But with this OCBC Home Loan package, you’ll get protected against interest rate fluctuations within a certain period.

As mentioned a while ago, the loan incurs a fixed rate of 1.38% per annum in this package. That is fixed either for two years or three years, depending on what loan tenor you picked. Also, you have fixed instalment repayments within a lock-in period. 

OCBC Mortgage Board Rates

Would you prefer to take a home loan where the bank manages the rate? That’s what OCBC Mortgage Board Rates has to offer. They’ll give 30 days’ notice if there are any interest rate revisions. 

Also, there’s a specific mortgage board rate in each pricing package. Identifying board rates can be done with the unique code indicated in the letter offer.

Mortgage rates might differ from other packages offered to other clients. However,, the current pricing package has a mortgage board rate of 0.80% for new applications. 

Once the mortgage rate increases, your loan will switch to another pricing package for free. Some want to repay the loan, and that’s possible in this package. Choosing this home loan option will give flexibility in making a 50% prepayment of the loan within the lock-in period.

OCBC Home Loan 3M SIBOR

OCBC Home Loan 3M is where the interest rate will be reviewed every three months. Instalments will also depend on the SIBOR interest rate’s movement. It could either increase or decrease. But one great thing is you can do a 50% loan prepayment within the lock-in period. 

OCBC 1M Compounded SORA

SORA rates are under MAS administration given on a Singapore business day. Rates are published every 9 a.m. on the next Singapore business day on the Monetary Authority of Singapore website. 

Note that interests are subject to change within the rating period. So what happens is each 1M compounded SORA will be fixed on the Rate Review Date. That’ll apply throughout the next 1M period. 

Additionally, this loan package features a free switch to another pricing package after the loan’s first year. But that’s only applicable to new loans. Plus, you can prepay your loan for up to 50% within its first two years. 

OCBC Home Loan: No Lock-In Package

If you’re looking for a home loan with no lock-in periods, OCBC has one for you! OCBC Home Loans have no lock-in period compared to other banks. 

Other than that, OCBC gives its clients two times Free Conversion – 1 upon disbursement and one upon TOP. Plus, Cancellation Fees are also waived if there’s a sale. Yet, interest rates can increase yearly. 

OCBC offers no lock-in period for a 1M SORA. Interest rates are also 1.13% for the first three years. For the succeeding years, the interest rate will go up to 1.55%. You will also be entitled to a waiver for cancellation fees. 

For a broad type of home, the interest rates are a little bit higher. 1.30% will be the interest rate for the first two years. For the next two years, the interest rate will go up a bit to 1.60%. For the succeeding years, the interest rate will be fixed at 1.80%.

A Must-Asked Questions When Getting OCBC Home Loan Singapore

Which Home Loan Package should I take? 

Interest rates are inevitable no matter what loan you are applying for. You have to weigh all options to maximise your spending power. Consider the pros and cons of various interest rates lending institutions offer. 

A fixed interest rate may be appealing, but have you considered the lock-in period? 

Just so you know, home loans with lock-in periods don’t suit those who plan to refinance a loan. That’s especially true when interest rates go up. In that case, you should get a no-lock-in period home loan.

But if you are not planning on refinancing your home loan, a fixed interest rate will be perfect. 

Banks also offer low-interest rates in the first year but blow up in the succeeding years. So, make sure you can commit to significant change as the years go by. 

These interest rates can be doubled for the latter years of your home loan. Make sure to talk to a mortgage specialist before finalising your home loan. Be aware of all the risks and conditions of the home loan you are choosing. 

Why use OCBC Home Loan Calculator?

If you’re unsure how much you want to borrow, OCBC OneAdvisor Affordability Calculator can help you. Through this unique feature, you’ll know how much you can afford to borrow. 

Of course, your data will play a significant role in this part. For example, your income, age, and financial situation will determine how much loan you can borrow. 

When can I take OCBC Home Loan Refinance?

You can take the OCBC Home Loan Refinance product if it is more favourable than your existing home loan. 

Many love OCBC’s home loan refinancing offer due to its lower instalments. That is if you switch your current loan to OCBC. Also, the bank offers a comprehensive range of pricing packages. 

What is the OCBC Repricing Home Loan?

Repricing refers to switching to a new home loan package with the same bank. Banks often offer a one-time repricing option so you can change your current home loan package without additional fees. 

Also, Repricing saves you from a long and tedious process of refinancing. And if you choose to refinance, it might take a couple of weeks or months before your new loan gets approved. 

Repricing takes less hassle and effort. You do no need to submit many requirements as you are an existing customer. Instead, you must go to the bank and choose your desired new home loan option. 

Points to consider before Repricing your home loan

You should be 100% sure before repricing your home loan. If you do not read every term and condition indicated in the new home loan, you might end up paying for more. Also, make sure that interest rates can be lower than your existing home loan. It better be fixed. 

Also, maximise the benefits included in piercing your home loan. For example, if you can switch to a lower interest rate package, it is just right to reprice your loan. 

Repricing allows you to change loans for a short processing period. Usually, it takes one week in most banks. As a result, you can start enjoying savings from interest rates earlier if you choose to reprice. 

Repricing has its fees. Commonly, banks charge about S$ 800. Unlike in refinancing, you will have to pay for legal and valuation costs. These fees usually range above S$2,000. 

If you choose to reprice, a law firm and valuation company are not required anymore. You would not need those as you are already a customer of your current home loan package institution. 

In refinancing, you will need to visit the law firm. There will also be a home visit that requires you to be home when they conduct it. Refinancing will take so much time and hassle for you. It feels like applying for a new home loan package. 

Getting a home loan package is a long-term financial commitment. It may also be one of your biggest monthly payments. Make sure to get a home loan package that suits you and your lifestyle. 

When is the best time to refinance your home loan?

Refinancing is when you switch to a new housing loan package. Switching is either with your existing bank or another lender. 

Know the advantages of refinancing your home loan at the right time. Once in a while, you should review your housing loan to see if it will be advantageous for you to continue your existing home loan package. 

Take note that refinancing should be done after your lock-in period. So, first off, you should ask your existing bank for repricing options. Also, keep in mind that the Monetary Authority of Singapore’s property loan rules may apply for refinancing. 

It is better to refinance your home loan if your updated repayment schedule is more convenient than your current housing loan package. Refinancing will also be suitable if you plan to stay in your home for another five years or so. 

Also, if your targeted new home loan has lower interest rates than your existing home loan, it is the right time to refinance it. Take note that refinancing will incur a new lock-in period. 

You may also get charged for terminating your current housing loan package. 

Final Thoughts

Knowing facts first is one crucial step before deciding, especially when getting a home loan. Otherwise, your finances will be at risk. Gain more information and assess your financial situation. 

Based on your income profile, do you think you can afford to take a two-year fixed-rate home loan? Or maybe take a no-lock-in-period home loan?

The loan products of OCBC are flexible and have competitive interest rates. Shop around Singapore and consider whether OCBC is the best bank for you. Aside from banks, you can also find reputable money lenders who offer loans. However, such lenders only offer short-term loans. If you need extra money to settle something immediately, getting an instant cash loan from moneylenders will be a better choice.

A Quick Guide to DBS Home Loans

DBS Home Loan Singapore

Crucial Factors To Consider on DBS Home Loans Singapore

The home loan process involves many considerations. It’s essential to keep your budget in mind and know how much you can afford before even going into the process of applying for a loan. Once you’ve done that, it’s time to start looking at all your options. Home loans come with different terms, rates, and plans. It is crucial to explore the ones that work best for you. Many people think taking out a home loan is easy, but many factors are involved in getting approved for one. We have compiled this quick guide to help you learn about DBS home loans.

Table of Contents

How Affordable is DBS Home Loan

Singapore’s largest bank, DBS, tends to offer some of the best mortgage rates. As a leading lender in Singapore, DBS’s housing loans are a good option for borrowers. Additionally, it provides excellent benefits for borrowers refinancing their mortgages. DBS is an excellent option for prospective homeowners. That is because of its impressive lending history and consistently low-interest rates. Also, most Singaporeans consider DBS one of the most affordable lenders. With HDB and private home loans, DBS has some of the cheapest rates. Whether for completed or under-construction houses, with or without a lock-in period or fixed or floating rates. Other lenders offer lower introductory rates. In terms of total costs of home loans, DBS is still among the cheaper options. However, compared to DBS, other lenders tend to charge higher interest rates in the later years of the loan tenure. As an added benefit, it is a good source for refinancing home loans since its rates are competitive. In addition, a legal fee subsidy of $2,600 to $3,200 is available from DBS.

What to consider when using DBS Home Loan Calculator?

The following are the two significant factors when calculating your approvable home loan amount (especially the home loan maximum amount):
  • Age
  • Income

Customer’s Age

Younger borrowers usually have a longer maximum loan term. For HDB flats and private properties, maximum loan tenures have been limited to 30 and 35 years. DBS grants a home loan for up to 55% of the property purchase price but with a loan tenure that exceeds 25 years (or 30 years for private properties).

Customer’s Income Profile

For banks to determine the maximum amount they can lend you, they will factor in your debt-to-income ratio. It is called the Total Debt Servicing Ratio (TDSR). It is limited to 60% of each borrower’s gross monthly income. The bank calculates your Mortgage Servicing Ratio (MSR) when you buy a Housing and Development Board(HDB) flat. MSRs are capped at 30% of gross monthly income for all borrowers. So, MSR is calculated using the loan amount and the combined gross monthly income. Several factors determine a home loan’s greatest amount.
  • TDSR
  • MSR (for HDB only)
  • Loan tenure
  • Medium-term interest rate
You can also check DBS’s online repayment and refinancing calculators. It can give you a more detailed look at your monthly repayments with DBS.

What Should I Know About DBS Home Loan Rates?

If you’re looking for a new home or refinancing solutions, DBS can help you! You can choose from the following loan packages:

Floating Rate Loan Package

Loan tenures under this package have features that you’ll probably enjoy! Such programs are valid if you take at least $100,000 of the loan amount. DBS Home Loan Rates

Features of Floating Rate Loan Packages

Two-Year Lock-In
  • The loan interest rate is capped at 1.40% in the first two years. That is to protect against interest rate hikes.
Five-Year Lock-In 
  • The interest rate on this loan is capped at 2% per annum. That is in effect for five years and is given to protect against rate hikes.
  • Waiver of commitment fee(s) and prepayment fee(s).
It gives you the flexibility to sell your property without worrying about commitment fees. Also, you get the flexibility to partial prepayment with less worry of costing you any prepayment fees.
No Lock-In Package
  • Interest will be based on the FHR6 rate (currently at 0.200% p.a.). Thus, the loan rate will be FHR6 in the first three years, plus 1.60% per annum—the same in the succeeding years.
3M SORA Package (Two-year Lock-in)
Unlike the first three packages, the least loan you can take in this loan is S$300,000. 3M SORA stands for the 3-month compounded Singapore Overnight Rate Average. The Monetary Authority of Singapore, or simply MAS, administers such rates. Such rates refer to the volume-weighted average rate compounded within three months. Your first two years will have an interest rate of 3M SORA with a flat rate of 0.80% per annum. The rate will be 3M SORA plus 1% per annum from the third year.

Fixed-Rate Loan Package

Enjoy several features when you take a Fixed-Rate Loan Package. Features include a free conversion and waiver of fees, depending on what loan tenure you take. DBS Home Loan Rates Singapore

Features of Fixed-Rate Loan Packages:

Two-Year Fixed Rate
  • One free conversion after 24 months from the first disbursement date. The advantage of this feature is that you can reprice your home loan at no cost.
Three-Year Fixed-Rate
  • One (1) free conversion after 36 months from the first disbursement date.
Five-Year Fixed-Flexi Rate
  • One free conversion after 30 months from the first disbursement.
  • Waiver of commitment and prepayment fees.
You can sell your property without worrying about being charged with commitment fees. At the same time, the latter gives you the flexibility to prepay your home loan without any prepayment charges.
Five-Year Fixed Rate (Exclusive for HDB Homeowners)
  • One free conversion after 60 months from its first disbursement.
The only qualified applicants to take this loan package are HDB homeowners. The least loan amount they can take is $200,000. Important Note: Terms and conditions apply to all these packages. So, you need to understand it fully before signing a contract.

Floating Rate vs Fixed Rate vs Bridging Loan

The interest rate on loans can either be fixed or variable. The interest rate remains the same throughout the loan tenure for the fixed-rate package. In contrast, the Floating interest rates fluctuate over the loan’s term. Rates fluctuate based on the overall market, an underlying index, or the prime rate. A bridge loan is a short-term loan with a relatively high interest rate. It is usually secured by collateral, such as real estate or inventory.

DBS Fixed-Rate Loan Package

One of the main advantages of a fixed-rate loan is the elimination of risk. In addition, you can determine the value of the future interest payments after the loan agreement is signed. A fixed interest rate can also be helpful to the borrower if the market rates rise above the fixed rate. It can save the borrower large amounts of money. In some cases, a fixed rate can be helpful to the lender. For example, if the market rates fall below the given fixed rate, the lender gains significantly.

DBS Floating Rate Loan Package

The main benefit of floating interest rates is that they move with the market rates. But it could either be an advantage or a disadvantage. Increasing market interest rates can increase loan costs for borrowers. It raises the lenders’ interest income. A drop in market rates can also make loans more affordable. The interest rates get lower for the borrower, thus lowering the lender’s income.

DBS Bridging Loans

A bridge loan is a short-term loan that bridges a gap between two sales. Often, the sale of one property leads to the purchase of another one. With bridge loans, you can buy your new property right away. You don’t have to wait to get a home loan. As a downside, bridge loans have higher interest rates than other loans. DBS Bridging Loan Singapore

DBS Home Loan Repricing vs DBS Home Loan Refinancing

Refinancing is closing your current home loan and securing a new loan from another bank. A reprice is when you switch from one home loan to another from the same lender. Frequently, people confuse refinancing and repricing. Both options involve switching out your loan at a lower interest rate. Both have their advantages and disadvantages. If you refinance, you’ll need to switch banks. The process is time-consuming. You’ll have to pay legal and valuation fees to switch banks. The cost of repricing is lower. Besides a fixed conversion fee, there are no extra charges. Think about which option is best for you to save money over time.

Documents Needed for a DBS Home Loan

With DBS, you can apply for a home loan or refinance in as little as 10 minutes. You can prepare the following documents in advance to make the application process faster.
  • NRIC for Singaporeans and PR
  • Passport for foreigners
  • HDB Flat & Financial Information
  • Option to Purchase or Sales and Purchase Agreement
  • Value confirmed by HDB(HDB resale)
  • Valuation report for Private Property and EC
  • Your latest Notice of Assessment or 12 months CPF Contribution History
  • Payslips for the last three months
  • Account statements for salary crediting for the past three months
  • Latest credit facilities statements like existing loans and credit card
You may also need other documents depending on the type of loan you’re applying for. DBS Home Loans are all designed to help homebuyers make their dream home a reality. Not only competitive rates, but DBS provided options to meet different profiles of homebuyers in the country. Before deciding which home loan you will take, consider your decisions based on your income profile. Other than home loans, maybe you’re looking for instant cash loan services to help you improve your home. A renovation loan could be your financial solution. Getting it from licensed moneylenders will be more convenient – fewer requirements, no collateral. You can look for a trusted moneylender in the official list of Registry of Moneylenders Singapore.

DBS iBanking: The Easy Banking Experience

DBS iBanking Singapore

DBS iBanking: Modern Banking Experience

What banks aim to provide is not only the quality of products they can give. Rather, they make it a goal to give the best banking experience to every customer. Thanks to digital services, things, including banking services, become easier to connect with.

DBS, one of the trusted banks in Singapore, adopted the digital platform, allowing them to connect and reach customers conveniently. In this article, we’ll be discussing more DBS iBanking services.

Table of Contents

What is iBanking?

Have you ever found yourself in the late hours of the day wanting to access your bank account? But if you’re going to do that, you’ll have to get in the car and drive to the nearest branch. It’s already past the regular banking hours, so you’re not even sure if it’s still open by the time you arrive. Of course, it could be the case now, but worry no more!

With the help of modern technology, banking is now easier! You can now easily access and manage your bank transactions through online banking. This service allows users to make transactions anytime, anywhere. All you need is a device of your choice and an internet connection!

Convenience is one of the most significant benefits of using iBanking. Thus, it provides an excellent banking experience to customers. You can now track and check your account daily to keep it safe. You can also open an account, transfer funds, deposit money, pay the bills, and many more! What else can we ask for when banking can now be this convenient, fast, and efficient?

It is why DBS iBanking services is a must! Now known as Digibank, this is the online banking service offered by the best bank in Singapore. DBS Singapore iBanking offers all the transactions that we mentioned earlier.

Let me tell you more about the fast-growing popularity of DBS iBanking and why you should also sign up now!

Why Choose DBS Singapore Bank?

History and Achievements

It is not an exaggeration we tell you that DBS is the best bank in Singapore! In 1986, a small group of individuals established DBS. They were important people who financed the growing industries of the country. Singapore was a young nation then, so they needed the support that DBS offered.

As early as 1997, DBS started its internet banking. They have realized very early on how online banking can be helpful to their customers. Since then, they have been improving this feature to simplify banking for clients.

In 2016, DBS got the World’s Best Digital Bank title. They believe future banks would look more like this than the traditional ones. And this became their power move because, in 2019, they held three global best bank awards. So, for three straight years, DBS achieved the World’s Best Bank Award.

If that still doesn’t convince you, currently, DBS is the largest bank in Southeast Asia. It is also known as the leading financial service in Asia. For eight years, it has been Singapore’s most valuable brand. For 11 consecutive years, DBS received the Safest Bank in Asia award from Global Finance.

These are only several of the most outstanding achievements of DBS, showing how trustworthy and well-perceived DBS is. But of course, to see is to believe, so let me tell you about their iBanking’s different features.

DBS iBanking Services

DBS Internet banking is an online service you can access anytime and anywhere. Gone are the days when you must drive to an actual bank to do any banking service.

DBS offers a 24/7 service, so you can open your account anytime. This helpful tool is easy to use because of the simple yet straightforward design of the website or app.

DBS iBanking services offer more than 150 online banking services available at your fingertips. Here are some of the few notable and most used features of DBS online banking:

  • Apply for New Account
  • Apply for New Credit Card
  • Check Account Balance
  • Manage Cheques
  • Manage Investments
  • Pay Bills
  • Plan for Financial Future
  • Redeem Rewards
  • Transfer Money

Using this app, you can even apply for different types of accounts. There’s a DBS Savings Account, DBS Multiplier Account, DBS Remix eSavings Plus, and more!

It can be local or overseas for transferring money, and you can do it instantly. And finally, redeeming rewards is possible using their online banking!

These are only some of the services that the online banking of DBS offers. So now, let’s get to the essential part of iBanking services.

What are the beneficial features of using DBS Internet banking? Let’s discuss that.

DBS iBanking Features

Earlier, we mentioned that online banking has many benefits. We’ve discussed how easy and convenient it is to use. Also, how fast the transactions would be since it’s all done through the internet. But there is a difference when it comes to the services offered by each bank.

With DBS, they ensure the quality of the customer’s experience and its wide variety of banking services! As a bank that started online banking early, they had a lot of time for improvements. That’s why they know a lot about excellent online banking services.

Regarding the layout of their application, they offer more exciting and new features! With the current technology, these features are now made possible. Here are some of the improvements in their application that can make our iBanking easier:

What to look out for in DBS iBanking Services?

  • Digibank OTP: DBS iBanking offers an added security feature to ensure your data is safe. Once you’ve registered your phone number, DBS iBanking services can now send you a one-time password. 
  • eStatement: Instead of using traditional paper, eStatements are electronic and virtual. It’s a convenient and clean way of viewing your monthly statements online and at any time. 
  • PayLah!: This is a personal mobile wallet made by DBS. Since going cashless is the new hype, you can use this like how you would use a wallet. You can store money here, pay for things you buy, do a fund transfer, and many more!
  • Peek Balance: This allows users to check their preferred DBS account balance. No logins are required; you must swipe through your DBS accounts, and you’ll see the balance already!
  • Personalized Profile: With this, you can customize your profile how you like! You can put your preferred nickname and profile picture on your DBS iBanking account.
  • Quicklinks: This feature allows users to create shortcuts on their mobile phones. Select your favourite mobile banking service and make a shortcut for easier access!
  • Transaction Alerts: DBS sends alerts for every transaction your account makes for security purposes. Depending on your preference, It can be through an email or an SMS. 
  • Touch ID is another way to ensure your account is safe and secure while still making it easy and quick to use. This will allow mobile users to use their fingerprints to log in to their accounts.
  • SMS Banking: By sending the keyword of your transaction of choice to 77767, you can now access them through SMS. You will receive a reply depending on the keyword command you choose. 

How to Create a DBS iBanking Account?

With all the facts given, there’s no doubt that DBS is doing a great job. This Singaporean banking corporation is not only the best in Singapore but also in the whole of Asia. They’ve also competed with global banks and won as the World’s Best Bank!

If you want to know how to register for DBS iBanking services, there are two ways to do it. If you plan to make one, get ready to make your life much easier! It is a decision you won’t regret!

You need to apply for a DBS bank account for non-DBS bank users. You can bring the required paperwork to a DBS bank branch.

Yet, for DBS account holders, there are two ways for you to choose from. To create an iBanking account, you can either register through the DBS website or the mobile app.

Website Online Registration 

Here are the simple steps to do the DBS iBanking online registration:

Step 1. Go to the DBS website and click on “Get Started”.

Step 2. Input your identification type and date of birth.

Step 3. Type your PIN and card number to complete the authentication.

Step 4. Input your details and your User ID and account PIN.

Remember to review all the information to make sure it’s correct. Confirm the contact details such as phone number and email address. Then, you can now submit it to complete the registration.

Mobile Application Registration

DBS Mobile app is available in both App Store and Play Store. Follow these easy steps after downloading the app:

Step 1. Launch the app and click “More” to begin.

Step 2. Click the “Apply” button and proceed to “New to Digibank.”

Step 3. Select your identification type and date of birth.

Step 4. Input your identification number. You can use the Singpass Face Verification or type in your PIN and card number. You can now create your account by adding your User ID and PIN.

Step 5. After making sure that all the information is correct, verify your contact details. Tap on “confirm” to complete your registration.

How to Contact DBS

It is unavoidable that we want to ask for help or guidance when something is confusing. There are several ways to contact DBS. Here is the DBS hotline list of phone numbers you can use to make a call

  • Lost Cards or Fraud: 1800 339 6963
  • Phone Banking: 1800 111 1111
  • Wealth Management Phone Banking: 1800 221 1111
  • Loans: 6333 0033

You can also try Digibot to receive live chat assistance. This online chat support can answer your questions if you don’t want to give them a ring. It can connect to a live chat agent and is available 24/7, so chat away.

Modern technology offers us convenience and efficiency. All we have to do is embrace it! Just like what DBS did to provide a better and safer customer experience.

In conclusion,

The article highlights the evolving landscape of banking and financial services in Singapore, focusing on DBS Bank’s commitment to providing convenient and high-quality services to its customers. It emphasises how Singapore’s financial industry has adapted to global and economic changes, offering a wide range of financial solutions to meet the diverse needs of citizens.

DBS Bank remains a trusted institution for various financial services, including savings, online loans, and bill payments. It also acknowledges the emergence of licensed money lending companies in the digital space, providing quick approvals for services like instant cash loans. This competition underscores the dynamism of the financial sector in Singapore.

Ultimately, whether seeking financial support or online cash loan approval, consumers in Singapore have a range of options, reflecting the industry’s responsiveness to changing demands and technologies. DBS Bank’s dedication to convenience and quality positions it as a key player in this dynamicf

Is Getting an OCBC Credit Card Essential?

OCBC Credit Card

Is getting an OCBC Credit Card Essential these days?

Having a credit card is almost typical for people nowadays. Online payments are normalised in nearly all establishments. But getting a credit card has its pros and cons.

A credit card is becoming essential as time goes by. You may be having a lot of questions about getting a credit card like:

Is having a credit card necessary these days?

Am I financially ready for a credit card?

What are the risks and conditions of having a credit card?

Read further to get tips and facts before getting a credit card.

Credit cards can help you build your credit score.

Your credit card issuer will record all your transactions using your credit card. If you pay on time, this is a great way to build your credit score. In addition, credit cards will give you the flexibility to pay your balance each month.

Your credit score is essential. If you plan to get a loan in the future, all financial institutions will refer to your credit score. It will help them determine whether you’re a high-risk borrower or not.

A solid credit history is a significant edge for future financial transactions. First, however, you should make sure to pay your monthly payments on time.

Failure to pay your monthly dues will negatively affect your credit score. Always remember that approval of loans dramatically depends on your credit score.

You might want to rethink every purchase when you have your credit card. Also, make sure to keep your credit score clean to avoid future problems.

Credit Cards give you more protection.

Having a credit card is safer than carrying a bunch of cash around. If ever you lose your credit card, you can quickly call and block your card.

Most banks also offer a lot of types of fraud protection. A credit card will make you feel safe with all your transactions, as banks have multiple ways to confirm your transaction before pushing it through.

Credit cards also offer extended warranties and purchase protection. If items purchased through the credit card are damaged, you can dispute the charge easily. There are a lot of benefits that are enclosed depending on the credit card you apply for.

Enjoy cashback rewards.

One of the best features of having a credit card is having rebates and cashback. This said cashback could be accumulated and converted into cash. You can also use these for travel points.

Using a rewards type of credit card can help you save more for other purchases. However, this might be tempting. Make sure that you only spend according to your lifestyle.

For example, you might earn $500 cash if you spend $3,000 in the first three months after getting your credit card. After that, you can spend it on essential things or save them for future uses.

Having a credit card is excellent for emergencies.

Emergencies are inevitable these days. Your credit card is a meaningful way to pay anything when there are emergencies. Credit cards can serve as a financial cushion whenever needed. Having a credit card will surely give you convenience in your everyday life.

Use your credit card everywhere.

Credit cards are the most convenient payment mode wherever you go. Most credit cards can cater for purchases even outside the country. So you can have a vacation anywhere without worrying about carrying so much cash.

Use credit cards from convenience stores to high-end malls, even for hotels and parks. Credit cards are more convenient for online shopping, especially during these pandemic times. Moreover, most transactions are made online, even for buying goods and services. In short, using credit cards is the cashless way we buy.

But despite all these pros of having a credit card, there are still points to keep in mind before finally deciding to get one.

Two Mindful Points About Getting A Credit Card

Annual fees

Annual fees are commonly waived for the first year but will be charged to you the following year. You can avoid annual fees if you stick to cash transactions. Also, there would be an interest charged if you are unable to pay within the monthly due.

Spend habits 

When you finally have your credit card, will you be able to resist the temptation of splurging? Having a credit card may be dangerous to your financial standing. Swiping your credit card can lead to unnecessary purchases. If you cannot pay for your debts, your credit score will get lower. You might be unable to borrow loans for more critical causes.

Think thoroughly before getting a credit card. Talk with a financial specialist if you are truly ready for the financial obligations that a credit card can bear.

Getting An OCBC Credit Cards Singapore

Types of credit cards that OCBC offers

There are a lot of types of credit cards that you can choose from. OCBC will also give you health and wellness deals with HealthPass. HealthPass is a daily health app made by OCBC. This app lets you choose from over 150 general practitioners available for telehealth and in-clinic visits. Here are the options that you might consider when you get a credit card through OCBC

OCBC 365 Credit Card

This type of credit card that OCBC offers is the one that you can use for your everyday purchases. Cashbacks are applicable for both local and international purchases.

Earn 6% cashback on dining and online food delivery. For groceries, travel, land transport and utilities, you can earn up to 3% cashback. For fuel, you can earn up to 5% cashback.

Who is eligible for this type of credit card? The minimum age should be 21 years old. The annual income required should be $30,000 and above for Singaporeans and Singapore PRs. For foreigners, the annual income should be $45,000 and above.

What are the fees included in OCBC 365? For the principal card, fees are waived for the first two years. After that, however, there will be a minimum spend requirement to waive the annual fee.

For example, your annual fees will be waived if you spend $10,000 within a year. For the succeeding years, a fee of $192.60 annually. If you choose to have a supplementary card, the annual cost of the card is $96.30.

OCBC 90°N Card

This credit card type is perfect for people who travel a lot, whether for business or recreation. This card will be your travel companion, rewarding you with more travel points for every spend.

Travel points do not expire and can be redeemed easily. Also, there would be no conversion fees. You can also get up to 2.1% cash rebates from your earned Travel$. You can also use this card for online shopping and groceries.

OCBC Titanium Rewards Credit Card

Titanium Rewards Credit Card is the perfect credit card for you if you are fond of online shopping. This type of credit card will give you a lot of awards as you spend.

You can earn 50 OCBC$ for every S$5 spent on eligible online and retail purchases. You can also earn rewards wherever you go. So, whether you shop online or in stores, locally or overseas, you will be able to earn rewards.

You are also entitled to e-Commerce Protection, which protects you from the delivery of defective goods.

Who is eligible for this type of credit card?

You should be 21 years old and above. If you are a Singaporean or Singapore PR, your annual income must be at least $30,000. If you are a foreigner, your annual income must be at least S$ 45,000.

OCBC Cashflo Credit Card

OCBC Cashflo Credit Card is the first auto-instalment card. With this type of credit card, you can enjoy monthly cash rebates of up to $100. In addition, you can earn 0.5% cash rebates if your monthly bill is less than S$ 1,000.

This credit card will automatically split your payments into three or six-month instalment periods. So, for example, if your transactions are between $100 and $1,000, you can split your cost within three months.

If your transactions are equal to or greater than S$ 1,000, you can pay for your transactions within six months. But you will need to pay a processing fee of 1%. You can enjoy 0% interest despite splitting your payments into instalments.

You can apply for this credit card online via MyInfo. Worry less about the annual fee as it is waived for the first two years. You will be charged an annual fee of $160.50 for the succeeding years.

If you want to get a supplementary card, annual fees for the said card are also waived for the first two years. Then, the supplementary card will be charged S$80.25 for the annual fee for the succeeding years.

Make sure to pay your dues on time. OCBC charges a fee of S$ 100 for late payments. If you want your annual fees to be waived, you should spend a minimum of S$ 10,000 annually. But you might end up paying more, trying to waive the annual fees. Avoid unnecessary purchases when you get a credit card.

What credit card fits your spending habit?

There are many options when you choose to get a credit card. The question is, will you be able to maintain having a credit card? Are you financially ready for a credit card? Having a credit card may be convenient. However, you must be smart enough to control the urge to splurge using your credit card.

You must be mentally ready to purchase what is needed. A credit card can make you purchase things outside your purchasing power. If you are responsible enough to manage your finances, here are more options that you can consider. Let us compare the different types of credit cards for each bank.

Citi Cash Back + Mastercard and Standard Chartered Unlimited Cashback Credit Card have no minimum spending required and no cap on cashback earned. However, this credit card has a slightly high annual interest rate. Annual fees are waived for the first year and to be collected the following year. The said annual interest rate is 26.90%. You are also entitled to pay $192.60 of the principal fee annually.

CIMB Visa Signature, CIMB World Mastercard and HSBC Revolution Credit Card have the same rates for annual fees. The annual fee for these credit cards is 25.90%. The interest-free period ranges from 20-23 days. The minimum monthly repayment is 3% or S$ 50, whichever is higher.

These cards are also among the best options for applying for your principal credit card. These cards will not charge you for an annual principal fee or supplementary annual fee.

There are a lot of options in the market available. The best option for a credit card is up to you. Make sure that getting a credit card will help you beneficially. Always ask about the terms and conditions incorporated in your chosen credit card.

What are the needed documents when you apply for a credit card?

For Singaporeans and Singapore PRs, you can apply via MyInfo. Other documents needed are utility or telephone bills. Also, be ready with your Income Tax Notice of Assessment. Bring also your latest original computerised payslip.

Overall, there are a bunch of options that you can consider in getting a credit card. Having a credit card will benefit you if you use it wisely. Remember not to overspend, as it may weaken your purchasing power.

Also, be cautious of the promos that will make you waive your annual fees. Your annual fees may be waived, but you will end up spending more than what you are capable of.

Lastly, remember that failing to pay your credit card debts will affect your credit score. This is because banks and lending institutions are very much aware of your records and credit score.

Always resist the urge to spend more than what you can. A credit card is useful as long as it is used correctly.

If you think credit cards aren’t that essential for you, yet you need extra money for emergencies, get a low-interest personal loan from trusted licensed moneylenders.

Money lending entities provide instant cash loans to people who need them immediately. In addition, there are online loan services you can benefit from. Fewer documents are needed and don’t require any collateral. It’s one of the best alternatives whenever you need cash for emergencies.

HSBC Home Loan Singapore: The Essential Facts

HSBC Home Loan

HSBC Home Loan: Is it the best option?

Securing a home is essential, though you need to prepare for it. Buying a house requires a significant amount of money, which requires deep planning. 

You have to consider things before you buy a home:

  • First, assess your financial status if you can get one. 
  • Look for home loans that suit your financial needs.

Remember, Singapore is one of the world’s most expensive places to live. And getting home is one expensive goal an individual could achieve. So, you must weigh all your options depending on your income flows, savings, debts, and expenses. 

Prepare yourself for upfront costs. Also, for monthly instalments and other fees when you buy a home. 

But is it worth it to take a home loan? Some might ask the same question. Doubts and fears are there, and it’s normal, though. But getting home won’t be impossible if you take steps like summing up and looking for an affordable deal. 

But what is a home loan, anyway?

Simply, a home loan is money borrowed from a bank or any lending institution to buy a property. You’re going to repay what you’ve borrowed at a specific time. That includes the interest incurred. 

Singapore has a lot to offer if you’re wondering where you can get a home loan. Many institutions are offering various packages for home loans. These home loans have different interest rates and lock-in periods. 

One of the ranking banks in the country is HSBC. Many people trusted their Home Loans services. So, you might consider HSBC as your financial partner in making your dream home come true.

HSBC Home Loan Singapore

Before anything else, know what type of property you want to buy. Is it a private residential one? Are you interested in HDB properties? Or maybe you plan to get a commercial property under an individual name?

HSBC Home Loan is a product that will finance you in purchasing a property. Also, the bank allows you to refinance an existing housing loan.

HSBC Home Loan Amount

The loan amount you wish to borrow will depend on the property type you’ll buy. For HDB and private property, you can borrow at least $200,000. While for commercial property, you can get as much as $300,000.

But keep in mind that the approved loan amount will depend on some factors. That will be your income profile and credit history.

Fortunately, HSBC has home loan packages. Thus, it provides options for customers who wish to know what home package they’ll choose to get. With their mortgage specialist, you’ll get to know which home loan type best suits your and your family’s needs.

HSBC Home Loan Application Form

Applying for an HSBC Home Loan can be done through their official website. HSBC provided all the necessary documents for the home loan application. 

At the bank’s Help portal, you’ll find all the downloadable forms, including the property loan application form.

HSBC Home Loan Contact

Customers can always connect with HSBC whenever they have concerns. YAS, a virtual assistant, will help you with non-account-related queries for 24 hours. For further help, YAS will connect you with one of HSBC’s chat agents.

The customer service can cater to customers every day. The bank is available from 8:30 am to 10:00 pm during weekdays. But for weekends, the bank is open from 10:00 am to 10:00 pm. 

If you want to do your queries more quickly, you can use the HSBC Singapore app or do it through HSBC online banking. 

SIBOR HSBC Home Loan Option in Singapore

HSBC has options to serve its clients best. The bank will help you find the best home loan suited for you. 

Decide whether you will build or buy your home. Buying a home may be the most significant investment in your life. But building a home requires more patience, time and money. 

Decide on whether you will buy or build your own home. From there, you can decide which loan is perfect for you. 

One of the home loan options is a SIBOR-pegged loan. This type of loan will let you enjoy the flexibility of no lock-in period. This home loan package is applicable for both completed properties and properties that are about to be built. 

A SIBOR-pegged loan has fixed interest rates for the first three years. After that, the fixed interest rate is SIBOR + 1.80% p.a. Yet, the SIBOR-pegged package applies only to the minimum loan amount of $200,000. Using this type of loan requires a Temporary Occupation permit for completed properties. 

If you are an existing client of HSBC, you are entitled to apply for a “SmartMortgage” loan product. SmartMortgage links your home loan account with your existing account. You can reduce interest on your home loan through this. 

Paying less interest will make you save money. It can make you pay off your home loan in less time. It can also help you maximise the control of your finances and savings. Plus, you can freely choose to have no lock-in or lock-in periods for up to three years. 

Comparison of Home Loan Interest Rates in Singapore

You must be wondering which loan institution offers the best option for home loans. Here is a comparison of the rates and lock-in periods of different institutions. 

If your home is still under construction, you can get home loan plans with no lock-in period. Maybank, Standard Chartered and OCBC offer loan options with no lock-in period. This type of loan is called the 3-month SIBOR Floating Rate. 

OCBC has the lowest interest rate for the first year among the three banks mentioned. OCBC offers an interest rate of 1.24% during the first year, while Maybank and Standard Chartered offer an interest rate of 1.29% for the first year. 

For resale homes, CIMB and Standard Chartered offer a lock-in period of 2 years. CIMB is preferred between these two banks as they offer fixed interest rates. The said interest rate is 1.3%. 

Standard Chartered and Maybank offer an interest rate of 1.29%. The only difference between the two banks is that Maybank offers a shorter lock-in period of 1 year.

UOB offers a pretty enticing home loan offer. The least amount you can borrow is $100,000. The maximum amount to be borrowed is $2,000,000. 

It has a lock-in period of two years, but the interest rates are fixed. The said interest rate is 1.41%. 

Having a fixed interest rate also gives you a fixed monthly instalment due. You can maximise your spending power if you choose a loan like this. Your payments will be consistent without having to worry about interest rates that go higher as time goes by. 

Applying for a loan with a lock-in period may prevent you from refinancing your home loan. But take note that refinancing your home loan can help you save more money from interest rates. 

Refinancing

Refinancing means applying for a different home loan package in another lending institution. 

Repayment is also a key to saving money from interest rates. However, repayment only allows you to change your home loan package with the same institution as your existing package. Thus, you can save time from the hassle of transferring records to other banks and institutions. 

Remember that refinancing means you have to submit all the institution’s requirements you chose to refinance your home loan. 

3 Reasons Why Getting An HSBC Home Loan Can Help You 

There’s a great advantage when you get a home loan. Thus, it helps you get that home you and your family are dreaming of. Here are the five reasons why getting a loan is helpful.

Getting a home loan is very accessible. 

Getting a home loan is easy! You can enjoy a home loan in just a blink of an eye. Thanks to HSBC’s online banking, which makes it more convenient to apply.

Documents are accessible, and you probably already have. Just submit the requirements, and voila! You can now have your dream house at just the speed of light. 

Enjoy low interest rates.

You get favourable and flexible interest rates in HSBC. There are a bunch of choices for HSBC Home Loan. You can choose which you think you can afford to buy.

You’ll save money. 

With SmartMortagage, you can save more. It’s possible when your home loan account gets linked to your current account. Your home loan’s interest is reduced by offsetting it to your current account’s interest earned. 

Final Thoughts

Getting a home isn’t an easy goal, yet it takes more courage and commitment to make it a reality. In addition, you need to be mentally and financially prepared. Home loans, on the other hand, existed to provide financial assistance to those who desire to buy a property,

HSBC has been in the industry for many years and has succeeded in meeting what its customers need. So when it comes to making your dream home come true, HSBC will welcome and help you reach that goal.

However, loan approval is quite strict. That’s why some applicants weren’t able to get a home loan. You can avoid this one by checking your income status and by building a credit score.

Besides a home loan, if you need an online loan for home improvements, you can get a shorter-term loan from moneylenders. It can give you options suiting your financial status. 

For example, you can get instant cash loans like renovation loans to use for any home expenses. In addition, you can try to look for moneylenders that are also under the Moneylenders Act regulation.

Citibank Business Loans: Will it be beneficial for my business?

Citibank Business Loans

Getting A Citibank Business Loans Singapore

Business loans help business people in reaching their goals towards success. How is that?

There are many reasons why SMEs or even big companies take business loans. One of the reasons is business expansion. It’s one big leap your business can take, and it only shows that the company’s ready to take one step to level up. However, financially speaking, you need significant funds to fulfil that certain goal.

Not all businesses can afford to cover all the expenses of the said expansion project. And that’s when other businesses take business loans to support their financial needs. So the question is, where should they get a business loan?

In Singapore, Citibank leads when it comes to financial services. They provide loan products, including business loans, which can help you support your business’ expansion. Here, we’ll discuss details about what Citibank can help with business loans.

The Four Benefits Of Citibank Business Loan

Get extra funds

When you apply for a Business Loan, you can enjoy fast and easy access to cash. Instalment loans are one of the best options that Citi offers. You can withdraw it through a Citibank Ready Credit or Citibank Credit Card.

Citibank Business Loan Interest Rates

Interest Rates vary on the type of loan you will apply for. For example, getting a personal loan will give you a welcome offer of a 4.55% p.a. interest rate. However, the interest rates still vary depending on how long you want to pay back your loan. 

Remember that large institutions can blow up interest rates if you repay your loan for an extended time.

Convenient modes of payment

If you have an existing Citibank Credit Card, you can pay via FAST. These accounts are also qualified to receive payment from other participating banks and institutions. 

You can also access your other bank’s online platform via FAST. Instead of queuing to pay your bill, you pay it more conveniently. 

Get extra deals

You can get many deals when you apply for a loan. It is the strategy used by most banks. For example, Citi offers Grab Food vouchers for a certain cumulative loan amount. Check out the latest offers when you choose to apply for a loan.

Three Crucial Things You Must Do Before Getting a Citi Business Loan 

Everyone would want their businesses to grow and innovate. In this way, your business can stay relevant. 

A time will come when the company will need to expand to continue catering for the market’s needs. So here are some tips you might want to consider before getting a loan for your business.

Do ample research.

Consider all options when you look for a bank or an institution that will lend you money. For example, are you willing to pay hefty interest rates as long as the time for repayment is long? Then, you might as well check bigger banks and institutions for your choice of loan. 

Use the money wisely.

Getting a loan is not easy, though. You may want to maximize the loan by spending it on essential resources. For example, spend it to buy machines that can accommodate customers. Or you can use them to expand your business. 

Never use it to pay current expenses. Loans can run out if you do not spend them wisely.

Communicate with your business partners.

Make sure that your partners know every decision you make for the business. Getting a loan is a big step for your business. It could either make or break it. 

Inform your business partners about the pros and cons of getting a business loan. Everyone should agree that getting a business loan will help your business gradually. Discuss all the possible options available before getting a loan. By this, you can avoid any miscommunications. 

SME Financing Institutions in Singapore

Over 20 banks and financial institutions have SME loan product offerings.

Government financing schemes can be up to $1,000,000 with a maximum repayment period of up to five years. Note that the process of SME loan applications takes two to four weeks. 

Many financing institutions serve the SME Market. Some are Hong Leong Finance, Sing Investments, and other banks. These financial institutions are specialist lenders. They usually focus on equipment loans, which are categorized as asset-based lending. 

These financial institutions offer unsecured business-term loans with minimal interest rates. Interest rates range between 8-12% p.a. effective rate. For loans that involve revolving facilities, trade and factoring interest range between 6-9% effective rate. 

Interest rates vary between different banks and financial institutions. More often, interest rates are determined by the borrower’s credit profile. 

Documents needed for an SME financing application are slightly the same as the requirements required in banks. Some of the requirements include financial reports, bank statements, and the Director’s IC. 

Add to that is the Notice of Assessment and a brief write-up of the company’s information.

Is Citibank Business Loan worth considering?

Citibank Singapore started its business in 1902 and has represented almost every asset class. The bank is said to be Singapore’s most influential foreign banking employer.

Also, Citi Singapore is the home to Innovation Labs and the Asia Pacific Citi Service Centre. Throughout the years, the bank gained trust for the quality of financial products and services it offered to Singaporeans.

Citi has a wide variety of loan products, from personal loans to variety of business loans. Let’s take a look at the latter one.

CitiBusiness Unsecured Business Loan Singapore

All loans from various bank institutions have their pros and cons. Citi has a couple of products and services with long-term financing options. Citi’s financing schemes are suited for small to large businesses. 

Citibank is recognized as the Best Bank in Singapore. Citi also offers various business loans with up to four years of repayment terms. Also, you can take advantage of their low interest rates. It made them the most competitive banks in the business. 

CitiBusiness Unsecured Business Loan can finance from $50,000 with interest rates falling between 6.25% to 15%. But note that Citibank will require you to have a $750,000 annual turnover. You must also present your Bank Statement for the past six months. 

Citibank business loans might be the one that suits your needs. Yet, there are things you need to be mindful of about CitiBusiness. 

Citibank has a high set of standards regarding business loan approval. Thus, applicants must have excellent credit scores.

Another thing is that Citibank doesn’t offer the loan for business start-ups or new small businesses. That said, it makes borrower qualifications hard to meet.

Talking about such business loan products, Citibank surpassed other entities with its financial services. As a result, the company became the top pick for the best business loan in the country.

Citibank Business Loan’s minimum and maximum loan amount  

When you get a CitiBusiness Unsecured Business Loan, you can borrow at least $250,000 up to $350,000. 

If your annual income is S$120,000, you can borrow up to 8X your monthly income. Please note that this is also subject to the bank’s approval. Interest rates can also vary for each type of loan you apply to.

Other banks also have a wide range of loan options with flexible amounts to be borrowed. For example, CIMB, HSBC, Maybank and Standard Chartered can offer a maximum amount of S$ 1,000,000- 5,000,000. However, businesses must be registered and located in Singapore. 

Loan tenure is up to five years from approval. The amount to be borrowed still varies and is subject to the approval of the bank. 

If you do not need an enormous amount, OCBC and UOB offer business loans perfect for starting entrepreneurs. Businesses must be registered for at least six months and can borrow up to $100,000. Loan tenure is up to 3-4 years. 

Different payment terms when you get a Business Loan

When you get approved for a loan in Citibank, you have a couple of options when it comes to payment terms. One of the options is to choose a loan tenure of up to seven years

By selecting the seven-year loan term, you can enjoy lower monthly repayments. You can also calculate your monthly repayments with Citi’s business loan calculator on their website.

Yet, different banks offer different payment options. In addition, various business loans also have different tenure years. 

Do not be lured into longer years, as you may end up paying more than you borrowed. That is why you should take into consideration your choice of loan. 

Think about which loan will make you maximize your spending power. Longer terms of repayments can lead to long, awful years of debt.

Other Business Loan Options To Get in Singapore

As mentioned above, getting approved for a CitiBusiness Unsecured Business Loan won’t be easy. But there are still lots of options available in the market.

You can apply to licensed money lenders if you fail to meet Citibank’s qualifications. They offer various types of loans, including business loans. 

Moneylenders offer shorter repayment terms with interest rates, which I can say can compete in the market. To clarify, banks offer long-term loans, while moneylenders provide short-term loans. 

The existence of lending institutions helps those in dire need of money immediately. One advantage is that they do not have extra hidden charges.

But be careful of loan sharks, known as unlicensed moneylenders. If you want secured loan transactions, you can review the official list of licensed moneylenders in Singapore. 

All listed money lending entities abide by the Moneylenders Act. The Ministry of Law Singapore implemented such to regulate the finance industry. 

Choose a reliable money lending company. One you can consider is Cash Mart Singapore, which has been operating for more than 50 years! 

The company helped thousands of Singaporeans with instant cash loans. It could be either Business Loans or other low-interest personal loans

Business applications are fast, providing a smooth lending experience to borrowers! Visit Cash Mart Singapore now and discover more. 

Standard Chartered Home Loan Packages

Standard Chartered Home Loan

Which Standard Chartered Home Loan Package Best Suits You?

A home is an investment everyone wants to have. But unfortunately, not all are financially capable of buying it. 

Thankfully, there are banks and money lending facilities that provide financial support. One of them is Standard Chartered Singapore. 

Find out how the institution can help you secure the house you want. Learn more about the Standard Chartered Home Loan. 

Different Standard Chartered Home Loan Packages 

Standard Chartered Home Loan is not your typical loan. Instead, it offers different packages that indeed fit your house needs. 

Standard Chartered Home Loan Packages 

MortgageOne

Decrease the interest on your mortgage loan the savvy way. MortgageOne helps you save more by offsetting the mortgage loan interest through:

Savings: For every deposit, you earn excess interest. These earnings will reduce the outstanding loan principal. Thus, it offsets your loan interest. 

Short Loan Period: Your monthly instalments go directly to your principal repayment. That’s why it lessens your loan period. 

Transparency: Singapore’s Standard Chartered Home Loan rates are Fixed Deposit Rate (FDR) or SIBOR (Singapore Interbank Offered Rate).

Flexibility: Withdraw your deposits anytime you need. It works the same, just like your other deposit accounts. 

Interest Rate: Based on the 3-month FDR and SIBOR, including the margin for the Bank. 

Two-thirds of your deposit follows the same rate as the mortgage loan. But, it is subject to the most limit of the principal loan. The rest of the deposits have an interest of 0.25% p.a. 

Loanable Amount: The starting loan amount in MortgageOne is $100,000. 

Be mindful that MortgageOne is perfect for private residential property only. The processing fee is the least of your concerns. 

Home Suite

Home Suite is a top choice of the Standard Chartered Home Loan package. It helps build your home with a bundle of convenience such as the following:

Home Loan: Home Suite allows you to put up your house while gaining excellent benefits like: 

  • Receive financing up to 75% of your house needs. 
  • The current account holder has a Master Card or Debit Card.
  • Platinum Credit Cardholders enjoy exclusive privileges.

Online and Mobile Banking: Standard Chartered Home Loan status is more accessible. Check out your payment and remaining deposits through your device. Also, receive an e-statement every month or for every repayment. 

Loanable Amount: The least loan size you can apply for is $100,000. 

Interest Rate: Mortgage loan under Home Suite is calculated based on the fixed margin and the Bank’s prevailing rate per annum. The latter must be established on a 36-month Singapore Dollar Time Deposit. 

Home Suite is applicable for both completed and under-construction building properties. In addition, it does not have a processing fee, so save yourself from paying more than you imagine. 

Note: SBC Home loan’s approval will still depend on your required document’s validity.

HDB Home Suite

Standard Chartered Home Loan also packages an HDB Home Suite. The features are more than the ordinary home loan. 

Home Loan: Take out the proper financial help for your dream home. Standard Chartered Home Loan helps you get the best loan you need. 

Repayment: Pay off your loan in two different ways, either through a Debit Card or a Mastercard. That’s if you have a current account with Standard Chartered Bank.

If you have a Platinum Credit Card, settle your monthly obligation using it. Plus, it lets you enjoy exclusive privileges that come with it. 

Loanable Amount: Standard Chartered HDB Home Suite can finance up to 75%. The starting loan amount will be $100,000. 

Online and Mobile Banking: Knowing your Standard Chartered Home Loan status is more accessible. 

With your device, you can check out your payment and remaining deposits. Also, receive an e-Statement every month or for every repayment. 

Interest Rate: Mortgage loan under Home Suite is calculated based on the fixed margin and the Bank’s prevailing rate per annum. The latter must be established on a 36-month Singapore Dollar Time Deposit. 

Apply for HDB Home Suite regardless of whether it’s a completed or under-construction building property. The mortgage loan does not charge a processing fee. 

HDB Bridging Loan 

HDB Bridging Loan indeed stands by its name. It is a Standard Chartered Home Loan that funds down payment for the new property. At the same time, you are still waiting for the sale proceeds of your existing property. 

Fees: HDB Bridging Loan has no processing fees or upfront arrangement fees. Also, it does not charge for monthly instalments. 

Interest Rates: This Standard Chartered Home Loan offers a competitive interest rate. It is at 3M SIBOR with 2.00% per annum. 

Note: First-time buyers and contra-transactions aren’t qualified to apply for this loan package. 

Loan Tenure: HDB Bridging Loan of Standard Chartered has a loan period of six months. 

As long as you are eligible to apply, the loan application is fast and hassle-free. To secure loan approval, plan to sell a property and buy a new HDB flat. 

Commercial and Industrial Property Loan

Mortgage Loans offered by Standard Chartered also include commercial property loans. It helps in financing with attractive interest rates. 

Interest Rates: Standard Chartered Home Loan adheres to the transparent fixed base interest rates given to SIBOR. Besides that, the financial institution offers a competitive range for every applicant. Thus providing a worry-free long-term investment. 

Plans: Commercial Property Loan has a wide range of programs. Choose between 1, 3, or 12 months of SIBOR pricing. 

Online and Mobile Banking: Standard Chartered Home Loan status is more accessible. Check out your payment and remaining deposits through your device. Also, receive an e-Statement every month or for every repayment. 

Standard Chartered Commercial and Industrial Property Loans do not charge a processing fee. 

Standard Chartered Home Loan has a broad scope of packages. Choose wisely which type seems fit for your home financing. 

Standard Chartered Home Loan Eligibility Requirements

It is essential to review first the bank’s eligibility criteria. This way, you can see if you are qualified to apply for a Standard Chartered Home Loan product. 

Generally, you can apply for a Standard Chartered home loan if you’re 21 to 65 years old. People who can take a home loan are Singapore citizens or permanent residents. SCBS also accept foreign customers. Another requirement is your annual income.

For Singapore citizens or permanent residents, you must be earning at least $30,000 a year. While for foreigners, you should be making an annual income of at least $36,000.

Applicants with an existing credit account or residential property loans cannot get a home loan. 

For the HDB Bridging Loan, the bank has the same age and nationality requirement, except that the borrower must be selling an HDB flat or any private property. At the same time, the borrower should buy another flat from an HDB or resale market. 

Note: Sold properties of flat owners must also be borrowers. And the first-time buyers and contra-transactions aren’t qualified to apply for this loan package. 

Standard Chartered Home Loan Rates Singapore 2021

Based on Standard Chartered Home Loan packages, here is the summary of home loan rates:

Standard Chartered Private Property Home Loan Rates
Standard Chartered Building Under Construction Home Loan Rates
Standard Chartered HDB Home Loan Rates
HDB Home Loan Rates (June 8, 2021)
Standard Chartered Under Construction HDB Home Loan Rates

Comparing Standard Chartered interest rates for home loans is crucial. It’s due to frequent changes. However, the Bank offers competitive rates. 

Using Standard Chartered Home Loan Calculator

The bank’s home loan calculator gives you a sneak peek of how much repayments you’re obligated to make. It’s one way to assess your financial capacity to get a home loan.

You can find the home loan calculator when you browse Standard Chartered Bank Singapore’s website, specifically on the mortgage page. 

Quick Tips To Apply For Standard Chartered Home Loan Singapore

Taking out a mortgage loan from Standard Chartered is easy if you follow these steps. 

Complete your documents 

Check if you have the correct and complete document needed. Then, submit it to the banking institution. 

Understanding the differences between home loan packages 

Listen to the Mortgage Specialists while discussing the different home loan packages. Then, compare each one and decide which you think best fits you. Finally, be advised that the Bank will issue a Letter of Offer. 

The signing of the Letter of Offer

Read the Letter of Offer and be sure to understand everything stated. Also, take note of the fees included in the loan offer.

Be mindful that loan cancellation after signing the Letter of Offer has a penalty. You have to settle 0.75% of the unclaimed loan amount. So, think first before signing the agreement. 

Standard Chartered Home Loan truly offers financial support for your home-buying journey. But you must pick the right package to secure your dream house. Otherwise, you’ll pay off penalties for the money you didn’t even use. 

Money for Home Improvements

Aside from home loans, you can also find renovation loans for home improvements. Unlike home loans, which ought to be a long-term debt, renovation loans are a short-term debt type. 

Please note that this type of loan is only for home renovations, not to get a property. If you’re wondering where to get a renovation loan, licensed moneylenders are the best place to get one. 

One of the trusted money lending company in Singapore is Cash Mart. Cash Mart offers various instant cash loan products. Aside from Cash Mart’s renovation loan, the company also offers payday loans and business loans

Final Thoughts

Secure your new home while you’re staying at home. With Standard Chartered Home Loan, you can apply conveniently without leaving home. You’ll only need a gadget and an internet connection. 

Get pre-approved in two minutes, then talk to loan executives. Be verified the same day you submit your documents. Then, take out your quick cash after signing the Loan Contract. 

Furthermore, personal loans cover the down payment or the monthly instalments. Also, it assists you in renovating your new home. 

The instant cash lets you finish the work without sacrificing your other budget. Plus! Living in a fully furnished house is much better than a half-completed one. 

Cash Mart Singapore resolves your financial dilemma without compromising its integrity and excellence. It helps you seal the deal of your new home. And it can further assist you with other money matters that concern your house.  

Experience a hassle-free home-buying adventure when you apply for a Cash Mart Renovation Loan.

Things To Know About UOB Car Loan Singapore

UOB Car Loan

Things You Should Know About UOB Car Loan Singapore

When taking up a car loan, you should take it seriously. It is indeed a long-term debt that requires you to weigh your financial abilities. You need to have bold decision-making towards it. Before you decide, familiarise yourself first with car loans. 

UOB is one of the top-ranking banks in Singapore and has plenty to offer, including a car loan service. We’ll dig deeper and discover more about UOB Car Loans.

United Overseas Bank: Why People Trust UOB

Since 1935, UOB, formerly United Chinese Bank, has consistently served residents in Singapore. Many individuals have benefited from UOB’s products and services. For more than 80 years, UOB has built its reputation and gained the trust of its customers. 

UOB developed and continuously grew stronger. From its humble beginnings, the bank has now reached 19 markets in the world. UOB commits to providing the best financial services to its customers. In fulfilling the commitment, UOB earned countless awards and accolades throughout these years. 

UOB car loan

Know more about UOB Car Loans Singapore

Here’s the primary thought about how the car loan works. This type of loan is about borrowing money from a lender and used to buy a car. You are then obliged to repay your borrowed money, the principal amount plus interest rate. 

Car loans are known to be secured type loans. If you fail to repay your loan, the bank has the right to repossess your vehicle. 

Now, if you want to take a car loan, consider UOB. The bank offers two types of car loans with features that clients will love!

Two Types of UOB Car Loan

UOB has two different types of car loans – UOB Car Loan and UOB COE Car Loan.

Things you need to Know about UOB Auto Loan Singapore 

Among all banks in the country, UOB is one of the ranking banks for car loan services. Here’s why:

Features and Benefits of UOB Car Loan

  • Competitive UOB Car Loan interest rates: Interest rates for New Cars are 2.68% per annum, with effective interest rates ranging from 4.91% to 5.09%. In contrast, Used Car has an interest rate of 2.78%, with effective interest rates from 5.32% to 6.03%.
  • Paperless application: Apply online in ten minutes through UOB’s online platform. With MyInfo, you can leverage your data and won’t need to fill in any details. Plus, there’s no need to submit your income documents.
  • Loan Quantum: Get a loan quantum of up to 70% of the vehicle’s sale price. Or, it could be the bank’s valuation, whichever is lower.
  • Loan Tenure: Repay your borrowed money for up to seven years.
  • Easy Repayment Method: Pay fixed monthly instalments over time till you complete your obligation.

Things you need to Know about UOB COE Car Loan

COE Car Loan is only applicable to used cars. COE or Certificate of Entitlement is a license to register and use a vehicle in Singapore. Without such, you cannot get any car or other vehicles like a motorcycle or a truck. 

This license has ten years of validity. Once the license expires, you have the option to extend your COE for another five years to ten years. But note that your vehicle’s lifespan plays a vital role. First, it helps to determine the duration of the renewal. 

For a ten-year revalidation, you can extend your COE for up to 20 years. That is if you have enough cash in hand ready for repayments. But on the five-year revalidation, you can never renew your car’s lifespan once its timeframe ends. 

With all that said, COE Car means the person has already renewed the license for another five to ten years. So, if you can picture it out, the vehicle is now older than ten years. 

Yet, UOB has its terms and conditions for COE Car Loan. 

UOB has only a maximum of five years tenure for the revalidated COE of five years. On the other hand, UOB offers a maximum of seven years tenure for a ten-year revalidated COE.

Read on and discover more.

Features and Benefits of UOB COE Car Loan

  • Competitive UOB COE Car Loan interest rates: Take advantage of the fixed interest rate of COE Car (greater than ten years to eleven years) which is 3.25% per annum. The effective interest rates range from 6.17% up to 7.04%. 
  • Paperless application: Finish your car loan application in ten minutes through UOB’s online platform. With MyInfo, you can leverage your data and won’t need to fill in any details. Plus, there’s no need to submit your income documents. You can download an application form from UOB if you prefer to apply traditionally. 
  • Loan Quantum: Enjoy a loan quantum of up to 70%.
  • Loan Tenure: UOB offers a loan tenure of up to seven years for revalidated COEs.
  • Easy Repayment Method: Pay fixed monthly instalments over time till you complete your obligation. 

UOB partnered with known auto brands and car dealers in Singapore. A few of them are the following: 

  • Audi
  • Mazda
  • Nissan
  • Subaru
  • Carousell
  • Cycle & Carriage
  • Inchcape
  • Performance Premium Selection Limited 

Choose which car dealer you would like to buy a car. Then, get assisted by a car dealer’s staff, provided that you present all necessary documents. But if you want to skip that process, apply through UOB’s online platform using your MyInfo. 

Commonly Asked Questions About UOB Car Loan Singapore

Who can apply for a UOB Auto Loan Singapore?

UOB Car Loan applicants would be all Singaporeans and Singaporean Permanent Residents. But first, you must be at least 21 years old. 

Prepare the following documents (if you applied not through MyInfo):

  • Income Documents: Latest Income Tax Notice of Assessment, your last six months CPF contribution statement, and computerised payslip.
  • A Vehicle Sales Agreement, only if applicable.
Can a non-resident person take a UOB Car Loan?

Yes. a foreigner can apply for a UOB Car Loan, provided they have a local guarantor. 

They need to present a copy of the Identification Card or Passport. 

How much would be the monthly instalments to repay?

UOB can’t tell you immediately how much your monthly instalment repayments would be. But you can use the UOB Car Loan calculator on UOB’s site. It’s a tool which you can use to know how much you could pay in a certain period. 

All you have to do is indicate which car type you want – a new car or a used car. Then, you’ll be asked what interest rate you would like to take: 2.68% (new vehicle) or 2.78% (used car). 

Afterwards, you indicate how much car loan you would like to apply for. Then, choose how long you would want to repay the loan. 

Click the “Calculate” button and get the results. Whatever the result, remember that it is still subject to changes. 

How to pay UOB Car Loan Online?

You can quickly pay your car loan through Fund Transfer, Cash, Cheque, and Telegraphic Transfer. In addition, you can browse the site of UOB and look for their Help and Support portal. 

What is the UOB Car Loan hotline?

If you seek help on your car loan application, you can reach UOB through their Property Loans hotline: 1800-388-2121.

Advantage of Learning UOB Auto Loans

Knowing more about car financing, like UOB Car Loans, will help you weigh your financial status. Buying a car needs deep planning. Otherwise, you’ll ruin your hard-earned money. 

UOB Car Loans is not only the trusted financial product by many. UOB offers a wide range of bank loans, including personal loans. It’s a low-interest loan product that you can use whenever you’re in dire need of extra cash aside from properties. 

But if you are looking for instant cash loan services, try getting a low-interest personal loan from trusted licensed moneylenders. They even have competitive features like banks. 

Cash Mart Singapore is one of the most well-known and reputable licensed moneylenders. 

Benefits of getting a Standard Chartered Car Loan

Standard Chartered Car Loan

What benefits you’ll get from Standard Chartered Car Loan?

Still can’t decide whether to buy a car by paying cash or through car financing? You need to consider some factors when choosing which option best suits you. 

Standard Chartered Car Loan

Benefits of Buying A Car Through Finance

Buying a car is one big purchase that an individual can make. Of course, you can buy a car with cash or through financing. But paying in cash might be hard for some individuals. Thus, they prefer to apply for a car loan to pay in instalments. 

Buying a car through a car loan allows you to build and enhance your credit history. You can use your available cash on hand or in the bank on other essential matters. Besides that, with a car loan, you can build equity. 

Once you complete your payment, you’re free to sell or trade it in on a new car. Moreover, you get a car with no mileage limit and a lower insurance rate. Plus, you are free to customise your vehicle. 

The only drawback about car loans is that you need a downpayment, either in trade or cash. Cars quickly depreciate once used. It would be worth little by the time you pay it off ultimately. And lastly, your vehicle might be at risk of being repossessed by the bank. That’s if you fail to repay and get defaulted.

With car loans, people can buy a car without worrying about their funds. In addition, there are many banks you can choose from. 

One of the recommendable banks you can visit is Singapore Standard Chartered Bank. The bank offers Auto Finance, which has several features that clients will enjoy.

Features of Standard Chartered Car Loan

Auto Finance can help you get your dream car. Here is what you’re going to enjoy if you get an Auto Finance:

  • First, you get a smooth application process. 
  • Get options from its Flexible Repayment Plan.
  • Enjoy attractive interest rates.
  • Wide range of Distribution Networks.
  • Accessible to Pay Bills.

Experience The Smooth Application Process

Apply for a car loan through Standard Chartered Branch. Speak with your preferred car dealer, who will assist you throughout the application. 

But first, be sure you have decided what vehicle you want. Also, you should know whether you’re eligible for the loan.

Here are the Eligibility Requirements you need to meet:

  • You must be a Singaporean or Permanent Resident. 

  • Foreigners residing in the country can still get an auto loan from Standard Chartered Bank to submit all the required documents. 

  • Should be at least 21 years old. 
  • Must meet an annual income of $20,000

Important Note: Whatever the result of your application, approved or declined, it’ll reflect in your credit history. Thus, it could have a significant impact on your credit score. To make a clear 

Offering Flexible repayment options.

You can choose what repayment plan you think you can afford to pay. For example, Standard Chartered Car Loan offers 12 to 84 months of loan tenure. But note that the longer you pay, the higher the interest rate will accumulate. 

Offer Competitive Interest Rates in the Market

Standard Chartered Car Loan offers different interest rates: For new cars, they offer 2.48%, while for used vehicles, 2.78%.

Have access to the Wide Distribution Network

Buying a car with Standard Chartered Bank won’t be that hard since the bank partnered with a vast network of car dealers across Singapore. 

Easy to Pay Bills

Standard Chartered Bank Singapore offers several payment channels for car loans. You can pay through GIRO, AXS stations, Self-service, automated machines (S.A.M), or the bank’s online banking platform. 

Or, if you’re more comfortable paying it by cash, you can send it through cash deposit machines.

Standard Chartered Car Loan Requirements You Should Comply

There are things you need to comply with first in applying for a Standard Chartered Car Loan. First, you have to submit the completed application form. Then, you have to provide further requirements. It’s for them to help assess your car loan application.

Standard Chartered Bank requires borrowers to submit the following documents:

  • Identification Documents*
  • Income Documents*
  • Your Sale and Purchase Agreement
  • Your Vehicle registration card or Log Card
  • Form of Application for Hire Purchase
  • A fully accomplished and signed application form

Identification Documents to submit are the following:

Singaporean citizens and Permanent Residents need to submit a front and back photocopy of NRIC. Plus, a copy of the Passport. 

For Foreigners, all you need to submit are a copy of their Passport and a copy of their Employment Pass. Submit also any of the following documents:

  • Your latest utility bills, rates or tax bills
  • Your latest Bank or Credit Card statements (with e-statement)
  • A clear copy of your Rental Agreements containing your address
  • Your latest Mobile phone statements or pay-TV statements
  • A letter from your employer stating your current address
  • Government-issued documents stating your address like IRAS, CPF, or ICA

Income Documents to submit:

  • Provide your latest copy of the Income Tax Notice of Assessment (Two years for Self-Employed) or
  • Submit a copy of your latest one-month computerised payslip from your current employer or
  • A copy of your latest 12-month CPF Contribution Statement

Frequently Asked Questions in Standard Chartered Car Loan

How much loan can I take?

The amount of loan you can take depends on what type of car loan you avail of. Standard Chartered Bank offers New Car Loans and Used Car Loans.

But before that, note that banks comply with the Monetary Authority Singapore (MAS) Regulations. Therefore, the vehicle’s loan amount will depend on its Opening Market Value (OMV). 

New Car Loans: Once the vehicle’s OMV is less than S$20,000, the bank can finance the borrower up to 70% of the vehicle’s price. But if the OMV is more than $20,000, Standard Chartered Bank will finance 60% of its cost. 

Used Car Loan: Standard Chartered Bank doesn’t specify the vehicle’s maximum age for the used car loan. Generally, banks offer used car loans for cars less than ten years from their original registration date. 

The bank can finance you up to 70% in a used car loan with loan terms from one up to seven years. But note that the combination of the vehicle’s age and the car loan term must not exceed ten years.

Car Refinancing: You can avail of this one if you have an existing car loan from the other bank. Ask through SCBS’ hotline or customer service about their refinancing interest rates. If you think their interest rate is more favourable than your existing loan, you can avail of this product.

How much monthly instalment will I pay for the car loan? 

Your monthly loan payment will depend on the car price, length of the loan, and down payment. In addition, the interest rates incurred on car loans tend to be higher than those on new car loans. 

How to use the Standard Chartered Car Loan Calculator?

Using the bank’s calculator, you’d be able to see how much monthly instalments you need to repay over time. Just indicate what car type you desire to take and how much loan amount you need. 

Afterwards, you choose your preferred loan term. Then, click the “Calculate” button to get the result.

How to get instant approval?

Standard Chartered Bank can grant you instant loan approval, given that you have a good credit history. Also, the bank will check your income profile to see whether you can repay the loan based on your chosen loan term. 

Included in their evaluation is the age of the car. Ensure that the vehicle is ten years old from its original date of purchase. Otherwise, it will not be eligible for financing. 

What are the fees and other charges in Standard Chartered Car Loan?

You should be aware of the following fees when you apply for Standard Chartered Car Loan:

  • Late Payment Fee: $60
  • Late Payment Interest: 12% per annum based on the overdue amount of your monthly instalment
  • Early Completion Fee: 20% of your loan’s outstanding interest plus 1.5% of your balance payable. That is, if within 12 months from the commencement date. 

But if it’s beyond 12 months, it would be 20% of outstanding interest plus 1% of the balance payable.

  • Photocopy of Hire Purchase Agreement or Log Card: $53.50, including GST.

Important Note: 

If you want to settle your loan earlier, the bank will ask you to submit an Early Settlement Form. There are two forms you must accomplish. One is for the customer, and one is for the car dealer. 

The bank will ask you to submit all necessary forms at any SCBS local branches. First, be sure that you fully understand the terms and conditions applied. Then, sign the papers before you present them. 

You can request early full settlement quotes during bank working days. That is from Monday to Friday, 9 a.m. to 5 p.m. It takes two business days before you get your requested quotations.

You can quickly transfer funds if you wish to settle the loan immediately. You can transfer the funds directly to your repayment account. Repayment channels could be through Cashier’s Order, Cheque, or Cash to any local branch of SCBS. 

Be aware that the process will take three business days. Instructions will be processed once the bank receives your complete settlement forms and funds. 

Are you financially fit to buy a Car?

Vehicles are one essential property in Singapore. You can buy one if you have saved enough money for it or through car loans. But note that you should first check your financial capacity either of the two. 

Do not push yourself to acquire a vehicle if you’re not financially ready. Moreover, considering car loans, it’s better to seek the financial help of professionals. Remember, car loans are different from short-term personal loans. 

Personal loans can either be secured or unsecured, which you can use in any way. Should you need any short-term instant cash loans, you can try getting one from reputable moneylenders like Cash Mart Singapore.

Is DBS Car Loan the best choice to buy a car?

DBS Car Loan

Is DBS Car Loan in buying a car loan?

Buying your vehicle in Singapore is one significant achievement you can get, especially the country’s one of the most expensive places in the world. 

Even buying a sedan-type car could cost you S$110,000, almost equivalent to 30% of an HDB property. That’s likely getting a three-bedroom property!

But Singaporeans manage to get their car – all thanks to the car loan services. I bet you’re searching for where to get a car loan. Before you apply for a loan, here are some essential factors you must consider first. 

Getting a loan isn’t a good step when you’re not financially stable. So prepare yourself, your pocket, and your mindset. 

DBS car loan

How do car loans work in Singapore?

One way to buy a car in Singapore is through car loans. It’s about borrowing a sum of money from a lender, either from a bank or a car dealer. You need to repay the loan depending on what loan tenure you choose. 

When taking out a car loan, you can take as much as 60% to 70% based on the vehicle’s purchase price. But that depends on the car’s Open Market Value (OMV). 

If the OMV of the vehicle falls $20,000 or less, you can take a car loan amount of up to 70% of the car’s purchase price. But if the OMV is $20,000 and above, you can get up to 60%. 

Under the Monetary Authority of Singapore (MAS), you can repay the loan in not more than seven years. It’s the car loan’s principal amount plus the incurred interest that you will fulfil in repaying over time. 

When are you prepared to get a car loan?

Here are the top three factors you need to check before getting a car loan.

Check Your Credit Status

Ensure you have a clean credit record when taking a car loan. With a good credit score, you’ll probably get a higher loan quantum. Otherwise, you’ll receive a lesser quantum. 

Always bear in mind that credit records affect your loan application. Things that would bring your credit score up and down are the following:

  • Your loan payment behaviour in your past transactions. It could be unsecured loans like credit cards or other loan products. 
  • Applying for various loans in a short period.
  • Default loan records in previous transactions

If you want to know your current credit status, you can get it from the Credit Bureau of Singapore through eNets. It will only cost you $6.42. 

Zero-account holders and those with poor credit performances can build and rebuild by taking up short-term loans. But, again, repay your loan on time and don’t apply for multiple loans. That would only cause your score to drop.

Consider applying for a Credit Card. It’s one easy way to start building your credit score.

Shop for low-interest rates and inexpensive loans

Banks and other lending institutions are popping out in the suburbs of Singapore. That gives you more options when you look for car loans in Singapore. 

It might be overwhelming when you search for which institution you want to apply for a car loan. However, looking for low-interest rates is the best thing to do about it. 

Try looking for the best car loan in Singapore and compare them. Car loan interest rates are mostly capped at 2% to 3% per annum. But don’t just look into numbers. Instead, it would be best if you compare all your options. 

Is DBS Car Loan the best choice to make?

DBS is one local bank in Singapore offering different types of loans. Thus, DBS serve to meet the borrower’s financial needs. 

DBS Car Loan is one of these loan products. Read up and know more about DBS Car Loan.

Features and Benefits of DBS Car Loan Singapore 

DBS Car Loan Maximum Amount

Enjoy DBS Car Loan with its flexible loan terms and generous loan amount. You can take a loan amount of as much as 70% of the car’s purchase price. That is when the open market value of the said vehicle is $20,000 or less. 

But if the OMV is more than S$20,000, DBS can grant you a loan equivalent to 60% of the vehicle’s purchase price.

DBS Car Loan Tenures

What is more incredible is that you can repay your DBS Car Loan for up to seven years. Review your financial status thoroughly and see which loan term you can afford to repay over time. 

Buying a car through a car loan doesn’t mean you won’t have to pay in cash. You still need to prepare for your down payment of at least 30% of the purchase price. The higher the amount you pay in cash, the lesser the car loan amount you’ll borrow. 

DBS Car Loan Interest Rate

DBS provides the cheapest car loans for used cars for 1.99% of all banks offering car loans. However, take note that the age of the vehicle matters. DBS doesn’t provide used car loans over ten years old. 

The DBS car loan interest rate drops to 2.78% for the new car category. However, the said interest rate is almost the same as the interest rates offered by other banks. That is due to the Monetary Authority of Singapore (MAS) regulation.

DBS Car Loan Application Process

Another thing is that you can apply instantly with DBS Car Loan. No waiting time, no long queues. It doesn’t even require you to leave your home. 

Apply using your SingPass. Once retrieving your personal details from SingPass, it will make the digital application more straightforward and faster! 

You must have a DBS/POSB digibank app. It is available in App Store, Google Play Store, and Huawei App Gallery. 

DBS Car Loan Calculator

DBS provided a tool to help you estimate how much car loan you will take. That’s if you’re unsure how much you can afford to get. With the DBS car loan calculator, you’d be able to know the maximum loan amount you can take.  

DBS Car Loan Hotline and Customer Service Portals

DBS provided a Help and Support Portal containing some useful guides. You can also phone them through these contact numbers:

  • 1800-111-1111
  • 6333-0033
  • (65) 6333-0033 (for overseas) 

Keep in touch with DBS through their “Get In Touch with Us” feature. In this section, provided are quick links for self-service options. For example, it could be about your Accounts or Cards and Loans. 

For any concerns, you can contact them through the following:

  • Digital Services
  • DBS Digibank
  • DBS Digibot (a messaging service)

What is DBS Car Loan Early Settlement?

An early settlement means you want to pay your car loan in advance instead of spending it on its due date. It is possible, but you have to pay additional charges. 

Take note of the following DBS Fees and other Charges:

Early repayment Fees:

  • 20% of the Interest Rebate 
  • 1% of Total Financed Amount

A 20% fee of the Interest Rebate

In DBS, even if you pay your car loan earlier, you still have to pay the balance of the outstanding instalments payable under the Hire Purchase Agreement. An interest rebate and other charges and expenses will be deducted from the said amount.

A 1% fee of the Total Financed Amount

Total Financed Amount refers to the vehicle’s full price* minus all the total deposits, including cash, allowances or trade-ins (for used cars). 

*That includes the GST, accessories, and other related fees, expenses and charges. 

Late Interest Payment Fees: 

The said fees will range from 3% to 5% per annum. Plus, the average prime rate of the three local banks* is based on any overdue amount.

(*DBS Bank Ltd., OCBC Ltd., and UOB Ltd.)

Final Thoughts

Buying a car through car loans should be thought of ahead of time. It is crucial to plan it thoroughly, considering your financial status. It’s almost equivalent to purchasing a property. 

You need to be financially prepared if you want to make a purchase. If you need help, you can seek a professional loan adviser. That would help you assess if you can afford a car loan. 

But in Singapore, securing a home is more important than buying a car. So, taking an HDB flat before getting a vehicle is wiser. 

Aside from car loans, DBS also offers various loans such as personal loan, home loan, student loan, and many more.  

But if you need more cash than you wish to claim instantly, you can get a loan from money lending institutions like Cash Mart. They offer low-interest personal loans, which are more attractive than banks. 
Get a loan from Cash Mart, a trusted moneylender that abides by the Moneylenders Act. No collateral and a hassle-free application!

How Does POSB Car Loan Works?

POSB Car Loan

How Does POSB Car Loan Singapore Works?

Possessing your dream ride has always been tedious. Paperwork and money matters take time to process. Good thing an Auto Loan is now available. 

POSB Singapore is one of the top-tier banks in the country, offering several banking services suitable for anybody’s financial needs. Among all products, POSB Car Loan is the most acquired loan product. It is a straightforward and affordable loan you might want to try. 

Before anything else, let’s find out how POSB Car Loan works.

POSB car loan

Amazing Benefits of POSB Car Loan Singapore

POSB Car Loan finances any vehicle type you like. Here are some reasons why it is advantageous to apply for one. 

  • Reasonable Interest Rate: Auto loan by POSB provides a fixed interest rate of 1.99% per annum. The rate is generally relatively higher for used cars. 
  • Extended POSB Loan Tenure: Regardless of whether your chosen car is new or used, the loan term ranges from one to seven years. 
  • Maximum Loanable Amount: An applicant can borrow a loan amount based on Open Market Value (OMV). Yes, it’s not based on the car purchase price. With POSB Car Loan, borrowers can take up to 70% of the car price. It applies if the OMV is equal to or below $20,000. But if the OMV is more than $20,000, applicants can only borrow up to 60% of the vehicle price. 
  • Applicable for New and Used Cars: POSB Car Loan finances for both new and used cars. Be mindful that used cars must be less than 10 years of age. If more than that, the car is not eligible for financing. 
  • Easy to Use Car Loan Calculator: POSB is notable for its loan calculator, helping borrowers to generate a realistic figure for their monthly repayments. Input the basic details such as the loan amount, interest rate, and tenure. Once the information is in, it calculates an estimated amount for your monthly financial obligation. 

It is understandable why the majority take out an auto loan from POSB. The features are excellent for everybody’s financial situation. Also, it aims to help you achieve the car you’ve been eyeing for so long. 

Who are Eligible Applicants for POSB Car Loan?

Borrowers who aspire to take out a POSB Car Loan must have an existing POSB or DBS account. 

Suppose you are one of them; log in with your existing Digibank ID. It automatically prefills your relevant personal information. 

For SingPass holders, access your personal and income details through MyInfo. Review and check for any changes or discrepancies. Or you may manually enter the necessary information. 

Also, eligible applicants for a POSB Auto loan must meet the following criteria. 

Age Limit Requirement

Applicants should be at least 21 years old or older to become eligible. 

Borrower’s Residency

Qualified borrowers can either be Singaporeans or Singapore Permanent Residents. A foreigner can apply as well as long as he/she fits with other criteria. 

Required Monthly Income

Another factor for applicants to consider is their minimum monthly income. Singaporeans and Permanent Residents must earn at least $2,000. Meanwhile, foreigners must at least have $4,000 for their monthly take-home earnings. 

It is essential to assess yourself first to see whether you’re fit to apply for a POSB Car Loan or not. Remember, the bank provides financial aid for your car purchase. 

What are POSB Car Loan Income Requirements?

After identifying yourself as an eligible applicant for a POSB Car Loan, prepare all the essential documents. 

For Singaporean and Permanent Residents

Suppose you belong to this group, ready a photocopy of NRIC (front and back) and documents that indicate your income. It can be any of the following:

  • Computerised payslip (latest)
  • IRAS Notice of Assessment (latest)
  • CPF contribution history for the last 12 months

If you’re self-employed, the IRAS Notice of Assessment must be for the last 2 years. 

If you earn a rental consideration, provide a copy of the Tenancy Agreement. But it must be on top of the required income documents stated above. 

Provide additional documents if you previously purchased a car. The Vehicle Statement Agreement and LTC vehicle log card must be present. 

For Foreigners

Suppose you’re a foreigner staying in Singapore and need an auto loan. Ready a photocopy of your Passport and Employment Pass (front and back). Take note that it must be at least 6 months of validity. 

POSB requires Malaysians to present a copy of the NRIC, too, on top of the requirements above. 

Also, prepare any of the following income documents. 

  • Computerised payslip (latest)
  • IRAS Notice of Assessment (latest)
  • CPF contribution history for the last 12 months

If you’re self-employed, the IRAS Notice of Assessment must be for the last 2 years. 

If you earn a rental consideration, provide a copy of the Tenancy Agreement. But it must be on top of the required income documents stated above. 

Provide additional documents if you previously purchased a car. The Vehicle Statement Agreement and LTC vehicle log card must be present. 

Make sure to complete these papers before proceeding with your loan application. Duly accomplished POSB Car Loan Income requirements lead to a faster and more convenient process. 

Importance Of POSB Car Loan Calculator

A loan calculator always comes in handy, which helps borrowers to:

Predict Loan Amount

It is the best tool for helping applicants have a gist of the loan amount they can borrow. You can grasp which vehicle is probably suitable for your finances. 

Estimate Monthly Due

Loan repayment is more manageable with a POSB Car Loan Calculator. You can easily foresee if you can handle your future monthly obligation. Also, you can identify if it can affect your daily needs. 

Furthermore, the POSB Car Loan Calculator has two types. The first one calculates the maximum loan amount you can borrow. You will know how much cash you need for the downpayment. If the loan amount is lower than what you need, look for other types of loans. 

Meanwhile, the second one computes your monthly instalments. You can easily distinguish if you can handle the estimated monthly repayment. Weigh your options if you’ll go through with it or not. 

Utilising a loan calculator is a wise decision whenever you apply for a loan. It estimates all your possible expenses. Although inaccurate, it gives you a bright idea of your future finances.

POSB is truly a trusted bank in Singapore. It gives out loans based on the financial situation. Buying a car with POSB Car Loan is one of the best financial assistance available. 

Be financially prepared when buying a car.

Getting a car loan from POSB is one big help for those who can’t afford to buy in cash. But note that even if you take a car loan, you still have to pay the down payment in cash. 

Prepare 30% or more for the down payment. The higher the down payment, the lesser the loan amount you need to take. Before you decide to get a car loan, be sure that you already have the cash for the required down payment.

It’s convenient driving your own car. You won’t stress yourself by commuting in public, especially when your home is far from your working place. Rain or shine, you’re ready to go anywhere, anytime.

Aside from car loans, POSB offers other loan products, such as personal loans. Such a loan product is flexible. If you wish to have extra money for your child’s education needs, consider POSB Education Loan

Besides POSB, if you wish to get a short-term cash loan, consider getting it from reputable moneylenders like Cash Mart Singapore. Aside from low-interest personal loans, you can also get paydaybusinessrenovation, and foreigner loans

Visit Cash Mart Singapore to discover more!

Why Apply For OCBC Car Loan Singapore?

OCBC Car Loan

Why Apply For OCBC Car Loan Singapore?

Buying a car is not as easy as it looks. You have to look into every detail to secure your dream vehicle. Aside from checking the car safety features, your financial status needs assessment, too.

Applying for a car loan lightens your monetary issue. Look for a bank or money lending institution that offers a loan that fits your lifestyle.

Aside from OCBC Business Loans and OCBC Personal Loans, OCBC Car Loan is one of the best options in Singapore. It has magnificent offers you definitely would not like to miss. Find out more about it in this article.

OCBC car loan

Excellent Benefits of OCBC Car Loan 

OCBC Car Loan allows anyone to buy a car with confidence. It’s an easy way of having your dream car.

Accessible to Manage Car Loan Applications

Seeking financial help from OCBC is secure yet straightforward. All you have to do is apply through Myinfo. Approval is as fast as 60 seconds.

It’s a Cost-Free Application

OCBC Car Loan application does not incur any fees or penalties. Also, it is only effective once you finalise the car of your choice. Plus, it must be acceptable in the Hire Purchase Agreement.

Approved Car Loan Before Showroom Visit

OCBC Car Loan lets you shop while knowing your maximum budget. It is far different from other money lending facilities. You get 70% of the vehicle’s purchase price or the valuation of the car, whichever is lower. Plus, you get loan approval for as fast as sixty seconds!

An Eco-Care Car Loan

OCBC Car Loan offers a new set of auto loans. With Eco-Care Car Loan, you get to be part of making Singapore greener.

Electric vehicles get approved without fuss.

Also, it provides enjoyable savings for applicants. But, of course, you’re free to review the Terms and Conditions applied to this car loan feature on OCBC’s website.

It’s no surprise why OCBC Car Loan stands out in the country. Taking out the auto loan does not only assist in achieving your dream car. Also, it has a hassle-free application process.

Exceptional OCBC Eco-Care Car Loan

OCBC is well-known for its Eco-Care Car Loan. It is an auto loan that allows aspiring car owners to help nature.

Buying an electric vehicle might seem too pricey for some. But with OCBC Car Loan refinancing, everything is attainable. So, what do you get for taking out an Eco-Care Loan?

Enjoy OCBC Low-Interest Rate

Experience the exclusive package of a 1.68% rate per annum. It is one of the lowest interests offered in Singapore.

Beneficial for Every Resident

Applying for an OCBC Eco-Care Car Loan is a wise decision to increase your savings.

Every resident of HDB has six months free of charge. Meanwhile, residents in a condominium and landed property enjoy the 12 months free of charge.

OCBC’s Awesome Partners

Eco-Care Loan in OCBC has a great partnership with Jaguar and C-HARGE +. Thus, making additional purchase perks with their latest model like Jaguar I-PACE.

Eligibility Requirements OCBC Auto Loan 

Almost anyone in the country can apply for a loan. Singaporeans, Singapore Permanent Residents, and Foreigners are privileged to take it out. Also, they must be at least 21 years of age.

Affordable OCBC Car Loan Interest Rate

Effective Interest Rate (EIR) is the loan’s actual cost, varying to loan tenures. It includes all the interest, fees, and other charges. Choose a loan tenure you think you can afford to repay.

For example, the flat interest rate for an Electric Car Rate is 1.68% per annum, with an EIR ranging from 3.09% to 3.22%. Meanwhile, a Petrol or Diesel Car Rate is at 2.28% per annum with an EIR ranging from 4.18% to 4.35%. Note that these rates are subject to change.

Convenient OCBC Car Loan Application Process 

Bringing home the car you’ve been eyeing is simple with OCBC.

Apply Through Myinfo

Apply on the site trouble-free. Find out the approved loan amount immediately. Base the price of the car you can afford on the maximum limit. Shop confidently, knowing how much you can borrow.

You Inform The Car Dealer

Car dealers in Singapore know about OCBC Car Loans. Talk to them and discuss the car details you want. Afterwards, the dealers will submit the information to OCBC. Expect an SMS to verify it.

Accept Digital Agreement

The approved auto loan speeds up the application process. OCBC sends a Hire Purchase Agreement through SMS. Review all the details. Read carefully and understand before accepting the agreement digitally.

Pick Up the Car

Once the Hire Purchase Agreement is secured, the dealer arranges your car. Collect the vehicle when it is ready.

Look into your email about the Hire Purchase Agreement. It must include information about your monthly instalment and the due date for payment.

Repay Your Loan Responsibly

Paying off financial obligations with OCBC Car Loan is convenient. You have several options, such as the following:

  • Set up payment via GIRO. Settle dues via ATM, mobile, or internet banking.
  • Pay using Cheques and transfer through any cheque deposit boxes.
  • Pay cash to any of the bank branches.

Getting your auto loan from OCBC is straightforward. Lining up is no longer needed.

OCBC Flexible Repayment Methods 

OCBC Car Loan stands out for its numerous payment options.

If you have an existing loan account number, six different methods are accessible. A direct Debit Account is the preferable means. Interbank GIRO, quick check deposits, mobile banking, and Internet banking are also acceptable.

Don’t worry if you don’t have a deposit account with OCBC. Instead, repay your loan through the most preferred method, Interbank GIRO. Payment through a quick cheque deposit is your only alternative.

Keep in mind that over-the-counter payment in branches imposes additional service fees.

OCBC Car Loan Fees 

Whenever you repay your loan, always consider the following fees:

  • A late fee costing $8
  • A 1% full settlement penalty charge on the outstanding loan penalty
  • An Interest rebate clawback that is 20%, following the rule 78 computation.

OCBC Car Loan is an excellent choice for driving your new ride. The perks and application process proves how worthy it is to try.

OCBC Car Loan Contact Singapore

Reaching OCBC is simple. If you have concerns regarding car loans, you can get in touch with the OCBC team through their Contact Us number: +65 6363 3333.

OCBC also has a dedicated page for its Help and Support team. It’s where you can find all frequently asked questions about the bank’s services, including car loans.

If you want further information about OCBC, find the “Useful Links” on the bank’s site and click “Help and Support”. It’s located at the bottom of the website.

OCBC Digital Banking: A Digital Platform to Track Your Activities

Banking systems are now transitioning into digital ways. It’s one way to do banking transactions conveniently.

Through OCBC’s mobile banking app, clients can take one view of all their banking transactions. Such activities are about Car Loan and all OCBC products and services. But note that you can only view all transactions made from the past seven days.

OCBC mobile apps have many features that help clients experience the best and most convenient banking activities.

Indeed, OCBC was able to provide what customers need financially. Not only car loans but also other loans like low-interest personal loans and home loans.

If you’re looking for other loan services with lower interest rates, you can seek help from money lending companies such as Cash Mart Singapore. The company offers instant cash loans that people can benefit from in times of emergencies.

Licensed moneylenders, as well as banks, thrives on providing quality financial services amidst the pandemic. Thus, it offers excellent help, sustaining people’s daily needs.

Maybank Car Loan: Is it the best choice?​

Maybank Car Loan

Maybank Car Loan: Is it the best choice?

Most people buy a car through a car loan, which is the most straightforward way. But financing a car isn’t the best option for every car buyer. It will always depend on the car buyer’s income profile. 

Are you planning to apply for a car loan? Consider Maybank Car Loan to help you buy your desired automobile. Read up and discover what benefits you’ll reap if you acquire a car via a car loan!

Buying a car with Maybank car loan

What to Consider When Buying A Car?

Buying a car is one big purchase that you can make. It takes a significant amount of money to have one. That said, you have to think about it first. 

Know what type of car you will acquire that you can afford to pay. After you decide which car to buy, inspect the functions and features. Observe if everything’s functioning well. 

And one crucial thing, consider availing a Car Insurance. It’s better to protect against property damages you might need to cover in case of an accident. The coverage will include any bodily injury costs. 

The Benefits of Maybank Car Loan Singapore

Getting a loan won’t trouble you unless you take it without a proper assessment of your financial status. Besides, acquiring a vehicle through a Maybank Car Loan can benefit you! 

You can get a car loan that can finance a car up to 70% of the mobile’s purchase price. The bank offers a fixed interest rate incurred for monthly payments. Besides that, you’ll get repayment options from 12 months up to 84 months. 

Another benefit of getting a Maybank Car Loan is boosting your credit history. Just pay attention to the loan’s due dates. Paying debts on time might grant you a higher loan amount the next time you get a loan in the future.

Important Note: Maybank Car Loan doesn’t apply to imported and rental cars.

Maybank Auto Loan Eligibility Requirements

Each bank has its own set of eligibility requirements. Generally, banks consider a borrower as eligible when they are:

  • At least 21 years old
  • A Singaporean citizen or Singapore Permanent Resident. Foreigners are welcome to apply (must have an Employment Pass and a local guarantor)
  • Earning at least S$1,500 a month.

Aside from these requirements, Maybank checks borrowers’ income and credit history records. Credit history shows your past financial transactions. Thus, it gives financial institutions an impression of whether you’re a trusted borrower. 

Understanding Maybank Car Loan Interest Rates and Loan Tenures

Maybank can offer you a car loan depending on the mobile’s open market value. If the value is $20,000 or less, you can get up to 70% of the vehicle price or valuation price (whichever is lower). 

But if the open market value is worth more than S$20,000, you can get 60% of the purchase price or valuation (whichever is lower). 

It’s up to you how long you want to repay the loan. You can choose from Maybank Car Loan’s Loan Tenures from one year up to seven years.

Maybank Car Loan might not be the best rate in the market, but it can still be the best backup option. They have a fixed flat interest rate of 2.78% per annum. The bank hasn’t provided enough details regarding the car loan. And that made it difficult to know the affordability of the loan. 

Additionally, don’t rush to sign the loan contract. It’s best to fully understand your car loan’s terms and conditions.

Maybank Car Loan Penalty Charges

Maybank does not provide further details about the fees associated with the new or used car loans. But typically, Maybank has prices for the late payments or early settlement of the loan. 

Maybank Car Loan Application Process

All you need to do is submit an accomplished application form when you apply. Bring the necessary documents to help lenders assess your identity, income, and employment. 

Also, Maybank will require you to complete a hire purchase agreement form only if applicable.

Other documents you need to submit are:

  • A Photocopy of your Passport or NRIC
  • A Computerised payslip
  • A CPF Statement of the Account
  • Your latest Income Tax Notice of the Assessment and
  • A Transfer of your Vehicle Ownership (only if it is applicable) 

Maybank Car Loan Customer Service Hotlines

If you need immediate assistance regarding car loans, you can reach Maybank through these hotlines:

Maybank Customer Service:

  • 1800-629 2265 (1800 OF Maybank)
  • For the Overseas you can call (65) 65335229

Auto Finance:

  • 6550 7880
  • (65) 65500 7888 (for overseas)

Merchant Acquiring:

  • 1800-629 2265 (1800 for Maybank)
  • (65) 65335229 for the Overseas

The bank operates every Monday to Friday, 9 am to 6 pm, except for every Public Holiday.

Maybank Car Loan Payment Methods

Maybank has different payment methods. That includes Interbank GIRO, cheques, and cash.

Paying Car Loan through Interbank Giro

Download the GIRO application form and fill out the form. After, you send it to the Crawford Post Office. It might take four to six weeks. So to avoid late payment fees, you can pay via other available payment methods. 

Paying Car Loan through Cheque

Drop a cheque at the Fast Cheque Deposit Box at any Maybank branch. Or, mail it to the Crawford Post Office. Make the check payable to “Maybank”. And don’t forget to write the following on the back of your cheque:

  • Your Hire Purchase or Car Loan account number
  • The vehicle number
  • Your contact number 

Important Note: Never pay a post-dated cheque to Maybank.

Paying Car Loan through Cash 

Simply deposit the cash at any machine of Maybank cash deposit. You can do it over the counter at any branch of Maybank. 

Follow these simple steps:

  • Select cash deposit or Payment
  • Select hire purchase repayment 
  • Enter the last seven digits of your HP account number
  • Provide your mobile number 

Important Note: Round up your monthly instalment payment to the nearest whole. Because Maybank’s cash deposit machines only accept selected denominations.

In conclusion

Maybank has been in service for years, meeting all the financial needs of Singaporeans. May it be Maybank Personal Loans or Maybank Education Loan. There’s more you can discover about Maybank.

But if you’re looking for a short-term instant cash loan, you can find it in licensed money lending companies in Singapore. Not only that you can get the cash loan instantly, you’ll enjoy low-interest rates without any collateral requirement. 

Search on the official list of moneylenders of Registry of Moneylenders Singapore. All lenders listed are legit and trusted by many Singaporeans, including Cash Mart Singapore. 

Get your low-interest personal loan in no-time with Cash Mart!

Standard Chartered Business Loan: Is it helpful?

Standard Chartered Business Loan

Standard Chartered Business Loan: Is It Helpful?

Standard Chartered Bank Singapore Limited has been in the market for more than 150 years. The bank made history in the world’s most competitive markets, including Singapore. 

Standard Chartered has been part of an international banking group. The bank has this drive prosperity and commerce, which made it possible through its unique diversity. 

The brand promises heritage and values expressed at all times. Over 160 banking years in Singapore, SCBSL built an excellent reputation. 

They also obtained their Qualifying Full Bank (QFB) licence by October 1999. This licence is an endorsement of Standard Chartered’s time-honoured commitment to Singapore. 

Standard Chartered Business Loan

Things to do before getting a Business Loan

Getting a business loan is something you should plan. Such involves big decisions that can make or break your life. 

Securing capital for your business needs to have the proper preparation. Here is everything you need to know about business financing. 

Create a business plan. 

It will give you an edge if you come to a financial entity with a business plan. It is a great way to convince the lender and prove that you’re credible in running a business. 

It’s one way for lenders to identify your business skills and knowledge in doing business. Your business plan should include your business goals. 

Include also your Enterprise’s Revenue expenses, your competitors, and your Market analysis.

Make a smart and a little witty introduction to the lender. Let them feel your confidence and bold determination to run your business. It will give lenders a great impression. 

The Significance of financial statements. 

Submit and present a copy of financial statements. It must contain your business’ past financial information. 

Showing projected numbers can also help. That way, lenders can see your progress towards your goals. Doing so will let them know that you can make enough income and will be able to repay the lent money. 

Ensure to include the following financial statements for the past few years:

  • Income statements, 
  • Cash flow statements, and 
  • Balance statements.

And also, take into account how you will use the money you are borrowing. Also, include all the seasonal changes in your business. 

State the purpose and amount of the loan. 

Before taking up a business loan, make calculations of how much money you’ll be needing. If you can state your goals, it will be easier to explain what you need from the bank or licenced moneylenders. 

Put in place your marketing strategy and identify what pieces of equipment you will need. Find the best prices for each piece of equipment you will use. 

You can show your research to the moneylenders if you have. That’ll make them see that you are serious about taking this opportunity. 

Be aware of your personal credit history. 

Before you apply for a business loan, take a look at your personal credit history. Your personal credit history will be necessary. It’s vital, especially if your business can still build a credit history of its own. 

Banks should know that they are lending money to someone responsible for paying it back. That makes it essential for you to build up your personal credit history before applying for a loan. 

Also, that includes personal bank statements and tax returns for the last year. 

Take note of the cost of having a loan. 

Be aware of how long you will be able to pay your loan. Banks may offer longer payment terms. They’ll think about the interest rate you will pay if you opt for longer payment terms. 

These interest rates also blow up the longer it takes for you to pay back your loan. You can always look for licenced moneylenders. They, too, offering flexible payment terms with low-interest rates. 

Take note of interest rates to estimate your payments. Include all this information in your financial statements. Also, know all the terms and conditions attached to each loan. 

Know your collateral capacity before getting a loan.

Some money lenders will need you to list some of your assets and collateral. 

It would help if you listed down all possible asset. That is to determine if you have collateral when paying back your loan. 

Search for every borrowing option. 

Instead of falling for large banks, try to look into different credit unions first. They can also give you a significant chance of getting approved. 

You may be able to adjust your plans and have a lot of options, unlike large institutions.

Choosing Standard Chartered Business Instalment Loan to Support Your Enterprise

Standard Chartered Bank offers various types of financial services. That includes business loans in Singapore. 

Among all banks, Standard Chartered is one you can trust. Here’s what you need to know about Standard Chartered Business Loan Singapore.

Features of Standard Chartered Business Instalment Loan

Standard Chartered Business Loan Amount

Help grow your Enterprise with a Standard Chartered Business Loan. You can secure a loan from $70,000 up to $300,000. 

There’s no collateral needed when taking up a loan. But note that the loan amount approved will only be under the bank’s sole discretion. 

Business Instalment Loan Tenure

Choose your preferred repayment period ranging from 12 to 36 months. As mentioned, there’s no need for collateral. But note that the repayment period is subject to the bank’s sole discretion. 

Business Instalment Loan Interest Rates

The interest rate varies depending on how long you will repay your loan. Standard Chartered has competitive rates, starting at 3.48% per annum. 

You’ll get further details about the loan upon visiting the bank. Make sure to read the terms and conditions before signing an agreement.

Business Instalment Loan Repayment Plans

The bank will not need you to provide business financial statements. All you need is your company’s GST statements from the last four quarters. 

Also, provide Operating Bank statements from the previous six months. 

Standard Chartered Business Loan’s Eligibility

Any business can apply, from minor to medium enterprises. It could be either Sole Proprietors, Partnerships or Private Limited Companies.

Note that it should be a Singapore-registered business. Besides that, Singaporeans or Permanent Residents hold ownership of the company. Owners should have at least 50% of shareholdings. 

The company must operate for at least three years with at least $750,000 turnover. 

Standard Chartered Business Loan Application Process

You can visit the SCBSL website to access the business loan application. 

Go to Business Banking and look for the “Business Loans & Working Capital” button. Click it and proceed to “Business Instalment Loan.”

Once you’re on its product page, click the “Apply Now” button. Provide all needed information, and you’re on your way to getting your Business Loan. 

Standard Chartered Business Instalment Loan Charges and Other Fees

Get at least $70,000 up to $300,000 of loan, but note that there are some fees the bank might charge you. Fees and other charges may include the following:

  • Annual Fee: at least S$400 up to 2.00% of the approved loan amount. In the following years, it’ll cost S$100 per year.
  • Default Fee: It’s a charge for overdue instalments, costing $100. 

But note that a Board Rate of 10% p.a. adds on all your delinquent instalments until your loan’s maturity date. 

  • Board Rate Business Instalment Loan (BIL): 9% per annum 
  • Interest Rate: The Effective Interest Rate for each loan varies up to BIL Board Rate plus a 2% per annum ( at 11% p.a.). 
  • Special Requests (post loan disbursement): Costing S$250.
  • Prepayment Fee (partial payment): 3% per annum added to the loan sum. Be sure to inform the bank before one month via written notice. 
  • Redemption Fee (full repayment): 5% interest added to your outstanding loan. 

It varies if you redeem the loan amount within the first 12 months from your loan’s disbursement. 

Standard Chartered Business Loan Requirements

Prepare the Standard Chartered Business Loan documents required to submit. That includes the following:

  • A Photocopy of Sole Proprietors Identity Cards or Passports. 
  • A Photocopy of your IDs (under partnership/private limited companies)
  • Copy of company’s Goods and Services Tax statements for the previous four quarters
  • Submit the company’s current operating bank account for the last six months
  • An accomplished Business Instalment Loan Application form
  • A copy of the Sole Proprietors’ / Partners’ Income Tax Notice of Assessment
  • A copy of the Board of Directors’ resolution
  • Buying a car with Maybank car loan
  • A copy of Company Constitutional Documents (Memorandum and Articles of Association)
  • Submit a Professional Certificate (only if applicable)
  • Any papers related to the establishment of entity, identity and address proof documents

Conclusion

Before deciding on which loan to take, you should be cautious in getting loans. Interest rates vary and can be added in an instant. You might as well think and study about it. 

Many fees may add up if you choose to loan from larger institutions. But there are some options to that. You can always research licensed money lenders and their payment schemes. 

Moneylenders are financial entities under the Ministry of Law Singapore’s regulation. Such institutions offer various short-term instant cash loans

Plus, they offer a more comprehensive payment scheme with low-interest rates. That will maximise your spending power. 

High interest rates do not mean that you will pay more. In the long run, you will be able to save more money than going for lower interest rates to be paid for a very long period. 

Choosing a shorter repayment plan will be less of a burden. In a short period, you will be free from debt and loans. Always consider all options, as having a loan is a significant decision. 

What DBS Student Loan Can Offer?

DBS Student Loan

Things You Need To Know About DBS Student Loan

Applying for an Education Loan is one of the life-altering decisions. A student or a guarantor must not take it lightly. It can make or break your ultimate goal.

It can become one of your worst nightmares if you fail to pay attention. But if you comply, you can fulfil your dreams hassle-free.

When choosing a student loan, DBS is on the high rank. Applicants see it as an excellent bridge for their end target. The bank offers different types of loans depending on the student’s needs. Get to know which DBS Student Loan fits you.

lady studying with DBS student loan

What is a Study Loan?

Study Loan finances your education in a university or polytechnic. Whenever you need financial support for your education needs, this loan can help you.

DBS Study Loan Features: University

DBS Student Loan for Study Loan subsidizes 20% of the tuition fees a Singapore student must pay. Or base it on the annual living allowance of up to $3,600.

Interest Rate: It’s free of interest during the study! Interest applies after graduation. The charge is at an average DBS, UOB, and OCBC prime rate.

Repayment Period: The interest-bearing loan takes up to 20 years of loan tenure. But only up to five years for an interest-free loan.

The repayment plan starts not later than six months after finishing the study. Borrowers can pay it in one lump sum. Or through equal monthly instalments. $100 for minimum monthly repayment.

Eligibility and Requirements: A student or a guarantor must be a Singaporean, Permanent Resident, or International.

Undergraduates received financial support for tuition fees payable by Singapore Citizens. Present at least one or two of these requirements.

  • CPF Education Loan
  • Tuition Fee Loan
  • Scholarship Grant
  • MENDAKI Tertiary Tuition Fee Loan,
  • A subsidized fee from a registered government agency
  • A guarantor must be 21 to 60 years old with no undischarged bankruptcy.

DBS Study Loan Features: Polytechnic

A Study Loan Singapore subsidizes 25% of a Singapore student’s tuition fees. Or base it on the annual living allowance of up to $2,000.

Interest Rate: The same for universities. It’s interest-free during the study. The interest will only apply after graduation. The charge is at an average DBS, UOB, and OCBC prime rate.

Repayment Period: It takes up to five years of loan repayment scheme for the interest-bearing loan. But only up to two years for an interest-free loan.

Repayment begins after course completion. That would be $100 for the minimum monthly repayment.

Eligibility and Requirements: The student must be Singapore Citizens or Permanent Resident, with complete documents such as the following:

  • CPF Education Scheme
  • Tuition Fee Loan Scheme
  • MENDAKI Subsidy Scheme
  • A guarantor must be 21 to 60 years old with no undischarged bankruptcy.

What does a Tuition Fee Loan mean?

Tuition Fee Loan is a DBS Student Loan funded by the government. Local institutions offer it while DBS Bank administers it.

This type of loan is available for Singapore Residents and Permanent Residents. That also includes Non-Singaporean and non-Permanent Resident students in local institutions who can also avail of the loan. Plus, it has no age restriction or income requirement.

DBS Study Loan Features: For University or NIE

Tuition fees subsidized by the loan are up to 90% payable by Singapore students.

Interest Rate: It’s an interest-free loan during the study, and the interest applies only after graduation. The charge is at an average DBS, UOB, and OCBC prime rate.

Repayment Period: It starts after course completion and lasts up to 20 years. It will begin not later than two years after graduation with a least $100 monthly repayment.

Eligibility Requirement: Students who study locally in universities or NIE are eligible except that they should not belong in the following category:

  • Receive Government, Statutory Board, or any school scholarships that cover tuition
  • With full Tuition Subsidy (MENDAKI)
  • With CPF savings that pay off tuition fees 100%
  • On self-funded course
  • A guarantor must be 21 to 60 years old with no undischarged bankruptcy.

Application Process: Complete and bring the application form, letter of offer, and NRIC/Passport. Visit the nearest DBS/POSB branch with your guarantor.

DBS Student Loan for Polytechnic

Tuition fees subsidized by the loan are up to 75%.

Interest Rate: Free during the study. Interest applies after graduation. The charge is at an average DBS, UOB, and OCBC prime rate.

Repayment Period: It starts after course completion and lasts up to 10 years. It will begin not later than one year after graduation with a least $100 monthly repayment.

Eligibility Requirements: Students with full-time subsidized diplomas study in any local polytechnic. But should not belong in the following category.

  • Receive Government, Statutory Board, or any school scholarships that cover tuition
  • With full Tuition Subsidy (MENDAKI)
  • With CPF savings that pay off tuition fees 100%
  • A guarantor must be 21 to 60 years old with no undischarged bankruptcy.

Application Process: Complete and bring the application form, letter of offer, and NRIC/Passport. Visit the nearest DBS/POSB branch with your guarantor.

DBS Computer Loan: Finance for Laptop

DBS Student Loan offers more financing for a laptop through Computer Loan. It is available for students studying in polytechnics.

Interest Rate: A computer Loan is an interest-free loan.

Repayment Period: It starts after course completion and lasts up to 24 months. Pay it in one lump sum or monthly instalments. It has a least $100 monthly repayment.

Eligibility Requirement: Only students of Ngee Ann Polytechnic can apply. A guarantor must be 21 to 60 years old with no undischarged bankruptcy. Students and guarantors must be Singaporean, Permanent Resident, or International.

DBS Student Loan: Further Study Assist

Further Study Assist is another DBS Student Loan that helps students finish their education.

Interest Rate: It offers a lower rate of 4.38%. The processing fee only costs 2.5%.

Loan Amount: It’s a combination of the student and guarantor’s monthly income. The maximum amount is $160,000.

Repayment Period: It has a flexible repayment scheme that lasts up to 10 years.

Eligibility Requirement: The borrower and guarantor should be Singaporean or Singapore Permanent Residents. A student must be 17 to 65 of age upon loan maturity. Also, he/she must have a minimum annual gross income of $18,000.

Note: The guarantor must meet the age limit from 21 to 65 years old. Also, the guarantor must be an immediate family member. He or she should earn an annual gross income of at least $24,000.

Requirements Needed: Salaried, Commission-based, and Self-employed employees have various documents needed. But these are the basic ones:

  • NRIC Copy (front and back)
  • CPF Contribution History (Last 12 months)
  • Income Tax Notice Assessment (latest)
  • Computerized Payslip (latest)
  • Salary Crediting in DBS/POSB
  • Letter of Acceptance with course type and duration
  • Birth certificate or marriage certificate (proof of relationship with guarantor)

DBS Student Loan is one of the first choices of borrowers. It’s understandable since it has various types that cater to almost every student’s needs. Find out the best education loan for you. Learn and understand the differences.

Alternative Quick Cash For Education

With banks, we can find ways to aid our financial needs. However, applicants should be eligible for the loan. Unfortunately, not all applicants met the eligibility criteria. Thus, they seek to find alternatives to support their financial needs.

Don’t feel unresolved because, in Singapore, you can’t just rely on banks. There are also licensed money lending companies lying in the suburbs of Singapore. Such entities are offering instant cash loans. Thus, it can be the best alternative for your child’s education needs.

If security is your concern, you can review Singapore’s official list of licensed moneylenders. The provided list is available on the Ministry of Law Singapore’s site. And if you’re looking for a trusted lender, consider applying to Cash Mart Singapore. The company is offering various online loans with fewer requirements compared to banks.

Being a top legal money lender in the country, Cash Mart Singapore is always looking out for innovative loans. The company also approves and disburses cash as fast as you apply for it. So there’s no more agonizing waiting game.

Most importantly, Cash Mart has the best low-interest personal loan to offer. Sign up and get quick cash before you know it. The tedious paperwork is also long gone. Check out the official website.

Use the loan cash for any money matters you need. It is perfect not only for your studies. Cash Mart do also offer renovation loan, business loan, and many more.

Customers seek Cash Mart’s financial help the most for these reasons. It provides the best financial aid you need for your education.

So, apply for Cash Mart Singapore now and fulfil your lifetime study goal.

Commonly Asked Question on HSBC Business Loan

HSBC Business Loan

Commonly Asked Questions in HSBC Business Loan

Throughout the years, HSBC has been serviced with a good reputation. It helped individuals, Small businesses, and highly limited companies in Singapore. So, if you’re a business person who seeks financial help to support your business, HSBC can help.

Here are the commonly asked questions about the HSBC Business Loan in Singapore. Read up and learn more about what HSBC can offer you on business loans.

conduct business meeting with HSBC business loan

How to use the HSBC loan calculator

The HSBC loan calculator is a helpful tool for getting figures about your loan. It is a quick and instant way to calculate figures. For example, you will enter your minimum gross annual income and values, such as interest rates.

Rates will be displayed by term or annually.

The loan calculator will also provide a summary of your repayments. Included is the maximum amount you can borrow and your total interest payable.

But take note that the calculation provided is for illustrative purposes only. It will give you an idea of how much you can borrow. You should not rely on this calculator solely. Always consult the bank before making individual decisions. Interest rates are also subject to change.

What is the interest rate for HSBC Business Loan?

HSBC offers Personal Loans and Investment Financing, which you can use for starting a business. HSBC offers low interest rates. You can loan up to 8 times your monthly income for personal loans.

You can also choose a fixed or flexible repayment system. Rates are affordable, but banks still have a higher interest rate than licensed money lenders. You can also access extra cash via debit card and online banking. The interest rate for Personal Loans is 3.4%.

For investment financing, you can maximise your financial flexibility. There are also no minimum monthly repayments. Repayments are flexible, but banks offer higher interest rates. For this type of loan, there is no minimum income requirement.

You can also have a 50% to 100% Maximum Advance Ratio. Maximum Advance Ratio is the maximum value percentage HSBC will lend you. It can be an attractive offer, but be mindful of the interest rates that may occur.

If you fail to pay your monthly repayments on time, your interest rates will get higher and higher. Longer repayment schemes will also cause you to pay a lot more money than your loan’s actual cost.

If you want to maximise your spending power, consider all the options in getting your Business loan. First, try looking for a licensed moneylender offering lower interest rates than banks. Then, you can look through the official list of Registry of Moneylenders in the Ministry of Law Singapore. All listed lenders abide by the Moneylenders Act, so you don’t have to worry about its legitimacy.

Things you need to know about monthly repayments

Your monthly repayment will depend on the approved amount of your loan. The outstanding balance of your loan will be the basis for the interest to be paid. It can be a little bit bigger as bank interest rates are higher. You’ll get your loan schedule and disclosure statement upon your loan drawdown.

Straight-Line Scheme

Several repayment methods are available in HSBC Business Loan, including the Straight-Line Scheme. HSBC uses such a scheme when calculating monthly amortisation. As a result, the monthly amortisation given to you will be fixed, allowing you to plan and manage your monthly cash flows.

Reducing Balance Scheme

In the Reducing Balance Scheme, you can get more savings on your interest payments. It is because the principal part of your payment is paid off faster at the earlier stages of your loan. You can also get more savings on your interest payment with this scheme.

Always remember that there is always a borrowing cost. The bank will always charge you the interest you pay for the loan. The interest will be higher if you pay your monthly repayments longer. So always consider the monthly payment of the line of credit before taking one.

Take note that you need to have a stable source of income. You should also have enough savings to finance the loan.

Also, failure to pay your loan can hurt your credit score. It will not help you if you plan on taking another loan. All you are doing is increasing your debt over the years, and that’ll not allow you to get your finances in order.

As much as possible, have some money set aside for the future. Whenever you have extra money, make sure to set it aside for emergency purposes.

If you want to start a business without using your savings, you can choose to get financial help from a reputable licensed moneylender. They, too, offer business loans with flexible payment terms like banks.

They also offer lower interest rates than most banks offer. Approval of loans is also effortless. You can apply within the day and get approved within a few hours.

What are the term loans for HSBC Business Loan?

With an HSBC business loan, you have options on how you can manage your repayments. Here is how.

HSBC Personal Line of Credit

You can choose to apply for an HSBC Personal Line of Credit. This personal line of credit has affordable interest rates as low as 12% annually.

Also, you can get a credit limit of up to $200,000 with flexible monthly repayments. You get quick access to cash through debit cards and internet banking. Interest rates are affordable.

But, there are still a lot of licensed moneylenders that offer lower interest rates. So, weigh your options before deciding which loan you would choose.

You must meet the following requirements to qualify for this Personal Line of Credit. Applicants must be at least 21 up to 65 years of age. Also, your annual income must be S$ 30,000 for salaried individuals.

For self-employed individuals, your minimum income must be S$40,000. But if you are a foreigner, you must have an employment pass with a minimum annual income of S$40,000. Furthermore, the said employment pass must be valid for at least six months.

Personal Line of Credit Balance Transfer

HSBC also offers a Personal Line of Credit Balance Transfer, offering two repayment periods. The two repayment periods are six months and 12 months. So again, you can choose which is more applicable to you. But be aware that the longer the repayment period, the higher the interest rates will be.

The Effective Interest Rate of this Personal Line of Credit is calculated based on an approved balance transfer. So, the interest rates are subject to change if the monthly dues are not paid in full.

HSBC also has a Personal Line of Credit Installment Plan. You can get an approved loan amount of $20,000.

HSBC will also offer a 1% cashback when you choose this option. This line of credit has interest rates as low as 3.4%. But if you fail to settle on the due date, it’ll blow up your repayments.

There are a couple of features and benefits offered by HSBC. You don’t need to submit any supporting documents. Also, you’ll get options for your fixed monthly repayments with a choice of tenor between one to seven years.

The available credit limit can be reinstated upon monthly payment. There is also a processing fee of 1%. Early repayment fees are also charged 2.5% of the redemption amount.

Starting a business is not an easy road. Remember that your first step is the most crucial part. Providing for your business fund must be thoroughly decided.

Consider every option offered by banks and licensed moneylenders. Be vigilant on fees written on the contract. Make sure that you understand all payment options before applying for a loan. It will help your business thrive and save you from having enormous amounts of debt.

Digital Banking: The paper-less way to do banking transactions

“Enough with the long queues and waiting time.”

Way before, we do banking transactions manually. For example, you go to the office and apply for a savings account. You talk with staff to guide you throughout the process. And so on.

But things nowadays are different. Corporations are transitioning to paperless work, where they do banking digitally. Instead of going to the bank’s physical office, you visit them through their website.

The process is still the same. However, the difference is that you don’t talk face-to-face with a bank’s staff. You only have to read instructions and follow them.

With this kind of technological advancement, things became more convenient. It’s not only banks that are adopting the digital platform.

Almost all entities, including reputable licensed moneylenders, are embracing such adaptation. You get to apply for an account or take instant cash loans like low-interest personal loans, which are so easy. Finish the process in less than 10 minutes.

Many are still hesitant about doing digital banking transactions. People fear that their data will leak and be used by illegal users. That said, the Ministry of Law Singapore (MinLaw) regulated the whole financial industry.

If you want to know if such a bank or money lending institution is legal, visit MinLaw’s site. But first, search for the official list of financial entities. It’s the easiest way to determine legal institutions.

All listed entity obeys the law. All data they get are under the protection of the government. So you do not need to doubt about doing bank transactions digitally.

Ready to leap into digital banking? All you need is a laptop, desktop, or even your mobile phone, plus an internet connection. That’s simple and easy!

OCBC Business Loan Singapore Guidelines

OCBC Business Loans

OCBC Business Loan Singapore Guidelines

Taking up a business loan isn’t that easy. Business people should focus on establishing their business first. When getting a business loan, banks look into several factors. That includes the borrower’s credit score, years of operation and annual revenue. 

Banks do have different standards for business loans. But generally, the three factors mentioned are what are most likely they considered. 

Do you wish to take up a business loan and use it to build up your enterprise? Take time to read and discover what you should consider before getting a loan.

seal the deal with OCBC business loan

Important Things A First-Timer Should Consider When Getting a Business Loan

Are you searching for business loans? That’s what people usually do. We tend to look for things first before making a final decision, and that’s one significant step to take. 

If you have decided to get a business loan, consider the following factors:

Always prepare for the process.

Do personal research about the process of getting a loan. Every financial institution has its own set of standards and policies. Review every bank’s or money lending entity’s business loan processing standards. Find which offers a quick car loan approval. 

Don’t make hasty research to avoid false expectations. The more information you get, the more variety of choices you get. Thus, you can see the differences in every bank’s products and services. If you think you’ve searched enough, it’s time to look for which you believe you can get a high chance of approval.

Always check your credit score.

The Credit Score is one significant factor in why a loan applicant gets rejected or approved. 

What is it, anyway?

A credit score is a three-digit score earned from your credit history. Such history consists of your financial behaviour, including the in and out of your cash flow. A borrower’s debt behaviour will also affect your score. Any delinquent records will also reflect on your credit history. 

So here’s what you should bear in mind: the higher the score, the healthier your financial record. The lower the score you get, the fewer loan approvals you receive.

The main factor that boosts a credit score is how well you manage to pay your debts on time. That helps you build excellent creditworthiness. Banks will welcome you to take loans in the future.

Determining how much loan you need and can afford to repay over time.

You must specify how much funds you need to borrow. Why? Let’s take this one common mistake of taking up a loan.

You borrowed a certain amount of money, yet it wasn’t enough. You might get more funds to meet what you need to settle in your business operations.

In such a scenario, you have to pay two different loans with different interest rates and terms. It’s like digging up new holes instead of filling them up, clearing your financial pathways. 

Better review everything that your business needs. Calculate how much funds you think would be enough to support your business. 

Gather all the necessary documents for your loan application. 

Gathering all the requirements is essential. It’s about organising all the needed documents so you won’t miss anything. 

Ensure that all information in documents is accurate. You know, bank loan officers are professionals. They have ways of knowing which information gets distorted or not. The more precise information you submit, the better. 

If you’d ask me where will they use the documents? Whether you are qualified for the business loan you applied for or not will be their basis.

Things To Consider in Business Start-Ups 

Business startups are the most challenging phase a business owner will face. It needs deep planning where you should realise all critical factors that will help grow your business. 

Visualise your business goals. 

Visualising goals will motivate you and help you find ways to reach that point. In that stage, you create a business plan. Know your business’ nature first, and identify the best product or service to offer in society. 

Finding the perfect location.

Location matters! So you should look for the best spot for your business. Be sure to put up your business in a place that fits its nature.

Why? Well, take this one example.

You build up an all-meat shop in a place where vegans live. That won’t give you any profit because you sell meat where individuals don’t eat animal flesh.

If you offer cleaning services, consider building up an office near big districts where busy individuals live. Professionals who are too busy working can’t make time to clean their homes. Thus, a cleaning service business can help them, optimising a work-life balance. 

Know your customers.

Research the demographics of your potential customers. It would help you know how your potential prospects look for information. You can also see their behaviour towards product purchases online. 

Determine your business legal structure.

There are different business structures: sole proprietorship, partnership, and limited liability company (LLC).

A sole proprietorship business is an entity owned by a single individual or a company. While in partnership, from the word itself, requires at least two owners. 

Lastly, you can build a company owned by at least two individuals, up to 200 shareholders. 

Do the research and choose the three business structures you aim to have. 

Consider funding your business startup.

Building funds through crowdfunding can help your business startups. It is like gathering small funds from people to build enough funds that can help your business operations. 

It’ll be your resources that you can get access to when your business needs it. You can divide the funds into short-term or long-term purposes. 

OCBC Business Loan in Singapore

Sometimes, businesses need extra funds to fuel and help the company grow. With OCBC, you can get choices that can help you and your business. 

OCBC Business Loan Features

  • Take up the loan amount you need. With OCBC, you get a wide range of loan options. You can get a loan from $100,000, like OCBC Business First Loan, up to Business Venture Loans. You can take up $5,000,000 from Business Venture Loans, which suit high-growth companies.
  • Enjoy the competitive interest rates. Interest starts from as low as 2.5% per annum (Temporary Bridging Loan)
  • Offer flexible repayment terms. You can choose a repayment term depending on your budget and your business. The standard repayment term in OCBC is five years.
  • Choose OCBC as your bank partner. OCBC is a known and trusted bank here in Singapore. It’s where you’ll get the best banking experience, leaving you with peace of mind.

What do you need to do when applying for an OCBC Business Loan?

  • You don’t need to leave your home to apply for a business loan in OCBC. Apply online and provide the required information. Submit how much loan amount you desire to borrow and your chosen repayment term.
  • Do the application through MyInfo using your SingPass. Or, you can use MyInfo Business (for companies) using the CorpPass. Manual application is possible if the borrower wants to. However, they need to submit a photocopy of their NRIC, a letter of consent, and a Notice of Assessment.
  • Wait for the OCBC’s confirmation. They will reach you through your provided contact information within the day.
  • Claim your funds once you get approved. You can get the loan proceeds in your nominated business account. It takes two to three weeks for full approval. It could sometimes take a little longer.
  • Factors that could take a long will be your income profile or credit history. So, if you plan to take an OCBC Business Loan, ensure you meet the annual income requirement. Also, you have earned a good standing on your credit history. 

What makes you eligible for OCBC Business Term Loans?

To get an OCBC Business Term Loan, your business registration should be locally incorporated for at least two years. Secondly, the owner of the entity should be 30% Singaporean or Singapore Permanent Resident.

As per the Terms and Conditions of OCBC Business Term Loans, you need to have a qualified guarantor. He or she must be 21 to 65 years old, earning $30,000 annual income. 

What is the OCBC Business Loan Application Process?

Assess yourself if you’re able to meet the eligibility requirements of OCBC. If you think you’re qualified, you can proceed to a business loan application.

Step 1: Apply online. There’s no need to leave your home. It’ll only take you minutes to make the application.

Step 2: Verify all the information you provided. Experience the quick loan process with MyInfo and get approved within the day.

Step 3: Get your loan proceeds through your nominated bank account.

OCBC Business Loan Interest Rates

Interest rates of OCBC Business Loans will depend on what type of loan you take, along with the risk involved. But generally, loans get calculated monthly.

OCBC Business Loan Penalty Charges

Generally, there will be a processing fee and penalties for missed loan payments or early repayments. There are no hidden charges other than that. 

Business loans are what business people get when they need extra funds to help boost the company. Some use it for expansions. Some use it to support operations. It depends on what the business needs.

However, one drawback here is that you aren’t qualified to get a business loan due to income stability or poor credit history. But that doesn’t mean you can’t find any loans to help you out. 

Licensed moneylenders are also part of the financial industry, providing financial assistance without asking for any collateral. Another great thing is they offer low-interest personal loans

One of the trusted lenders in Singapore is Cash Mart. They don’t limit their services to personal loans. They, too, offer a short-term business loan that can help business owners bridge their financial needs. 

You can apply to Cash Mart’s online loan services. You can do the application in just a few minutes. 

If you didn’t meet the eligibility requirements, getting a business loan from Cash Mart is the best alternative. 

The Benefits of Getting an HSBC Credit Card Singapore

HSBC Credit Cards Singapore

What Benefits Can You Get From HSBC Credit Card Singapore?

Are Credit Cards Useful? 

Using credit cards isn’t new to Singaporeans. It’s one financial tool that people can use when they need to purchase in tight budget times.

YouGov’s survey revealed that 73% of Singapore citizens hold at least one credit card. While 56% own two or more cards and 10% have more than six cards.

Though almost three-quarters of Singaporeans hold cards, it showed that credit card debt is low. It’s because most credit cardholders in the country pay off debt on time.

The figures mentioned show how valuable a credit card is for Singaporeans.

If you plan to get one, consider looking for HSBC Credit Cards. It’s one of the most famous credit cards in Singapore. Here’s more about HSBC credit cards, and find out what will benefit you. You might find a credit card that will suit your needs.

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HSBC Credit Card Singapore Reviews

HSBC Credit Cards Features

The one known bank offering a wide variety of credit cards where cardholders get a reward in return is HSBC. It’s either you earn points from shopping or taking fuel. Or maybe you get a cashback on your transactions. And you can even get vouchers from their websites.

HSBC credit cards have several features, including the following:

  • Card Instalment Plan
  • Card Balance Transfer
  • Spend Instalment

HSBC can offer you five credit cards for each, which you can use to suit your needs or wants.

Card Instalment Plan

Card Instalment Plan is a feature where you can pay your purchases interest-free for over six, twelve, or up to 24 months! It also allows you to pay into fixed monthly repayments, depending on how long you pay.

HSBC Card Instalment Plan can only be in effect if you spend at least S$500 on any HSBC participating merchant outlets. You can review all the merchants where you can use the HSBC Card instalment Plan.

Card Balance Transfer

If you want to pay off your debts with lesser interest, you can apply for an HSBC credit card with this feature.

A card balance transfer is where you transfer your high-interest debts to another credit card account. Such an account incurs lesser interest rates. Thus, it lets you save money on interest charges.

With HSBC Card Balance Transfer, you’ll get two choices:

  • You get a low balance transfer rate of 2.50% p.a for six months with an EIR of 4.39% p.a.
  • The balance transfer rate for twelve months is 4.88% p.a. with an EIR of 6.77% p.a.

Card Balance Transfer does also have a processing fee worth S$88. Yet, you can waive such a fee for an approved amount of S$10,000 and above.

Please note that there are terms and conditions applied to balance transfer.

Spend Instalment

It’s a feature where you can pay at your own pace. You get flexible monthly repayments for any purchase, including the downpayment for a car and electronic gadgets. It is also applicable to online shopping and airline tickets.

With Spend Instalment, you’ll choose your preferred instalment payment period. That is from three months, six months, up to twelve months. Each incurs a one-time processing fee from 3% to 5%.

Instalment payment periods of three to six months incur a one-time processing fee of 3%. In comparison, twelve months have a 5% one-time processing fee.

Best HSBC Credit Card Offers For Singaporeans

Knowing which credit card you want to get will be based on how likely you spend your money. It could be spending most of it on essential goods, dining, fuel, online shopping, etc. Some of them mostly spend money on travel and accommodations.

Every credit card, HSBC, has its features and benefits. Choose which you think fits your financial routine.

HSBC Cashback Credit Cards

Cashback is one benefit that every cardholder can get using credit cards. You earn cash rebates every time you use your credit card.

Such refunds are redeemable, and you can easily use them at merchants.

Here are some Cashback credit cards you can choose from HSBC.

HSBC Cashback Credit Card

HSBC Cashback Credit Card comes with zero joining fees for your first year with a special discount of up to 15%. And you have a 1.5% cashback on all online spending.

In addition to that, this card won’t cost you any joining fees. That said, you will surely save money. Lastly, the annual membership fees can be reversed if your total yearly spend exceeds.

HSBC Visa Platinum Card

The HSBC Visa Platinum Credit Card is one of the hot picks! Among the credit cards offered by HSBC, the Visa Platinum Card best suits families.

You get a 5% cash rebate every time you use the card for dining, groceries, and fuel. On every dollar you spend for family fancies locally or abroad, you earn 1 Reward Point. You can earn more reward points by adding a supplementary cardholder to your account.

Another good news is that the Visa Platinum Card doesn’t have an annual fee.

HSBC Smart Value Credit Card

Smart Value Credit Card offers 10% cashback within the first 60 days of insurance. There is no annual fee when getting this type of card. You save precious time and money with the special vouchers on the website.

HSBC Premier Mastercard Credit Card

Get an HSBC Premier Mastercard Credit Card packed with global and local privileges. Experience the luxury of life with such high-end features.

A few of these are the airport lounge access, complimentary movie tickets and gold benefits. Enjoy a discounted green fee and a dedicated 24-hour gold concierge of the service using this credit card.

It’s a non-annual fee credit card that lets you enjoy a 5% cash rebate on every spend you make. Use it when you dine, buy groceries, petrol, and transportation. Such privilege is applicable locally and overseas.

Aside from cash rebates, you earn reward points for every dollar spent and travel rewards. Increase rewards by adding up a supplementary cardholder.

Are you interested in applying for a Premier Mastercard Credit Card? HSBC considers any Singaporean or PRs 21 years old and above earning S$30,000 annually. But note that you should be a premier customer of HSBC.

HSBC Advance Visa Platinum Card

Advance Visa Platinum comes loaded with special privileges in categories like dining, shopping and many more. You would enjoy the great benefits of the reward points program and the other services.

The card has a one-year annual credit card fee waiver, yet you get two reward points. You can get up to 2.5% base cashback on every buy.

Add to that is the 1% bonus cash back if you’re an HSBC Everyday Global Account holder. Terms and Conditions apply to both rewards programs.

Singaporeans and Permanent Residents ages 21 and above can apply for an Advance Visa Platinum Card. But they should at least earn an annual income of S$30,000.

Self-employed and foreigners can also get the said credit card as long as they meet the required annual income of S$40,000.

HSBC Miles Card

HSBC Miles Card, also known as Air Miles Credit Cards or Frequent Flyer Credit Cards. This type of credit card accumulates miles reward in every buy you make. You can use the earned points towards your next holiday’s airfare.

Getting a miles credit card would be a benefit if you travel a lot. You can use the accumulated miles points for any airline’s benefits. It could be seat upgrades, priority boarding, free companion tickets, or buying a travel-related merchant.

You might get a free flight, but that depends on the amount of miles points and the value of each mile. Check the Terms and Conditions of the frequent flyer programme. Be sure to read and understand every detail. Know if miles points expire at a specific time.

But note that getting credit card miles need to meet a higher annual income requirement.

Here are HSBC’s best miles credit cards:

HSBC Revolution Credit Card

It’s a credit card in a nutshell! It comes with fantastic features you’d surely enjoy while spending contactless. HSBC yearly waive their credit card charges. So you can enjoy using the card with all these perks.

With Revolution Credit Card, you can load up to 10X Reward points when shopping, ordering, or booking travel online. Also, you can get 10X Reward points for every payment you make through payWave, Apple Pay, and Google Play.

Using the HSBC Singapore app, you can use all the reward points you earn to offset your spending. Or, you can even make your payments in monthly instalments.

It’s easy to pay for your HSBC Revolution Credit Card with the help of a Virtual Card. Access and pay only through your mobile phone.

Singaporeans and Permanent Residents who earn an annual income of S$30,000 can get this type of credit card. They should meet the age requirement of at least 21 years old and above.

On the other hand, the self-employed should meet the required annual income of $40,000. HSBC also welcomes foreigners, which requires them to complete the same annual income of $40,000.

HSBC Visa Infinite Credit Card

Way to go for luxury travel benefits with Visa Infinite Credit Card! Such a credit card will give you more privileges and other personal services that’ll suit your every need wherever you go.

Experience the best travel with this card’s unlimited airport lounge access. Being a Visa Infinite Cardholder, you get access to 1,100 airport lounges around the globe. That is also applicable to your supplementary cardholders.

What’s more impressive is you get VIP treatment, comprehensive travel insurance, and personalised assistance. Using this card will earn you more air miles, up to 2.25 air miles per dollar spent.

HSBC Visa Infinite Credit Card has a Preferential annual fee of S$488 or S$650. Premiere HSBC customers can get S$120 whenever they have a successful cardholder referral.

Applying for this type of loan is easy. You need to be 21 years old and above and earn at least S$120,000 of an annual income. You can use MyInfo for an easy and more manageable process.

HSBC Credit Card Promotions 2021

Last year, 2020, HSBC Credit Card had a free luggage promotion. All new-to-bank customers who applied for any HSBC credit cards can get a free luggage gift.

HSBC is still giving away exciting gifts to new customers and HSBC customers this year 2021! Here’s what you’ll get:

HSBC Visa Platinum Credit Card

There is a gift that is up to S$200 of cashback (there is $50 of cashback when you can make one qualifying transaction that can plus up to S$120 cashback with a $500 of minimum spend plus it has a cashback of $30 that you can apply with MyInfo via SingPass) That may valid until 30 June 2021

HSBC Revolution Credit Card

Get 5x rewards using the HSBC Revolution Credit Card. Earn points while spending on local dining, hotel transactions, and online purchases.

You can also get points whenever you spend on local entertainment, such as pubs and bars. You get 1x rewards on all the other assets.

Another perk you’ll enjoy is a 14% discount for the Caltex and Shell Station. Every $1 is equal to 1 reward point.

HSBC Credit Card in Singapore

No annual fees are required if you are an HSBC Advance Banking customer. You can earn up to 3.5% of cashback and an additional 7% off to any destination with Agoda. Get a 16% petrol discount at Caltex.

If used wisely, credit cards will be one of your great financial buddies! You might even get rewards that’ll save you more money while spending. All you need to do is find which credit card suits your needs and spending habits.

The only concern is whether you’re qualified to get an HSBC Credit Card. If not, you can still find ways to get financial help when needed at a particular time.

Whenever you need extra cash in emergencies, you can seek financial help from licensed moneylenders like Cash Mart. Visit www.cashmart.com.sg so you will know the best features of Cash Mart!

ANZ Online Singapore: Easy Guide to iBanking

ANZ Online Singapore

ANZ iBanking Singapore: Your Guideline to Online Banking

Hectic schedules, loads of work, not enough time to do some daily errands—the same with banking transactions. Busy people who face the same struggle seek to find more convenient services. Yet, as time passes, the economy evolves, slowly transitioning into the digital world. Thus, things became more accessible and easy.

In Singapore, banks have been into digital services over the years. With such services, people can now do banking transactions without leaving their homes. That includes ANZ, which many Singaporeans patronize.

In this article, you’ll learn some facts about ANZ iBanking.

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Internet banking is one convenient way to do banking transactions. It’s one great innovation in keeping track of all your transactions. Before opening an online account, make sure you have linkable accounts.

Also, check if your computer has the recommended software requirements and settings. It would be best to ensure that your devices are up-to-date and compatible. Be ready with your Customer Registration Number. It is a nine-digit number given to you by the consultant of ANZ.

Added to that is the four to seven-digit PIN for ANZ iBanking, referred to as the Telecode.

How to log in to your ANZ SG online account?

First, sign up for ANZ Internet Banking. Then, you must complete the steps for registration on the ANZ iBanking page.

The second step is to enter your Customer Registration Number. Third, you’ll receive a Telecode that’ll be sent to you. Enter the code and click the “Next” button.

The next important step is to set up your security access. First, you should enter a valid email address then enter your password.

Confirm your password, and you’ll be asked to set up your three security questions and answers. You can also personalise your settings for International services and Online Statements.

Make sure that you read the Electronic Banking Conditions of Use before proceeding. In addition, read the Security and Privacy Statement stated on the website.

After you are all done with these steps, select ‘Complete Registration’.

Why choose ANZ Bank SG?

ANZ Singapore is a great bank to choose from. The company commits to giving back to the community through inclusion and diversity. The bank also has worthwhile projects:

  • Emergency & Disaster Relief
  • Financial Inclusion & Capability

They keep up with the trends with an increasing focus on skills-based volunteering. As a result, ANZ is also the Top 5 Corporate Bank in Asia.

ANZ iBanking makes sure to combine its local knowledge and connections. They focus on product expertise and core industry specialisation.

It can tailor solutions that best suit our client’s needs in Singapore. We also cater for customers across the other 32 markets where we operate.

What are the benefits of having an ANZ Savings Account?

Create a savings account in ten minutes through ANZ’s online services. It is beneficial to have a savings account.

Having one will let you earn interest and get access to your savings account. Plus, you’ll get rewarded with bonus interest. Another benefit you’ll get is that it has no minimum balance. That said, you’ll enjoy the financial services without any service costs. That will save you money.

Also, an ANZ savings account can be your payment tool for your bills. It’s one advantage, especially for busy people who can’t make any time to pay the bills.

Log in to ANZ iBanking to open an account. Once you see the ‘Apply’ option, click the ‘Open’ button. Afterwards, you will find a list of options. Then, you can already select the account type you want to open.

Complete the account opening form and read the terms and conditions. Ensure that all your details are correct. Then, confirm the details of your account. After checking, click the “Accept and Submit” button.

Some documents are needed when opening a savings account. You will need to prepare a valid ID to confirm your identity. Prepare your passport or driver’s license.

How can you contact ANZ SG?

You can contact ANZ Bank SG through their landline and email. Their contact numbers are as follows:

  • 18006227230
  • +6566377939
  • +6566377674

You can also reach them through their email address: ebankingservicesg@anz.com.

How does ANZ Time Deposit work?

When investing in Time Deposit, you’ll need to choose how much money you will put in. Please consider how long you want to keep it until it matures and how often you wish to receive the interest.

You may even want to know how you wish to receive interest payments. You can now access your account using ANZ Internet Banking if you have already decided.

ANZ iBanking is a tool to view or change where you want to receive payments. At the end of the term, the bank will either pay the balance of your term deposit or re-invest. Re-investing will only apply if you haven’t informed them what you want to do with your funds.

Getting a Time Deposit account is beneficial. You get to enjoy the security of a fixed rate of interest. You can enjoy this over the investment term of your choice.

The options you’ll get about the length of terms are from seven days to five years. You can receive the interest payments depending on how often you want to. It could be monthly, quarterly, semi-annual or annually.

When you get a time deposit account, you must have an existing ANZ everyday account. ANZ savings account would count as well.

Please note that Time Deposit doesn’t have monthly service fees. But there’ll be a minimum deposit. If you’re new to ANZ, going to a bank branch would be necessary. Speak with their staff to guide you and further help you with any concerns.

ANZ Bank SG

In 1974, established is the Bank of ANZ Singapore. Over the years, the company built a significant development in the country. Thus, it carries its vision to provide trade and cash flows to customers.

Customers developed a bond with ANZ Singapore, even to Australian and New Zealand markets. The company made history in Asia, especially in Singapore. With its quality of products and services, ANZ ranked as a top-5 corporate bank by Greenwich.

Along the way, customers developed a bond with ANZ Singapore. Thus making ANZ Singapore a vital part of ANZ’s Institutional banking strategy.

Additionally, the company was able to connect our customers’ domestic requirements. It was made possible with the help of the 33 markets across the Asia Pacific. Such demands developed in Australia and New Zealand. That also includes great countries like Europe, America and the Middle East.

What’s more about ANZ Singapore?

There is a wide range of products under ANZ’s institutional and corporate customers. Which, ANZ Singapore became home to our main markets outside Australia. They keep focusing on strategies, improving the financial well-being of our customers. They ensure they have the right people who listen, learn and adapt.

Also, the company puts the best tools and insights into their hands. They focus on those crucial things that add value to customers by doing them right the first time.

The company believes that delivering strategy will provide decent returns for shareholders. Thus, it lets them achieve a balance between growth and returns.

The team put all efforts into making their vision into reality. They strive to build a more straightforward yet better-balanced bank. Yet, even during this information era where we are right now, ANZ continues to compete.

In doing business, the company continued to serve citizens. However, the driving purpose and values-led transformation keeps them moving forward.

Moreover, ANZ Singapore ensures the development of new services. That includes a wide range of distribution options. Also, they develop new initiatives to enhance homeowners and small business owners.

ANZ aims to create an integrated trade and cash and markets experience within our institutional business. It is made through while developing and scaling our capabilities. This strategy produced a significant improvement for ANZ over the past four years. And that strengthens its balance sheet and improves its culture.

Also, they simplified and rebuilt its people’s capabilities. That said, ANZ was able to reduce the costs and risks associated with running the bank.

Digital Banking: From Traditional to Paperless Banking Experience

“Enough with the long queues and waiting time.”

Way before, we do banking transactions manually. For example, you go to the office and apply for a savings account. You talk with staff to guide you throughout the process. And so on.

But things nowadays are different. Corporations are transitioning to paperless work, where they do banking digitally. Instead of going to the bank’s physical office, you visit them through their website.

The process is still the same. Though the difference is you don’t talk face-to-face with a bank’s staff. You only have to read instructions and follow them.

With this kind of technological advancement, things became more convenient. It’s not only banks that are adopting the digital platform.

Almost all entities, including reputable licensed moneylenders, are embracing such adaptation. You get to apply for an account or take instant cash loans like low-interest personal loans, which are so easy. Finish the process in less than 10 minutes.

Many are still hesitant about doing digital banking transactions. People fear that their data will leak and be used by illegal users. That said, the Ministry of Law Singapore (MinLaw) regulated the whole financial industry.

If you want to know if such a bank or money lending institution is legal, visit MinLaw’s site. First, search for the official list of financial entities. It’s the easiest way to determine legal institutions.

All listed entity obeys the law. All data they get are under the protection of the government. So you do no need to doubt about doing bank transactions digitally.

Ready to leap into digital banking? All you need is a laptop, desktop, or even your mobile phone, plus an internet connection. That’s simple and easy!

CIMB CashLite Personal Loan: Is it worth it?

Is getting a CIMB CashLite Personal Loan worth it?

CIMB Personal Loan is a borrowed money that you can use for various purposes. You can use it depending on your financial needs. 

Most borrowers take a personal loan to consolidate their debt or pay for home renovations. Many financial institutions can offer such a product, but finding which provides the most favourable interest and terms is better. 

Among financing entities, CIMB offers a personal loan with competitive rates. But once you get a personal loan, note that you repay it on time. Also, you should be aware that lenders do charge several fees. But that depends on the company’s terms and conditions. 

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CIMB Personal Loan Reviews

CIMB CashLite Personal Loan Singpore

CashLite Personal Loan is where you can convert your available credit limit into cold cash and use it where you need it most. 

Four Features of CIMB CashLite Personal Loan 

  • Enjoy Low-Interest Rates
  • Get Instant Disbursement
  • Choose from Flexible Loan Tenure
  • Take Generous Credit Limit

Enjoy Low-Interest Rates

CIMB new customers will enjoy a 3.50%* interest rate per annum, valid until June 30, 2021. But please note that the interest rates aren’t fixed. That also depends on your risk profile. 

You can take a personal loan through CashLite for at least S$1,000. And, getting a loan in CIMB CashLite won’t cost you any processing fee. 

Now, if you’re wondering how much will be your monthly instalment, let’s make an example. 

For instance, you took a loan with CIMB CashLite worth S$10,000. Here’s how much monthly instalment you need to settle over time:

Interest rates for existing CIMB customers will be 4.50%. Compared to other banks in the market, such a rate is cheaper yet not considered to stand out. Here’s how much it would cost you if you take a loan:

Instant Disbursement

Upon your application, CIMB will issue you a CIMB Platinum Mastercard. Use it and claim your loan proceeds through this card. That’s how smoothly you can get your instant cash loans.

You can convert your available credit balance into cash whenever needed for existing cardholders. Converting of credit can quickly be done through CIMB clicks internet. 

Flexible Loan Tenure

As the tables above show, you get options from one to five years of the loan term.

Before applying, estimate your desired loan amount based on these loan tenures. Then, choose which can pay off the debt without any problems. 

Take Generous Credit Limit

CIMB is one of the banks offering a generous loan amount that borrowers can take as much as 90% of their available credit limit. But note that if you apply for the promotion, you’ll get up to 70%.

People who can apply for CIMB CashLite are the following:

  • Singapore citizens and Permanent Residents
  • You must be at least 21 years old, earning a minimum annual income of S$30,000.
  • CIMB existing card members: Platinum Mastercard, Visa Signature, World Mastercard, and Visa Infinite

Application for CIMB Personal Loan

Online Loan Application

You can create an account online without human intervention in as fast as ten minutes. 

Experience a Paperless Loan Application.

There’s no wasting time and money in going to a bank. So instead, you sit back on your couch and go to the CIMB Clicks App. Create an account through the app site without leaving your place. 

Take a quick Selfie for verification.

Selfies aren’t just for IG and Twitter. In the digital world, verifying the borrower’s identity is one way. 

Banks will require you to scan a valid ID and use it as their basis during a real-time selfie check. 

Affix your signature digitally. 

Confirm the information by signing in using your smartphone or taking a picture of your signature. 

The other way to apply for CIMB CashLite is through SMS and Let us call you

Here’s how:

Via SMS: Send CASHLTWebFull Name (e.g. CASHLT Web Grace Tan) to 72008

Via “Let us call you.”

It’s a messaging feature where you can leave CIMB a message. You can apply through it by leaving some contact details. 

A sales personnel will get in touch and assist you within one working day. After that, you only have to leave a message such as “CASHLITE” in the field. 

How to get a CIMB CashLite Loan Approval?

Applying for a loan requires you first to meet all requirements needed. Every bank has its own set of standards. 

Aside from that, there are some factors that banks are considering. They look into borrowers’ income profiles and creditworthiness.

CIMB can verify whether you can afford to repay the loan over time by checking your income profile. While with your credit reports, they may be able to verify if you’re a responsible borrower. 

Creditworthiness is about your financial behaviour in settling your debt. A Credit Report can give impressions to banks. It shows whether you pay debts on time or default on debt.

The summary of your credit report can be your credit score. The excellent record you have, the higher the credit score you gain. But if you get an adverse history, the lower the score you get.

Many loan applicants fail to get loan approval due to these two factors. Another scenario is if you’re a zero-credit account holder. People who have no credit history fall into this category. And most banks consider them as high-risk borrowers. 

They rarely approve a loan application from high-risk clients. That’s why such clients opt to take instant cash loans from a reliable licensed moneylender in Singapore. 

Licensed moneylenders offer low-interest personal loans that need fewer requirements. Plus, they entertain high-risk borrowers, especially those who don’t have any records yet. It’s the best way to start building your credit.

Now, if you’ve decided to get a CIMB CashLite Personal Loan, prove to them how reliable a borrower you are. If you think there’s a need to improve your credit score, pay your debts on time. As much as possible, avoid missing payments. 

CIMB Personal Loan Contact Numbers 

In case you have concerns about the CIMB CashLite application, you can reach them through the following:

Open from 9:00 am – 7:00 pm 

  • Customer Service: +603362047788
  • Service Call Centre: +6363337777
  • Preferred Call Centre: +6363331111

Open for 24 hours

  • Credit Card Call Centre: +6563336666

How to check CIMB Personal Loan Application Status?

Check your loan application status through the net banking portal. You can do it as simple as logging into your net banking – CIMB Clicks. Then, proceed to the “View Account Status” to check your application. 

Go to the “Subscription Status” section to know your subscription status.

Or, you can reach them through their customer service and ask directly concerning your loan application. 

CIMB Personal Loan Calculator: Estimate your monthly instalment

Here’s an easy way you can estimate your monthly instalments. If you don’t know how much loan you want, you can use CIMB’s Personal Loan Calculator. It’s a tool for borrowers to help them calculate the instalment, including the interest incurred on the loan amount. 

All you need to do is key in your desired amount and loan tenure. Then, you’ll get the following:

  • Monthly instalment
  • Interest Rate Incurred
  • Total Interest Charged
  • Total Loan Payment Amount

With personal loans, people can support their finances, especially when they need extra money.

CIMB provides excellent financial services such as CashLite Personal Loan. If you apply for a loan, use it properly and repay it responsibly. 

Getting a POSB Education Loan Guideline

POSB Education Loan Singapore

Things to consider when getting a POSB Education Loans

POSB Singapore offers one of the best education loans in the country. Individuals who get this financial service receive competitive benefits. 

POSB Education Loan charges the lowest penalty fees, especially for late payments. Therefore, it fits students who make unintentional or occasional late payments. 

Another perk of POSB Further Study Assist is the competitive yet reasonable interest rates. It permits you to continue study. Get a chance to attend the preferred universities without the money trouble. Learn more about what POSB Student Loan is all about. 

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POSB Student Loan Singapore

POSB has a comprehensive study to assist products further. The services available are from the affiliated schools that students can enrol in. Please take note that studying abroad is not part of their offer. 

Attending schools preferred by the POSB Student Loan offers lower interest rates. The process is not as tedious, and the processing fee is cheaper. Also, the loan terms are more flexible. Students can pay up to 10 years, whichever suits them best. 

POSB Education Loan Singapore has one of the cheapest interest rates and fees. Therefore, it is no surprise why many student borrowers look forward to further study with POSB.

And if you like to attend other universities, you still can. But expect much higher fees and rates. 

POSB Student Loan Features

Let’s dive deeper into the details of what the institution can offer. 

Interest Rates: POSB Further Study Assist has a lower interest rate of 4.38% p.a. The computation is according to the monthly rest basis from the 365 days. Regardless if there’s a leap year or not. Also, the rate remains the same from the time of loan approval. POSB Education Loan interest rate is fixed throughout the loan tenure. The interest rate is considerable for someone who seeks financial study to pursue education. 

Processing Fee: POSB has an affordable processing fee of 2.5% of the approved loan amount with a good-looking interest rate. Accordingly, the first disbursement includes the upfront deduction of the said fee. If you have an approved loan amount of $10,000, the 25% processing fee is $250. The loan amount you’ll get from the Cashier’s Order is $9,750. 

Loan Amount: Once the Cashier’s Order is issued, borrowers cannot request an increase in the approved loan amount. So think when you decide how much you need for your further study. The minimum loan amount one can take from POSB Student Loan is $2,000. At the same time, the maximum loan amount a student can take home is $160,000. 

Note that these amounts are from the combined monthly income of the student and the Guarantor. So you’ll get a higher loan amount of up to 10x with the combined paycheck. 

Loan Tenure: Another thing that separates POSB is the flexible repayment person. Borrowers can settle the financial obligation for 1 to 10 years. Choose which loan tenure is suitable for your financial status. 

Charges

POSB Education Loan is popular because of the following. 

  • Late Payment Fee: An overdue amount charges $30 after the 1st of every month. 
  • Full or Partial Repayment Fee: POSB does not apply charges for this. 
  • Cancellation Fee: When cancelling a loan application before approval, it has no more charges. But with the processing fee, you are still fully liable for it, especially if you cancel after the loan approval. 
  • Disbursement Fee: Upon issuing a Cashier’s Order or Demand Draft to the institution, there are no other charges. Yet, a $50 admin fee is mandatory for any changes in the disbursement amount once the Cashier’s Order is released. 
Duration of Approval 

Many aspiring students look forward to POSB Study Further Assist. However, the application process typically takes seven working days. 

Receive the loan approval or decline through your Cashier’s Order – an SMS notification. Or a post with a welcome letter in your correspondence address. 

Expect a delayed process if you submit incomplete documents. 

These characteristics of POSB Education Loan prove how beneficial taking out a loan is. 

Study Location affiliated with POSB

Currently, the schools affiliated with POSB Further Study Assist are available in Singapore only. Studying overseas is not part of their student loan offer. 

Eligibility for POSB Study Further Assist

Here is the list of qualifications to pass as a POSB Student Loan Borrower and Guarantor.

Borrower

Applicant must be a Singapore Citizen or a Permanent Resident in Singapore. Also, the student needs to be at least 17 to 65 years old. Include the loan maturity in the age computation. A borrower must have a minimum annual gross income of $18,000. 

Guarantor

A guarantor must be a Singapore Citizen. Singapore Permanent Resident can qualify as well. The age upon loan maturity should be 21 to 65 years old. Also, the minimum annual gross income of a guarantor is $24,000. 

Most importantly, a guarantor must be an immediate family member. He or She can be your parents, siblings, spouse, or children. Remember to bring any documents showing proof of the relationship. 

A second-degree family member can be another option. Make sure to provide a relevant requirement to get approval. If you think you have the qualities to apply for a student loan, prepare the necessary documents. 

Why Need a Guarantor?

A borrower requires a guarantor if the Applicant is below 21 years of age or studies full-time. Applicants who wish to study overseas or can not meet the minimum income requirement need an underwriter. 

Also, look for a guarantor if the required loan amount is higher than the eligible credit limit of the student. Still, for part-time students at the age of 21 to 65 years, a guarantor is unnecessary. 

Required Documents For Further Study

After assessing yourself and the Guarantor, prepare the requirements for the loan application:

Basic Documents required to get a student loan:

Here are the primary documents to submit for a student loan application in POSB. 

  • Photocopy of NRIC for both the Applicant and the Guarantor (if applicable). Make sure to provide a copy of the front and back. 
  • Letter of Acceptance. It must state the course type and course duration. 
  • Payment Invoice. It must state all the course fees. 
  • Birth Certificate or Marriage Certificate. Applicants with a guarantor must prove the relationship. 

Income Documents Needed

On top of this paperwork, an employed student applicant must prepare the following. 

For Salaried Employees:

Submit a front and back photocopy of NRIC, including either of the following documents:

  • CPF Contribution History Statement – latest 12 months
  • Income Tax Notice Assessment – recent
  • Computerized Payslip – recent
  • Credit Salary in DBS/POSB Account

For Commission-Based Employees:

Submit a front and back photocopy of NRIC, including either of the following: 

  • CPF Contribution History Statement – latest 12 months
  • Income Tax Notice Assessment – last two years

For Self-Employed:

Submit a front and back photocopy of NRIC and Income Tax Notice Assessment (latest two years). 

Once you have all these documents, proceed with your further study in Singapore. 

Simple Application Process

Applying for POSB Study Further Assist is easy. 

1. Download the application form from the official POSB Education Loan website. 

2. Print and fill up the form with complete and correct information. 

3. Visit any of the POSB branches near you. 

4. Submit your application form. Get any clarifications from any Student Loan Personnel. 

5. Wait for the approval via SMS notification or mail out. 

There’s not too much fuss about getting financial help for your further study. 

POSB Education Loan is one of the most applied student loans in Singapore. Its features and processes stand out among other banking products and services. 

Licensed Moneylenders Singapore: Your Best Alternative

Not all applicants are lucky enough to qualify for a POSB Study Loan. But with moneylenders, you can still get financial help to support your child’s education needs. 

Aside from banks, licensed moneylenders are also under the regulation of the Ministry of Law. Therefore, such entities are obliged to follow the Moneylenders Act. Otherwise, the entity will lose its license to operate. 

If you look where you can go to take a Study Loan, you better search for a money lending entity listed in the Registry of Moneylenders. All listed are legal entities, so you don’t have to doubt borrowing from them. 

Tip for parents: it would be better to choose a money lending company operating for years. The longer years they serve, the more reliable company they are. It’s about how the company established their reputation over the years. 

Cash Mart Singapore

Cash Mart is a known and trusted money lending facility in Singapore that provides financial help. The company takes full measures to protect each borrower’s identity. Rest assured that your online application is 100% confidential. 

Personal Loan

One of the premier financial services of Cash Mart Singapore is its low-interest Personal Loan. In addition, they offer payday loanforeigner loanbusiness loanjewellery, and wedding loan. They even have a renovation loan, which you can use whenever you need an additional budget for home improvements. 

Competitive Loan Amount: Whatever money issues you face, the institution lends small loans yet big solutions. So get accessible extra cash for your urgent matters. 

Short-Term Loan: A personal loan offers flexible repayment terms. Fulfil your financial obligation with ease according to your budget. 

Instant Cash: Receive the quick cash in less than 30 minutes. But first, make sure you signed the loan contract with complete comprehension. 

Complete Transparency: The online loan calculator and loan contract state all the charges of your loan. So don’t fret about any hidden charges. 

Trouble-Free Application

Personal Loan application for Cash Mart is uncomplicated, safe, and secure. 

Make sure to check the eligibility documents first before you apply. Applicants must be:

  • 21 years of age
  • Singapore Citizen or Permanent Resident
  • Employed

If you see you’re fit to apply, have all the mandatory documents, such as:

  • NRIC
  • Singpass Login
  • Proof of billing with a current residential address
  • Last 3-month payslip (original), if CPF contribution is not available.
  • Employment letter for new employment

After your thorough assessment, do the following. 

1. Send your application through online loan services. Talk to a loan officer to schedule a visit. 

2. Bring the required documents. The loan officer follows the due process in verification. 

3. Take out an instant cash loan in as fast as 30 minutes. Read the loan contract before signing it. 

4. Repay responsibly. Settle your dues on time through bank transfer, PayNow, or in person. 

Once you receive your loan cash, use it to solve your financial issues. It can be for medical bills, unexpected hikes in utility bills, school fees, and miscellaneous.

Is Maybank Personal Loan Singapore beneficial?

Maybank Personal Loan Singapore

Is taking a Maybank Personal Loan beneficial?

Maybank Singapore is one of Asia’s superior banking groups. It offers wide-ranging products and services. 

Maybank has over 2,600 branches of an international network. It is ready to give financial help to individuals, businesses, and corporations. 

The global business footprint of Maybank leads its way to access immense opportunities. It covers 18 countries all over the world, including 10 ASEAN countries. 

The worldwide recognition of Maybank gave way to other financial products of the institution called personal loans. 

Maybank Personal Loan escalated in the industry. Clients obtaining the service receive financing solutions designed to their specific needs. 

On top of that, Maybank Personal Loan Singapore provides a wide range of products. It applies to most of the basic needs of man. 

Find out more about the personal loans offered by Maybank Singapore. 

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Outstanding Maybank Education Loans Singapore

Since the financial institution is available globally, continuing education is the least of your problems.

Whether you study overseas or locally, Maybank Education Loans is accessible. It saves you from worrying too much about tuition fees and more. 

Also, the repayment method offers a scope of flexible plans fit for every borrower’s situation. You can either pay it off during your studies. Or complete the financial obligation after graduation. 

Maybank Education Loan Singapore

Educational Loan is one of the most applied loans in Maybank Singapore. It supports your child’s education needs with this type of loan. 

Benefits of getting a Maybank Education Loan:

Here are the inclusive perks when you take this loan: 

  • High Loan Amount: Get loan cash up to 8 times your monthly income. Or a total of around $200,000. It depends on whichever amount is lower. 
  • Attractive Interest Rates: Loan for your studies starts from 4.45% p.a.
  • Long Repayment Period: Paying off the education loan can be up to 10-year period. 
  • Flexible Repayment Plan: Set your repayment plan for an education loan based on your financial status. Choose among the most convenient for you. 
  • Always Available: Aspiring students can apply for both local and abroad studies. 
  • Include Supplemental expenses: Studying within or outside the country requires books, computers, gadgets, and accommodation. Maybank Personal Loan Singapore finances education-related other expenditures, too.

Maybank Education Loan Eligibility Requirements: 

Here are qualified applicants for Maybank Education Loans. 

Age Limit Requirement:

  • Student Applicants: Must be 18 to 65 years old. 
  • Guarantor: Must be 21 to 65 years old. (Guarantor is only necessary if the school requires it).

Annual Income Needed: 

  • Local Student Applicant (Part-Time Studies): Must be a minimum of $18,000
  • Guarantor: Must be at least $30,000 (only if mandated). 

Maybank Education Loan Rates and Fees

Loan Administration Fee: $200. (If there are any changes, the company will give a 30-day notice prior.)

Maybank Education Loan Application Process 

Applying for an education loan is easy. Use your mobile device to message your desire for the loan service. 

Key in STU and send to 79898. 

The above statements prove how beneficial the education loans by Maybank Personal Loan are. Experience the convenience while you expand your knowledge with this financial help. 

Marvellous Renovation Loans Singapore

A home is a personal space for relaxing after a long, tiring day. But what if your place of rest needs a makeover? Getting your house renovated calls for a budget. It’s a good thing that Maybank Personal Loan Singapore has a renovation loan at hand. 

This type of loan allows you to achieve the fancy designer finish you have always wanted finally. It fulfils your long-awaited dream home. Plus, the approval is hassle-free. You don’t have to queue in line. 

And the most important thing is that the interest rates are competitive. You are sure that you’re paying for what you deserve. 

Benefits of getting a Maybank Renovation Loan:

Applying for a Renovation Loan from Maybank Singapore is beneficial. You’ll enjoy the following:

  • Reasonable Loan Amount: You can get a cash loan up to six times your monthly income, or S$30,000. That depends on whichever is lower.
  • Competitive Interest Rates: The rates depend on the type of applicant. An existing Home Loan customer gets a 2.88% p.a.
  • A new loan customer who applies for a one to three years loan tenure receives a 4.30% p.a. 
  • A new loan customer who applies for a four to five-year loan tenure receives a 4.20% p.a. 
  • Find out which one you belong to and how much interest rate you will be charged. 
  • Repayment Period: Repay the renovation loan for up to five years. 
Maybank Renovation Loan Calculator

The use of the Renovation Loan Calculator is a necessity. It helps you visualise all your financial obligations once you apply for the loan. 

When using the Maybank Personal Loan Calculator, ensure to tick the type of borrower. Questions will be like these: “Are you an existing home loan client?”, “Do you plan to take a one to three-year loan tenure?” “Or four to five-year loan tenure?”

Afterwards, enter the loan amount. Remember that the most you can get is up to $30,000. And choose the loan tenure you prefer. Then, click compute. 

The results will state how much your monthly payment will be. Also, it’ll note how much the total amount of payment due and the entire interest payment. 

Nonetheless, always remember that the loan calculator is not as accurate as you think. It only sets your expectations before your loan application. 

Maybank Renovation Loan Rates and Fees

The Administration Fee for Loan Restructuring is $200. Please take note that it may vary from time to time. Anyhow, the bank will give a 30-day notice prior.

Maybank Renovation Loan Application Process

Take out a renovation loan by messaging the bank. 

Type Reno then sends to 79898. 

Maybank Personal Loan Singapore for renovation is a great partner for achieving your perfect home. 

Maybank Debt Consolidation Plan

One of the best assets of Maybank Personal Loan Singapore is the Debt Consolidation Plan (DCP). 

This type of loan combines all your debts into a single monthly repayment. You don’t have to worry about leaving another tab behind. 

Furthermore, the whole bill is now at low-interest rates. Adding up all your debts lessens the interest you have to pay. 

Benefits of getting Maybank Debt Consolidation Plan:

Applying for a Renovation Loan from Maybank Singapore is helpful. 

  • Lower Interest Rates: The lower rate of interest allows interest savings. Also, it permits borrowers to settle outstanding balances in an instant. 
  • Easy Repayment: Fixed monthly repayments are more manageable. Paying into only one financial institution lets you control your finances better. 
  • Courtesy Credit Card: A complimentary card is a convenient payment mode for daily expenses. The greatest credit limit is 1x of your monthly income. 
  • Repayment Period: Finish financial obligation up to a ten-year repayment period. 
Maybank Debt Consolidation Plan Eligibility Requirements:

Assess yourself if you have what it takes to get a DCP. 

  • Residency: Singapore Citizen or a Permanent Resident
  • Age Limit: At least 21 years of age and above 
  • Annual Income: $30,000 to $120,000
  • Debts: Owns many unsecured debts with interest that is 12x of the monthly income. It can be from credit cards or unsecured credit facilities based in Singapore. 
Maybank Debt Consolidation Plan Requirements To Submit:

Complete the necessary documents to ensure a fast loan approval. 

Full-Time Employee

  • Application Form – completed and signed
  • Credit Bureau Report – recent
  • Proof of Balances – statements and confirmation letter
  • Photocopy of NRIC – front and back
  • CPF contribution history (last 12 months) or latest payslip

Self-Employed or Full-Commission Earner

  • Application Form – completed and signed
  • Credit Bureau Report – recent
  • Proof of Balances – statements and confirmation letter
  • Photocopy of NRIC – front and back
  • Income Tax Notice of Assessment (last two years)

Variable Income Earner

  • Application Form – completed and signed
  • Credit Bureau Report – recent
  • Proof of Balances – statements and confirmation letter
  • Photocopy of NRIC – front and back
  • CPF contribution history (last 12 months) or payslip (previous three months)
How Maybank Debt Consolidation Plan Works?

Maybank Personal Loan for DCP works in two ways. It could be through a Debt Consolidation Loan Account or a Revolving Credit Facility.

Debt Consolidation Loan Account 

It sums up all your unsecured debts regardless if it’s a credit card or credit line. That includes all your bills across multiple financial institutions. 

Once combined, the Maybank Debt Consolidation Plan gives you an obligation to settle the fixed monthly repayment. 

Maybank Debt Consolidation Plan Hotline

Be in touch with Maybank Singapore about the Debt Consolidation Plan. Message and send to 79898. 

Maybank Personal Loan Singapore DCP overcomes the stressful debts dragging you down. 

Revolving Credit Facility

To give out further financial help, Maybank Personal Loan Singapore lends a Credit Card. The credit limit is like your monthly income. 

Maybank CreditAble

With Maybank Personal Loan CreditAble, you are one step closer to achieving your dream. 

Maybank CreditAble Term Loan

A loan designed for whatever you and your family need right now. Whether it is for home renovation or vacation plans, the interest rate is low. 

Also, it has fixed monthly instalment repayments. And fulfil it for up to 60 months. 

Maybank CreditAble Fund Transfer

Maybank Personal Loan Singapore lets you enjoy interest savings with this Loan. Get this every time you transfer money from your 

Maybank CreditAble account to any bank. Regardless of whether it’s for savings, current accounts, credit cards, or credit lines. 

The best part is that it has a minimal processing fee and no interest charged for six months. 

Maybank Personal Line Of Credit

The CreditAble Loan you need whenever and wherever you need it. It is easily accessible, like carrying extra cash. 

The repayment period can either be flexible or fixed. It depends on your capability to pay off. 

Also, they issue a complimentary chequebook. 

CreditAble is the perfect financial solution for handling your money issues. 

Maybank is a financial institution ready to assist any qualified applicants. Maybank Personal Loan is the cream of the crop, among other products and services. 

Licensed Moneylender Cash Mart Singapore

Cash Mart Singapore is a leading money lending facility in the country. It provides the best fast cash loan any borrower might need. Choose among Payday Loan, Business Loan, and Low-Interest Personal Loan

3-Step Personal Loan Application

Applying for a Cash Mart Personal Loan is quick and easy. 

Step 1: Fill up the application online 

Complete the inquiry form through Cash Mart’s online loan services. You can use your computer or mobile device. 

Step 2: Verify  Your Loan

Wait until the loan executives review your eligibility. Also, they verify all the documents submitted. 

Step 3: Get Credited

Read the loan contract and sign it. Receive the cash disbursement. 

It’s that easy. Cash Mart Singapore aims to deliver instant cash loan conveniently to anyone who needs it.

How Standard Chartered Personal Loan Works?

Standard Chartered Personal Loan Singapore

What type of Standard Chartered Personal Loan should you get?

Singapore Standard Chartered is a distinctive banking institution. It holds several services that all members have a privilege. Opening an account and deposit is at the top of the line. Recently, Standard Chartered Personal Loan skyrocketed. The company’s aim to fulfil every customer’s life goals has a favourable result. 

Personal loans contributed to turning the client’s wishes into reality. As an unsecured loan, borrowers don’t have to provide collateral or guarantors. 

The interest rates depend on the client’s eligibility criteria. Possible factors could be the borrower’s credit card score and credit history. Besides, the institution maintains every transaction to be safe and secure. 

Learn more about what Standard Chartered Personal Loan Singapore has to offer.

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Different Types of Standard Chartered Personal Loan Singapore 

A personal loan is a smart key to being ahead of your finances. It comes in handy in emergencies. For example, you need urgent cash for your unexpected medical bills. Or for your utility bill price hikes. 

Also, the quick cash allows borrowers to do unfinished home renovations. Getting loan approval even secures a vehicle you and your family need. 

On top of that, Standard Chartered Personal Loan is present for other financial needs. Here are the types of loans offered by the company. 

Travel Loan

Travelling is already a necessity for humans. Visiting historical sites around the globe is usually on everyone’s bucket list. Experiencing different cultures is worth remembering. 

However, obtaining this dream is quite expensive. You need funds for travel expenses and accommodation. Your shopping spree overseas is not even part of it yet. 

Travel loans help in ticking off your list. You’ll never miss out on a tour package of your target destination. 

Availing of a travel loan is very convenient. The waiting game for approval is also not that long. 

Marriage Loan

Another significant milestone for anyone is having the perfect wedding. Fulfilling a stress-free wedding preparation requires a high-priced coordinator. Although they help a lot, they hurt your budget as well. 

Back your finances for the big day with personal loans. Look for a financial company that offers acceptable interest rates. Find one that also provides flexible tenure choices. 

Loan Against Term Deposit

Another personal loan by Standard Chartered is a loan that is against term deposits. 

The loan aims to assist borrowers in managing their financial matters. It is easy to meet a kind of loan. Anyone will have a flexible borrowing facility. The attractive interest rates are a bonus. 

Loan Against Securities

The main goal of Standard Chartered is to find solutions to your money issues. 

This next type of loan is available at low interest and against securities. It combines all the borrowers’ debts and always comes with a high overdraft limit. 

These are the top-tier Standard Chartered Personal Loans. It is ready to cater to almost every client’s possible financial needs. 

Advantages of Standard Chartered Personal Loan Singapore

A personal loan from Standard Chartered is not about quick cash. It is beneficial for both the moneylender and the borrower. 

Let us count the perks of getting a Standard Chartered personal loan. 

Quick Approval

A loan grant is one of the factors aspiring borrowers check. The institution has a well-established capability of being a leading international bank. 

Also, the online application permits faster yet safer transactions. 

Loan Amount

The loan amount Standard Chartered Singapore can set borrowers into an extended vacation. It can even cover the planning fees for your dream wedding. At most, it can get a luxury car brand. 

The money lending facility does not use restrictions on personal loans. Also, it does not need any borrower to place private property at risk. 

Paperless Documents Required

Standard Chartered now has loan applications available online. Borrowers can apply for a loan through the lending’s online loan services. 

Clients must complete the needed information through the lending’s official website. 

Supply the primary supporting documents via online upload. Be careful not to disclose too many details. Provide only the necessary ones like identity proof and address proof. 

Then, the process is already. There’s no need to fuss about queuing. 

Mark Down Processing Fees

Aside from a fast application process, online personal loan application has discounts, too. Standard Chartered offers 50% off the individual processing fee. 

But it is a must to read the terms and conditions first to see if you’re qualified. 

Equitable Interest Rates

Standard Chartered Personal Loans have reasonable interest rates. The money lending company does not overcharge or undercharge clients. 

Instead, they review the applicant’s credit score and credit history. If there is insufficient information, the lender looks for other eligibility criteria. 

Adjustable Repayment Tenures

The personal loan process and approval are as fast as you need them. But the repayment process is not. 

Standard Chartered made sure that applicants had options to choose from. Either they choose 12 months or 60 months. 

It is flexible to attend to every borrower’s financial needs and repayment capacity. 

Part Payment Method

Standard Chartered Personal Loan eases up the borrower’s repayment method. They can pay off using the Part Payment option. It assists in attaining financial obligations of up to 25% of the exceptional balance in a year. 

With these benefits, it is no surprise why several borrowers opt for the company’s financial help. 

Guide For Standard Chartered Personal Loan Calculator 

A personal loan calculator is a must-have for every loan application. It sets you a better view of the monthly EMI. 

How to use a personal loan calculator?

A personal loan calculator often requires two steps. It helps determine the payable EMI based on the interest rate. 

First, enter a principal value that you need. It can be between $1,000 to $250,000. 

Then, enter a tenure available. Choose between the least and greatest that you can afford to pay off. 

Factors Affecting Personal Loan EMI

The Standard Chartered Personal Loan Calculator needs the following three parameters. 

Loan Amount: The principal amount borrowed from the Standard Chartered Bank. It is common to have higher EMI payouts if you have a higher loan amount. 

Interest Rate: The rate of interest charged on a specific loan amount usually starts at 14.00%. Higher interest rates result in a higher EMI payout over the loan tenure. 

Loan Tenure: Loan tenure is an essential matter in the loan calculator. It is the repayment period that a borrower can manage. Standard Chartered Personal Loan Singapore gives out tenure between 12 to 60 months. 

The shorter the repayment tenure is, the higher EMI payouts can be. Still, it saves borrowers from paying too much interest on the loan amount. 

Benefits Of A Personal Loan Calculator

Standard Chartered Personal Loan Calculator is very helpful. 

Manageable Finances: With the calculator, applicants have a good viewpoint about the cost of the loan—the loan amount and loan tenure help in budgeting future finances. 

Free and Accessible: The loan calculator is very convenient. Use it any time of the day, and anywhere you are. Plus, there is no limit. Use it many times a day for the whole week. You can calculate as long as you have a gadget with an internet connection. 

Time-Saving: A personal loan calculator keeps applicants from tedious mathematical calculations. All you must do is key in the desired loan amount and the target loan tenure. Then, you have an idea of the monthly payout amount. The interest rates are visible as well. 

Reliable: Standard Chartered Personal Loan Calculator uses computerised algorithms. Thus, it gives out error-free results. Unlike manual calculations, it’s no surprise why the numbers are more accurate. 

Standard Chartered Singapore is a competitive financial institution. It offers services that cater to almost all aspiring borrowers’ needs. 

Cash Mart Singapore

Cash Mart Singapore is a trusted money lending institution in the country. It is a reputable and trusted financial facility approved by the Ministry of Law

Cash Mart Singapore is famous for providing instant cash loans at your fingertips. It is hassle-free wherever you are. And available whenever you need it. The money lending company accommodates all sorts of financial help. It has loans offered for every aspect of human needs. 

Awesome Loans Offered

Find the best loan essential for your current situation. 

Payday Loan

payday loan allows you to get your money upfront. It is like having your payday on any day. The approval period lasts for only 30 minutes. Prolonging your financial agony is the least of your concerns. 

The best part is you can take out at least $500 up to $15,000. The interest rate is 0.98 per term. Manage the repayment by choosing between four, eight, or 12 weeks. 

Business Loan

Cash Mart Singapore Business Loan is definitely what your business needs. It provides the cash flow more than your venture demands. The loanable amount starts from $10,000 and extends up to $300,000.

Take note that the interest rate is up to 3.99% per term. Add the principal loan amount and interest and pay it in 6 months, 12 months, or 18 months. 

Most get approved within seven business days. There’s no need to wait too long about the moneylender’s decision. 

Personal Loan

Cash Mart Singapore Personal Loan is very flexible. Utilise the cash loan for anything you want. Borrow money anytime you need it. This money lending company offers low-interest personal loans. To be precise, they offer an interest of 3.99% per term. You can get a loan amount from $5,000 to $50,000.

The loan amount plus interest is payable for up to 3 months. If you want to finish your financial obligation early, pay it off before three months. It is advisable since it saves you from paying accumulated interest rates. 

A personal loan by Cash Mart releases loan approval within 30 minutes. Cash Mart Singapore values the time of every applicant. They understand the urgency for quick cash. Thus, the money lending company assesses every loan application. Avoiding borrowers from waiting in vain while finding the financial solution. 

HSBC Personal Line of Credit Singapore Reviews

HSBC Personal Line of Credit in Singapore

Is HSBC Personal Line of Credits a perfect choice for you?

Many banks offer several financial products, including the personal line of credit. Many get interested in what the HSBC personal line of credit can offer. 

Before you decide to apply, first, you have to review things about the Personal Line of Credit.

Know if this type of credit will fit your financial needs. 

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Understanding Personal Line of Credit 

There are many financial products you can avail yourself of from banks. That includes the Personal Lince of Credit, a revolving credit facility. 

How does it work?

With this type of credit, you can borrow money over and over again up to its limit. You must repay the utilised amount in fixed instalments, including the interest. 

The amount replenishes to the account holder in every payment, less the interest and fees (if any).

What’s in HSBC Personal Line of Credit in Singapore?

HSBC Personal Line Credit Annual Fee

Among all banks operating in Singapore, the HSBC Line of Credit is one of the best options for the longer term. It’s an unsecured loan with an annual fee you can waive for one year. 

In contrast, Revolution credit customers can waive two years or more of a yearly fee.

HSBC Personal Line of Credit Interest Rate

HSBC offers the lowest interest rate with an effective interest rate of 14%. Thus, it is the cheapest compared to other banks, with a 20% effective interest rate.

But here’s what you should bear in mind. The HSBC Line of Credit is not for everybody. 

HSBC Personal Line of Credit: Credit Limit

You may be able to state your preferred credit limit upon application. Yet, this will be subject to the bank’s approval and review. You can also let the Bank decide on your credit limit. 

Individuals with annual incomes between $30,000 and S$120,000 will have their credit limits capped. The credit limit will be capped at four times their monthly income. Their basis will be your submitted income documents. 

The Personal Line of Credit can give you six times your monthly income or $100,000, whichever is lower. 

Your credit limit can get lower based on the sample annual income mentioned. But there’ll be some adjustments when you start making payments on the account. 

Use your available credit limit in your account and repay on time. 

HSBC Personal Line of Credit Eligibility Criteria

Singaporeans, permanent residents, and foreigners who meet the eligibility needs can apply for a personal line of credit at HSBC. The company considers you eligible if you are 21 to 65 years old, earning a minimum annual income of $30,000 or $40,000.

Salaried individuals should at least earn $30,000 annually. While self-employed or commissioned-based with at least an annual income of $40,000. 

For foreigners, they must have a minimum annual income of $40,000. Also, they should provide an Employment Pass valid for six months. 

HSBC Personal Line of Credit Requirements To Submit

First, you must fill out an application form when applying for a Personal Line of Credit. Other than the application form, you must submit the following documents:

Salaried Individuals:

  • A front and back photocopy of the National Registration Identity Card
  • Submit your latest three months’ computerised payslips or your latest Notice of Assessment with your latest one-month’s computerised payslip or your latest six months Central Provident Fund (CPF) statement.

Self-Employed/Commissioned-Based people:

  • A front and back photocopy of NRIC
  • Your last two year’s Notice of Assessment 

Foreigner Individuals:

  • A photocopy of your Passport’s first page showing all identification details
  • An Employment Pass that is valid for one year
  • Submit your latest three months’ computerised payslips, the latest Notice of Assessment with the latest one month’s computerised payslip, or your latest six months’ CPF statement.

Please note: If any documents contain different addresses, proof of residential or mailing address is required.

Frequently Asked Questions in HSBC Personal Line of Credit 

Are there any fees in Personal Line of Credit at HSBC? 

You need to know a few costs before applying to HSBC’s line of credit. These fees are lower than how most banks charge their borrowers. 

The good thing is HSBC charges the lowest annual fee of $60 among other banks. The company also does not charge an over-limit fee. 

You’ll get a monthly statement where your payment due date is shown. The monthly payments are usually calculated 22 days from your statement date. Note that you’ll get charged an annual fee of $60 yearly. But it gets waived in the first year. While for the Premier customers, the annual fee gets waived forever. 

A late charge is another fee that will cost you $75 once you fail to repay on the due date. It’s best to pay your loan on time and avoid unnecessary fee charges to enjoy your loan. 

You can find some moneylenders who do not penalise their borrowers for late payments.

What are the repayment schemes of HSBC Personal Line of Credit?

Your monthly statement contains your transaction history, including your payment due dates. So always keep it in a safe file. Also, the calculation of your repayments is 22 days, right from your statement dates. 

HSBC’s repayment is flexible. Be sure to pay 3% of your outstanding balance or S$15, whichever is higher. 

You can pay your line of credit in many ways. It depends on your preference. You can repay your credit through the following:

  • HSBC branches 
  • Internet Banking
  • ATM
  • Cash Deposit Machine
  • AXS station
  • SingPost branches or S.A.M.s
  • Or through a cheque.

What benefits can you get from an HSBC Personal Line of Credit?

One of the most known benefits of a Personal Line of Credit is its flexibility. It is perfect to use, especially for considerable expenses. That could be either a medical bill or home renovations. 

HSBC Line of Credit is an unsecured loan, meaning there’s no need for collateral. Borrow money as much as you want. Be sure to repay it on time to save you from charges. 

Upon approval of your credit account, HSBC will grant you a chequebook and a debit card. Use it to access your account anytime, anywhere, without any hassle. 

All these benefits are free of charge. You can reach HSBC through their 24-hour phone banking service for further concerns. 

A Financial Solution For Ineligible Applicants

Lucky are those who meet the qualifications of HSBC. But what about those who were declined from their application? 

You can still get some financial help from licensed moneylenders in Singapore.

HSBC is one of the banks offering the cheapest option. But don’t you know that moneylending companies are offering affordable personal loans?

It is safe to transact with a licensed moneylender. It’s because they follow the Moneylenders Act. It’s a law provided by Singapore’s government regulating the financial industry. 

Moneylenders offer several instant cash loans. With their online loan services, you can apply and get approved in as fast as 24 hours. Additionally, such money lending companies offer flexible repayment terms.

Moneylenders ask borrowers with lesser requirements. You don’t need to submit many documents, unlike other financial institutions. That is one of the benefits you can get from a money lending company.

Licensed money lending companies are more lenient compared to other financial entities. They even welcome zero-credit account holders and those who have low credit scores. 

Another good thing about them is that their loan officers listen to borrowers’ concerns. They help them find a way to recover from their money problems. 

If you’re looking for a reputable money lending company, Cash Mart Singapore will be your best option if you want to know more, visit www.cashmart.com.sg.

HSBC Personal Loan Singapore: Must-Know Facts

HSBC Personal Loan Singapore

HSBC Personal Loan Singapore: Must-Know Facts

Did you know that the HSBC personal loan can help you get cash? Their online application process makes it easy to apply. Their payment schedule is easy to understand and straightforward. 

If you plan on taking out a loan anytime soon, keep reading.

We’ll review everything you need about HSBC Personal Loans in Singapore. The application process, eligibility requirements, interest rates, and more are discussed here.

If you’re looking for a loan, then this article can help. We will provide you with information on the best personal loans in Singapore. 

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HSBC is one of the banks offering competitive rates. These personal loans (6.5% EIR) and processing fees are waived. NOW might be the right time to apply for an HSBC personal loan. 

HSBC personal loan offers a 7-year tenure, which is longer than most other loans in Singapore. It’s also much easier to repay them since you can make monthly instalment payments. 

Furthermore, HSBC is a reliable bank providing personal loans to foreign applicants.

Who Qualifies for an HSBC Personal Loan in Singapore? 

An HSBC Personal Loan is available up to a 7-year loan tenure and does have a competitive interest rate. Locals and foreigners can borrow up to eight times their monthly income. 

You must be at least 21 years old to be eligible for an HSBC Personal Loan. Singaporeans or permanent residents should make at least $30,000 a year. 

Self-employed or commission-based citizens must have an annual income of $40,000. At the same time, foreigners should be earning $40,000 per year. 

Besides that, you should also make sure your employment permit is valid for six months up to one year.

Personal loans from HSBC are outstanding for foreigners in Singapore. The Bank does have the lowest income requirements for foreign borrowers. 

Such requirements are thousands of dollars lower than those of other banks. HSBC is a good option for foreigners seeking large personal loans.

If you plan to apply for a loan, review your options and understand the various costs. Moreover, they’ll ask for your personal information, including your employment and financial details. 

HSBC’s loan approval is fast and effortless, where you get a confirmation in less than a minute. 

What is In-Principle Approval for HSBC Personal Loan?

In-principle Approval refers to a provisional approval granted by the Bank. That means the bank guarantees to give the loan amount when needed. That’s if all information stated in the documents gets verified. 

Wait for the Approval. It will only take you a minute for that Approval. Take note that the validity of the in-principle Approval lasts for 14 days. 

What to Look for in a Great Personal Loan?

An important consideration when choosing a personal loan is the interest rate. Low interest rates are usually better. You should consider this, especially if you need to borrow large amounts of money.

If you need a loan of 1 to 7 years, you may find the best annual interest rate with the HSBC Personal Loan, ranging from 3.4% p.a. (EIR 6.5% p.a.) if you earn more than $30,000 per year.

You can also spread out payments over 7 years with the HSBC Personal Loan. 

You won’t have to pay the processing fee if you also qualify for the promos.

Applying for an HSBC Personal Loan

Applying for a personal loan with HSBC is easy and fast. An individual must fill out an application form for an HSBC personal loan. 

After receiving in-principle Approval, there will be more documents required to submit. Submit such documents containing accurate information to get full Approval. 

Documents included are proof of income, billing address, etc.

You can choose one of the four ways below:

Online application

You can fill out the online forms and submit the required supporting documents. 

Singaporeans and permanent resident employees:

  • NRIC (front and back)
  • Notice of Assessment and CPF Statement via MyInfo
  • Latest three months’ computerized payslips
  • Proof of billing address

Commission-based and self-employed Singaporeans and permanent residents:

  • NRIC (front and back)
  • Notice of Assessment and CPF Statement via MyInfo
  • Latest three months’ computerized payslips
  • Latest two years’ Notice of Assessment(Self-employed)
  • Proof of billing address

Employed foreigners:

  • Completed and signed Letter of Instruction
  • Passport
  • Employment Pass(at least six months to one year validity)
  • Notice of Assessment and CPF Statement via MyInfo
  • Latest three months’ computerized payslips
  • Latest one year Notice of Assessment with the latest one month’s computerized payslip
  • Proof of billing address

Commission-based and self-employed foreigners:

  • Completed and signed Letter of Instruction
  • Passport
  • Employment Pass(at least six months to one year validity)
  • Notice of Assessment and CPF Statement via MyInfo
  • Latest two years’ Notice of Assessment
  • Proof of billing address

Online banking Application

Enrol in HSBC’s internet banking, log in to your account and apply there. It is the quickest and easiest way to apply for a loan.

SMS Application

Another easy and simple way to apply is through SMS. You can send PLOCNAME to 4722. The HSBC customer service team will then contact you within three working days. 

Phone Call Application

Another way you can opt to do this is to contact HSBC through 1800-HSBC NOW (4722 669). 

Provide all necessary personal information to them. HSBC will keep all your information with the utmost confidentiality. Wait for them to contact you within the next three working days.

How long does HSBC take to approve a personal loan?

The loan process takes 3-5 business days. HSBC will start the process once all the necessary documents, including application forms, are received.

How to check the status of your HSBC personal loan application?

You can ask HSBC’s customer service department to check your loan status. Reach them through 1800 HSBC NOW (4722 669). If you’re contacting HSBC from overseas, call (65) 64722 669. 

It is also possible to inquire with the Bank to find out the status of your application.

How to calculate HSBC’s Interest Rates?

The “Reducing method” is what HSBC uses in calculating the interest rate. Your account will get charged daily interest on the outstanding balance each day. The amount is subject to the least charge of S$10 per month. 

During a debit interest cycle, interest will be debited from the account each day. Or maybe more times than specified by the Bank. There will be a difference between your statement cycle and the debit interest cycle.

What are the benefits of an HSBC Personal Loan? 

HSBC personal loans are unsecured loans. It means you get a loan without collateral. 

HSBC gives its personal loan account holders a chequebook and a debit card. And that’ll give them easy access to their account. Both the chequebooks and the debit cards are offered at no cost.

Each month, you’ll receive a personal loan statement that displays your transaction history. You can also view the details of the transactions through HSBC’s online site: www.hsbc.com. 

Another way is their 24-hour phone bank on 1800-HSBC-NOW (4702 669). Contact HSBC at (65) 6-HSBC-NOW (4702 669) for those working overseas.

What are the Fees that HSBC Charges?

A late fee of 2.5% will be charged once your loan account becomes overdue. Plus, your loan’s interest rate. Add to that is the early repayment fee of 2.5%. 

Singapore banks charge similar rates for their services. If you don’t want to pay charges, it is better to repay a loan on time.

How to Repay My HSBC Personal Loan?

HSBC provided a repayment account designed to be used for personal loan repayments. It is where your monthly payments will be deducted from the account. You can replenish your account through cash, bank transfers, or cheque payments. 

What other products does HSBC offer?

HSBC is a full-service bank offering a wide range of personal banking services. These products include:

Bank accounts

The Bank offers current accounts, a wide range of savings accounts, and time deposits. HSBC extends several premium banking services, including HSBC Advance and HSBC Premier. 

Digital banking options are also included with each of your accounts. In this way, your banking experience will be more convenient and accessible.

Credit cards

You can choose from a wide range of cards at HSBC. You can choose from the following:

  • Rewards cards
  • Cashback Cards
  • Premium cards with special perks.

Home loans

HSBC offers several options for home loan services. That includes buying your first home and refinancing your existing one. Or you can choose to get home equity loans.

Insurance

You can get insurance from HSBC, which is available for critical illness and mortgage repayment protection. 

Also, it is available for travel, vehicle, and home protection.

Investment and wealth management

It doesn’t matter if you have a small amount to invest in or if you’re seeking advice on wealth management. HSBC offers a range of services.

Foreign Exchange

Does HSBC’s international products interest you? 

You get a wide range of international products. Get a multi-currency savings account or either out-of-the-country cash for travel. With the latter, you can travel and make payments in a foreign currency. 

An Easier and Faster Way to Get a Personal Loan

Do you want a quicker and easier way to get a personal loan? Consider getting one with Cash Mart Singapore. It’s a licensed money lending company you can trust. 

Cash Mart has been operating for fifty years and has built a reputation in the industry. You get a safe loan transaction with the moneylending company since they follow the Moneylenders Act. It is a law mandated by the Ministry of Law to regulate the financial industry of Singapore.

Cash Mart offers risk-free loans, covering a 7-day unconditional service guarantee. With Cash Mart, you can borrow with confidence. Whenever you need urgent loans, you can directly go to the online loan services of Cash Mart Singapore. When you’re in a tight situation and seem short on budget, you can get a payday loan from them.

Cash Mart offers other instant cash loans—the same as other banks. You can enjoy a low-interest personal loan. And it’s way more affordable compared to other personal loans from banks. For business people who need additional money to support business operations, a business loan can help. You may get other products: a wedding loanrenovation loanforeigner, and jewellery loan.

With their transparency, you can see all the costs upfront without hidden charges. You can also make an early settlement and avoid a penalty fee.

Ultimate Guide To OCBC Personal Loan Singapore

OCBC Personal Loans Singapore

Your Guide To OCBC Personal Loan Singapore

Singapore has commendable and impressive money lending facilities. Banks and lending institutions cater to the financial needs of every individual. 

OCBC offers many loan products and services. Each feature attracts borrowers to take out a loan from them. Find out more about OCBC personal loan services by reading this quick guideline. That said, you can assess whether it fits your financial needs. 

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OCBC Personal Loans Singapore: What about it?

OCBC Personal Loans

OCBC Personal Loan Singapore is well-known for the following features: 

Flat Interest Rates: Grab the opportunity of the lowest flat interest rate only in Singapore OCBC. 

First-time OCBC personal loan applicants have the privilege to enjoy a 3.5% interest rate p.a. Existing customers have a repayment interest rate of 4.7% p.a. 

Credit Limit Conversion: OCBC personal loan has a unique feature. Borrowers can convert up to 90% of their existing credit limit into instalments. It’ll be a fixed monthly instalment loan. 

The best part is that applicants are not subjected to higher fees. Your credit cards and credit lines are safe. 

High Loan Amount: Loan applicants in OCBC experience loan amount flexibility. Take out up to 6 times your monthly salary, especially if your annual income is over $120,000. 

Those who earn between $20,000 and $120,000 still qualify for personal loan applications. Get an approved loan amount for up to 4 times your monthly salary. 

These features make OCBC Personal Loan makes it stand out above others. On top of that, it offers different types of personal loans. Each kind is ready to sustain every borrower’s financial need. 

Understanding OCBC Personal Loan Types

Singapore OCBC Personal Loan offers many personal loan types. Each loan type has its purpose. 

Knowing and understanding each loan will help you identify what loan type suits your needs.

OCBC Cash-On-Installments

Cash-on-installments is a personal loan you get from your unused credit limit. You can maximize your unused credit limits into a long-term cash flow certainty. 

Getting a Cash-On-Installments will not ask you for more income documents.

Repayment: You can repay your personal loan on a fixed instalment no matter what loan term you choose. 

Cash-On-Instalments have a 12 to 60-month loan term. Choose a term that you can afford to pay. 

Interest Rates: Get as low as 4.7% per annum for the 60-month instalment plan. The effective interest rate (EIR) is 9.06% per annum. 

Processing Fee: Costs 1% of your approved loan amount

ExtraCash Loan

ExtraCash Loan is an affordable and instant cash loan for anything you need. 

If the cash demand is urgent, ExtraCash Loan is perfect for you. Let’s say your laptop got broken, and you need it to be fixed. Otherwise, you can’t do your work. There are a lot of urgent needs that we face unexpectedly. But with ExtraCash, you can get it with its fast loan approval and disbursement.

You can check your OCBC personal loan application status through Myinfo. Reviewing your outstanding payments can also be made using online banking. 

Loan Amount: You can take a lump sum of up to six months of your monthly paycheck.

Repayment: Pay your financial obligations at a fixed repayment over 12 to 60 months. 

There are several ways you can settle your balance. You can pay by transferring funds through online or mobile banking. 

Another way you can choose is to make a cheque deposit to pay or through a cash deposit machine. 

Interest Rates: The monthly rest rate is 10.08% per annum. 

Approved Loan Amount: The borrower’s annual income significantly impacts the OCBC Personal Loan ExtraCash. 

Borrowers with an annual income of $20,000 to $29,000 received an approved amount of $4,500. The processing fee costs $100.

Applicants earning $30,000 and more have an approved loan of $10,000. The processing fee costs 2% of the approved loan cash or $200, whichever is higher. 

OCBC EasiCredit

OCBC EasiCredit is your ready cash wherever and whenever you need it. It’s the best standby line of credit that has fantastic offers. 

Through Internet Banking, Mobile Banking, ATM, or Cheque, you can access your EasiCredit.

Short-Term Loan: Withdraw any amount you need and enjoy the 1.74% monthly interest rate accruing daily. Pay off at least 3% or $50 monthly, whichever is higher. 

Loan Amount: The approved loan varies depending on the applicant’s annual income.

Interest Rates: Here’s the interest rate based on annual income from $20,000 up to $120,000:

  • Annual Income: $20,000 to $29,999 

          Loan Amount: Amount that is twice the monthly income

          Interest Rate: 29.8% p.a. 

  • Annual Income: $30,000 to $119,999

          Loan Amount: An amount up to 4x the monthly income

          Interest Rate: 20.90% p.a. 

  • Annual Income: $120,000 and above

          Loan Amount: Get a loan that is 6x the monthly income

          Interest Rate: 20.90% p.a. 

Get lower interest rates with unused EasiCredit limit through Balance Transfer or Cash-on-Installments. 

Repayment: Fulfil your financial obligation flexibly—pay back whatever amount you can and whenever you can. 

Balance Transfer

OCBC Personal Loan offers a Balance Transfer. With this loan type, you can withdraw cash from unused credit limits. And you get to enjoy the flexible repayment terms. 

You get the cash loan out quickly and hassle-free. There’s no need for more income documents. 

Interest Rate and Processing Fee: On top of the 0% interest, the processing fee is a one-time payment. It is as low as 4.5% per annum. 

Repayment: Pay off the monthly repayment of $50 or 3% of your outstanding balance. Repay the amount, whichever is higher. 

Debt Consolidation Plan (DCP)

Debt Consolidation is the financial solution with one repayment plan. Pay off all your debts in a structured payment plan with monthly fixed instalments. 

Repayment: Pick a repayment period from 36 to 96 months. Repay hassle-free through Online or Mobile Banking Fund Transfers. Cash deposit machines and cheque deposits are acceptable, too. 

Interest Rate: A Debt Consolidation Plan offers a loan amount at a lower interest rate. There’s no need to worry about the prevailing interest rates of overdraft facilities and credit cards. 

Complimentary Card: OCBC Platinum Credit Card is a magnificent benefit of DCO. Use the complimentary card for any of your needs. The credit limit is based on your monthly income without any annual fees. 

Secured Overdraft

Secured Overdraft is taking out extra cash while pledging your collaterals. Doing this increases your investing power. Plus, it helps you seize market opportunities. 

Receive a standby fund as high as the approved credit limit. Access it without withdrawing fixed deposits. 

Interest Rate: The charged interest is only on the amount used. But it still depends on the collateral pledged. 

No Restrictions: Enjoy the no-usage restrictions. Make sure to keep the outstanding balance within the limit available. 

Application Type: OCBC Personal Loan application status is recommended for both single and joint applications. 

Assess your current financial needs. Then, choose which OCBC Personal Loan is perfect for your situation. 

OCBC Personal Loans Eligibility Requirements

The OCBC Personal Loans are available to individuals who meet the eligibility requirements. Generally, banks need borrowers to complete the following:

  • Should be at least 21 years old
  • Singaporean Citizens, Permanent Residents, and Foreigners
  • Annual income should be $20,000 and above. 

Foreigners wishing to apply should earn at least $45,000 annually to become eligible. 

But there’s more requirement needed for Cash-On-instalment and Balance Transfer. 

The borrower should be an OCBC Credit Card Holder or EasiCredit account holder. If not, borrowers should apply for it before getting an OCBC personal loan. 

The requirements for the Debt Consolidation Plan are the same as the other loans, except that the borrower should earn $30,000 to $120,000 with BTI. 

Please note that the Bank-to-Income (BTI) should be 12x of your monthly income. 

Singaporeans, Permanent Residents, and Foreigners can apply for Secured Overdraft if they meet the age limit of 21 years. 

Also, borrowers need to pledge collateral. It could be either Structured Deposits, Unit Trusts, or Time Deposits.

Use OCBC Personal Loan Calculator

OCBC Personal Loan Calculator

A personal loan calculator is a must for every OCBC personal loan applicant. The monthly responsibility depends on the amount, interest rate, and loan term. Enter all the details to have an initial view of your monthly payment. 

Still, make sure to read and understand the OCBC Personal loan product. Each loan has its benefits and features.  

Once you have used the OCBC personal loan calculator, contact the institution. Get clarifications first before finalizing your loan application. 

OCBC Personal Loan Singapore is convenient for applicants in urgent financial situations. It offers several services that can attend to any individual’s needs. 

Bottom Line on OCBC Personal Loan

You get many choices when looking for personal loans in Singapore. So you won’t have any problem looking for it. However, you must look for a loan matching your financial needs. 

OCBC can help you and offer loans that would fit your needs. As long as you are eligible and can submit all necessary papers, getting a loan is possible.

But if you are still unsure about OCBC personal loans, you still have other options. If low-interest personal loans are what you are looking for, consider applying to licensed moneylenders. 

Moneylenders are financial entities providing online loans to people. Licensed lending companies are also under the regulation of the Ministry of Law Singapore

If you choose to get a loan from a moneylender, you better pick a company doing the business for several years, like Cash Mart Singapore. The longer the company they serve, the more reputable they become. 

This leading moneylending facility offers other loan products besides personal loans, such as foreigner loans.

Eligible applicants are those who are 21 years old and above. What you need to do is present a valid passport and valid work permit. Provide proof of billing, stating the current residential address. A letter of employment and the latest 3-month original paycheck is also necessary. 

Once you have all these documents, submit your online loan application. Be ready to answer all the queries of loan executives. It is part of the verification process. Then, get approved and sign the loan contract. With Cash Mart, you’ll get to experience instant cash disbursement. 

Why Get a Citibank Personal Loans Singapore?

Citibank Personal Loans Singapore

Why Get a Citibank Personal Loans Singapore?

Abrupt expenditures are sometimes inevitable and can ruin your budget. No matter how carefully we manage our finances, unexpected spending keeps coming. 

What if you are unable to prepare for emergencies and get caught by these “sudden uncertainties?” It’s a real pain.

We should always accept the fact that there are things beyond human control. And emergencies are one of them. What we should do is find ways how we can resolve our financial burdens.

Don’t get too much pressure. One solution to help your money problems is to seek financial help from banks by getting personal loans. 

A personal loan can temporarily assist individuals in times of tight budgets. If you don’t have any extra to settle and an obligation, it can help you. 

A myriad of financial entities lie within Singapore. You might get overwhelmed in choosing which bank you should go to. 

Don’t get worried because we found a bank that can instantly help you – Citibank!

Citibank is worth considering. It now offers quick cash loan services in which new-to-bank customers will enjoy a 0% for a 12-month loan tenure. 

Read up and get to know more about Citibank Personal Loans.

What to know about Citibank Quick Cash Loans?

Get a personal loan by converting your credit limit in no time! It is what Citibank Quick Cash Loan can do for you. That means you need a Citi Credit Card or a Citibank Ready Credit to get your quick cash loan. 

Interest Rates of the Loan

Citibank offers interest rates ranging from 3.99% up to 4.05% per annum. The effective interest rate (EIF) or 7.5% per annum is also incurred.

For new-to-bank customers who get a personal loan with a 12-month tenor will enjoy a 0% per annum, with an EIF or 7.85%

Fees and Loan Tenors

You can choose a loan tenor in Citibank from one (1) up to five (5) years. That depends on your capacity to settle your obligation. 

You will be charged a 3.5% processing fee if you choose a one-year loan tenor. 

But for two (2) to five (5) loan tenors. 

Citibank’s Quick Cash Loan Approval

With Citi’s quick cash loan, you can get approval as fast as 24 hours! 

It is one of the best features that Citibank Quick Cash Loan has. After approval, your loan proceeds will be credited through your Citibank Credit Card or any Citi account. The cash disbursement could take three to five days. 

Am I Eligible to Get a Personal Loan?

To be eligible, you must be a Singaporean Citizen or a Permanent Resident. Also, you need to earn an annual income of at least $30,000. There is also an age limit requirement for applicants from 21 up to 65 years old.

Citibank also welcomes foreign applicants. If you’re an ex-pat, you should have total earnings of $42,000 in a year. It’s the least income requirement that a foreign applicant should meet.

How to apply for Citi Personal Loans?

There are two ways we can share how to apply for  Citibank Personal Loans. It is either used through the Citi Mobile App or their website. Choose what you think is more accessible and convenient.

Applying through the use of the Citi Mobile App

Citi Mobile App for Citibank Personal Loans

Applying for Citibank Personal Loans is hassle-free. You do not need to leave your home to apply for banking accounts. 

It is one great advantage of digital banking. People can now apply conveniently through the Citi Mobile App. 

It’s easier to do it by using the app. Download the Citi Mobile App from PlayStore (Android) or App Store (iOS) and apply for a loan effortlessly!

All you need to do is log in and enter your credit card account. Swipe left and go to “Quick Cash.” Click the “Get Started” button and type in your desired loan amount. After that, click the “Next” button and select your preferred account to receive your loan proceeds.

If you prefer to use another bank, you must provide the essential details. Then you tap the “Confirm” button. 

Wait till you receive your funds into your Citibank account. For non-Citi account holders, receiving your fund will take up to five (5) working days. 

Applying through the use of the Citibank Website

Citibank Personal Loans Singapore

If you apply through Citi’s website, go to “Loans” and click “Personal Loans.” Once you’re on its page, click the “Get it now” button. Right then, you can commence your loan application. 

Be sure to provide accurate information once you apply for a personal loan. This way, you will get a high chance of getting approval.

Citibank Requirements Needed To Comply

When getting a loan, You must submit a clear front and back photocopy of your NRIC/Passport/Employment Pass.

For Salaried Employees:

You must present the past 12 months’ CPF statement or the latest Income Tax Notice of Assessment. Add to that is the original computerized payslip if you are a salaried employee.

For Self-employed Individuals:

Present your latest Income Tax Notice of Assessment and the latest original computerized payslip. 

Other Frequently Asked Questions on Citibank Personal Loans

Where can I use my personal loan?

You can use the loan for any urgent expenses. It could be medical bills, business expenses, unexpected repairs, etc.

How much will be the instalment loan amount if I get a personal loan from Citibank?

Your monthly instalment will depend on how much loan you will borrow. If you’re unsure how much you want to apply for, try Citibank’s personal loan calculator. 

Indicate your desired loan amount there and choose your preferred loan tenure. By clicking the “calculate” button, you’ll know how much will be the monthly instalment.

What are the other fees if I get a personal loan from Citibank?

Yes, there are! That includes the cancellation fee, an overdue interest, and a late payment fee. 

The cancellation fee would cost $100 or 3% of your outstanding balance, whichever is higher. An overdue interest of 20.95% per annum will apply if you fail to pay the interest on its payment date. 

A late payment fee is when the minimum payment wasn’t received in two consecutive months. That will result in loan termination. What will happen is your debt’s outstanding loan will be billed in the following statement.

Instant cash is what we look for in times of urgency. And with Citi’s Quick Cash Loan services, we can get what we need in time! As long as you meet what Citibank requires you, you can get hold of the cash you need.

But what if you fail to meet their requirements?

Aside from banks, other financial entities provide online loan services like licensed moneylenders. It’s one of the best alternatives if you fail to meet the bank’s requirements. Cash Mart is one of the trusted licensed moneylenders in Singapore. You can get your loan in Cash Mart with fewer requirements and enjoy a low-interest rate! Visit www.cashmart.com.sg to learn more.

Why Singaporeans Choose UOB Personal Loans?

UOB Personal Loans Singapore

Why Singaporeans Choose UOB Personal Loans?

Don’t know where to take a personal loan?

Many financial institutions lie in Singapore, offering financial products to Singaporean citizens and Permanent Residents. Countless banks are in place, which sometimes overwhelms us about which bank to seek financial help from during emergencies.  

Among the numerous banks available in Singapore, United Overseas Bank (UOB) provides the best loan services in Singapore. Read this article to learn out more about UOB and its high-quality financial products and services.

Table of Contents

Understanding Personal Loans in Singapore

UOB Personal Loans

Understanding the purpose and whole process of personal loans is very important. This will help you avoid risks and handle your debts without any pressure. Otherwise, you will experience difficulties and might badly affect your credit score.

Here are a few things you should consider to do first before taking up a personal loan:

  • Check your current credit status. If you’re using credit for multiple purchases in a short period, it can affect your chances of qualifying for the loan. This behaviour shows that you spend more on credit than you can repay them. This may result in withdrawing or changing your loan terms.
  • Do some research in choosing a bank or a moneylender. Consider their terms and conditions, repayment schemes, loan rates, and fees. 
  • If you found a lender, learn to budget your loan payments. This will help you decide how much loan you can afford to borrow and repay and how quickly you can pay your debt. 

Personal loans can have risks, but it will certainly bring financial relief if handled responsibly. 

What does a Personal Loan mean?

A personal loan is money borrowed from banks or other financial institutions purposely for personal expenses. In return, the borrower will pay the loan monthly interest over time. 

The two types of personal loans are “secured” and “unsecured” loans. 

Secured personal loans are money borrowed from a bank but with collateral assets. This is in the case the borrower became insolvent to the bank. 

Meanwhile, unsecured personal loans don’t require collateral if the borrower can’t repay the loan. However, it carries higher interest compared to secured personal loans. 

Most Singaporeans get a personal loan to consolidate their debts or to cover medical expenses. Others use it for big purchases like appliances or their children’s education needs.  

Did you know?
For the past 12 months, men have been more likely to take personal loans to cover up daily expenses, help their family and friends, and pay off their credit card debts.

United Overseas Bank in Singapore

UOB Singapore

In Singapore, many financial institutions offer financial products like personal loans. As a result, you might get confused or feel overwhelmed about which financial institution you will put your trust in. 

In Singapore, one of the local banks you must consider is the United Overseas Bank or UOB. It has been operating for decades and has become a leading bank in the country. It is even considered one of the safest banks in Asia. Over the years, the bank earned its credibility with its quality products and services. 

Must-Know Facts About UOB Personal Loans Singapore

Key features you’ll enjoy.

The loan amount in a UOB Personal Loans starts from S$1,000. The loan tenure period is from one (1) year up to five (5) years, with a flat interest rate of 3.68% per year. 

New UOB applicants can get instant approval! This applies to customers who applied between 8 a.m. and 8 p.m. (Terms and conditions apply to the instant approval feature).

UOB Personal Loans are also applicable for those existing Credit Card members. Upon application, there will be no documents required to comply.  

Eligibility Requirements 

You can take a personal loan from UOB if you are a Singaporean citizen or a permanent resident. You should have an existing UOB Credit Card or a CashPlus customer.

The age requirement for getting a personal loan is from 21 up to 60 years. In addition, you. You must be employed, earning an annual income of at least $30,000. 

If you don’t have a UOB Credit Card or CashPlus account, apply first. 

Fees you should be aware of 

Fees in a UOB Personal Loans include the processing fee of S$100 and a late fee worth S$100. 

Add to that is a Full Repayment Penalty of $150 or three per cent (3%) of the outstanding loan amount. 

Interest Rates you should know about

The loan of tenor refers to the length of time you will pay before the contract expires. For UOB Personal Loan, the tenor loan is from one (1) year to five (5) years.

And every tenor applies a processing fee of one per cent (1%) and a flat rate of (3.68% p.a.). Aside from that, an Effective Interest Rate (EIR) is incurred for every tenor. See the Rates and Tenor of UOB Personal Loan.

How can I apply for a UOB Personal Loan?

Applying for a UOB Personal Loan is simple and easy!

Visit the website of UOB at www.uob.com.sg and click the “Borrow” button. Afterwards, go directly to the “Personal Loan” button and click “Find out more.” Then, tap on the “Apply” button, and you’ll see different online applications.

There’s a separate application for existing UOB customers and new-to-bank ones. Only choose which fits you the most.

For those who are already UOB customers, you can apply for a loan by choosing the “application for existing UOB Credit Card or CashPlus customers. For new customers of UOB, you have to choose what account you think may suit you. Your choices are the following:

  • Application for a UOB Personal Loan with a Credit Card
  • Application for a UOB Personal Loan with a CashPlus

Connect with UOB using their hotline numbers.

If you have further concerns, you can reach them at your convenience through the following hotline numbers: 6668-2087 or 1800-222-2121. 

You can call them Monday to Friday between 9:30 AM and 6:00 PM.

You can also visit their “E-Services” and find more useful information about UOB services.

For some, taking a personal loan can negatively affect your finances. This will probably happen if you take a loan irresponsibly. 

To avoid risks, learn to understand the whole process of a personal loan and take deep planning before making a final decision. If done smartly, it can be a stepping stone to help you relieve yourself of financial difficulties.

If you need extra money, look for a reliable financial institution to apply for a personal loan. One of Singapore’s best and trusted banks is the United Overseas Bank (UOB).

UOB is a local bank in Singapore that has been operating for decades and has proven its credibility for years. The bank has been known as one of the safest banks in Asia and earned plenty of awards and accolades. 

It is guaranteed that a UOB Personal Loan is worth getting.

If, by any chance, you couldn’t meet their criteria, licensed moneylenders like Cash Mart will be of great help.

Cash Mart Singapore offers quick cash loans with low interest. All you need to do is submit the requirements: fast approval and NO collateral needed upon your application.

POSB Home Loans Singapore: Buy a Cozy Home

POSB Home Loans in Singapore

Must-Know Facts About POSB Home Loans

Shopping for a home loan? Well, the fact that you are reading this article means you are planning to take a home loan. The question is…

“Where can I apply to take a home loan?”

Many financial institutions are nestled in Singapore, offering various home loans. And one of these institutions is the POSB or the Post Office Savings Bank. Among all banks, POSB is the oldest local bank in the country.

Over the decades, POSB has proven its reputation regarding loans. In this article, you’ll gather information about why taking a home loan from POSB is worth it.

Table of Contents

How To Get A POSB Home Loans Singapore

Purchasing property needs deep planning and an understanding of your financial situation. And what you should consider most is your affordability to buy one.

The great thing is that POSB can help you decide on their home loan services. But before that, you might need to know some facts about how to get a POSB Home Loan.

POSB Home Loan Eligibility Requirement

Qualifying for a POSB Home Loan needs first to meet the eligibility requirements.

You will only become eligible if you’re a Singaporean citizen or a Permanent Resident. Plus, you should be 21 years old and above but not more than 65 years old. In addition to that, the applicant should be earning at least $30,000 and above.

All mentioned requirements are vital. However, POSB doesn’t only rely on it. The bank has other bases to verify your eligibility for a home loan. 

POSB Home Loan Required Documents

Once you get approval, the next thing you’ll do is submit the required documents. 

Listed below are the documents you need to comply with to qualify for a POSB Home Loan:

  • A copy of NRIC (National Registration Identity Card) – Only applies to a Singaporean Citizen/Permanent Resident.
  • Passport (for foreigners)
  • HDB Flat and Financial Information
  • Option to Purchase
  • Sales and Purchase Agreement
  • Value confirmed by HDB (for HDB resale)
  • Valuation report (for Private Property and Executive Condominium)

After submitting your requirements, you can now wait for approval. Once you’re approved, you will then sign the Letter of Offer.

POSB Home Loans Packages and Interest Rate

POSB Home Loan Singapore

As mentioned, POSB offers a wide range of Home Loans products. You can choose from the following packages:

  • 2-Year Fixed Rate Package
  • 3-Year Fixed-Flexi Package
  • 5-Year Fixed-Flexi Rate Package

All these three packages are valid with a minimum loan amount of $100,000 but vary in interest rates. 

2-Year Fixed Rate Package

This package’s interest rate for your first two years will be 1.50% per annum. After your second year, the interest will be FHR24 + 0.90% per annum. 

FHR24 refers to the DBS Bank’s prevailing 24-month Singapore Dollar fixed deposit rate in which the amount is between $1,000 and $9,999. For now, the current rate is at 0.900% per annum. 

Another thing is that this package comes with a 1 FREE conversion after 24 months from the first disbursement. This will allow you to reprice your home loan at no cost.

3-Year Fixed-Flexi Package

For this package, the interest rate, in this package is 1.50% per annum from YEAR 1 to YEAR 3. It’s the same as the first package except that it is payable for three years. After that, it’ll be FHR24 + 0.90% per annum.

It also comes with 1 FREE conversion. However, unlike the two-year package, it’s after 18 months from the disbursement. You can also have an option to reprice your home loan at no cost. 

But note that if you sell your property during the locked-in period, there will be a Waiver of Commitment Fee. This will allow you to not worry about the additional cost upon selling the property.

5-Year Fixed-Flexi Rate Package

Like the latter two, the interest rate will be at 1.50% per annum from YEAR 1 to YEAR 5 and at FHR24 + 0.90% per annum thereafter.

But unlike the first two packages, this package doesn’t have a free conversion.

Using the POSB Home Loans Home Planner and Calculator

To let you know how much budget you’ll be needing, you can use the POSB Home Planner and Calculator. This way, you can measure your affordability. Also, you won’t feel any pressure to decide how much home loan you will need to purchase a property. 

What are the POSB Home Loan Fees?

Getting a home loan, either with lock-in or lock-in, will have no fees applicable to the process. However, unless you reject the loan after accepting the Letter of Offer, you will be charged 0.75% of the undisbursed loan amount.

There will be an overdue interest of 5% above the DBS Prime Rate for late payments. When you repay part or fully pay your loan, there will be a fee of 1.50% interest on the amount repaid. This fee will apply only to the loans with lock-in. 

Additionally, POSB Home loans also have legal fees, valuation fees, and an insurance premium (charged by external providers). 

A servicing fee will be applied for special requests like a request for statements or a change in loan tenure. It applies to loans both with lock-in and without lock-in.

POSB/DBS Home Loan Payment Relief

One of our big concerns during this pandemic is our monthly expenses, thinking about reducing it instead of the default. 

With the help of DBS Home Loan Payment Relief, you can defer your monthly instalment payment until December 2020. 

DBS Home Loan Payment Relief is a program to assist home loan customers who are financially strained due to the COVID-19 pandemic. This program is offered to Singapore residential property only. 

During deferment, the interest rate will continue to add to the loan’s outstanding principal amount. But no late payment interest will be charged and will not affect your Credit Score. 

The monthly payments will resume by January 2021. Expect the interest accrued during deferment to be added to your monthly instalment once the payment resumes.

If you are financially strained during this pandemic, you can choose to apply for this program.

Getting in touch with the POSB Hotline

If you think you need further help from POSB, you can get in touch with them through their Help & Support section. If you want to reach them immediately, call them at their hotline: 1800-339-6666.

Having your own home is everyone’s dream to achieve. However, not all are sitting on a pile of cash that can easily purchase a property. This is why home loans are innovated to help finance those who want to begin their journey to achieve their dream home.

POSB, one of the reputable local banks in Singapore, can be your best partner in acquiring your dream home. The bank offers a variety of packages that will surely meet the borrower’s needs. All you have to do is choose which best suits your capability to repay the loan. 

Wasn’t able to meet the requirements? Why not choose a licensed moneylender? Cash Mart, a licensed moneylender in Singapore, offers a more flexible loan product and requires no collateral from the borrower. For further information, feel free to visit us at www.cashmart.com.sg.

POSB Personal Loan Singapore: Quick Review​

POSB Personal Loans Singapore

POSB Personal Loan Singapore: Quick Review

Uncertain financial events occur and are beyond our control. No matter how careful we handle money, these events can highly affect our budgeting. And worse, it can wipe out your hard-earned money. And thus, we can’t afford to make it happen. 

But what if it happened? What if, right now, you’re facing emergencies and don’t know what to do next? All these are “real-life” situations that are just temporary. If you’re looking for a solution, you just came to the right place.

In this article, you’d be able to know what Singaporeans do to not, at least, hurt their hard-earned savings when facing urgent expenses. 

Table of Contents

Why Do Singaporeans Take up Personal Loans?

Due to the event of coronavirus, a lot of changes happened, especially to people’s lifestyle and behaviour. And that includes the behaviour toward personal finances.

That said, a group surveyed Singaporean’s financial behaviour, specifically about taking a personal loan.

Top 3 Reasons Why Singaporeans Take Personal Loans

To Cover Daily Expenses

As mentioned earlier, we can’t avoid some financial emergencies which are beyond our control. What usually happens is that we use the money that is saved and kept over time.

You can take a personal loan as Singaporeans do if you don’t want to touch your savings during these emergencies.

To Help a Family, a Relative, or a Friend

A lot of families are financially affected by the pandemic crisis. This is why Singaporeans are extending their help to support their loved ones. The loan amount could either be used for their medical or other needs.

To Help Finance a Mortgage

Buying a home is one of the biggest purchases that an individual can make. And it isn’t easy. It is quite hard to pay a mortgage deposit upfront.

What Singaporeans do is take a personal loan to help finance the mortgage. 

Note: Lenders will look on to borrower’s debt-to-income ratio, your earnings versus on how much you owe. If it shows that you can afford both mortgage and personal loan, the lender may consider your application. 

Other reasons why Singaporeans take a personal loan

  • To buy a car
  • To pay off credit card debts
  • To help fund home renovations
  • For engagement, proposal, and wedding expenses
  • To pay for the funeral

Source: Singaporean personal loan statistics 2020

Now that you know why Singaporeans take a personal loan, the next question is where to get a personal loan in Singapore.

Get a Personal Loan in Singapore

There are many banks and other financial institutions in Singapore. Such entities are offering a variety of financial products and services. And all are abiding with the Ministry of Finance.

One of these financial entities is POSB or the Post Office Savings Bank. Read on to know more.

What can POSB Personal Loan can offer?

POSB Personal Loans Singapore

POSB, or the Post Office Savings Bank, is the oldest local bank in Singapore. The bank is known to offer low-cost banking services to Singaporean citizens.

It was once a statutory board under the Ministry of Finance. Not until DBS Bank acquired the entity on November 16, 1998.

The bank has the highest number of branches and ATM outlets in the suburbs of Singapore. It continues to offer a low cost for basic savings accounts to the citizens and permanent residents.

Facts about POSB Personal Loan

Features of POSB Personal Loans

Personal Loan in POSB offers a feature of instant approval for existing DBS/POSB credit cards and savings accounts. Plus, POSB disburses cash quickly if applied via the DBS iBanking account on MoneySmart. 

You can take a minimum loan amounting to $500 and a maximum amount of 10x monthly salary. Enjoy a flat rate interest as low as 3.88% per annum with a tenure loan from one year to five years. 

Expats can borrow personal loans in POSB but with a limited loan tenure – one to two years loan tenure. 

Eligibility Requirements when getting a POSB Personal Loan 

POSB Personal Loans are only available to Singaporeans and Permanent Residents aged 21 to 65. Whether you’re employed, self-employed, or a commission earner, you can apply for the loan if you earn at least $30,000 of annual income.

Also, POSB requires personal loan applicants to have a Cashline and/or Credit Card account (that is, to grant the loan amount) and a DBS/POSB account (that will be used for loan disbursement).

You’ll need to submit some documents if you don’t have an existing Cashline and/or Credit Card account. 

For Salaried Employees:

  • Submit a copy of NRIC (front and back)
  • Your latest 1 Year Income Tax Notice of Assessment (NOA)+ with an additional payslip or the CPF Contribution History Statement for the last nine months (latest).

For Self-Employed and Commission-based employees:

  • Submit a copy of NRIC (front and back)
  • Your latest 1 Year Income Tax Notice of Assessment (NOA)+

Or, you may choose to apply alternatively via MyInfo. 

Note: Incomplete or failure to submit the required documents will cause a delay in processing your POSB Personal Loan. 

If you don’t have a DBS/POSB account yet, you can directly apply through POSB and choose the desired account.

Interest Rates of POSB Personal Loan 

Enjoy an interest rate as low as 3.88% per annum with POSB. However, the said interest will be subject to verification. 

In other words, the interest rate will be personalized based on the borrower’s risk profile and credit history. It’s one way to ensure the borrower can pay the debt over time. 

Loan Tenure of POSB Personal Loans

Personal Loan of POSB has a Loan Tenure of 12, 24, 36, 48, and 60 months. You choose a tenure you think you can afford to repay your debt over time.

Fees when getting a POSB Personal Loans

Be aware of the following loan fees when taking a personal loan in POSB. 

  • Processing fee (1%)
  • A late payment fee: Credit Card S$100; Cashline $120
  • A Full Repayment Penalty: S$250 

If you don’t want to miss your monthly payments, save the date on your smartphone’s calendar, and set-up an alarm. Do this and you can avoid the late payment charges. 

How can I apply for POSB Personal Loan?

POSB Chat Banking

You can choose from the POSB Personal Loan application options:

Chat Banking

To use Chat Banking, you need to visit POSB’s website. It’s a messaging feature you can find right at the lower right part of their website. You can refer to the image provided above.  

Next, type in “Personal Loans,” then select “Apply for Loan.” If you have an existing account, select “Credit Card and Deposit Account.”

Once it is prompted, select “Authenticate Me” and use either your “iBanking login” or “Card & PIN” for authentication. Then, you type in your desired Loan Amount and choose your preferred Loan of Tenure, Credit Card, and Deposit Account.

After that, review and verify your loan details before clicking the “Confirm” button. Once confirmed, your loan application is complete.

Digibank Mobile

POSB digibank mobile app

POSB’s mobile app is available for iOS and Android Users. You only need to download the app at the App Store or Play Store. Launch the app, and you can now log in.

Log in using your Touch or Face ID or Digibank User ID and PIN. Then, you can proceed by clicking the “More” button and selecting “Personal Loan” under Apply.

Right after that, select the account you wish to use to maintain your loan – Credit Card or Cashline Account. Then, after selecting, key in what Loan Amount you desire to borrow. Choose your preferred Loan of Tenure.

(Note: The Loan amount up to an individual’s available limit will be reflected.)

The next step is to select your Savings or Current Account to which the loan will be credited. Then tap “Next“. 

Review all the loan details before you tap the “Apply Now” button. Once you click that button, your application is complete. 

Online Form

DBS iBanking Services

You can apply using the DBS iBanking site for a Personal Loan. 

First, log in with your User ID, PIN, or iBanking Login. Then, tap on your selected Card Type and key in your Card Number and PIN

You’ll be asked how much Loan Amount you want to borrow. So, type in your needed Loan Amount, then select your desired Loan Tenure.

Choose what account you want to apply for your loan. For example, it could be your Credit Card or Cashline Account.

After choosing, select your Savings or Current Account where the loan amount will be credited. Then click the “Continue” button. 

You must verify all the details. Then, click “Submit Application.” 

POSB has been servicing Singaporeans for decades, offering low-cost banking services. In times of a tight budget, you can take a POSB Personal Loan to support your finances. 

To avoid getting into a series of debt, use it SMARTLY. If you don’t know enough about loans, talk to a financial expert and seek advice before getting one.

But if you need a flexible, low-interest personal loan, you can take one from a licensed moneylender like Cash Mart Singapore. You get the loan proceeds in no time. 

Is UOB Business Loan Singapore the Best Option

UOB Business Loan Singapore

Is UOB Business Loan Singapore the Best Option?

Are you a business owner in dire need of help funding your business? 

You just came into the right place! 

It pains when your business is financially struggling. It is good that there are business loans like UOB Business Loans. However, you need to know more about it before you start your loan application.  

Table of Contents

Getting a Business Loan in Singapore

It’s a fact that managing a business’s operations, especially in the financial aspect, is very tricky. It needs extra care, and bold decisions have to be made. 

Is your business currently facing difficulties in funding your operations? 

If so, you might be considering applying for a business loan to support the financing of the business. Most business owners do it in case they cannot find an investor. 

If you are new to business loans, you better know what it is and how it works. Why? It is to know the risks you and your business may carry along the way. 

What is a business loan, anyway?

The definition of a business loan is money lent by a financial institution with the sole purpose of funding business expenses. 

The borrower will repay the fund with interest by following the loan’s terms and conditions. 

How will a business loan support my business?

You can use the borrowed money to help fund your business operations. To give you a clearer scenario, here are the most common reasons why business owners get such a loan: 

Business Expansion

If you see great potential growth in your business, you can invest in expanding. But remember that it costs you money. That might include advertising costs, renovations, an increase in staff, etc. 

You don’t have to use up your funds. Simply apply for a business loan and use it to cover the expenses. 

Business Inventory

It’s important to invest in your products before customers can buy them. Then, afterwards, you can offset your costs. 

This will help meet the demands of your customers. At the same time, your business can offer better options. 

But you can get a business loan if you do not have enough cash to offset your inventory expenses. This way, it won’t affect the funds. 

Business Cash Flow 

business cash flow to get a business loan

Unsold inventories mean it wasn’t converted into cash yet. And that affects the cash flow. Thus, it’ll be a problem if you have regular operational costs. For example, inventory, staff, utilities, rent, and/or mortgages.

On the other hand, with a short-term loan, you can stay away from difficulties. This is because the business loan will help you cover your operational costs. At the same time, especially when the business earns a low profit. 

You can still bring in customers and earn revenue. Slowly, your business can make up for the losses. 

Note: Lenders are evaluating the business’ history and financial status. It is to ensure if the business can pay for the loan or not. 

Moreover, in the case of start-up businesses, lenders consider them as “risky” borrowers. As a result, they often get rejected in applying for traditional business loans. 

Where can I apply for a business loan in Singapore?

It’s best to apply for a business loan from a trusted financial institution. 

Several banks offer business loans. However, these banks offer such financial services with different terms and conditions. 

One of the best local banks in Singapore to consider applying for business loans is UOB. 

United Overseas Bank (UOB) was one of the safest banks in Asia in 2019.

United Overseas Bank (UOB) Singapore

Apply for UOB Business Loan Singapore

UOB (United Overseas Banks) has been in service for 80 years. And it is making its name stand out in the financial industry. 

The institution paved the way to become a leading bank in Asia. This is because of being innovative in financial products and providing genuine services. 

UOB even received a series of accolades and awards in the industry. It is even known as the Best SME Bank in Asia. This proves the credibility of the financial institution.

UOB Business Loan Singapore

There are two schemes that you can apply under UOB Business Loans services. The Enhanced Working Capital Loan and the Temporary Bridging Loan schemes.

UOB offers these services under the Enterprise Financing Schemes of Enterprise Singapore. 

UOB Business Loan is only applicable to local businesses in Singapore. However, it’s an alternative way to support the business’s funds, especially during these pandemic times. 

UOB Business Loans in Singapore

Enhanced Working Capital and Temporary Bridging Loan Scheme

A business’s downfall is usually due to mismanagement. And that will greatly affect the business’ working capital, resulting in a negative state. 

To help aid this kind of scenario, you can apply to the Enhanced Working Capital Scheme or Temporary Bridging Loan Scheme.

Under enhanced working capital, you can secure your financing up to $1 million. There’s no collateral required, and you can repay the loan within five years. 

The Temporary Bridging Loan scheme applies to all businesses. You don’t need to pledge any asset upon application. You can get a one-day response rate, which can be repaid in a fixed five-year term. 

UOB Enhanced Working Capital and Temporary Bridging Loan Eligibility 

The following are the criteria before getting access to a business loan scheme:

  • Local enterprises include Sole Proprietor, Partnership, or Private Limited Company

  • The company must be at least three (3) years in business

  • The local company must be registered and operating in Singapore. 

  • It should at least have a 30% local shareholding. 

  • The group’s annual sales of a local enterprise should be less than or equal to $100m. Or it has a group employment size of less than or equal to 200. The computation for annual sales and employment size is on a group basis.**

**Only applicable for SME Working Capital Loan Scheme

UOB Business Loans Application

Firstly, save time applying for UOB Business Loans with MyInfo Business! 

All you need is your CorpPass and SingPass login credentials. Secondly, take advantage of its flexibility. This applies to Singaporean and PR Business Owners, Partners, and Directors. 

Frequently Asked Questions on UOB Business Loans

How can I reach UOB if I face problems with my business loan application? 

You can reach UOB through their Help and Support System: 

  • You can call them through the business banking hotline: 6259 8188
  • Request a Callback
  • Go to Branch Online Services

How much will the monthly instalments be?

UOB has a Loan Installment Calculator feature that a potential borrower can use. Therefore, you can use it to find out how much will be your estimated monthly instalments. 

What is Enterprise Singapore?

Enterprise Singapore is a government agency. It works with reputable, committed companies to build capabilities, innovate, and internationalize. 

In addition to that, the agency supports Singapore’s hub for global trading and startups. It builds trust in Singapore’s products. And it provides services and continues to deliver them in absolute quality. 

What is an Enterprise Financing Scheme?

Enterprise Financing Schemes (EFS) is under Enterprise Singapore. It covers six areas to help address the local enterprises’ financing needs: 

  • SME Working Capital Loan
  • SME Fixed Assets Loan
  • Venture Debt Loan
  • Trade Loan
  • Project Loan
  • Mergers and Acquisitions Loan

Note: If a business can’t pay the debts owed to the bank under Participating Financial Institution, Enterprise Singapore will share the loan’s default risk.

Final Say

In conclusion, obstacles are real and are all part of nature. Unfortunately, we can’t do anything about that. But we can control how we face and respond to difficulties a business encounters. 

Getting a business loan in UOB will help support your business’s finances. 

But if you’re still in doubt and want to know more about SME financing solutions, you can speak to UOB’s SME loan specialists.

Moreover, if you’re looking for a more flexible business loan product to help finance your business, Cash Mart can help you. Cash Mart is a licensed moneylender in Singapore, providing financial products and services for years. No assets are needed to be pledged, and expect a fast approval of your loan application. 

Applying for the Best Jobs in Singapore

best jobs singapore

Applying for the Best Jobs in Singapore

Are you a new graduate?

Are you planning to shift the profession?

Confused about which career path to take?

We got the answer for you.

Read and understand the best jobs in Singapore before you send your resume.

There are many job opportunities in Singapore. 

Moreover, high-paying jobs are available. 

Find them out and grab opportunities suitable for you.

What are the 10 Best Paying Jobs in Singapore?

Listed below are the jobs you might find suitable for yourself.

legal secretary for best paying jobs in Singapore

10. Legal Secretary

A legal secretary works secretarial responsibilities in law offices. 

Legal documents like summons, subpoenas, and motions are your tasks. 

Also, you’ll perform standard secretarial duties like greeting clients, answering calls and emails, and data transcription. 

The monthly salary of a legal secretary ranges from SGD 4,000 to SGD 8,000. In USD, it is 2,895 to 5,790. 

9. Settlement Manager

A Settlement Manager works in the banking and finance industry. 

You are responsible for facilitating treasury settlements, guaranteeing accurate and reliable cash flow, and estimating pool prices. 

Therefore, you must be skilled in managing staff in a fast-paced, detail-oriented environment under time pressure. 

The monthly salary of a Settlement Manager ranges from SGD 5,000 to SGD 8,300. In USD, it is 3,619 to 6,008. 

8. Finance Manager

A finance manager interprets cash flows and provides future expenditure plans. 

Your future financial prediction is based on the trend of data analysis. 

Therefore, you must be updated, visioner, and driven to develop the business. 

The monthly salary of a Finance Manager ranges from SGD 5,500 to SGD 9,000. In USD, it is 3,890 to 6,514. 

7. Digital Marketing Manager

As a digital marketing manager, you will handle multiple campaigns with various digital marketing techniques. Such methods are paid SEO or Search Engine Optimization, social media, and website designing.

Also, you have to develop relevant marketing developments to catch the attention of target clients. Emphasize the company’s brand, products and services. 

In other words, you have to promote the brand enticingly.

The monthly salary of a Digital Marketing Manager ranges from SGD 6,000 to SGD 10,000. In USD, it is 4,343 to 7,238. 

6. Finance Compliance Manager

Being a finance compliance manager means being updated about the legal regulations that can affect the company. 

In addition, you ensure staff compliance with the new rules through proper training and seminars. 

Usually, seminars are held annually by every company. 

The monthly salary of a Finance Compliance Manager ranges from SGD 8,000 to SGD 10,000. In USD, it is 5,790 to 7,238. 

5. Quality Lead or Manager

A quality lead or manager is a very meticulous person. 

Meeting customer expectations is the top priority. 

Every detail about the products and services must be consistent. 

Therefore, you must prepare a setup, sustain control and watch documentary procedures. 

The monthly salary of a Quality Manager ranges from SGD 6,000 to SGD 10,000. In USD, it is 4,343 to 7,238. 

4. IT Security Consultant

Is the cyber war against hackers appealing to you? 

If yes, you can be an IT Security Consultant. The main objective is to keep data secure. 

As of today, companies depend on online systems. Many businesses process client’s inquiries and requests through websites. 

Foresee possible security breaches, and developing ways to strengthen the system is your focus. 

The monthly salary of an IT Security Consultant ranges from SGD 7,000 to SGD 10,000. In USD, it is 5,067 to 7,238. 

3. Scientific and Regulatory Affairs Specialist

A Scientific and Regulatory Affairs Specialist must have a broad knowledge of scientific, legal, and business issues. 

You must ensure that all products developed, manufactured, and delivered are within the bounds of the law. 

This specialist must possess a strong knowledge base and a science, writing, and reading comprehension skill set. 

Moreover, an in-depth understanding of the company’s legal matters. 

Typically, these people are involved in the healthcare and pharmaceutical industry. 

The monthly salary of a Scientific and Regulatory Affairs Specialist ranges from SGD 4,000 to SGD 12,000. In USD, it is 2,895 to 8,685. 

2. FinTech Developer

The task of a FinTech developer involves developing financial application tools. 

Your creation will help individuals handle finances without too much fuss. 

In addition, you have to forecast ways for easy and secure digital financial transactions. 

The monthly salary of a FinTech Developer ranges from SGD 7,500 to SGD 12,000. In USD, it is 5,428 to 8,685

1. Finance Controller

A finance controller is responsible for banking and finance activities. 

Also, they recommend insurance and related purchases. 

On top of that, proper reporting and payment to all taxing authorities and corporate documentation is their obligation. 

You have to ensure that the company is profitable. Do this by proper accounting. 

The monthly salary of a Finance Controller ranges from SGD 8,000 to SGD 15,000. In USD, it is 5,790 to 10,867. 

What are the Most In-Demand Jobs in Singapore?

Despite the availability of high-paying jobs in Singapore, not all are hiring. If ever they need new staff, you’ll need certain qualifications to acquire the position. 

Don’t be sad. Companies have in-demand jobs in Singapore that you can easily qualify for. 

Check the list and find a vacancy that fits you. 

most indemand jobs in Singapore

 

Service and Sales Workers

The job vacancy for service and sales workers in Singapore is about 23.5%. 

The usual positions available are shop sales assistants, receptionists, customer service, information clerks and security guards.

You must at least attain a secondary education level to get hired. 

The estimated monthly salary for service and sales workers is SGD 3,000. In USD, it is 2,171.40. 

Associate Professionals and Technicians

The most sought-after employees are associate professionals and technicians. 

Typically, these are people in teaching and training professions, software, web, and multimedia developers. 

This job position requires your diploma and years of work experience

Cleaners, Labourers, and Related Workers

Some of the highest in-demand jobs in Singapore are cleaners, labourers, and related workers. 

The job description includes work in the environment and physical strain. However, it comes with an unappealing salary.

Many Singaporean establishments are still in search of this kind of worker. It has more than 900 job vacancies. 

Sadly, the monthly salary for cleaners, labourers, and related workers is around SGD 1,000 to SGD 2,800. In USD, it is 723 to 2,024. 

Managers and Administrators

The position for managers and administrators requires a diploma and job-related experience. 

As of the moment, Singapore employers need more than 4,000 managers. Common job must know management executives and commercial and marketing sales managers. 

The lack of qualified applicants makes it hard to fill the vacancies.

Clerical Support Workers

As a clerical support worker, you must have general knowledge and skills about company functions.

The position is under an administrative assistant. The job description includes basic tasks like answering calls and emails. 

An estimated 3,000 job vacancies in Singapore. 

Plant and Machine Operators and Assemblers

Plant and machine operators and assemblers are assigned to industrial and agricultural motor vehicles and engines. Vast knowledge about operation and monitoring must be observed. 

Physical strain is part of the job. This makes it unattractive to aspiring applicants. 

There are about 3,000 job vacancies for plant and machine operators and assemblers in Singapore. 

Craftsmen and Related Trades Workers

Around 3.8% of jobs in Singapore are looking for craftsmen and related trades workers. 

However, there is some employer that offers unconducive working terms and conditions. 

With this, minimum applicants apply and get hired. 

The Ministry of Manpower (MOM) announced that the Services Industry has the most vacant jobs. About 83.5% of vacant positions must be filled up. Included in these are the accommodation, personal and food and beverage services. 

In addition, the MOM enumerates why these types of jobs remain in high demand. 

  • Unattractive pay. Low-paying jobs with many obligations seem unworthy for workers to apply for.
  • Longer workweek. Workers prefer a shorter work week to have enough time for rest and leisure. 
  • Physically strenuous job. Jobseekers favour work that will not require too much physical effort. 
  • Work shifts. Changing shifts are unlikely to be preferred by job applicants. Continuous change in body clock doesn’t fit them.
  • Not a conducive working environment. Jobseekers are looking for a safe and secure working environment.
  • Poor image. The job description is not appealing to their taste. 

The list of in-demand jobs in Singapore gives wider job opportunities for foreigners there. Even people from third-world countries grab the chance. For them, it is enough to earn at least SGD 450 to SGD 1,835 a month. They can send money back home to their families and loved ones. 

What are the Least Paid Jobs in Singapore?

If there are high-paying jobs and in-demand jobs in Singapore, there are the least-paid jobs in Singapore.

These are the following:

least paid jobs in Singapore

Room Attendant

Being a room attendant is very demanding work. You entertain tourists and serve them as needed. 

This job does not necessarily ask for requirements. However, some hotels may require training certificates.

In some cases, rotation of the jobs occurs for attendants and receptionists. With a low salary, understaffing is inevitable. 

The monthly salary of a room attendant ranges from SGD 1,304 to SGD 1,797. In USD, it is 942 to 1,300.

Nail Technician

A nail technician builds a good customer relationship with clients while giving hand and foot care.

The job description requires hard work and valuable nail, hand, and foot treatment skills. 

Be careful and tactful with irate clients. Always give your best smile despite the customer’s mood and demands. 

The monthly salary of a nail technician ranges from SGD 1,200 to SGD 1,800. In USD, it is 867 to 1,800. 

Service Crew

The job of a service crew is not a joke. 

You have to keep the restaurant tidy at all times. All transactions must be in a smooth flow. Understaffing must not be felt by clients.

Part of your work is taking and serving orders and cleaning and setting tables. In some instances, you have to handle the cash register. 

No requirements are needed for this job, but your service is expected during the holidays. 

The monthly salary of a service crew and waiter ranges from SGD 1,000 to SGD 1,835. In USD, it is 723 to 1,326.  

Cleaner

Singaporeans will not take this kind of job. Dirty work with less pay is not their preference. 

You must vacuum, sweep, mop, dust, and clean the washrooms as a cleaner. 

Most foreigners in Singapore take this job since they need money for personal and family use. 

The monthly salary of a cleaner ranges from SGD 1,025 to SGD 1,347. In USD, it is 741 to 974. 

Construction Worker

Working in construction is no fun. You have to endure the sun’s scorching heat for the low pay. 

Your physical strength is tested as it is manual labour. 

Although the job vacancy is high, it has not crossed Singaporeans’ minds to send an application to construction companies. 

The monthly salary of a construction worker ranges from SGD 450 to SGD 1,500. In USD, it is 325 to 1,084. The rate depends on your skills and experience. 

Singaporeans are really picky when it comes to the work they apply. This allows foreigners to take even the lowest-paying jobs in Singapore. What matters is that you earn clean money to send back home. 

What are the qualifications of the Best Jobs in Singapore?

Are you after the best jobs in Singapore? 

You must pass the employer’s criteria to secure the position. 

Below are the high paying jobs with the requirements needed. 

Accounting

New accounting jobs are expected in 2020. Around 2,000 positions for account assistants, accountant, financial planning and analysis is in demand. 

You must submit a legitimate work experience related to this job to get hired. 

Aged Care Workers

Singapore has a growing ageing population. 

The Ministry of Health predicted the need for an additional 30,000 workers to care for various ages in 2020. 

If you want to apply, you must have at least the following:

  • Diploma in Community Care for the Elderly (Coleman College)
  • Specialist Diploma in Gerontology (Temasek Polytechnic)
  • Specialist Diploma in Healthy Ageing and Community Care for Seniors (Republic Polytechnic)

Once you have these criteria, you’ll be confident to attain one of the best jobs in Singapore. 

Cybersecurity Specialists

Many data breaches occur in Singapore companies. Being a cybersecurity specialist is a great job choice. 

To get the job, you must have vast knowledge and skills in firewalls, data files and network protection. 

Data Scientists

Data scientists analyze and interpret complicated digital website statistics. 

Such type of job requires the following degree:

  • Bachelor of Science in Data and Analytics (National University of Singapore)
  • Bachelor of Science, Business Analytics (National University of Singapore)
  • Bachelor of Business, Business Analytics (National University of Singapore)
  • Bachelor of Business, Business Intelligence and Information Systems (James Cook University)

Add to that, a diploma is also needed.

  • Specialist Diploma in Data Science (Singapore Polytechnic)
  • Specialist Diploma in Business and Big Data Analytics (Nanyang Polytechnic)

Completion of any of these degrees and diplomas ensures your new job opportunity. 

Human Resource Professionals 

Strong demand for HR technologies and talent search is now in big demand. 

To secure a slot, you must attain a degree in:

  • Bachelor of Human Resource Management (Singapore University of Social Science)
  • Bachelor of Business in Human Resource Management (Kaplan Singapore)

For a higher related position, you must have a:

  • HR Graduate Certificate (Singapore Management University)

It’s alright if you don’t have a graduate degree.  You can still pursue the position as long as you have a diploma. 

  • Diploma in Human Resources Management and Psychology (Singapore Polytechnic
  • Human Resource Management (Temasek Polytechnic
  • Internation Human Resource Management (Republic Polytechnic)

Just present these documents, and you can surely grab the opportunity. 

Customer Service Executive 

Customer Service Executives includes helpdesk officers, customer care consultant, customer service assistant and customer service officers. 

Before, degrees and diplomas are not required to be in this job. But now, a degree must be completed.

  • Bachelor of Business in Hospitality and Tourism Management and Management (Kaplan Singapore)

Also. a diploma is required like: 

  • Diploma in Tourism and Hospitality Management (Nanyang Polytechnic)
  • Diploma in Hotel and Hospitality Management (Republic Polytechnic)
  • Diploma in Hospitality and Tourism Management (Temasek Polytechnic)

Marketing

The Marketing industry boomed unexpectedly. 

A skillset like this must be present for every applicant. 

  • Search Engine Optimization (SEO)
  • Website Design and Programming
  • Data Science and Analytics
  • Communication Skills
  • Social Media Marketing Skills
  • Basic Graphic Design Skills

In addition, a degree must be accomplished

  • Bachelor of Business(Marketing) (SIM University)

Or have at least a diploma in any of the following:

  • Diploma in Digital Marketing (M.A.D School)
  • Diploma in Marketing Management with Digital Marketing (Singapore Polytechnic)
  • Specialist Diploma in Digital Branding and Social Media Strategies (Ngee Ann Polytechnic)

Finish this course and enhance your skills to secure the best job in Singapore

Sales

Sales roles are in-demand jobs in Singapore. 

You must possess great customer service, be etiquette, and speak at least two or more languages. 

The main qualification for the job is a secondary school certificate (O/N level).

UI/UX Professionals

More services online mean many website designers and app developers are sought-after. 

User Experience (UX) and User Interface (UI) professionals are very in demand. 

If you are one of them, at least present your diploma in:

  • Specialist Diploma in User Experience and Digital Product Design (Singapore Polytechnic)
  • Specialist Diploma in User Experience Design and Management (Nanyang Polytechnic)

For sure, you can lessen the vacancy. 

Helpdesk

Technical support professionals vary from basic cabling to solving various technical problems. 

You are expected to achieve at least a diploma from:

  • Diploma in IT Service Desk Management (Temasek Polytechnic)
  • Diploma in Information Technology (Nanyang Polytechnic)

Once you have completed the requirements, you can take home your next paycheck next month. 

Having a job is very vital for your survival. Although salaries vary for every profession, how you handle your paycheck depends on you.

Manage your finances wisely with Cash Mart. It is one of the trusted licensed moneylenders in Singapore. It offers quick online, low-interest personal loans that you can use. Its payday loan helps you manage your finances while waiting your next paycheck!

Be motivated dedicated, and work hard to get the best jobs in Singapore. 

Applying for an Instant Online Loan in Singapore

Instant Online Loan Singapore

Sure-Fire Tips to Get an Instant Online Loan in Singapore

Are you in deep debt?

Lost on how to overcome your piling bills?

Take out the best instant online loan in Singapore and get your loan cash instantly.

Table of Contents

Who are qualified to apply for an Instant Online Loan?

Hold your horses! Don’t get too excited.

Your instant online loan in Singapore has qualifying criteria for borrowers.

Assess yourself if you will fit on this list.

Age

The immediate eligibility to check is your age. Citizens from at least 21 years old up to 65 years old can apply for a loan.

Anyone younger than 21 doesn’t have a credit history yet. Plus, they have no source of income yet. The sense of financial responsibility has still to be developed.

On the other hand, being financially responsible for older people is not enough. At this age, they are retired and have no jobs to pay off their loan repayment term.

Citizenship

Money lending companies typically permit loan applications for Singapore citizens and Permanent Residents.

However, a foreigner residing in Singapore for work can still grab loan opportunities.

Make sure you look for licensed money lenders in Singapore to ensure safe and secure transactions.

Income

Financial institutions will not allow you to borrow money if you don’t have a source of income.

Think about it. How can you repay the instant online loan cash if you have no means to earn it?

Also, licensed money lenders in Singapore will base the loan amount you can borrow on your annual income.

Credit Score 

Build Good Credit Score

A credit score is not something built overnight. Instead, it takes time to create a healthy score.

This score shows how you handle previous debts and lenders.

Wondering why others get denied?

They fail to repay their past loans and credit card bills responsibly. Also, if you still have an outstanding balance in your current loan.

Remember, no amount of salary and company position can defend your credit score.

On a higher note, money lending facilities won’t have a second thought of approval if you have a high credit score.

Debt

The credit score is far different from your debts.

Moneylenders also check a borrower’s current financial status.

Be honest. Tell the loan executive how many existing loans you have. If you lie about it, they’ll find out anyway.

Explain to your trusted lender if you still have a car loan and need a new instant online loan. Prove them your repayment plans to get approved.

Employment Duration

How tenured are you in your work affects loan application? This validates your source of income.

Some financial lending companies lend instant online loans regardless of the period of employment. But it still affects your loan approval.

New to your work?

Wait for at least three months before you apply for any loan.

Co-borrower

Do you wish to apply for an instant online loan even though you’re an ex-pat?

A co-borrower is what you need. Your co-borrower can be either a Singapore citizen or a Permanent Resident. Financial facilities like banks prefer that it should be your relative.

Does no one want to help your financial adventure?

Look for licensed money lenders in Singapore. They let you take out an instant online loan in Singapore without a co-borrower.

If you have what it takes to be a borrower, visit the legal website of your chosen lender.

What are the factors to consider before Instant Online Loan Application?

I get it. You’re qualified, but don’t jump from lender to lender.

Consider these factors before you proceed with your application.

Website Security

Get to know the lending company you’re planning to borrow from.

Go over their official website. Browse the whole page. You’ll have this gut feeling if it is legit or not.

Notice if the ‘https’ is green. In addition, check for a padlock icon next to the site’s email address. These show how legitimate and secure the website is.

Take note of the lender’s phone number. Then, contact them and ask about their security policies.

An online loan application process will ask you for some personal information. Be safe at all times. Do not be a victim of identity theft.

Approval Speed

We get it; you need the quick cash urgently. That’s why you must check the processing time of a moneylender.

As of today, faster approval loans are very accessible. Thanks to the instant online loan process. You apply in the morning, get approved by lunch, and claim cash in the afternoon.

Sometimes, you can receive the loan cash at least 30 minutes upon approval.

Read through the page to guarantee a shorter length of time for loan processing.

Officially Listed

You must check the moneylender’s license.

Check the Ministry of Law website. A list of licensed money lenders in Singapore is posted there. Look for your chosen lender if it belongs there.

As of today, a lot of lenders give you a loan. Select a legal lender with an active license.

Take note not all licensed moneylenders promise quality service. Be careful when deciding.

Also, the government holds strict regulations in the money lending industry for the borrower’s and lender’s protection.

Loan Amount 

Know how much you really need. Don’t be persuaded to take a bigger loan that you can’t afford.

Remember that you’ll repay monthly with your other financial obligations. Therefore, you have to adjust your budget.

Defaulting an instant online loan in Singapore is not a choice. It reflects badly on your credit rating. Also, it won’t be easy to get higher loans in the future.

Tenure 

The length of service of a moneylending company is another factor.

In the moneylending industry, the longer a company is in service, the higher quality products they provide.

Look for a tenured licensed moneylender in Singapore.

True enough, they will save you from a more financial dilemma.

Loan Charges

Learn and understand how a lending facility charges.

You might take a lower interest rate loan, but it runs for a long time. You won’t notice how the charges accumulate. In the end, you pay more than you should.

Licensed moneylenders in Singapore, like Cash Mart, have reasonable interest rates.

Also, their charges are based on the Moneylender’s Act. So you’re safe from tricky lenders.

Reviews

money lender reviews

Just like online shopping, read reviews about the instant online loan in Singapore.

There are review sites available. Take time to read it.

You’ll understand the client’s feedback. Know if they are satisfied or frustrated with the loan services of a moneylender.

Plus! Gain insights into how your chosen lender interacts with its borrowers.

Loan Calculator for Instant Online Loan in Singapore

Are you confused about how much you should borrow?

We have a solution for you.

A loan calculator helps you decide the best loan perfect for you.

From this, you can foresee how much you can borrow, the terms, the amount to pay on each due date, including the interest rate charged.

Check loan payment calculators on the reputable moneylender’s website. Then, discuss your options with the lender before finalizing your decision.

Requirements

Compared to the previous moneylending system, the requirements now are less tedious.

No need to fulfil a long list of paperwork.

Even though you must submit requirements, never divulge access to your Sing Pass.

How to apply for an Instant Online Loan in Singapore?

Have you assessed yourself and reviewed the factors?

Are you qualified?

If yes, then apply for an instant online loan in Singapore.

Be guided by the steps below.

Submit an online loan application form. 

Visit the official moneylender’s website. Fill the application form from the page with the correct and accurate information.

Wait for an approval confirmation from the moneylender. 

After sending in your application, a notification will be sent to confirm your loan approval. Expect a call from one of their personnel. Review your email address, as it is also confirmed in this way.

Visit the lending company’s office.

Once you have received a notification, that’s the time you’ll visit the lender’s physical office. Complete the mandatory requirements first.

Talk to the loan executive. 

Anticipate a short interview when you reach the office. Be truthful always. Discuss all the terms and conditions, including repayment schemes.

Sign the Note of Contract.

Seal the deal with the licensed money lenders. Sign the contract. Be responsible for reading it first.

Receive instant loan cash. 

Claim your instant online loan cash in two ways. First, receive cash through the lender’s cashier. Second, transfer it directly to your account.

Follow these steps to ensure a quick and easy instant online loan in Singapore.

What is the List of Requirements for the Instant Online Loan in Singapore?

You’ve heard that the mandatory requirement for your loan application is less stringent.

But what are the documents needed?

The moment you get notified by the lender, prepare the following paperwork.

  • Identification Card (NRIC)
  • SingPass Login
  • The latest proof of billing
  • Latest 3-month original payslip (CPF contribution)
  • Letter of employment

The requirement is easy to acquire. Complete them immediately for faster approval of the instant loan.

Be creditworthy all the time by diligently paying off all your loans.

Can I Apply for an Instant Online Loan in Singapore on Sundays?

The need for quick cash is unpredictable.

An emergency may happen at any time, any day of the week.

Thankfully, there are licensed moneylenders accessible and convenient all over Singapore.

Every reputable lender offers different loan solutions for Singaporeans. Finding the best lender is the real challenge.

You must compare the interest rate, eligibility, accessibility, term flexibility and requirements. But the availability during tough times is more important.

With the busy lifestyle of Singaporeans, they look for a lending company open on Sundays. Since most of them work during weekdays, their day-offs are left to visit a financial institution.

Luckily, money lenders are open 24 hours, 7 days a week.

24-hour Payday Loans

You’ll never know when an emergency will occur.

Even though you are financially stable, it can turn upside down at any moment.

When this happens, where do you go to?

Isn’t it great that 24-hour payday loans are available and ready to serve?

You can get instant cash even in the wee hours of the night—no need to wait for the weekends, day-off or next paycheck.

Simply sign up at the licensed money lender’s website for an instant online loan in Singapore.

How to spot Illegal Lenders from Licensed Money Lenders in Singapore?

Loan Shark Singapore

Learning the process of personal loan application is beneficial.

Moreover, identifying an illegal lender or loan shark is very helpful.

Beware of the following ways of loan sharks.

Loan Phishing Scams

Be careful with phishers. They pretend to be legal lenders to get into your personal information.

With high technology, well-known financial websites are easy to impersonate. Loan sharks can create a seemingly legitimate site.

If you provide your personal details, they can steal your identity, use your credit card and do more transactions at your expense.

Advance Fee Loans

Your approved loan cash will not be released until you settle the upfront or processing fee.

Reminder! You looked for instant cash because you didn’t have funds.

How will you be able to claim the loan cash?

This type of process is a loan shark.

Contrary to this, licensed moneylenders in Singapore let you decide if your processing fee is deducted from the principal amount or included in your repayment obligations.

Disregards Credit History

Your creditworthiness is primarily described through your credit history.

The lenders must see the record before deciding whether you’re approved.

Illegal lenders will talk you out of it. They persuade you to take out a loan regardless if you’re a low-risk or a high-risk borrower.

Keep in mind that legal lenders prefer to talk to borrowers personally. It further evaluates your creditworthiness.

Aggressive Behaviour

Loan sharks do not only persuade borrowers aggressively but also pressure borrowers to take an instant online loan.

Also, they will force you to sign an incomplete or blank contract.

When this happens, report the illegal lenders immediately.

Licensed moneylenders in Singapore will allow time for you to decide. They are friendly and professional in answering all your questions.

No Physical Office

Apply for a lender that has a physical office. Even though the loan application process begins online, you must visit the moneylender’s office.

Their location proves how real and legal a lender is.

In times of trouble, police can easily locate them.

On the other hand, loan sharks can’t provide an office address. Don’t entertain them.

Skips Due Process

Applying for an instant online loan in Singapore is a process.

It’s not difficult to accomplish, but it follows a certain procedure. Reputable and trusted money lenders abide by this.

While Loan sharks approve your application without following due process.

Avoid them at all costs.

If you want the best financial solution for your problem, look for licensed money lenders in Singapore. True enough, your instant online loan is in good hands.

What are the common Illegal Moneylending Schemes?

Illegal moneylenders camouflage with licensed moneylenders. Don’t be confused.

Be familiar with these schemes so you won’t be one of their prey.

Phonecalls

Illegal lenders contact you through phone calls using another debtor’s number.

They talk to borrowers in abusive language.

Worst, they threaten you to pay for a loan you didn’t even take.

Sing Pass

Your Sing Pass must be in your possession all the time.

Keeping someone else’s Sing Pass is prohibited by the law.

Licensed money lenders oblige, but illegal lenders don’t.

They will force you to submit it.

Never abide since your personal information, like financial data, is at risk.

Letters and harassment

Loan sharks send threatening letters to victims.

They continuously send letters even though you don’t have a loan.

Sometimes, they post the letter on your door. This catches passersby’s attention, causing more trouble for you.

Social Media Platforms

With the hype of social media, loan sharks utilize Facebook and other social media platforms for harassment.

It can damage your name and reputation once it is posted live on their website.

If you, your family and your friends are in this situation, report it immediately. Don’t let illegal moneylenders win in this battle.

Can I Report Illegal Money Lenders in Singapore?

Illegal money lenders are also known as Ah Longs.

They still exist despite the strict regulations of the Ministry of Law.

Help the government save other borrowers from becoming their prey.

If you detect one, report it instantly to the authorities.

You can do this through the following.

  • Call 1800-X-AH-LONG or 1800-9-24-5664
  • Contact Police Emergency Hotline (999)
  • Reach the Registry of Moneylenders at 1800-2255-529
  • Message the email address OneMinLaw@mlaw.gov.sg

Are you scared about your security?

No worries. The authorities will surely keep your identity anonymous for your protection.

If your friend is engaged with a loan shark, instruct them to reach the X-Ah-Long Hotline.

Citizens of Singapore must work hand in hand with the government to stop Ah-Longs’ threat.

Whatever financial situation you are in, you must solve it immediately. An instant online loan in Singapore is the best solution you can get. Follow the quick and easy steps to claim quick cash within the day.

Most importantly, choose the most reputable and trusted licensed money lender like Cash Mart for a safe and secure loan transaction.

Looking for the Best Instant Cash Loan in Singapore

Best Instant Cash Loan Singapore

Looking for the Best Instant Cash Loan in Singapore

The world continues to evolve, and so do our needs. We also need money to live a life from basic needs like clothes, food, and shelter.

How about you? Are you living or barely surviving? Do you still fear that a financial emergency will distract you from your goals?

We tend to ask for help from family and friends for financial support. But how many of us are willing to let people know we are struggling financially?

Good thing. The money lending industry in Singapore is highly competitive. You can get an instant cash loan for your financial trouble. Look for licensed money lenders in Singapore, like Cash Mart. Try out their best instant cash loan.

Table of Contents

Where Can I Get the Best Instant Cash Loan in Singapore?

licensed money lender singapore

Need quick cash?

There are many money lending facilities to choose from.

Choose a lending institution that will help you recover from financial problems.

Cash loans are great financial tools only if you get them from the right lenders.

Below is a brief description of the top choices for financial assistance.

Banks

Banks are financial institutions that lend money after a stringent process. As a result, they avoid high-risk borrowers like the plague. That’s why you must submit a long list of legal documents to get approved.

You get verified to check your financial capability. It is necessary to see if you can repay your instant cash loan on time.

Banks relish information verification that the process takes at least 10 days. This is to check if you are creditworthy. Then, it will take another few days to disburse your funds.

Usually, banks entertain borrowers with existing bank accounts. If you want an instant cash loan, you’ll need to open an account in the bank. It would take a lot of time and effort before you can proceed with your loan application process.

Also, they limit loan approval for low-wage earners. You need proof that you can pay off the loan amount on time without compromising your other financial responsibilities.

In addition, ex-pats aren’t usually approved. Mandatory documents are verified. Your positive credit score in your home country will not give you any advantage. This ensures that the ex-pat will not run off from the financial obligation.

Aside from that, banks offer various types of loan products and services. However, the minimum loan amount is too high compared to the loans from licensed lenders.

You will be forced to take out a loan higher than you need.

A bank can offer at least 3 years in terms of tenure and can be extended to 7 years. Bear in mind that the interest rates may not seem high now. But the interest will add up after a few years.

Pawnshops

Pawn Shops are your go-to place for a faster loan transaction. They disburse cash quickly with minimal requirements.

Everyone can visit a pawnshop if you’re not younger than 16 years old. Even ex-pats can get an instant cash loan.

A pawnshop is usually located near MRT stations and connecting bus stations.

If you need an instant cash loan, visit any pawn shop near you. Just make sure you have a valuable item with you. It can be jewellery, a luxury watch or a bag. But if you don’t have one, you can’t take out a loan from them.

Aside from your precious possessions, you need to present an identification card. Bring a photocopy with you and keep the original. Your foreign friend can also apply. Instruct them to have the employment documents ready, like an E-pass, to get instant approval.

Your best instant cash loan from pawnshops can only last up to 6 months.

Typically, its interest rate starts at 1.5%. However, it is topped with another 1.5% every month. Therefore, you should pay off your loan to minimize the interest. If you fail to do so, your valuables are automatically transferred to the pawnshops.

Licensed Money Lenders in Singapore

The lending industry in Singapore is more appreciated through the presence of licensed money lenders.

Licensed money lenders in Singapore are known for their flexible loans. Singaporeans prefer their various loan products and services. You can apply for the best instant cash loan during emergencies, vacations, gadgets, etc.

Also, the low-interest rate is capped at 4%. This is strictly regulated by the Registry of Licensed Money Lenders in Singapore. The compliance of money lending companies set them apart from banks and pawnshops.

In addition, minimum documents are required. Your loan application, loan approval, and cash disbursement can take less than an hour.

On top of that, they have foreign loans.

Are you a foreigner working in Singapore?

You can take the best instant cash loan from licensed money lenders.

Take note that you don’t need any collateral. You don’t even need a co-borrower. This way, the requirements are a lot less than traditional loans.

No need to worry about their repayment terms. You can discuss it with your money lender. They have flexible payment schedules. You can choose the one that best suits you.

True enough, licensed money lenders do not only provide financial assistance. They can also help you easily choose the best repayment term you can meet.

This way, you can use the loan as a financial tool rather than just a financial lifeline.

Why Do I Need The Best Instant Cash Loan in Singapore?

The best instant cash loan in Singapore has different purposes.

Why does this matter?

Cash loans are now more flexible. Gone are the days when you use it only for emergencies.

Here are more reasons to get a cash loan in Singapore.

Emergency Medical Bills

They say health is wealth. Therefore, you should have funds for it.

Even if you have insurance, the coverage has limits.

You still need quick cash for your hospital bill and take-home medications.

With your instant cash loan, you can secure your fast health recovery.

Business Operations

Are you an aspiring businessman?

You’ll need more working capital to grow your small business. Also, you’ll need a salary to pay off your hired staff. Aside from that, you need funds for machinery purchases and rental fees.

Are you planning to automate your business?

Extra cash can help you increase your efficiency. If you want to upgrade your system, you need cash for it.

Increase in Utility Bills

requirements for instant cash loan Singapore

There’s no such thing as everything under control.

One way or another, your finances will struggle. It usually happens on your utility bills.

It increases unexpectedly beyond your budget. The due date is nearing, but your paycheck won’t make it.

To cover it up, you might as well get the best instant cash loan in Singapore.

Second-hand luxury item purchases

Are you contemplating buying a luxury item? Is a second-hand item suddenly on sale?

You wouldn’t want to pass up the chance. So, grab the opportunity. Wear the second-hand watch with your instant cash loan.

Don’t miss the sale with the quick loan process and cash disbursement from licensed money lenders.

Investments

Investments come with the right timing.

What will you do if the time has arrived, but you’re not financially prepared?

Easy. Take out the best instant cash loan in Singapore.

Let your quick cash do the work if you want to grow in the stock market. Your loan cash will help you start and continue your investment plans.

Dream Vacation

Make your dream vacation a reality.

Book a flight now that seat sales are out and hotel reservations are discounted.

Are you hesitating due to a lack of funds?

No worries. Apply for the best instant cash loan in Singapore, and you’re good to go.

Have fun, relax and enjoy your breather from work.

Regardless of your purpose, always weigh the pros and cons of your loan applications. Keep in mind that banks do not disburse cash instantly. Take note that pawnshops require collateral. Most importantly, money lenders are everywhere.

How to Differentiate a Licensed Money Lender from a Loan Shark?

The growing number of lending institutions is quite disturbing. Finding the best legal lender is overwhelming, especially with loan sharks everywhere.

Here are some tips for finding a licensed money lender.

Registry of Moneylender

A legal money lender should be included in the list of licensed money lender in Singapore.

If the lending company is not on the list, it’s likely a loan shark. They aim to milk your money instead of helping you.

Official Website

A licensed money lender in Singapore is allowed to promote its products and services in 2 ways. First, they are permitted to enhance their official business website. Second, they can only elaborate their loan offer on their own office premises.

Other than that, advertisements done through SMS, emails, phone calls and flyers are strictly prohibited. If you get to know a lender in this way, avoid them. This is a loan shark.

Borrower-Lender Relationship

As you communicate with your lender, observe how they interact with you. As a result, a healthy rapport is built between a borrower and the lender.

Licensed moneylenders in Singapore are friendly and accommodating. They hear your concerns and ideas. They are also professionals and give out legal advice for your financial situation.

Contrary to that are loan sharks. They are too persuasive and sometimes blackmail borrowers. If you feel uncomfortable with the lender, withdraw your application immediately.

Documents

Keep all your original documents with you at all times.

Licensed money lenders ask you to submit a copy of your documents. If ever they need any personal information, you should be the one to enter all the data.

Unlike loan sharks who get your original copy. No matter how threatening and believing their words are, never give them access to your personal details.

Due Process

All types of loan applications must undergo due process.

If you’re in a hurry to claim loan cash, take time to understand the loan procedure. Licensed money lenders in Singapore discuss the instant cash loan process in detail. It won’t take much of your time—no need to skip a step. You’ll get your quick cash before the day ends.

On the other hand, loan sharks give out loans instantly. They lend cash without much fuss but with tremendous interest rates or hidden charges. Thus creating a spiralling debt for you.

Instant Cash Loan Contract

The contract is the black-and-white of your agreement with the lender. Whatever you have agreed on verbally should be in the contract.

Licensed money lenders in Singapore, like Cash Mart, are transparent. You can read all the terms and conditions, including the fees, in your instant cash loan contract.

Loan sharks discreetly add statements or fees to the paper. Do not sign anything, especially if there are changes without prior notice.

Quick Cash Disbursement

The moment you receive the disbursed cash, count it. If you want it to be wired to your account, check it immediately.

Remember, the only fee a lender can deduct from your principal loan is the processing fee. This fee should not be higher than 10%.

A lot of money lenders are out there. Choose the one that offers the best instant cash loan in Singapore. Licensed money lenders give out quick cash for the right intentions. They help you get out of your financial sinkhole.

Contact the authority immediately if you spot unlicensed money lenders or loan sharks.

  • Call thru 1800-2255-529.
  • Email at OneMinLaw@mlaw.gov.sg

Are you convinced you need an instant cash loan from a licensed money lender?

Search for Cash Mart.

They have a wide variety of loan products and services that will suit your needs.