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ANZ personal loan Singapore

ANZ personal loan Singapore

While going out and seeking loan facility in a country like Singapore, one has to be complete with their homework and related knowledge. Certainly you want a personal loan with flexible terms and immediate approval that is friendly to your pocket. 

ANZ personal loan in Singapore is quite popular amongst people who want to meet their daily life or any other living necessity. ANZ offers two kinds of loans as in ANZ fixed rate loan and ANZ variable rate loan. As the names suggest, they both have their own features that will assist you through the way. However, these loan amounts can be used for more or less the same purposes. Such as if you need to improvise your home, in need of paying for the new car, surprise your loved one with a holiday plan, need to spend some bucks on your dream wedding, have to travel on an urgent basis or required a collective loan amount to pay off other loans. 

ANZ Variable Rate Loan 

As this form of loan presents you with the ease of paying the loan early and do not charge anything. The rates charged on this loan are 15.99% annually that can be varied as per the financial market trend. This loan type brings you at least $5000 and higher up to $50,000 of the loan amount. You can either pay it off within a year or in the period of seven years. As the loan gets approved, you will be charged $150 for once. 

The bank does not use the amount that is paid extra by the customer. He or she can withdraw it whenever they want, though the conditions applied. With the variable rate loan, the client can get an additional amount of loan on the existing repayment plan. Yes! That sounds so favorable for all those who could be in sudden need of extra money. 

It is advised that the client should apply till midday and from Monday to Friday so that they could get approval in a day. For that, it is necessary that you have an account in the same bank so that the amount will be transferred on the same day. 

ANZ Fixed rate personal loan 

In the fixed rate personal loan, the borrowers are secured from facing the floating interest rates. They just have to stick with the one rate and already decided repayment sum. Even if there is a change occurring in the interest rate, you will have to pay as per the agreed rate. 

The interesting thing about these repayments is that you decide what suits you. It means that you can set the repayment amount as per your feasibility, thus, facing no halt in repaying the loan. 

The interest rate charged on this loan type is 12.45% per annum while if you pay the entire amount before time, then you will have to pay $300 more. The loan duration is also from one to seven years. 

For both of the ANZ loans, you must be above the age of 18 and submit the proper financial details along with the employment ones. The applicant is also required to earn $15,000 yearly.

Credit 21 Pte. Ltd.

Credit 21 Pte. Ltd.

Credit 21 is a licensed money lender in Singapore and registered with the Ministry of the law. People prefer this bank because they keep their customer’s personal information at the highest level of confidentiality. Loans, Interest rates, and repayment plans are negotiable which truly meet your needs. 

Credit 21 understands that time is money, they promise you to deliver it on time. Either you need it at large number to buy asset, afford medical expenses or a small number for home renovations, school fees, fast cash or foreigner loan. This bank is your go-to money lender in Singapore. They guarantee to make your loan application hassle-free process. So, just relax and enjoy their services that any customer can only dream about. 

Available Loans:

At one point or another, we all need extra cash and we look for loans on short notice. But you can’t deny this fact that finding the right and legal money lender is not easy. At such times If you find someone who gives you the fast loan as you need it and at affordable interest rates and repayment plans. Credit 21 is like a blessing to you because it gives you all that you are looking for. Whatever you need get it quickly with Credit 21. It offers you a variety of loans. 

Payday Loans: Unlike other loans, applying for a payday loan is very easy and fast.  Credit 21 offers you the facility to apply online. Start your payday loan application from the comfort of your home.

Foreigner loans: Now foreigners can apply for “Foreigner loan” in their financial needs with all the benefits that they deserve. It involves a simple process that is not demanding and has no restrictions. Credit 21 gives financial freedom to foreigners to cover their expenses. 

Wedding Loans: A wedding is the most important event in any person’s life.  But having a perfect and grand wedding costs you much. We ensure to make your life-changing event luxurious. Get an affordable wedding loan to fund your big day through our easy application process.

Renovation Loans: After getting keys to your dream house, first you want to do is to renovate your home. It can include; change the flooring, repaint the house, and much more. Renovating a home is not cheap. Our home renovating loan helps you in building your ideal home.

Weight loss loan: Getting weight loss surgeries is one of the solutions to get rid of extra fat. But it needs huge funds. If you are lack of funds to have better weight loss surgery, don’t worry.  We offer you wonderful weight loss loan packages at low-interest rates.

Domestic Helper Loans:  You may be earning a handsome salary but there will a time comes when you are short of cash and need extra money in some emergencies. You may need money to send back to your hometown. Credit 21 understands your situation and offers you a flexible domestic helper loan package with a simple application process.

Among those loans, Credit 21 offers you many other loans i-e. business loans, plastic surgery loans, Grabtaxi driver loans, short term loans, luxury goods loans, dental loans, jewelry loans, and furniture loans, etc. There is no shame in getting loans. As they help us with our poor financial needs.

 

Things to know before applying for a loan:

  • Before borrowing money ask yourself if you are ready to sign all terms or conditions. And you are able to repay (keep in mind your income and expenses). So, borrow only what you need.
  • Before applying for a loan, you should confirm whether the money lender is licensed or not. You can check the names of licensed moneylenders from the list given by the government. Being licensed doesn’t give them any right to use abusive language with you, ask for retaining your NRIC, and SingPass user ID or password. If you find them doing so you can report them to the registry of money lenders.

Eligibility Criteria:

In order to get loans, you must fulfill certain criteria.

For Singaporean:

  • The age should be above 21.
  • He/She should not be an un-discharged bankrupt.
  • Must have a valid proof of income.
  • Original IC.

For Foreigner:

  • The age should be above 21.
  • Billing proof.
  • Work permit.
  • He/She should not be an un-discharged bankrupt.

How much you can borrow:

Credit 21 offers you different kinds of loan packages. Pick one which suits you the most.

  1. Borrow up to S$3,000 if your annual salary is less than S$ 20,000.
  2. Up to 2X of your monthly salary, if your annual income is S$ 20,000 or more.
  3. Up to 4X of your monthly salary, if your annual income is S# 30,000 or more.
  4. Borrow any amount of money if your annual income is S$120,000.

Interest rates & Repayment Methods:

As Credit 21 is working under a government so maximum interest rate it can charge is 4% per month. Fees for late repayments will be S$60 for each month of late repayment. We offer you different kinds of repayment plans. Equal payments, Equal Instalments, and fixed Equal payments. The repayment amount affected by interest rates.   

When you know the period of loan tenure and can afford a change in repayment amounts choose Equal repayments. When you can pay a huge amount of money at the beginning go for Equal installments. The repayment amount varies accordingly; a little increase in the interest rate causes an increment in repayment amount and a decrease in the interest rate causes a decrement in repayment amount. And when you know how much you are going to pay Fixed Equal Payment should be your choice. Increment in interest rate extends the tenure period and decrement in interest rate shortens the tenure period. 

You can make repayments through Cheque, Cash, and transfer funds via online baking.

News Credit 21:

Singapore is one of the few countries who has the honor to adopt new technologies. Even when Samsung, Apple, and Google wanted to test the viability of their contactless cashless payment system they picked Singapore. And now Credit 21 provides you cashless payment services. Singapore can get you Samsung and Apple services in the Association of Southeastern Asian Nations (ASEAN). Samsung pay supports American Express, Mastercard and Visa while Apple pay supports American Express Cards.

Note: Apple Pay and Samsung Pay are now payment methods in Singapore, especially for like SingTel, Starhub, and M1 (Telecommunication Companies).

Customer reviews:

Credit 21 is Singaporeans #1 choice to get loans. Moreover, it is one of the oldest banks providing their services in Singapore but still has got 2.3/5 rating on the internet. People have their reasons. Come on let’s listen to them.

“Never will go again, the collector is so rude. You’ll regret visiting them.” ~Nicholas Kong

“They called at my given contact as a reference like boss or supervisor and tell them I borrowed money and don’t return yet. That was so embarrassing” ~ Dickson Deny

Reviews help you judging the bank’s repute. We’ve read bad reviews but still, someone should not trust on the basis of online reviews. There are many satisfied customers out there too.  Many things depend on your analytics so, choose what is best for you.

How to make the most of a failed business strategy

failed business strategy

As an entreprenur, you must know that failure is inevitable but to achieve success you must move forward. Keep a positive mindset and a flexible attitude. It is important to learn from the mistakes and what makes them succeed from previous business owners. A real entrepreneur is not defined by its failures but by how he overcomes that. Following are some ways to get rid of failures and let your business thrive.

You should be ready for every kind of failure either it is in the form of loss of buyers or product etc. Before initiating your business you must set a vision. It will guide you and give you clarity.

To overcome the failure you must know what is going wrong. You must take feedback from your customers it will tell what is missing or flawed in your business. Then make every effort to correct it. You should not be emotional about your business and keep yourself separate from the business. You must run your business like an owner without letting your emotions come between. You must not take money out from your business to quickly and continue investing and reinvesting it. It is irresponsible to eat money from your business just because you are the boss. Your team is what matters for a successfull business. Choose your team carefull. Choose a competitive, capable and skilled team then trust your team. You must make your team believe that this business is as much theirs as yours. Some people just work for their paychecks and have no interest in your ideas behind the business. Such type of people will harm your business.

A fundamental part of the business is to satisfy your customers. Give them what they want. Try to gain their trust. Demand and supply is the core of your business. Find out what your customers desire and try to fulfill them. Your business will not flourish by just one client, continue the search for new clients and add them. Invest in a low budget advertising agency.

Constantly keep a check on your business. Know your strengths, weakness, and profits. Monitor your accounts and all your collected data. If you have faced some problem try to get to its roots. Remain ready to make some hard decisions. Know your errors, either you are paying more salaries than the income you earn or the product is more expensive than its price. Lay off some staff if you need to manage your budget. Remember nothing comes before business.

Keep yourself aware of your surrounding especially your competitors. Know your state policy, most states and countries have laws that promote small business by cutting off some slack and taxes. If your company is still failing to review all the assets. They might be the only money you got. Some time assets act as a lifeline to keep you in the run further. Don’t make emotional decisons especially in dire circumstances. Don’t sell your products and machinery on a hasten impulse because there are a lot of people that will use your these costly mistakes for themselves.

In Singapore, what action a debt collector can take and how to deal with them?

debt collection in Singapore

Singaporeans feelings about debt collectors can sum up in the classic images of a pig’s head or O$P$ splattered in red on corridor walls. But in reality, of the debt collectors’ actions can still come close on harassment. So, if you are having difficulty in paying your bills, then you might receive the unwanted attention from a debt collector. 

What do debt collectors do? 

Banks can lose a large amount of money each to clients who don’t make the repayments. For them, it is necessary to invest in a means of clawing back the money that clients owed to them. Mostly, this task is given to a debt collection agency. These agencies work for the company and chase the debtor to retrieve the money from them. For example, if a person doesn’t pay their credit card bills, the bank will hire a debt collector to bring the money back. 

How far can debt collectors do? 

It is considered as illegal for debt collection agencies to run around sticking pigs’ heads on client’s doors. But these things don’t bother most of the debt collector as the use many other scary tactics e.g., hanging up banners telling the world that you owe money or banging your doors and windows.  

There is an industry Code of Ethics set up by the Credit Collection Association of Singapore, which settles the dispute between the collection agencies and debtors. But the Credit Collection Association of Singapore lacks the power to enforce the code. 

Illegal for debt collectors 

Bad news for debtors is that there no law controlling or supervising these debt collection agencies. That means they can do anything like a regular entity. Still, it is necessary to know about the actions of the debt collector to make sure he/she doesn’t do anything that is against the law or illegal. Here are a few examples of actions that could get a debt collector in trouble with the law. 

Harassment 

By using any mean of abusive, insulting, or threating words that make you feel harassed. The wrong behavior, rude or insulting communication can constitute to harassment. If they manage to cause actual violence or their actions evoke you to believe that the unlawful violence will be used against you by them, then call the police. 

Unlawful assembly  

If the mob of angry men sends by the debt collection agency, then there is an excellent reason to call the cops for illegal assembly. Any gathering of five to six people can be considered as offender if you show that they intend to commit something offensive or to put you under the threat of physical harm. At Funan, a group of seven debt collection agency employees was arrested for unlawful gathering at a food court stall in 2015. 

Damaging or taking possession of debtors’ belongings  

Many debt collectors might try to scare you that they will seize your TV or will tow your car away if you are not willing to pay back the money, but all these are just talking. In reality, they need a writeup from the court in order to seize your belongings. 

Violence and Intimidation  

It is illegal and against the law to use abusive, threatening, or insulting words or behavior with the objective to cause you to believe that they can use any physical violence against you or can provoke you. Shouting vulgarities or banging on doors can be standard practices used by debt collectors. Call the police if you feel threatened. 

Vandalism  

There is no mystery that what happened to Sticker Lady and Michael Fay. In case the debt collector sticks any poster, banner or advertisement on your property, spray paint on the property, damage or destroy your belongings, then they can be charged for the act of vandalism. 

How to deal with debt collectors? 

Here is the bad news for you, you can’t hide anywhere but all you can do is run. For a short time, you might be able to dodge the debt collectors, but as soon as your debt is getting out of control, you will find your property, your car and other belonging starting to seized and sold for the debt recovery. 

Try to face the debt collector and don’t get feared by him/her. If they try to cross their limits or don’t anything against the law, then call the police for your safety. Remember that they often have the ability to act as a mediator between your creditors and you. 

Instead of running away, try to find a solution or bargain with the debt collector that how you can repay the money. You might be able to get the help to lower the interest rate or to negotiate an installment plan.

 

What you should know about the Foreigner loans in Singapore?

Foreigner loans in Singapore

If you are new to Singapore or are employed in Singapore as a foreigner? You might face a financial crisis and want to get a loan to resolve your problems. Then what you need is a foreigner loan. The good news is that in Singapore you can get a foreigner loan and advice with your loan will be provided by almost all licensed moneylenders.

Basic requirements to get a foreigner loan

Some of the basic requirements you need to achieve to avail a foreigner loan are as follows:

  1. Have a Work Permit, E-Pass, S-Pass or a passport.
  2. An employment letter sent from your company.
  3. Provide an existing Residential tenancy agreement.
  4. Must have a Paid Utility bill.
  5. Bank statement for the past 6 months.

Things to look out for when getting a loan

Before applying for a loan, you should know that the bank and check if it is licensed and the given package is ideal for you compare it with other banks or loan services. Confirm that the bank or moneylender provides all its customers the financial help they require. The interest rate is depending on the type of your loan; if it’s collateral-free then the interest rate will be higher if not then the interest rate will be low. But it is important to know the interest rate should not be exorbitant. Also here is a list of things you need to consider before taking out a loan.

  • Foreigners who each less than $10,000 annually can only take a loan of a maximum of $500.
  • Foreigners who earn between $10,000 to 20,000 a year can borrow up to $3000.
  • Foreigners who earn at least $20,000 can borrow up to six times their monthly income.

According to the new rules set by the ministry of law, moneylenders will also not be able to accept foreigners as guarantors, which helps the grantors from becoming liable to pay the debt if borrowers are unable to do so. Also, Moneylenders will not be allowed to lend more than 300 borrowers or exceed $150,000 in total principal loans to foreigners at any point in time. According to the new rule, the maximum number of foreigners loans a moneylender can give is 15 while not exceeding more than 50 foreigner loans a year.

What are the new rules for foreign loans from the ministry of law? 

  • The number of foreigners borrowing money has increased over the last few years and with these new laws, the credit association of Singapore said these new laws will be devastating to the industry. This new restriction will be used as an excuse to deny loan requests for foreigners who have a low income because of the low-interest rate and that the low loan will still be counted as a foreigner’s loan which is capped at 15 per month and 50 per year. So, most of the foreigners will lean towards the Loan Sharks.

    One thing to note about the new laws is that the moneylending authorities are also not allowed to refer a client to another company if their quota is full this will result in the foreigner to look other alternatives themselves which are a hassle in itself as most moneylenders would advise customers according to best of their abilities.
  • According to the new laws, the moneylenders can not advertise directly to any vulnerable groups which will result in low-income domestic workers to not be informed about the help they can avail from licensed moneylenders during any case of emergency.

    Foreigner loans already come with a higher interest rate as they do not have any properties or assets in Singapore which can serve as collateral.

Personal Loan for S Pass in Singapore

Personal Loan for S Pass in Singapore

Personal Loan for S Pass in Singapore

S pass allows the mid-level skilled foreigner to work in Singapore. They earn a fixed amount of salary at least 2,200 SGD, more experienced candidates can earn more. This S pass working visa specially designed for the skilled foreigner who seeks employment especially in engineering, electronics, oil, and chemical. Singaporean companies hire overseas technicians. This visa is valid for 2 years but it could be extended. S Pass workers can take their families along, it depends on their salaries.

S Pass Foreigner Personal Loan

As an S Pass foreigner worker has fewer salaries, they can face financial crises. Singapore offers S Pass personal loans. S Pass personal loan is like a personal cash loan that can fulfill your personal needs. The difference of applying for a personal loan between S pass foreigner and other foreigners lies in the qualifying criteria, which are as follows:

  • Monthly salary should be at least 2,200 SGD.
  • Age between 21 to 65
  • Have a valid Singapore work S Pass Visa
  • Payslips of last 3 months
  • Any employment letter from your company

Benefits of Personal loan as S Pass foreigner

The process and interest rates depend on the lender and the loan type you choose. But as S Pass Foreigner getting personal loan benefits you. Submitting documents and providing legal proofs seems a hassle but once you cleared and succeeded to get the loan application approved. You can get a loan on very flexible terms, which are as follows:

Low-interest rate: Get interested rates from as low as 3.7%.

Loan up to 8x your monthly income:  Maximum loan amount 8 times your monthly income can fulfill your biggest dream.

Fixed monthly repayment: Get convenient and flexible monthly repayments on your personal loan.

Redraw on your existing loan: you can redraw S$ 1,00 or more from your current loan for more financial flexibility.

Where can S Pass Foreigner get Personal Loan?

If you are in need of fast cash personal loan, it is advisable for you to get it from a reliable source. The best sources of getting S Pass foreigner personal loan in Singapore banks. But if you fail to qualify for a bank loan, don’t worry! you can go for legal institutions and licensed money lenders in Singapore.

Which Personal Loan is suitable for S Pass foreigners?

Personal loans are either secured or unsecured. You can pick one according to your needs. But as an S Pass foreigner if you need a small amount of money between $500 to $1,000 you are advised to pick up an unsecured personal loan, without collateral required.

Alternatives for Personal Loan for S Pass foreigners

As S Pass foreigner you move in Singapore with family and want to renovate your home but you are failed to qualify bank requirements. You don’t need to worry, there is an alternative loan to it. Expense, like renovating your home is eligible for special bank loans like renovation loans. You can apply for this loan; it seems less risky and has a lower interest rate than a personal loan.

Lowest Interest Personal Loan in Singapore

Lowest Interest Personal Loan in Singapore

Lowest Interest Personal Loan in Singapore

When you need a personal loan, definitely you would get one with the lowest possible interest rate. We all need personal loans at some point but finding a lower interest rate can take forever, mostly it depends on lenders. So, we’ve done our research in Singapore on all personal loans offered by banks. Here is the detail of top banks who offered lower interest personal loan in Singapore, with their eligibility criteria, interest rate, and processing fees, etc.

HSBC Singapore

If you need to borrow a loan in a large amount but can’t afford big monthly repayment, HSBC Bank is for you. It offers the longest loan tenure. Further details are as follow:

Bank Loan Type HSBC Personal Loan
Eligibility Criteria Age: 21 to 65 years old (Singaporean/ foreigner)

Minimum Annual Income: S$30,000 (Singaporean) or S$42,000(foreigner/self-employed)

Employment Pass (with the validity of 1 year)

Interest Rate 4% p.a.  (if your annual income is $80,000 or above you can enjoy lower interest rate at 3.7% p.a)
Processing Fees $0
Maximum Loan Amount 4X your monthly salary (8X if your annual salary is S$120,000 or above
Monthly Installments S$617.22
Tenure 1-7 year

Standard Chartered Singapore

Apply for CashOne Personal Loan in Standard Chartered Singapore bank and get cash disbursed instantly to your designated bank account. It has the current lowest interest rate; further details are as follow:

Bank Loan Type CashOne Personal loan
Eligibility criteria Age: 21 to 65 years old (Singaporean/foreigner)

Minimum Annual Income: S$20,000 (Singaporean) or S$60,000 (foreigner)

Employment Pass (with the validity of 12 months)

Interest Rate 3.88% p.a. through money smart
Processing Fees S$199 (currently waived)
Maximum Loan Amount 4X your monthly salary
Monthly Installments S$620.22
Tenure 1-5 years

DBS Singapore – DBS Bank

DBS Personal loans are given either on your personal line of the card or your DBS credit card. But if you don’t have any of them still you can apply for the personal loan.

Bank Loan Type DBS Personal Loan
Eligibility Criteria Age: Singaporean or PR.21 to 65 years old

Minimum Annual income:  S$20,000

Interest Rate Starting from 3.88% p.a. depending on your risk profile
Processing Fees 1%
Maximum loan amount 4X your monthly salary /10x if your annual income is S$120,000 and above
Monthly installment S$619.07
Tenure 1-5 years

Citibank Singapore

Citibank personal loan is called Quick Cash. People who need money fast, Citibank promise to approve their application in 1 hour depending upon their eligibility. Further details are as follow:

Bank loan type Citibank Personal Loan (Quick Cash)
Eligibility criteria Age: Singaporean, PR or 21 to 65 years old

Minimum Annual income: S$30,000 (Singaporean, PR) or S$42,000 (foreigner)

Interest rate 4.55% p.a.
Processing fees $0
Maximum loan amount  4X your monthly income
Monthly installment S$622.06
Tenure 1-5 year

There are many other banks in Singapore which offers personal loans under flexible conditions and low-interest rate depending on your need. Like: CIMB CashLite it has no processing fees, the interest rate is 4.5% p.a. , and the monthly installment is S$315.UOB Personal Loan offers 4.99% p.a. interest rate, 1% processing fees, and monthly installment of S$319, and many other banks.

How FinTech is changing the world with new and innovative money lending ideas?

Fintech

No one can deny the importance of having a growing SME sector in a country as its regularly cited by governments and economists as key to any countries growth as a nation. In Singapore, SMEs account for nearly two-thirds of the working people and a large portion of GDP growth. But if these firms fail to get funding, their failure to thrive has a dampening effect on the larger economy.

For big national level companies and multinationals, the options are endless for accessing credit are established and numerous, but for startups and small businesses, the only solution is to seek a loan.  Their normal route for sourcing loans has been to contact the banks, but for those with no credit history, insufficient collateral, or no proof of a stable revenue stream for repayments, credit solutions offered by banks have remained out of reach – a situation ripe for technological disruption.  

This situation was even become worse by the Global Financial Crisis and subsequent credit crunch in 2008 when banks were no longer able or willing to extend credit of any kind, and small businesses or startups were mostly at the receiving end.  With limited credit resources available, they found few alternatives to the established banks and difficult choices regarding the future viability of their businesses. 

The traditional or manual banking system was too slow for SME’s to get funds to keep their business running and fuel its growth.  According to McKinsey, traditional banks’ average ‘time to decision’ for small business and corporate lending is between three and five weeks, while the average ‘time to cash’ is nearly three months. For those needing access to short-term funding, this effectively renders a loan solution irrelevant, creating a class of businesses underserved by existing institutional offerings. 

How technology can help us overcome this obstacle

Innovation and automation provided the breath of fresh air into lending markets. Computerized applications and back-office processes go part of the way towards delivering the kind of accessible solution that will ease SMEs’ short-term needs.  Many existing lenders realized that it is necessary to shift from traditional system to the new digitalized system they have caught on to this necessity and in some cases have leveraged technology to improve their response times. Digital technology, not just a way of delivering efficiency to existing processes, instead it is proving to be a paradigm shift in how such businesses are structured and run.  FinTech firms are putting pressure on the banks which have the advantage of building their business and systems from scratch and remaining nimble. FinTech firms are moving rapidly into the gaps not covered by the banks, thus they are filling the credit vacuum small businesses previously faced.  They are bringing the change which is much-needed innovation to move forward to a space that has remained traditional for too long.

Utilizing the potential of new technologies such as blockchain, big data, and smart analytics enables new business models to emerge: FinTechs have sharply realized that analyzing client data, including the flows of payments and remittances between counterparties, gives them a powerful tool for accurately assessing risk and creditworthiness.  

In addition to that, digital networks enable innovators to establish lending models that don’t rely on any 3rd party to manage risk and provide liquidity. Other forms of lending are lean, efficient and able to reach parts of the market previously seen as unprofitable or difficult to risk-assess.  This process of avoiding 3rd parties has leverages the inherent flexibility of electronic networks, putting borrowers in touch with lenders in a more direct and efficient way, with smart analysis functioning just like a match-maker to introduce borrowers to lender. 

It’s time to move to new lending models

Apart from making the process smooth, automation has removed the costs out of the process has transformed the economics of lending so as to result it is making smaller amounts cost-efficient to lend to, and smaller borrowers more feasible for both parties. Additionally, technological solutions have also provided convenience in the ways small borrowers can make repayments: in Singapore, technology-based lenders first enhanced the customer experience by offering simple repayments at post offices and via AXS machines. Today, repayments are run largely through online platforms, positively improving business processes for many SMEs each day.     

If you study the business case for FinTechs is mostly very compelling.  It is funded by investors instead of the banks’ reliance on depositors, FinTechs offering very innovative ways of lending are experiencing rapid growth and size of transactions they are handling are set to skyrocket. Statista projects from $64 billion in 2016, the global total could reach $1 trillion by 2025.  

And for lenders, the investment case can be very appealing, as they have to provide relatively low upfront capital demand, alternative lending can offer handsome mid-range return on investment. Across the U.S. industry, lenders gain an average 4.4% return, making alternative lending significantly more profitable than a savings account or other low-yield investments. Investors willing to offer higher-risk loans can access yields of 10% to 12%. In some markets, like India, returns can reach 18-26%, according to lender Faircent.com.

Responsible business practices you must follow

We have to keep in mind that the alternative lending space for SMEs is still very new and both parties involved need to take a responsible approach to some forms of alternative lending.  China, which took to the Peer-to-Peer (P2P, one of the faster-moving types of alternative lending) model very passionately and experienced rapid growth. China has recently introduced rules and regulations to protect consumers after concerns that the model could be misused by some unethical operators.  Having snowballed, growth has now decreased as greater regulatory oversight has driven many platforms out of business. With protections for both lenders and borrowers a key element of ongoing market health, responsible FinTech firms should keep abreast with relevant regulatory developments and ensure compliance. 

For Capital C Corporation, taking a proactive approach is key when it comes to feeding new ways of lending. We see the success of FinTechs’ alternative offerings as something with very long-term potential so avoiding the issues experienced in markets like China is the only way to build confidence and trust.  As a result, confidence and trust make for a strong foundation for long-lasting lending businesses. They build a trustworthy base of returning clients who, satisfied with the service they have received, will come back again and again.

A responsible approach to building alternative lending businesses will eventually lead to a sustainable and flexible alternative credit space occupied by companies providing suitable and sustainable sources of finance. A growing SME sector is important for any country’s economy and we feel strongly that with suitable lending options in place SMEs that were in the past underserved by traditional credit institutions can continue to in the long term as Fintech is the only way forward.

Personal loan without payslip Singapore

Personal loan without payslip Singapore

Money related issues can occur any time and to anyone. It does not see that whether you are capable of meeting finances or if you are rich lad. It can occur to anyone, anytime. We know that it is easy to get loans when you have a stable job or when you have some sort of financial security. The real challenge is when you do not have a source of income and yet you have to get a loan. This simply means you do not have any pay slip to show that could prove that you can repay the loan, most importantly, in Singapore. But for that it is crucial that you are in contact with the reliable financial institution. 

Having no back in terms of income can be really troublesome, but if you are in some serious need of money, then nothing seems like a better idea. In such a situation, getting a loan from a bank is not possible, but you can get a loan from some other source as there are some lenders who offer you borrowing on this basis. If you meet the lender’s rules, then they straightforwardly provide you with the amount. They do not ask you for you any credit history, but they want you to pay interest and fees. On the other hand, when you have a job already, then you can get this loan without any hassle. 

What could be the other loan options when you do not have pay slip?

If you do not have any income source, then you can apply for borrowing money by showing your income tax statements. 

Another option is that you can get loan money by showing any asset like a car or jewelry and their value. The worth and condition of the asset assessed the sum of credit that any lender can offer you. If you are unable to pay the debt, then the lender will be allowed to keep your assets or as they call, forfeit them. 

For the short term, availing such cash is the best option and they are secured for a short term too. 

A company called Fast Money is presenting with the loan on a quick basis. They are licensed and legal money lenders in Singapore. Not only that it is for the local residents, but for foreigners as well. Although, this company requires you to be in full time employment or at least submit your income tax statement. The client can apply online without any service fees; the representative calls you themselves and guides you as per your query. 

The alternative of collateral submission sounds suitable for those who do not have any employment currently. There is a need to be ensured about lender’s credibility and get done with all the paperwork that they have everything properly in written so that if you have paid back fully, there will be no chance of fraud. Likewise, for the lender, when they get everything in writing, they can trust the borrower easily.

DBS Singapore- DBS Bank

DBS Singapore- DBS Bank

DBS Bank was established in 1968 by the government of Singapore with the main purpose of providing loans and financial aid to industries to help establish and upgrade existing industries in Singapore. The company was known as “The Development Bank of Singapore Limited” and in 2003 the name was changed to “DBS Bank”.

DBS is the largest bank in South East Asia by assets and among the largest banks in Asia. It has a dominant position in treasury and market, asset management, consumer banking, securities brokerage, equity and debt fund-raising in Singapore. The bank was also awarded the Best Digital Bank in the world in the year 2016. With operations in 17 markets, the bank has a regional network spanning more than 250 branches and over 1100 ATM across 50 cities.

Available Loans:

Home Loans: When you want to build your own house and need financial assistance you can apply for a home loan at DBS Bank which they have enhanced to offer a fixed monthly repayment and a protection coverage against sudden loss of income or any unexpected event.

Personal Loans: Personal loans are the most common types of loans that you can apply for at DBS Bank. DBS Bank has an affordable package for a personal loan with a fixed repayment method, low-interest rates and tenure leading up to 5 years.

Car Loans: Purchasing a car is one of the biggest financial commitments a person makes, which usually means taking out a loan. This is called car loan and DBS Bank has one the best packages with low interest for you to give you greater peace of mind with a loan tenor from 1 to 7 years.

Education Loans: Education is becoming more and more expensive students who have the potential for further studies miss out on them because they cannot afford the tuition fees. DBS Bank offers an interest-free loan during the course of study and features up to 20 years repayment period DBS Banks aims to provide students with the best and affordable package for a student’s better future.

Foreigner loans: Now foreigners can apply for “Foreigner loan” in their financial needs with all the benefits that they deserve. It involves a simple process that is not demanding and has no restrictions. DBS Singapore gives financial freedom to foreigners to cover their expenses. 

Things to know before applying for a loan:

Before applying for a loan, you should know that the bank and check if it is licensed and the given package is ideal for you compare it with other banks or loan services. DBS Bank provides all its customers the financial help they require. The interest rate is depending on the type of your loan; if it’s collateral-free then the interest rate will be higher if not then the interest rate will be low. But it is important to know the interest rate should not be exorbitant. Also here is a list of things you need to consider before taking out a loan.

Eligibility Criteria:

  • Age must be between 21 and 65 
  • Provide proof of income
  • Utility bills and proof of residence
  • Work permit (only required for Foreigners)
  • Copy of NRIC card

How much you can borrow:

For personal Loans, you can get up to 4x of your monthly salary and 10x if your annual income is S$120,000 on monthly installments of 1 to 5 years.

For Home loans, the amount is dependent on the amount of loan and the interest will be calculated on the average salary and other factors.

Interest rates & Repayment Methods:

The interest rates of a loan are subject to change as a penalty for late payment and can become a hassle for a borrower but in October “Moneylending Advisory Committee” introduced a 4% cap interest rate. And DBS Bank follows this rule to provide the best services to its customers.

When a customer takes a loan from a bank, the bank expects that customers will be able to repay this loan. Interest rates are charged on the amount of money. You can repay your loan in three different methods.

Equal Instalments: When you want to make bigger repayment at the beginning go for this repayment method. Normally installment remains the same but according to the interest rate it varies: the increase in reference rate causes an increment in repayment; a decrease in reference rate causes a decrement in repayment.  

Fixed Equal Payment: When you know how much you are going to repay; it is a handy repayment method because increment in reference rate extends the tenure period and decrement in reference rate shortens the tenure period. 

Choose the repayment method that suits you.

News Room: 

Enjoy 0% interest and up to S$500 cashback: 

This online exclusive promotion gives you instant cash with a fast and easy online application. This offer gives you a short-term loan with 0$ interest and you only have to pay a one-time promotional administration fee. And you can get up to S$500 if you fulfill these conditions.

  • Apply for a 12-month tenure Balance Transfer,
  • In a single application or same-day combined applications on both Cash line and Credit Card.
  • The application must be submitted via a self-apply online application platform.

Up to $1,088 cashback with DBS Personal Loan: 

This online exclusive offer is only for people who apply for a personal loan at DBS bank using online services.

You will need to fulfill these conditions:

  • Minimum approved loan amount of S$30,000,
  • In a single application or same-day combined applications on both Cash line and Credit Card.
  • You will be entitled to only a one-time Cashback in the respective tier and an additional S$200 only if you are a New-to-Bank customer.

Customer Reviews: 

Online customer reviews can be simply thought as personal recommendations and users will trust a brand or a service based on its customer service and in this online review play a vital role in giving anyone an idea of how your experience will be with this company or service. 

“I have never experienced such great customer service at a bank or services organization like this before! Filzah greeted me as I walked in and what I have been told is a very complicated process (setting up a new account as a foreigner moving to Singapore) became a breeze. She told me all the documents I needed and even went inside to double-check. After getting the documents I returned to have my slot held and straight to Chee Man who spent more than 45 minutes (after closing) setting up my account, producing a card and even helping me set up the DBS app! Wow! Other organizations need to take note of how to provide an exceptional CX! All my banking will be with DBS based on this moving forward.” ~ Muralee Kanagaratnam

“It was quite a pleasant experience while I opened an account.  Especially a staff opening an account always smiled and answered clearly that I could understand the Singapore banking system in an hour.  The only opportunity would be making a separate source of information on the documents. Applicants must prepare prior to the visit make it easier for the customers.  And hope that kind of information can be easily searched through google. It was a great experience anyway!” ~ Brian Cho.

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