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Creating new ways of managing Fintech through New Innovative Ideas

fintech new inovative ideas

The “out of box” thinking start-up Crawfort is changing the rules when it comes to loan granting solutions

Management of finances and regularizing cashflow is a challenge for many Singaporeans. In Singapore, there is a community of people faced with limited credit access.

In cases where such help is needed, a top-rated licensed microfinance company, Crawfort, offers an attractive financial solution. Founded by brothers John and James Cheow, the company is best in the market when it comes to upping the ante on the traditional models of money lending and bringing it into a new era of technology-enabled consumer finance.

According to Mr. John Cheow, co-founder and chief investment officer: “Our experience as entrepreneurs has made us realise how hard it is to access capital when you need it the most. Because of this, we identify and empathise with others like us, and want to help individuals, and small and medium enterprises, who need access to credit facilities.”

STARTING A REVOLUTION

Crawfort was founded in 2011 by Jjohn and James Cheow, the firm is leading others when it comes to drive innovation and leverage on the emergence of smart digital processes. With these capabilities in force, the company was able to achieve a new high in the streamlining of internal processes and optimizing resources to achieve greater efficiency and productivity.

Now, Crawfort has become a top rated and most trusted name among the firms offering a suite of loans ranging from personal, business to bridging, for a wide range of customers. The company has seen an uptick in returning customers which shows its quality of service and appeal of its comprehensive range of products. Serving as a further testimony of its outstanding customer service standards and delivery, Crawfort has achieved up to 96 percent customer satisfaction reviews.

According to Mr James Cheow, co-founder and chief executive officer:  “At Crawfort, customers are our primary focus. Sincerity, respect and empathy are at the heart of our corporate culture and we believe excellent customer service is a direct reflection of these values. We build trust through the way we’ve approached customer service, and we place a huge emphasis on building a partnership with our customers. We treat every customer with the utmost respect, and we like to make them feel at home. Over time, because of this, we have come to gain their trust and confidence.”


TRAILBLAZING THE WAY

Nowadays, the government has implemented new moneylending regulations, as a result, the industry has largely shrunken in terms of providers — Crawfort has stayed aligned with these changes and has witnessed fast growth. By innovating and steadying its overall approach to conducting business, it has always stayed ahead from the rest of the pack and is continually changing perceptions around moneylending.

Crawfort offers the best customer service and hospitality. It conducts transactions in a comfortable and friendly environment and provides on-time service delivery through quality customer care. Its onboarding and approval processes also provide customers with a simple and seamless experience in applying for access to credit facilities.

Additionally, it appeals to a new generation of customers who are seeking an intuitive and impeccable user experience. Crawfort has deployed the use of innovative solutions to process its loan applications using proprietary algorithmic formulas in its predictive scoring credit methodologies. Crawfort’s approval process is fast and delivers responsible lending, without compromising on compliance and face-to-face customer screening.

As  Mr John Cheow himself says: “We’ve always sought to be a pioneer in the industry in many respects. For instance, we were the first moneylending business to use AXS and SAM machines and post offices for repayment transactions. Thanks to our adoption of the best of today’s technology, we have optimized internal processes, and this has translated to happy customers.”

Best Personal Loan and how it Works?

Personal Loan

What is a Personal Loan?

A Personal Loan is a type of loan that is issued by banks and financial institutions including private lenders in Singapore. It is the perfect solution when you are in need of extra funds to finance personal expenses like your home renovation, holidays, education cost, business, medical bills, or anything else. Personal Loans gives you the financial flexibility to use the funds as per your convenience and needs.

How Does Personal Loan Work?

Personal Loan works in the same way any other bank loan works. You apply for a specific loan amount from the bank to pay for things you want or need. If your loan application is approved, you will receive the lump sum amount that you applied for and then pay the bank back in regular monthly bank installments. The monthly repayment amount includes the principal amount plus fees and interest. Personal Loans typically have shorter repayment periods than other types of loans, ranging from 6 months to 10 years.

Does Personal Loan require collateral?

As its name suggests, personal loans are unsecured loans. This means that you don’t need to offer any collateral or assets. Bank will simply review your financial backgrounds, such as your minimum salary and credit score and give you a loan.

Types of Personal Loans that can be the best choice for you

They are personal loans, they come in handy when you need quick cash in emergency situations. They require low-income of RM $1,000, low-interest rate, no early settlement penalty, 48 hours approval and no hidden charges.

Keep these fast approval loans in mind!

  • Debt Consolidation Loans

It’s a type of loan that you take to consolidate or combine more than one existing loans under your name.

  • Fast Approval Loans

These loans can be distributed to your bank account in as fast as 24 hours or up to 2-3 working days. Suitable if you are in urgent need of financing and cash, or need to pay for an emergency.

  • Business Loans

For first-time business owners or starting up a franchise, getting a personal loan can help you secure the seed money to start up your business ventures.

  • Housing Loans

You can use it finance the down payment on your home or even finance all the fringe costs that come buying a home including stamping duties, processing fees, property tax, maintenance fees and to repay the monthly installments on your mortgage.

  • Car Loans

You can use this to put money down for down payments, to service your vehicle, and any related vehicle expense you have. Perfect for your next car or motorcycle.

  • Wedding Loans

A personal loan for your wedding day expenses, which would ideally cover all associated costs such as decoration, venues, food catering and more!

  • Home Renovation Loans

It is a loan to help cover your home renovations or maintenance expenses. It allows you to fund your home renovation projects to turn your house into your dream home.

If you’re in Singapore and looking for personal loans, we can help you with all the details and quick capital too.

Personal loan for Malaysian working in Singapore

Personal Loan for Malaysia worker

You are working in a neighboring country like Singapore and you are short on cash and financial difficulties seem overwhelming, finding reliable access to fast cash is the best solution to ease all your concerns. The First best solution that will come into your mind would be getting a personal loan. But being a Malaysian can you apply for a “Personal Loan” in Singapore? The answer to that question is YES, and the good news is that it’s not as complicated as it seems.

Banks in Singapore provides best interest cost, fees, loans tenures, and promotions. The average effective interest cost of all personal loans in Singapore is about 13% to 15% but some banks charge lower interest rates, 5% to 7%, making them more affordable. As it allows you to make affordable monthly payments with as short of tenure as you can manage.

Now the question is which requirements need to be fulfilled for a Malaysian in order to get a personal loan.

  • Minimum monthly income of RM 3,000
  • Must be 21 years old or above
  • A copy of passport, visa or work permit
  • Bank account statement for the last six months
  • Three months salary slip

You will have to full out an application form among the necessary documents mentioned above and then wait for the application to be processed.

Your application will be approved in 48 hours. You can get the least interest cost i-e 5%, depending on which bank you are applying, and get loan tenure up to 7 years. For best services, we prefer HSBC Personal Loan, HL Bank Singapore, and CIMB Bank Singapore.

You see it’s not difficult for Malaysians to apply for Personal Loan in Singapore. Besides these, here’s what you need to know before applying.

Does the type of company you are work at the effect you obtaining personal Loans?

If you are working in a multinational company (MNC) then the chance of getting your loan approved by the bank will definitely be higher than if you work for a foreign company that the bank has never heard of. Banks tend to trust employees of a reputable company more as they believe it indicates that you are a skilled employee and that there is less chance for you to lose your job.

What should be your minimum income to apply for Personal Loan?

Being a Malaysian, you should be earning at least an equivalent of RM $300 per month before you think about applying for a personal loan.

How much Loan amount will you be granted by the bank?

As for the personal loan, the amount depends on your monthly income. Suppose, if you earn RM 3,000 per month then you can borrow up to 6 times their monthly salary.

Conclusion

So just because you are Malaysian, it doesn’t mean that you can’t take a loan in Singapore. We hope that we have managed to answer your questions pretty well and you find this article wiser to plan for your loan.

Foreigner Loan in Singapore

Foreigner loan in Singapore

Qualifying for a loan as a foreigner is no walk in the park. You have to fill out multiple forms and give your lenders all sorts of the document to prove your residence, income, and employment. Borrowing money from any lender in the past was impossible for foreigners. However, recent changes to the law have made it possible for foreigners living in Singapore to access lines of credit from Singapore lenders.

General Requirements

If your lender offers loans to foreigners, you typically need to have:

  • A Foreign Identification Number
  • An eligible visa
  • Age 21 or older
  • Minimum RM S$3,000 per month
  • Employment pass

4 type of loans to be considered as a foreigner

Living in a foreign country can be challenging. But don’t let financial problems make your experience unbearable. Singapore lenders have provided you with an easy and flexible solution. As a foreigner, you can apply for four main types of loans.

Type

Description

Maximum amount

Unsecured Personal Loan An unsecured personal loan isn’t backed by any collateral and can be used for almost any purpose. And while your interest rate will likely be fixed over the life of your loan, you may have to pay a higher interest rate than with a secured personal loan. Up to

S$100,000

Secured Personal Loan A secured personal loan requires you to provide an asset as a guarantee- like your car or home. It protects the lender by allowing it to repossess and sell your asset to recoup its losses if you default on the loan. Up to

S$100,000

Payday Loan With repayment terms of two or four weeks, payday loans are typically for smaller sums of money. Up to

S$5,000

Installment Loan With a set number of payments over schedule periods of time, installment loans can last for a few months or more. Up to

S$1,000

 

Student loans for foreigners

Whether it’s NUS, NTU or SMU, the opportunity to study in Singapore can open many doors. But if you can’t afford the cost of attending a university in Singapore, an international student loan may be able to help.

How do loans for foreigner’s work?

For lawful permanent and non-permanent residents, applying for a loan is the same process as for citizens. There are no higher costs or fees, through interest rates may vary. However, the process depends on the lender and type of loan you choose.

Are there restrictions for foreigners?

As a foreigner, you might run into the following roadblocks:

  • If you don’t have a consistent credit history, you may be required to apply with a guarantor.
  • If you’re a foreigner who will be in Singapore for a limited time, approval for a loan may be hard.
  • If you’re not earning a comparatively high income, you may not be able to meet most lender’s eligibility requirements.

Bottom line

Getting a loan as a foreigner involves a lot of paperwork and time. But when you are in need of money, no matter what it’s for, there are options out there for you.

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.

Five Powerful Morning Habits to Help You Become More Successful

Morning Habits

Success is not a destination rather it is a journey.

With that being said,

It is important to layout the truth here, that you don’t become successful overnight. It takes a lot of effort and sacrifice. You build the ladder to success, yourself. The key to success is developing certain habits that help you be more productive and result-oriented.

One of the most essential habits that is crucial for your success is your morning routine.

Powerful Morning Habits

We all can agree that morning is probably the most important part of the day. It dictates how the rest of your day goes.

In order to help you climb the ladder to success,

Here are the top vital morning habits that will help you perform at an optimal level.

1.       Early to Bed, Early to Rise

A habit that all the successful entrepreneurs have in common, is that they wake up early, before everyone else.

Starting your day early can help you be more efficient as it will give you more time to focus on your goals.

Try to start your day at 4:00 am or 5:00 am by latest. This will give you an edge over others.

2.      Daily Dose of Motivation

You can never be motivated enough. Your brain requires a constant reminder as to why you’re doing all that you’re doing in order to stay focused.

To keep yourself motivated, you need to dedicate an hour of your morning to inspirational anecdotes or quotes.

Listening to inspirational podcasts can make you emotionally invest in your daily objectives, that will, in turn, increase your productivity.

3.      Incorporate Exercise

Exercising is crucial for your mental and physical health.

Including exercise in your morning habit, is an excellent way of getting your body ready to tackle the day. There are countless benefits of exercise for your brain. Also, the metabolism rate of your body is enhanced, as a result, you feel fresh throughout the day.

Blowing-off some steam in the morning will enlighten your mood as well.

4.      Prioritize

To carry out the daily tasks effectively, you need to know how you will be spending your day.

Time can be your best friend or your worst enemy, depending upon how you utilize it.

Scheduling your day, jotting down everything that’s important and then prioritizing them according to their significance, can save you a lot of time.

Before starting your day, make sure you’re organized to compete for the tasks in an orderly fashion.

5.      Intake of Nutrients

Healthy breakfast is an essential part of your morning.

Intake of nutrients that are good for your brain, will help increase your cognitive performance. As a result, you will be able to function better and your mind will be full of energy.

Try to have breakfast that includes;

  • Omega-3
  • Vitamin K
  • Vitamin E
  • Iron

Morning habits play a vital role in setting the tone of your day. So, make sure you have the best morning habits to conquer your dreams.

What do you need to know about Unsecured Loans in Singapore?

unsecured loan singapore

The world is evolving at a fast pace. Similar to the needs of people are moving in the fast lane. Most of the people are stuck in situations where they need financial assistance. Savings are not enough they approach for bank loans. Well, further bank loans are divided into different categories to ease the facility of loans. One of the kinds that are most feasible and avail by the people of Singapore are Unsecured loans. Well, there are many benefits but as well as some cons of this loan. So, before you are going to avail the opportunity, just make sure that it is suitable for your position and not damaging anything directly.

Information is necessary for you to get the right loan and make a decision that is beneficial for your financial situation. This information will not only save from any trouble but you can ensure the security of your assets.

Banks might have a little difference in the policy but rates are almost the same. However, we will help you to understand the basics of Unsecured loans in Singapore in a precise manner. Just explore the article and you will get the information.

What is an unsecured loan?

Unsecured Loans are also preferred as personal loans. It is clear by the name that it is dependent on borrowers credit score. These loans are avail without any security of assets. A person must have high credit to get his loan approved.

Types of Unsecured Loans

These unsecured loans have different types which can include personal loans and student loans.

  1. Revolving loan: the loan can be spent, repaid and spent again. It is more like credit cards.
  2. Term Loan: this is the type of loan in which a person is responsible to pay equal installments till all payments are done by the term.
  3. Consolidation Loan: pay off credit cards or signature loans fall in the category of consolidation loans and also unsecured loans.

What you should be concerned about the loan?

If a borrower defaults on a secured loan, the lender can reclaim the collateral to earn the losses. On the contrary, if a borrower avoidances on an unsecured loan, the lender cannot claim assets. However, the lender can take other actions, such as ordering a collection agency to assemble the debt or taking the borrower to the law court. If the court rules in the lender’s favor, the borrower’s pays may be enhanced, a lien may be located on the borrower’s home or the borrower may be otherwise ordered to pay the debt. However, before the approval. The borrower needs to understand the criticality and need of the loan. So, before you file for approval, ensure that you have complete clarity on your needs. Take guidance from a different lender. It is always good to have different options. A slight change in the policy can make it feasible for you. Therefore, do not forget to do your research before applying for Unsecured loan in Singapore. 

Top 3 Business Strategies for Online Entrepreneurs

Business Strategies for Online Entrepreneurs

Who is an online entrepreneur?

To begin with this topic you should have a clear picture of online entrepreneurs. Online or internet entrepreneurs are those owners or risk-takers who use the internet platform to cater to its customers. That is, its value proposition focuses on the web and web designing strategies to produce, market, distribute and promote its goods and/or services.

There are numerous strategies you can undertake to make sure your web-based business reaches success. However, these are the three main tactics you should prioritize in order to be the successful entrepreneur you dream of becoming.

SEO-Search Engine Optimization

SEO today holds significant importance in generating traffic towards your website. What it does is basically makes your website available on google search or any other search engine so people searching for product or services related to your business get access to your website. Or in simpler terms, it affects the online visibility of your web page or website. Hence helping you lure potential customers towards you. It generates quality and quantity traffic to your website example, through organic search results who use keywords that match your website content. It is, therefore, imperative that the content you put up is designed in a meticulous manner that it helps your target audience to easily reach you.
Since online entrepreneurs rely heavily on the internet and its various platform, your website and the content it holds plays a crucial role in the success of your business.

Social media marketing

Perhaps one of the greatest tool you can use in promoting your business and its offerings in social media. From mainstream social media platforms like Facebook to advertisement placements on Youtube channels, one can avail in reaching target markets-national or international with low costs and greater response. You must first answer your basic marketing questions like, who is your target market, and what are you offering to them?
 The benefits of social media are that it helps you create a brand image or identity, can aid in research prior to launch, engaging with potential and/or actual customers, and reaching a much wider audience.

Email Marketing

Sounds old school doesn’t it? Yet statistics show email marketing strategies give the highest Return On Investment ROI to marketing managers about 4 times greater than other strategies. So to establish a successful startup one must:

  • Create a catchy subject line which compels viewers to read your proposal
  • Avoid the use of technical terminology and jargons-in essence, the language you use should be user-friendly
  • Sell your offerings-what are the benefits of your offering and why should people buy it
  • Try avoiding the spam folder
  • And lastly, make your email mobile-friendly

All of these strategies won’t work if you’re lacking dedication, passion, and commitment, the foremost requisites of any successful entrepreneur. Give time and attention to your online business as much as one does to any business in general and watch your hard work bloom into success and profits.

Is Getting a Personal Loan is a bad Idea in Singapore?

Personal loan Idea

Personal Loan can be a viable option in a variety of circumstances. First, let define a personal loan. Some loans are earmarked for a specific purchase. You buy a home with a mortgage loan; you purchase a car with an auto loan and you pay for college with a student loan.

But a personal loan can be used for just about anything. You can do what you want to do with it.

Getting a Personal Loan is not a bad idea at all! The main advantages of getting a personal loan include the following.

  •       Relatively fast
  •       No restriction on how you can spend money
  •       Don’t require any collateral

So, if you don’t have any assets like a home, or shares or gold to offer as security, and are in need of money urgently, this is perhaps the most convenient option. No doubt personal loans are very successful you can take it out for almost anything.  But its good practice to review your situation before entering into a financial agreement.

So, take a moment to read through the following checklist and ensure your personal loan makes sense and you really need it.

1) Do you have a real reason to get a personal loan?

Getting a small personal loan should never be thought of as a trivial or minor undertaking. While you can secure a loan for almost anything, it’s important to remember that the consequences for defaulting could be dire and life-changing.

2)What should you get a loan for?

When it comes to small personal loans, there is a range of sensible reasons why people choose to take them out. Using a loan to consolidate your credit card into one monthly payment is an attractive idea if taken out at the right time. This is because the interest rate you might get on your small personal loan could be far lower than your credit cards.

3) What shouldn’t you get a loan for?

Getting a personal loan in some cases, in others, you simply shouldn’t. Paying off a student loan is one of those cases where you shouldn’t. A student loan will normally come with a tax advantage and it’s possible that the government could offer a loan forgiveness program in the future. If you switched to a personal loan, then you aren’t eligible for either of these things.

4)Are you overlooking any important factors?

Getting a personal loan should never be a case of walking into your bank and signing on the dotted line. You’ve got to shop around and find yourself the best terms out there from the most reputable lender available. When taking out a loan, never accept anything other than a fixed interest rate loan as variable rate loans can turn out to be an expensive risk to take.

It’s vital that you examine your reasons for wanting a personal loan and work out if it’s really necessary. If you are certain about those reasons then you are good to go with a personal loan.

 

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