Factors to Look Before Applying For a Personal Loan

When looking for a personal loan with a low interest rate, keep in mind a few important factors before sending your application. For example, planning to take a major loan such as home loan, auto loan or education loan within a period of 2 to 3 months of taking a personal loan is not recommended. DSR or debt servicing ratio is one of the factors that needs to be looked at before applying for an auto loan. DSR is the calculated percentage of your income that can be used to pay monthly installments for loans, such as auto loan or personal loans.

Now having a DSR percentage of 50 can severely hamper your capacity to repay the loan. Ideally your DSR percentage should never be more than 50 percentage. So if you apply for more personal loans, then you might have to reduce the amount of loan taken for your major goals such house and a car. Nearly all banks offer a DSR percentage of 40 for home loans and 30 for auto loans.

However, if there is no way out other than taking a personal loan before taking a major loan, may be to pay the down payment for the major loan, then the timing is absolutely critical. Seek help from a loan specialist, who can advice you on the correct move.

This rule does not apply to HDB loans, which has a capping of 35 percentage over MSR or Mortgage Servicing Ratio. So basically having other loans does not affect HDB loans, repayment of which should be 35 percentage or below your total salary. So taking a personal loan before a HDB loan doesn't affect the HDB loan in any way.

Beside the DSR there are other important factor that needs to be considered before taking a personal loan

You need to be specific when applying for a personal loan. Taking a personal loan to do a house renovation or to fund college education or a vacation is not good idea, as there are tailor made loan packages for these.

Compared to personal loans these loan packages have a much lower interest rate. Education loans for example are available for as low as 2 percent which is much lower when compared to a 6 to 8 percent interest rate of a personal loan.

Profitability of a bank is based on charging interests. A bank looking for new customers is much likely to offer lower interest rates and try and attract new clients with flexible repayment plans. Try and look for banks that are aggressively searching for new clients and get business they might just offer you lower rates and added benefits. When two or more banks offer the same, choose the bank that has lower penalty rates. Following these factor makes sure that you have personal loan that has a lower interest rate and comparatively lower penalty rate.

Article refer: http://personal-loans.sg/how-to-find-the-best-low-interest-personal-loan/

Personal Loan for Foreigners in Singapore

For foreigners in Singapore who wish to apply for a personal loan, they need to be aware of certain requirements in the application process. Primarily, a foreigner loan may be obtained by individuals who are not citizens in the country where they are presently situated. For instance, those who wish to visit a foreign country or set up a business may apply for a loan in case they run a little low on cash. There are also several institutions that specialize in providing financial support to help foreigners meet their needs. The only thing they must do is to comply with several requirements, which may vary from one financial institution to another.

How to Get Started

If you are planning to apply for a foreigner loan, you should contact the money lender and inquire about their requirements. In order to qualify, you need to submit certain documents that they request from you, and there may be a need for credit check, among several things that the bank may request you to do.
A practical way to begin your application is by comparing at least 3 or 4 companies that offer loans to foreigners. If you look for a legitimate and reputable lending company, you may consider applying for a loan at a bank. However, you should be prepared to undergo a lengthier process, unlike the much simpler procedure that money lenders offer. The ideal thing to do, though, is to make sure that the company is licensed and certified by the Registrar of Money Lenders in Singapore. This way, you can be certain that they implement legal methods of lending money to clients.

Common Foreigner Loan Requirements

Although banks or money lenders have different requirements for loan application, they usually set a minimum income for applicants. For instance, foreigners who have an employment pass must have an average annual salary of $60,000 while permanent residents and Singaporeans only need to earn at least $20,000 yearly. In addition, foreign applicants must be holders of the P1, P2 or Q-type Singapore employment pass. For Q pass-holders, they should have at least a year validity left on their employment pass.
Other requirements include the most recent payslip indicated in Singapore dollar currency, certification of employment, and current income tax notice assessment. However, it is important to note that some banks or lending institutions may provide other requirements depending on their policies for foreign loan applications.

Key Features of a Foreign Loan

Just like any other type of loan, a foreigner loan accumulates an interest. In fact, this loan type usually attracts a much higher interest rate, as compared to standard loans. The reason for this is the lack of collateral that foreigners put up, so they are considered a high risk and are given a higher loan interest. Nevertheless, those who are planning to apply for foreigner loans should compare various lending companies, so they could find one that offers the most reasonable interest rate.

Another important thing to know about foreigner loans is that they come with a shorter repayment period than standard loans. This is particularly true among foreigners who plan to stay in the country for only a short period. In most instances, the term depends on the amount of money you have loaned. If you have borrowed a smaller amount of money, you would have to pay it back after a few months or so. Hence, if you wish to take out a loan, you should be prepared to pay back the amount within a shorter period.

Resource  http://goarticles.com/article/Personal-Loan-for-Foreigners-in-Singapore-Tips-on-How-to-Apply-for-One/7997946/

Foreigner Loan in Singapore

Any foreign traveler to Singapore could run out of cash, and may need to find money fast for a variety of reasons. A foreigner loan in Singapore will provide you with a fast source of income, and you may be able to receive the cash within a few hours. Only a minimal credit check is required, often without any verification of employment, and a foreigner loan is ideal for individuals who have a steady level of income.

How do I apply for a foreigner loan in Singapore?

The application process is straight forward, and money can be provided by the end of the day in order to help cover the cost of an unexpected bill or emergency. When taking out this type of loan, it's imperative that you never borrow money that you are unable to afford to pay back, and remember that the loan is intended to cover a short-fall in your current funds. There are several reasons why people may take out a foreigner loan when in Singapore. They may need the funds to set up a business or if they are running low on money.

During the application process, you will need to have the relevant documentation in order for you to be accepted for the loan. This can include a form of identification, or proof of the address you are staying at whilst in Singapore, although the documentation will differ depending on the lender. Ensure you have the relevant documents before you make an application for a foreigner loan.

How do I repay a foreigner loan?

The repayment period for this type of loan can be shorter than a conventional loan, as it is specifically intended for travelers or visitors to Singapore who are only planning on staying in the country for a short period of time. The amount of time you will have to pay back the loan will depend on your personal circumstances and how much you are going to borrow. The lender will inform you about any interest rates, which may be higher than a conventional loan as you will usually be asked to put a down payment or collateral down in order to secure the credit.

How do I find the best foreigner loan?

One way to find the best foreigner loan for your circumstances is to enlist the services of a price comparison website which will be able to list a number of different lenders side-by-side on the same page, enabling you to compare and contrast different repayment options, interest rates, and terms and conditions of the loan. This can save you time and money, especially if you were planning on obtaining a number of different quotes from several different lenders.

How to Borrow Money

There are many reasons for people borrowing money. Some of them need to purchase certain things, to fulfill their daily needs, to finance education, for paying mortgages, and for business requirement.

The most common methods of lending money include the following:

Loans 

There are four major types of loans the money lines, credit union loans, secured loans and unsecured loans. Loans can be long-term or short-term depending on the amount and agreement in general. 

Credits 

In this case, one can either purchase items on credit arrangements or with a credit card. 

Overdrafts 

To have an overdraft, you will require a bank account. This method of borrowing money allows one to borrow cash up to a given limit when your account does not have money. A short-term loan is flexible since you can pay back at your own convenience although the interest rates are generally high. 

Tips and Guides for Borrowing

First, you should take your time and shop around before you settle for a particular loan option. This is important since you get to know what is on offer and you get advice. Look at the total amount you will have to pay once you borrow the loan. This is because a shorter repayment period could be favorable as compared to the Annual Percentage Rate amount. Ensure you understand the terms of the agreement especially when it comes to secured and unsecured loans. Look at your budget keenly before borrowing to make sure that you can afford to pay back. You should never borrow on the spur of that moment. Be very careful when you are borrowing money to pay existing debts. This is because it seems like a great idea in the short-term but it can lead to severe long-term problems. Make sure you truly need payment protection insurance if you must take it with a loan. Also, check the terms of the policy carefully to ensure it meets your needs.Be very careful when you are signing interest free deals since they are interest free only if you pay them within a given time period. Be very cautious when it comes to payment holidays on loan agreements and credit cards. Payment holidays are short periods when you stop making payments but once you start making payments again, you are charged an extra interest. Always prevent your bank account from being overdrawn without an agreement. This is because you will be charged less if the agreement about the overdraft is done before. Avoid borrowing from loan sharks at all costs. If it is hard to get credit, then borrow from a credit union or a social fund.

In conclusion, Credit Hub Capital is a money lending company in Singapore. This is a place where you can get instant loans very fast and easily. Additionally, you can apply loans online or by signing a loan agreement to get cash instantly at favorable interests.

Where To Borrow Money Easily in Fastest Way

When you’re going to start your small business, or pay some bills, or remodel your home but lack of funds you’ll first think to borrow money. The second thought you’ll have is to gather information as to where to borrow money, correct?

You’ll find yourself wondering where you can get a money lender either from someone you know or from lending companies. If you couldn’t get someone you can borrow with then, there’s a lot of option from getting a loan to trusted lending companies. However, before getting yourself into signing a loan agreement, you’ll need some things to ponder about.

One thing you must consider first or compare from any other lending companies is the interest rate they are offering. It’s really easy to tumble for a great sales pitch but you must be practical enough before getting a good one. Inquire to different banks for quotations then look after with brokers. You’ll be able to get an idea about the rates. There are banks and other lending companies having the same interest rates in different time period, different fees or charges. So you might consider a better interest rate with a long time period that will give you enough time to pay at a lesser service charge.

Debt consolidation is the second thing to consider. This pays off your other bill and you’ll only manage one bill instead of more than three at the month end. This gives you fixed at a lower interest rate. However, if rates dropped, reconsolidate is impossible and you’ll pay more. But it rises then you’ll be happily paying only the fixed rate. Take time to think if the lending considers debt consolidation just in case.

Consider also a lending company which you can use your home equity. This is some sort of a secured loan. All you need to do is to acquire a check from a certain bank that will equal to all of your equity. If you are going to use this as your collateral, you’ll get even better interest rates. If you use your home as your equity loan, the downside is, you’ll lose your home if you failed to pay the money you’ve borrowed. 

If you do not want your home as your collateral then use your credit card, although home equity has a better rate than using a credit card as collateral. But this gives you only a glimpse on your option to take collaterals.

Take a look better on signing documents. What it’s stated if just in case you exceeded the time frame that supposed you pay in full? Does it gives you another extension but a higher rate or will that make your home gone (if home equity is used)?

Now after you have scrutinized all the things you have considered in getting a lending company, there is a lending organization which is legit and highly recommended. You can visit the http://credithubcap.sg/money-lender/choosing-the-right-money-lender-in-singapore-what-to-consider/ to get more information on how you get money from them easily. Now you know where to borrow money then, contact them at their contact page or simply call them to their direct hotline number.

Where Can I Get Personal Loan with Bad Credit

10/02/2013 -- There are consumers who are always asking themselves, “Where can I get personal loan with bad credit?’’ but this should not be an issue anymore. Generally, nowpersonalloans.com has been offering poor credit loans since its launch three years ago and there are now more attractive offers. These will be combining ease of access, affordability and ease of clearing the resulting debts.
To make it easy for consumers to be accessing the loans, the company has found new loan providers who have been added to the database. They will be providing very efficient services to ensure that all inquiries by low credit score loan applicants are handled within just a short time. The company will also be using a more customized platform that will be providing more accurate matches to ensure that all consumers get the best offers.

When sharing the good news, the spokesperson for nowpersonalloans.com said that no person should now be wasting time wondering, “Where can I get personal loan with bad credit?” He went ahead to mention that, “Instead, people should be visiting our site immediately they have a situation to handle and we will be assisting them to find trustworthy lenders instantly. This will be helping them to avoid hassles while still saving on time.”

In order to make the personal loans more affordable, the company had to look for and implement some measures that would bring down the interest rates. This started by approaching the loan providers who were already working with the company and they agreed to adjust the same. There are also new lenders who were introduced into the database and they will also be advancing very attractive rates.

The final move involved making it easy for people who get the poor credit loans to handle their debts and this is where the company managed to come up with very convenient loan payment plans. Most loan providers will now be allowing consumers to do so in installments where they will be making their own choices depending on their incomes. This new offer will definitely put an end to the question, “Where can I get personal loan with bad credit?”

http://www.sbwire.com/press-releases/where-can-i-get-personal-loan-with-bad-credit-loans-company-now-introduces-the-best-solutions-344206.htm

118 118 Joins The Personal Loans Market

The directory enquiries service 118 118 has launched a finance arm offering personal loans to consumers rejected by mainstream lenders.

The company, known for its adverts featuring lanky, moustachioed runners in 1970s-style singlets, is offering loans of between £1,000 and £5,000 with annual interest rates ranging from 36%-80%. Like payday loans, these are aimed at borrowers who have poor credit records and are unable to borrow elsewhere.

However, the company claims it will not be in direct competition with payday lenders because it will offer loans at lower rates over a longer period of time.

News resource:  http://www.theguardian.com/money/2013/oct/02/118-118-personal-loans-market