Is a Cash Advance Program a Solution or Not?
Posted by Sh3Lt3r on May 23, 2016
Whenever you have an immediate financial problem, you can always take out a loan. This day, there are many kinds of loans that you can choose from. The most popular of these loans are personal loan in Singapore with various flexible terms and options. Another option that you can try is a cash advance loan—also known as payday loan. Many people will probably advise against getting cash advance loans due to several reasons. It’s best to explore the basics of a cash advance program.
High Interest Rates
Cash advance loans are known for their outrageous interest rates. On top of that, you have to settle the loan before your next payday. If you fail to do so, the loan will incur additional payments and fees. Because of this nature, many payday loan borrowers have thousands of dollars in debts and penalties. A cash advance loan can be considered as a last immediate resort if you can’t borrow money in the soonest time possible.
While banks are now offering cash advance programs, you can still see small lending booths and offices in many areas. These lenders appear as problem solvers, but they can drag people in the mires of debt—especially if proper loan management tactics are nonexistent. Cash advance loans have always been the focus of predatory lending concepts but people are still in need of such loans, regardless of the consequences.
Know When to Get One
The real trick about cash advance loan is the premise of knowing when to get one. If you encountered any financial mishap and you’re short on cash, it’s best to approach your friends and relatives first. There’s a big chance that they’ll lend you money and you can get out of the traps of cash advance loans. However, if you really need to take out this kind of loan, then your concern is efficient loan repayment within a short period. Do everything to pay the loan so you don’t have to settle for stressful fees.
In a way, a cash advance loan is an uneasy solution. This type of loan still needs improvement on all aspects, and lenders should have better policies as well.
Lender Transparency – Why it is needed?
Posted by Sh3Lt3r on May 22, 2016
Lender transparency is one of the many things that loan borrowers are vying for. This is, indeed, an important thing and part of the law, but many lenders are not adhering to it. If you’re going to apply for a loan, it’s very important that you know about the concept of lender transparency and its possible implications. Knowing the concept can improve your position and you can also tell if a lender is possibly lying or not.
The Loan Process
To know the ins and outs of lender transparency, you should have at least a firm grasp on the traditional loan process. You should know about the necessary paperwork and the degree of credit checks that a lender can do. If you have time to spare, you can research about common lending laws and practices. This is a good way to measure the depths of lender transparency.
The Trap of Hidden Fees
One factor that agonized loan borrowers everywhere is the agenda of hidden fees. By using this tactic, lenders can gain additional profits over their loan agreements. They can add a miniscule service or a made-up portion of additional taxes. There is no exact method to combat this but you can have a precaution. Before signing anything in the transaction, make sure that you’ve read and understood everything. If you see something questionable, ask the loan representative. If you’re still left in doubt, just find another lender to help you.
Predatory Lending is a Game
Predatory lending is a big issue that cannot be solved overnight. It will take the combined efforts of lawmakers, financial experts, economists, and power brokers to enforce an iron hand. Because of his, predatory lending has become a game for many lenders. Since people need money, crooked lenders will just create programs with different financial restrictions and constraints. Desperate clients have no choice but to move on with the deal and suffer the consequences later. To avoid such predators, you need to arm yourself with information. Get a checklist of the most reputable lenders in Singapore, and only transact with them.
It may take long time before everyone can enjoy thebenefits of pure lender transparency. Until then, you must be responsible enough in evading ‘lender-predators.’
Loans for Housewives – A Clear Necessity
Posted by Sh3Lt3r on May 6, 2016
All housewives should be treated with respect – this is a hard and fast rule. Housewives have spent large portions of their time to take care of their families, even going as far as foregoing the little joys of life. Appreciation for housewives and all women in such case can be seen through massive community efforts. Recently, some banks and financial institutions came up of various loan programs meant for housewives.
Are you a loyal and hardworking housewife who wants a due reward? In that case, you should consider applying for a housewife loan.
Loan with Flexible Terms
In some cases, loans for housewives have more flexible terms compared to personal loans. This is a part of the ‘good nature’ offered by banks to wives around the world. Depending on the bank, a housewife loan may have lower interest rates or may offer higher amount ceiling. Before applying for one, you should know what kind of variable you are aiming for. Be confident in discussing your terms with the loan provider.
Longer Time Period
Special loans – such as loans for housewives – have considerably longer periods to pay. It highly depends on the amount of loan and discretion of the bank. This is an advantage that you shouldn’t let go because loans with long periods have lower monthly rates. By relying on such loan, you don’t need to be stressed over budget constraints. You can repay the loan systematically.
May Have Special Privileges
Like other loans, housewife loans can have numerous attributed privileges. This can be a new gadget plan or rebates from your favorite items. You can also have a free meal in any restaurant or diner. To have a wide selection of privileges, you can search the Web for the top liscenced money lender in Singapore in your area. Choose the option that will give you the best possible rewards.
Life may be challenging at times, especially if you have a family—so you deserve a break. You can use your new loan to buy any stuff that can make you happy. However, you must be responsible enough in paying the loan within the agreed time frame.
Should You Get a Credit Card or Not?
Posted by Sh3Lt3r on March 22, 2016
You probably heard about the traps of the credit card. Many people who got credit cards and abused its power sank deep in financial quagmire. On the other hand, there are some who are just barely hanging on. You may consider credit card as a reward for your years of hard work—not something that can satisfy your cravings. Now, it all boils down to one question: should you get a credit card today or not?
How Financially Resilient Are You?
Financial resilience is a concept that you should keep in mind. It’s not about having a large savings account or a thick wallet. Rather, financial resilience is about proper financial money management. Are you the type of person that splurges often, instead of putting small amount in monthly savings? If this is the case, then you need serious assessment. Having a credit card is a responsibility. You don’t just get that plastic card and swipe it everywhere. While it’s considered a ‘reward,’ you can also think of credit card as a controlled privilege.
Do You Keep Track of Your Expenses?
Some people are always keen on tracking all the cash that comes in and gets out of their pockets. Then some people just don’t care at all. Which type of person are you? Before applying for a credit card, you should consider this. Financial monitoring is a skill that anyone should have. If you can monitor your finances, then you’re almost halfway done in the battle. You can start this habit by getting a small notebook or organizer. Every day, jot down all of your expenses. Once you see that you’re spending on unnecessary things, and then you can make adjustments.
Discipline is a Must
Without discipline, the credit card will gobble you whole. Before you know it, your mindless swipes over favorite items have accrued debts in your account. This is the main reason why many credit card holders owe thousands of dollars to their banks. Before buying anything with your credit card, ask yourself if you truly need the item.
On a general note, it’s safer to use pocket money than credit card. Think of your card as an emergency fund that can be used for delicate situations.
Reality Check – Are Cooperative Loans Worth Your Time?
Posted by Sh3Lt3r on March 16, 2016
Cooperatives have always been helping towns and communities for the past ten or twenty years—perhaps even more. These small organizations usually comprise of the members of towns, districts, and nearby locales. Typically, cooperatives aim to improve the lives of their members and they are also trying their best to lower down the prices of common goods. Now, cooperatives are even issuing different kinds of loans.
If you’re eager to apply for a cooperative-issued loan, you need to determine first if they are really worth your time.
Compared to banks and other financial institutions, cooperatives probably have easier application processes. Some cooperatives only require your identification and income statement. Others will require that you live within their operational district. This quick handling time can be an advantage for you, especially if you need the money as soon as possible.
Release of Loan
While the application process is easier, some cooperatives have issues regarding the time of their loan release. Usually, it will take one or two weeks before your money is released through a check. One of the reasons for this longer time period is that cooperatives don’t have large pools of money. Its members and administrators need to do several activities to find the ample money and release your loan. Also, if the cooperative has more than one hundred members, then expect that your loan will be released within a span of weeks.
Cooperatives are strictly regulated nowadays since there were some fraud groups that stole the financial information of loan borrowers. Despite such regulation, you need to be responsible enough in approaching the cooperative. To keep things, you can do your own research. Gather the top five reputable cooperatives near your area and makes sure that you consider the opinions and reviews of other people as well. This will give you an objective stance in the research.
Cooperatives can be worth your time, but you need a deeper search. You can put a cooperative as an alternative loan provider. Banks should top your list because they have concrete processes and your loan application might be approved quickly.