WWW.SGMONEY.SG
Loan information, be it Personal Loan, Pay Day Loan, Short Term Loan, Bridging Loan, Business Loan, Education Loan, Renovation Loan, Foreigner Loan, or simply directory services featuring Licensed Moneylenders in Singapore providing Urgent Cash Loan to the consumers needing Legal Loans- is the mission statement of SGmoney?.
Our continual effort in reaching out to the consumers includes extensive information pertaining to Consumer Banks, Pawn Brokers/ Gold Smiths & Licensed Moneylenders.
SGmoney? is a Complete Online Media, Consumer & Business Directory facilitating researches on Money Matters.
Our information encompasses Interest Rate charged, Repayment Period & the Regulations governing all the different avenues of Consumer Financing Organizations.
An increasing number of our young working adults were overwhelmed with their first approved Credit Cards, failure to observe a disciplined spending habit; many fell into monetary woes.
We serve as a One Stop Information/ Educational Hub for the consumers, based on individual income categories, spending and repayment patterns;
We aimed to help consumers make Informed Decisions Before embarking on any Financial Assistance programs.
SGmoney? passion towards Corporate Social Responsibility includes reaching out to a specific group of citizens/ permanent residents in Singapore;
Those whom do not meet the minimum income requirement stipulated by the Monetary Authority Of Singapore when it comes to ?Borrowing?.
Not everyone would qualify in taking up secured personal loans from the financial institutions in the marketplace.
Some will turn to Pawn Brokers while others from friends, relatives or their employers; while a substantial percentage would consider Legal Money Lenders.
For this group, the estimated size would be substantial out of 4 million (Singaporean Citizens/ Permanent Residents age above 21 earning between $20,000 to < $30,000/ of annual income.)
These consumers have the potential to either approach Licensed Money Lenders or visit Pawn Brokers for jewellery redemptions due to their limited income coping with individual living standards.
The loan amount is usually smaller in size when compared to commercial bank loans.
The catch of course would be a relatively higher interest rate/ penalty charges should there be any default in payments, which is a standard practice across the consumer finance industry.
Therefore, we at SGmoney? sincerely hope that our information at our levels best, will be able help the general consumers better decide on the different financing platforms legally available in Singapore.
We urge consumers to Borrow Only When Really Necessary.
By dishing out up to date & readily available data/ information, it is our responsibility to help the general public in refusing illegal loans- Which is both a criminal act plus the extreme implications on themselves, their home & their love ones.
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MONEY LENDER
To give or allow the use of temporarily on the condition that the same or its equivalent will be returned.
To provide (money) temporarily on condition that the amount borrowed be returned, usually with an interest fee.
A?Payday loan?(also called a?Payday advance) is a small, short-term,?loan?secured against a customer?s next pay check.?The loans are also sometimes referred to as?cash advances, though that term can also refer to cash provided against a prearranged line of credit such as a?credit card. Pay day advance loans rely on the consumer having previous payroll and employment records.?Legislation?regarding payday loans varies widely between different countries and, within the?USA, between different states.
To prevent?usury?(unreasonable and excessive rates of interest), some?jurisdictions?limit the?annual percentage rate?(APR) that any lender, including payday lenders, can charge. Some jurisdictions outlaw payday lending entirely, and some have very few restrictions on payday lenders. Due to the extremely short-term nature of payday loans, the difference between nominal APR and effective APR (EAR) can be substantial, because EAR takes?compounding?into account. For a $15 charge on a $100 2-week payday loan, the?annual percentage rate?is 26 ? 15% = 390%; the usefulness of an annual rate (such as an APR) has been debated because APRs are designed to enable consumers to compare the cost of long-term credit and may not be meaningful in cases where the loan will be outstanding for only a few weeks. Likewise, an ?effective? rate (such as an EAR ??
) may have even more limited value because payday loans do not permit interest compounding; the principal amount remains the same, regardless of how long the loan is outstanding. Nevertheless, careful scrutiny of the particular measure of loan cost quoted is necessary to make meaningful comparisons.
Payday loans carry substantial risk to the lender; they have a default rate of 10-20%,?and according to one study, defaults cost payday lenders around a quarter of their annual revenue.
PERSONAL LOAN
Licensed moneylenders in Singapore are targeting consumers looking for personal loans, business loans, short term loans, or simply fast cash loans but with less than SGD 30,000 income per annum.
www.sgmoney.sg Singapore Consumer Financial Directory is a media platform for legal loans application online.
For those whom wish to borrow money or are looking for a quick loan, cash loan or any loan which are provided by authorized money lenders, they can do so online.
Bad credit loan is available from such lenders as those with previous poor financial records will face difficulty when borrowing from banks.
Pay day loan have been gaining popularity among this group of borrowers, but in order not to encourage a borrowing culture for the good of Singaporeans & permanent residents, the authority in charged had issued strict laws stipulating Licensed moneylender?s advertising activities in Singapore.
With lesser visibility currently seen in the market place, borrowers are expected to have more time to decide, only if they genuinely need to borrow.
LOAN?
A?loan?is a type of?debt. Like all debt instruments, a loan entails the redistribution of financial?assets?over time, between the?lender?and the?borrower.
In a loan, the borrower initially receives or?borrows?an amount of?money, called the?principal, from the lender, and is obligated to?pay back?or?repay?an equal amount of money to the lender at a later time. Typically, the money is paid back in regular?installments, or partial repayments; in an?annuity, each installment is the same amount.
The loan is generally provided at a cost, referred to as?interest?on the?debt, which provides an incentive for the lender to engage in the loan. In a legal loan, each of these obligations and restrictions is enforced by?contract, which can also place the borrower under additional restrictions known as?loan covenants. Although this article focuses on monetary loans, in practice any material object might be lent.
Acting as a provider of loans is one of the principal tasks for?financial institutions. For other institutions, issuing of?debt?contracts such as?bonds?is a typical source of funding.
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