Loans

Secured vs Unsecured Loans In Singapore Explained

Before applying for a loan from licensed moneylenders or traditional financial institutions, you’ll probably be faced with the choice of a secured or unsecured loan.  What exactly does a secured loan and an unsecured loan mean? Secured vs Unsecured Loans Explained In general, loans are broadly divided into two groups: secured loans and unsecured loans. The type of loan that you choose to take will depend on your needs and the availability of collateral. A secured loan is one where you will be required to provide an asset as security for the loan amount. In case of default, the lender has the liberty to sell your asset to recover the debt. At Lending Bee, you’ll be glad to know that we offer secured loans up to $2,000,000. Some of these include private property purchase loan, or an auto loan.  An unsecured loan is one where there is no collateral needed for you to get the loan. In this case, the loan is issued on the strength of your credit rather than on the value of an asset. Lending Bee offers a wide variety of unsecured personal loans to suit your everyday needs. The table below shows the comparison between secured and unsecured loans in Singapore. Secured Loans Unsecured Loans Collateral is required No collateral is required Lower rate of interest because of the lower risk for the lender Higher rate of interest because of the higher risk for the lender Risk to the borrower of losing an asset No risk to the borrower of losing an asset Higher loan amount Lower loan amount Longer loan term Shorter loan term Types Of Secured Loans Singapore The type of loan that you choose to take will depend on the purpose of the loan. The following are some types of secured loans in Singapore and what they can be used for: 1. Car Loan This is a loan that is secured by the car that you plan to purchase. In most cases, car loans are used to purchase brand new cars. Once you take out a car loan, the use of the funds

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Apply For A Short Term Loan: The Best Solution For Your Urgent Financial Needs

In life, not everything will go according to plan. There may be instances when you find yourself running into tricky financial situations, where additional financial help is required. Running into problems with your finances can be extremely distressing. This is why you should always seek a reliable and transparent financial institution to help in addressing your financial shortfalls. As a licensed moneylender, Lending Bee has served thousand of clients. We are constantly reviewing our available loans to ensure that they are tailored to suit the different needs of Singaporeans. If you find yourself lacking in funds, a short term loan from Lending Bee can help. To qualify for a loan with us, the basics include being a Singaporean, or Permanent Resident, and being above 21 years of age. The Benefits Of Lending Bee’s Short Term Loan Worried that your bad credit score might severely affect your loan approval chances? Fret not! We do not simply reject a borrower’s loan application due to a poor credit score. Even if your credit score risk grade stands at HH, chances are that you might still be approved for our short term loan. Short term loans can get facilitated quickly, and there are situations where a loan can get disbursed within a few hours. If you need the money fast, this would be a suitable option. It can be challenging to get a loan when you are waiting for your documents to be handled and credit checks. With a short term loan, you will be able to apply for it online, anytime, anywhere, which helps to speed up the process. Or in some cases, you do not want to get stuck in debt for a long time. Since a short term loan is not borrowed over an extended period and is paid in full promptly, it means there is a possibility of the debt lasting for just a few months. Short term loans are ideal if you do not want to be weighed down by debt or feel that it is essential to pay back your loans soon and on time. With other financing

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Urgent Loan Singapore: A Faster And More Flexible Way To Get You Through Financial Emergencies

When an unexpected emergency occurs, where do you turn to for help? Family and friends will probably be the best option. However, what happens when there is still a deficit to make up for? Moreover, some of us might also not wish to risk harming relationships that have been cultivated through time. If you think that all hope is loss, fret not. Thankfully, Lending Bee’s urgent loan is a quick and viable option for you! It can help to solve any pressing emergencies, that require financial attention immediately. Sail Through Financial Emergencies With An Urgent Loan Not everyone is financially prepared or stable enough to deal with unexpected emergencies in life. An accident or medical emergency can leave you in a unfavourable financial situation. With not enough to pay for what you need, you may feel frustrated and lost. However, an urgent loan can help you handle unexpected expenses and overcome your financial challenges. With an urgent loan from Lending Bee, we assure you that your needs will be well taken care of. You will no longer have to struggle and think of where to procure the cash needed. Having served thousands of customers, we are aware of how important it is for our borrwers to receive their loan, fast. This is why we have streamlined our online borrowing process. All you need is three steps to get your loan approved! Simply apply for a loan with us online, upload the relevant documents and wait for our friendly consultants to contact you. Once contacted, you’ll need to make a trip down to your preferred branch and receive your money on the spot! Features of Urgent Loans  With many licensed moneylenders, banks and other traditional financial institutions available, where should you apply for your urgent loan from? Urgent loans can provide fast access to the cash you need during an emergency. However, it is still important to compare the options that are available before applying. Some of the features that you should be on the lookout for include: 1. Fees There are certain regulations regarding how much lenders can charge. These

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Planning For A Funeral Service In Singapore: What Are the Immediate Steps to Take Once A Loved One Passes On

When a loved one passes on, this can take a toll on ourselves physically and mentally. However, as morbid and distressing it seems, there are still steps to be taken to ensure that your loved one has a proper send off. This is why it’s important that you know the steps in planning a funeral in Singapore. Planning A Funeral In Singapore To make things easier for you, we have broken down the entire process into simple steps. This is so that you’ll be able to get the paperwork in order and go through the funeral procession as smoothly as possible. To begin, several things need to be put into consideration, ranging from preparing a tribute to closing the deceased’s bank accounts. These responsibilities require keen attention, and adequate preparation is essential for minimizing stress during this emotional and challenging time. Observing a loved one’s death is hard, but proper preparation will significantly reduce the pressure from numerous questions that arise after a loved one dies. While there are quite many tasks that you need to complete within weeks and months after the death, it is also important to be ready for the first hours after the passing. Pronouncement of Death If your loved one passes on at home, you should contact the police. Police get involved in making sure that the individual has been medically examined and legally pronounced dead. When a family member passes on at home but had been receiving care from a hospice or healthcare facility, the relevant agency should be contacted. If the person died within a facility such as a hospice, nursing home, or hospital, the medical personnel at the site will be responsible for officially delivering the pronouncement of death. If you are already working with a particular funeral home, decide whether you should notify the funeral home, police, or both. The funeral home handles the legal paperwork concerning the death on behalf of the family. Funeral Home You need to choose and contact a funeral home if you and your loved one did not select one ahead of time. Families usually pick

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Understanding Fast Cash Loans: How They Are A Quick And Reliable Source Of Financial Help

Medical emergencies, unpaid bills, home renovation costs. All these are just some of the reasons why people seek out fast cash loans. These loans are incredibly useful for handling emergencies, and can be approved within the hour.  Several benefits emanate from fast cash loans, especially in terms of accessing immediate cash to pay bills or deal with emergencies. If you find yourself caught in a sticky situation where you might require a fast cash loan, urgently, this is where Lending Bee can step in to give you the financial help that you need. Why Consider Applying For A Fast Cash Loan? There may be instances where you think you’ve got your monthly expenses sorted out. Then an unexpected emergency hits you, hard. Scrambling to look for funds for anything that is unplanned for can disrupt your daily life. Hence, it is necessary to consider how you will procure the money in time to pay for these unexpected emergencies. Options such as costly bank overdrafts, increasing credit card limits consist of application processes that can be time-consuming, tedious, and very expensive in the long term. This is when fast cash loans can be useful. You can receive funds immediately to cover the cost of an unexpected or new expense. This way, you will also be able to stay on track with your finances while repaying the loan. It can be challenging for many people to access credit. This is why we have made our loan applications seamless and straightforward. All you need to do is complete the application form and upload the relevant documents to kick-start the process. Once your loan gets approved, you can receive the funds within the shortest time possible. Unforeseen costs happen quickly and suddenly. When such a situation occurs, you should be able to obtain funds straightforwardly. Applying for a fast cash loan with Lending Bee can help immensely. Here’s Why Lending Bee’s Fast Cash Loans Stand Out The main benefit of a fast cash loan is that you will be able to receive the cash you need, fast. At Lending Bee, we understand that fast

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Singapore Term Loan: Customisable Loan Tenures To Help With Comfortable Repayment

Term loans, revolving loans, personal loans, business loans. What do all these terms mean? With all these loans made available in the market, it is important to know the characteristics of each loan. This is so that you are well aware of the terms and conditions associated with the loan. It also ensures that you are able to make comfortable repayments without having to strain your finances. Looking to take out a term loan with Lending Bee? Here is all you have to know about taking out a term loan in Singapore. What Is A Term Loan? Term loans are the types of loans that can get repaid through regular payments during a specified period. A term loan can be given to an individual or as a small business loan. Being able to repay over an extended period is an attractive prospect. This is especially so for expanding and new businesses that strive to increase their profitability as time goes on. A term loan can be an effective way to increase capital to boost the ability of a business to access supplies. For example, an enterprise may use a loan to pay rent for a bigger space or purchase vehicles for operations. Some individuals may also use a term loan as a form of home equity loan.  What Are The Interest Rates For Term Loans? One of the factors to keep in mind when applying for a term loan is whether it has a fixed interest rate. Fixed interest rates refer to interest rates that do not change or increase regardless of what is going on within the financial market. Borrowers can take advantage of fixed rates when low interest is getting offered. At Lending Bee, we ensure that our interest rates are fixed between 1% – 4%, depending on your credit score and ability to make timely repayments. If a term loan comes with compound interest, this means that the interest amount is added to the principal amount periodically as the interest depending on how long the term lasts. With compound interest, it is essential to find out whether

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What is a Monthly Installment Loan & How It Can Be A Quick And Reliable Avenue Of Help

Singapore has consistently been on the list for the most expensive countries in the world to live in. Oftentimes, we might find ourselves needing urgent financial help to tide through a financial crisis. It may be to pay your bills, fund any unexpected medical emergency, or to simply tide you through till your next paycheck. Irregardless of the circumstance, this is where a monthly installment loan can come in handy. At Lending Bee, we take pride in understanding our customer’s concerns. This is why we are able to provide short term monthly installment loans to provide you with extra financial help. How Does A Monthly Installment Loan Work? A monthly installment loan, otherwise known as a short term loan is most suited to those who urgently require money, usually before you receive your paycheck. It is a loan where you make repayments monthly till your loan is fully paid. The main reason why you would apply for a monthly installment loan is that you require the money fast. This is why Lending Bee prides ourselves in our short processing time and comfortable loan tenures. Upon submission of your online loan application form, our loan officers will be in contact with you within the hour. Once contacted, all you have to do is to make a trip down to any one of our branches to get your loan approved. Upon loan approval, the cash will be disbursed to you shortly. If you are currently suffering from bad credit, fret not! While banks may reject you, we do not immediately reject customers simply due to poor credit. We will first access your financial situation and if we deem you suitable to make timely repayments, you’ll be approved for the loan. Here Are 4 Examples To Provide You A Clearer Picture Example 1 Perhaps you need to borrow $5,000, over a period of 12 months, to fund the cost of your vacation and your travels. Here’s how much you’ll make in monthly repayments: Total Amount Borrowed: $5,000 (12 months) Term No. Principal Interest Total 1 $332.76 $200 $532.76 2 $346.07 $186.69 $532.76 3 $359.91

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Lending Bee: Rewarding Borrowers Who Repay Loans Early Through An All New Moneylending Pilot Scheme

Towards the end of 2018, six firms in Singapore were awarded the honour of running new business models under the moneylending pilot programme. These six companies were specially selected as they have met a set of stringent mandatory criteria. These include the soundness and completeness of their business model, participation in debt assistance schemes, professional debt recovery practices, customer and communication strategies and effective cost of credit and credit policies. They also have a paid-up capital of at least S$1 million, proving their financial capability and have demonstrated a track record in providing consumer credit. Under this pilot scheme, borrowers would be rewarded for making early repayments on their loans. This would then incentivise them and reduce the risk of loan defaulting. This new moneylending pilot programme model comprises more extensive use of data to evaluate borrowers’ creditworthiness, through digitalised processes, hence lowering the cost. All of this is part of an effort to better protect borrowers’ through business led improvements, and rewarding borrowers with good repayment habits, said the Ministry Of Law in a media release. Out of the six firms, Credit 21 Pte Ltd and two other firms can apply to operate four outlets each. Lending Bee Pte Ltd, a subsidiary company of Credit 21 Pte Ltd, is one of the licensed moneylenders chosen for the pilot scheme. Till date, Lending Bee has four outlets across Singapore – Orchard, Toa Payoh, Bedok, Jurong East. “We see ourselves as the new pioneers in the moneylending landscape. By digitalising our lending processes, we also help to minimize the cost of borrowing for our borrowers. Through this new moneylender pilot programme, we hope to destigmatise the notion of licensed moneylenders being a borrowers’ last hope,” said Hazel, the branch manager of Lending Bee’s Orchard outlet. “Lending Bee is also pleased to have designed a mobile application where borrowers’ can have 24/7 access to their account so that they will be able to make timely repayments and check on their loan status. This way, we will also be able to reward those who have made early repayments”. In 2012, a moratorium was

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Credit Scores: How They Affect You And Ways To Improve Them

You’ve probably heard the term “credit scores” one too many times. What exactly is it? How does it affect you? When do people look at my credit score? Let’s say you are looking to take a personal loan from a financial insitution. Lenders will need an indicator to know whether a person will default on a loan or will pay faithfully. Today, the credit score is that indicator. People with a higher score are good debtors who pay their debts on time. Those with poor credit are poor at paying back and represent a higher risk of default.  People who hold an average score can go either way. Banks and other financial instituions rely heavily on the credit score to find out if one is going to pay back their money or if they will default on payment. The credit score might sometimes be used to determine how much interest one will be charged for a loan. Good credit scores attract the lowest rates because the chances of loss are less. People with average credit scores tend to get a higher interest rate than those with good scores. Poor debtors, those with bad credit, will usually be charged very high interest rates because they are a great risk to the lender. In charging very high interest, the lender is mitigating risk, and hoping they can recover as much money as possible before the person defaults, if he or she does choose to default. Loan Approval And Credit Score It is important to understand how credit scores affect loan approval. Basically, most traditional banks and other lenders will refuse credit to those with a poor score. This means that applications will be rejected repeatedly until one is able to improve their score. Licensed moneylenders in Singapore have more lenient requirements where the credit score is concerned and have even designed loans for people with poor credit. The challenge is that they too might not take a big risk on such a person. Therefore, such a person can only get small loans approved. When they need to take out big loans such

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6 Important Reasons Why Successful SMEs Take Business Loans

Loans have received a bad reputation over the years and especially in relation to SMEs. However, with all the new industries appearing over the years, more and more entrepreneurs are born. Small business owners are wary of debt financing because of the stories and misconceptions they’ve heard. Falling into the endless debt trap sounds terrifying. Many only think of taking loans when they are experiencing financial difficulties, and even then it remains an uphill task because it means accepting that they’re not doing well. Taking up loans isn’t only for the cash strapped business owners. It is actually for those that aren’t risk-averse or those we are seeking to upgrade their company. Large companies with big brands under their belt also take loans but for the right reasons. Their objective will be to bring the company to the next level.    Good reasons to take a loan for an SME  To better explain the line of thought in some of the successful SMEs, here are some situations that make sense to take a loan for a small business. 1. Expansion Businesses are growing and for growth to happen effectively, it usually requires money. Any excess money in business will most likely go into building its capacity and generally growing it in whichever way that is relevant. It is possible to expand using regular cash-flow, but the speed at which it will happen may not be appealing. Taking a loan gives an instant cash injection into the business thus increasing the speed at which expansion can occur. It will also ensure other monies go towards operational costs thus keeping the business expanding and running. 2. Capitalizing on business opportunities Sometimes offers come up and the business could use that particular item being offered at a reasonable price. A loan comes in handy to acquire such things, especially if it is a capital-intensive item required such as machinery or a vehicle.  3. Inventory A business must have an inventory before it can make any money. Inventory comes in large amounts for it to be economically viable and the situation is worse if

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