Whether or not you are hysterical about the coronavirus pandemic, one thing we can agree on is that several households have been affected adversely when it comes to their financial situations. The economy is bad and retrenchment rates are increasing. People in Singapore are losing their jobs and many businesses have been forced to close due to COVID-19.
Anyone who is brave enough to check their savings account will agree that the numbers are dropping rapidly. All banks in Singapore such as DBS, UOB, Standard Chartered and more are lowering their banks’ savings interest rates. Moreover, investors are panicking and events are being cancelled until further notice.
Some of the people who have been hardest hit by the impact of the crisis are the people who face job uncertainty and layoffs. These are mostly people who are employed in everyday industries. Small businesses and restaurants have also been struggling in the wake of the pandemic with more and more people wondering how they will get money during Covid-19.
On the bright side, there are different ways you can access financial support to fulfil your obligations as the pandemic rages on.
Seeking Financial Help From A Licensed Moneylender
Borrowing from a licensed moneylender is a legitimate option to get money.
Differing to what most people think, licensed moneylenders do not charge exorbitant interest rates like loan sharks. They abide by the rules set by the Ministry of Law and will only offer interest rates between 1 to 4%. As the only moneylender in Singapore with 4 outlets and one of the few piloting new lending programs with the government, Lending Bee even has our own loan packages that offer better rates for some. If you are interested, you can make an appointment to find out more for free.
To play our part and help everyone in Singapore, Lending Bee is also giving out free masks to help the community.
One of the most important rules to keep in mind when borrowing money from a moneylender is to make sure that they are licensed. Even during a financial crisis, you should not take the risk of working with an illegitimate lender. Avoid making the mistake of handling funds from loan sharks that typically acquire their money illegally and use unscrupulous methods to get paid back.
Licensed moneylenders operate under Singapore’s Moneylender’s Act, which ensures that they adhere to regulations and comply with stipulated standards. There are several reasons you should get a loan from a licensed moneylender. You will not be subjected to harassment as the business is run according to government guidelines with reasonable interest rates to facilitate affordable loans.
Financial Help From The Government
The Singapore government has launched several budgets since COVID-19 hit Singapore. The government continues to put relief measures in place to address the impact of the coronavirus pandemic on workers and businesses. As both the corona outbreak and global economy continue to cause havoc around the world, the Government has unveiled generous packages that seek to support households.
Countries such as Hong Kong and Vietnam are experience second and third waves of the Coronavirus. With sudden surges in COVID-19 victims, their people and the economy suffers.
In Singapore, the government is also providing financial support to strengthen businesses and enable workers to remain employed. Help is available for short and long-term needs depending on your situation.
Financial Help From Unions
Considering the economic uncertainties that have resulted from the coronavirus outbreak, funds have been rolled out to cater to the needs of union members who are dealing with financial challenges during this distressing period. Millions of dollars have been set aside by the National Trades Union Congress (NTUC) for the fund. However, members must meet certain criteria to be deemed eligible for financial assistance.
Finding A Temporary Job In This COVID-19 Pandemic
Many people are out of work because of the pandemic. While various measures are being implemented for the purpose of flattening the curve, it is still not clear when the economy will start recovering. Although people are keeping hope alive for a quick recovery, many employees may stay out of work until that happens. However, there are some temporary and flexible work options that can be considered by workers whose industries have been affected by coronavirus, and who need to earn an income.
Whether you have lost your job or your pay has been reduced, temporary or freelance work can be a worthwhile option. The good news is that there are numerous opportunities that make it possible for people to work from home.
For example, many people are taking this opportunity to sign up for self-improvement courses to upgrade their skills. Singaporeans, work pass holders and more are considering courses from SkillsFuture, Coursera, Udemy and more.
For others, to get the money they need, they take on temporary jobs. You will find many people becoming food delivery riders or temperature scanners in front of malls.
If you are worried about having the right education or skills for these types of jobs, you may have some great transferable skills that make you the ideal fit for the job. If you are not familiar with the concept of working remotely, there are various online resources that can guide you and help you become more productive. A temporary job can be useful for earning an income when options are limited.
Selling Your Things
Selling your belongings from the comfort of your home is a major advantage of the technological advances that have been made over the years. Take this opportunity to clear your closet!
People no longer have to worry about figuring out how to make their own sites when they want to sell items because social media and online markets have them covered in this regard. Make use of free platforms such as Carousell to sell your items!
The internet is a worldwide marketplace that features a high demand for sellers to join and begin making sales through different platforms. It is not surprising to see how the demand for various things has been on the rise as many people are more likely to make purchases under unprecedented circumstances. You can create a social media account from anywhere in the world, make contact with buyers and start selling.
The Covid-19 crisis has led to many people spending much more time at home and possibly missing out on opportunities to sustain an income. Even with an economy that is shutting down and a devastating pandemic, there are still ways for Singaporeans to improve their financial situations. Getting financial help during this difficult period is possible. The above are useful suggestions that could help you make money during this global crisis.