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Here’s How You Can Get Financial Help During The Coronavirus Pandemic In Singapore

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

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5 Questions For Yourself Before Upgrading To A Private Property In Singapore (Condominiums & Landed Properties)

The long-term goal of many Singaporeans is to become the proud owner of an individual piece of the home property. To precise, a condominium or a landed property. Singapore is known as the Little Red Dot. This means that land is scarce. Singapore’s housing is known to be super expensive and it costs at least $1 million to own a condominium or a private property. Compared to Malaysians or Australians, most of the citizens in Singapore live in HDBs. However, with hard work and self-improvement, investments or perhaps starting their own business, some of us may be able to afford a landed property. Areas such as Serangoon, Bukit Timah, Sixth Avenue, Hillview, Orchard and Marine Parade are areas known for their expensive properties. If you already own an HBD flat, it could be the right time for you to upgrade to owning your own private home. However, before you embark on this upgrade, there are some critical questions that you need to ask yourself. Some of these are outlined below. 1. Have you fully paid off your current mortgage? The funds that you receive when you sell your HDB flat should be first used to pay off any outstanding amount that you owe on the loan of the house. If any amount was borrowed from your CPF account, it should be repaid in full together with any amount of accrued interest. If the amount that you receive from the proceeds of the sale of your HDB flat is less than your outstanding loan, then you will need to top up the balance in cash. However, if the amount that you receive from the proceeds of the flat is more than the amount you have outstanding on loan, then you will remain with the other balance. Should you require funds to upgrade your home from a HDB to a condominium or private property, Lending Bee’s Bridging Loan may be able to help. 2. Do you satisfy the eligibility requirements? Before upgrading to owning a private home property, there are specific requirements that you will need to meet. Firstly, you will need

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