Applying For A Loan

Planning To Get A Loan? Here Are 5 Tips To Increase The Chances Of Your Loan Being Approved

As we go through different stages in our life, there may be times when we may require additional financial help. It may be to finance the cost of your new home, medical emergencies or for higher education. While borrowing from close relatives and friends might be the first option that comes to mind, you might run the risk of ruining precious relationships. This is where you might then seek the help of traditional financial institutions such as banks, credit cards or licensed money lenders. However, banks often require lots of additional paperwork and take a longer time to process your loan. To circumvent this, Lending Bee has expedited the loan process by allowing our customers to conveniently fill up an online loan application form.  Wish To Increase Your Loan Approval Chances? Here’s How 1. Early Preparation Of All Documents Required When a borrower applies for a loan, financial institutions usually ask for an array of documents. Some of these documents include tax certificates, proof of income, CPF contribution slips or employment contracts. Applicants will likely be rejected if they do not have all the documents ready. The borrower should first inquire about the documents required for the particular loan that he or she is applying for. He or she should then endeavour to source for all the documents required beforehand so as to submit them together with the application. They can simply drop a call or fill up the online loan application form on the money lender’s website to expedite the loan process. 2. Restructure Existing Debts This is relevant for the applicants who have a bad credit history. Some money lenders may reject applications suggested by borrowers with bad credit rating. However, this definitely does not mean that all licensed money lenders will reject them. What borrowers can do is to check with all their current lenders and work out an agreement or find out the remaining loan amount. Next, he or she can approach the licensed money lender to apply for a debt consolidation plan. Debt consolidation plans help to combine all of the borrower’s loans into one,

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A Comprehensive Guide For Starting A Business In Singapore – For Singaporeans And Foreigners

Singapore is an economic powerhouse not only in Asia but also across the globe. It’s also one of the safest countries to start and run a business both for residents and foreigners. Most people think it’s challenging to start a business in Singapore. The truth is, with the right amount of business funding and effort, it’s easy especially with professional guidance. Before looking at how to start a business in Singapore, there are reasons why Singapore is an attractive investment spot. Low rate of corporate tax, which is currently at 17 percent No withholding tax on non-resident shareholders’ dividends Tax exemption on a company’s foreign sourced income Ranked third as the world’s most competitive economy Ranked seventh among the most innovative nations in the world Ranked the second-best country in terms of the ease of doing business Ranks top in Asia and fourth in the world for intellectual property protection Has more than 80 Double Tax Avoidance agreements Requirements for incorporating a business in Singapore Before incorporating a company in this great nation, one should: Be at least 18 years Have the right working pass like the EntrePass or Employment Pass for foreigners. However, this is not necessary if one has no plans to relocate to Singapore to run the business. In that case, a local nominee can register it. How to start a business in Singapore 1. Choose a business structure One can select from an array of legal entity forms such as partnership, sole proprietorship, branch office, subsidiary, representative office and more. Entrepreneurs should not choose a business structure randomly as this choice will affect the business in different ways such as the ability to get loans and grow the business, credulity in the eyes of customers, attitudes of banks and much more. For example, when venturing into business with a friend, choose a partnership. On the other hand, if the small business has few risks and less likely to cause legal trouble with anyone, then sole proprietorship would do. These two structures aren’t subject to corporate taxes. A private limited company is the most preferred form of

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8 Smart Tips For Borrowing Money – Get The Loan That Suits You Best (2020 Update)

The idea of borrowing money is usually frowned upon on and most of us would avoid borrowing if possible. That said, there may be unforeseen situations in life where we require an extra line of credit. You may be hit with a sudden emergency and require additional funds to see you through. You can’t make ends meet when you are broke. You need to maintain your lifestyle and at the same time, you need to invest for the future. All these require you to have money. What happens when you don’t? It is thus normal to look for financial assistance from other places. If you are a first time borrower and have your doubts about borrowing,  here are a few smart tips you need to evaluate before you start borrowing money: 1. Savings Have you ever thought of investing or even buying something? Sometimes, you might wish to purchase a home or a car. All this is possible if you work smart. The first step is to inquire how much you need, then come up with a plan of how to achieve that amount. The best way to get this amount is by saving. Sometimes, savings might take time. If you go to the bank with a certain amount of money and inquire for more, you will stand a better chance of receiving the money. In addition, your savings will have reduced the loan by a certain percentage. This will mean that you will spend less time paying up the borrowed money. In short, you will have used a smart method to borrow money that you didn’t have in the first place. 2. Penalties Life is full of surprises. No one plans for bad things to happen. However, that shouldn’t stop you from achieving your goals. If you are going to borrow money, it is prudent to think of the penalties just in case things go sideways. Some financial institutions issue harsh penalties which may leave you in a bad financial state. Get yourself a place that will work with you even on those rainy days where you might delay

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7 Essential Things To Know Before Taking A Loan

You might currently find yourself in a temporary financial knot and require a personal loan to get you through. However, before taking out a personal loan, there are a few things to take note of. Once you have made up your mind to take out a loan, the next step is to find the right financial institution. Most people go with the closest financial institution they can find, but this often leads to mistakes that could have easily been avoided. Here are 7 things that one should know and consider prior to taking out a loan that can prevent common mistakes made by borrowers: 1. Get A Loan That Suits You Best Once you have taken out the loan, the decision will affect your life for the duration of the loan. Therefore, it is imperative that you shop around and get a loan that is most suitable to your current situation.  The idea is to look for competitive rates, and packages that are flexible enough to handle the ups and downs of life. You should look across the lending landscape considering credit unions, traditional banks, and licensed moneylenders. Review their eligibility requirements, what types of loans they offer, interest rates, terms and conditions and the like. Considering their reputation is also very important because nobody wants to work with an institution that has a bad name. At Lending Bee, you can be assured that you will be getting one of the best loans in the market. As a licensed money lender under the Ministry Of Law, Lending Bee not only offers our customers with friendly interest rates and flexible loan tenures, but we also pride ourselves for being active listeners to our customers. Based on the needs of our customers, we will pick out a loan that is best suited for them. 2. Take Stock Of Assets This comes into play when you are considering taking out a loan that requires collateral. Personal loans can be offered with collateral or without. Secured loans tend to have lower interest rates and monthly payments, or they may be offered to someone who

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