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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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6 Ways to Improve Your Credit Score – Get the Loan You Want

I am struggling with bad credit. Is it the end of the world for me? Fret not! There are ways for you to improve your credit score. While having bad credit is usually a costly and stressful experience in Singapore, it does not have to be the end of your financial prospects. The situation may appear to be dire and hopeless, but bad credit is something that can be dealt with effectively. There are various things that can be done to begin the journey to improve your credit score. Credit Scores Let’s start with the basics of what a credit score is. A CBS credit score refer to the grades that consumers are given by the Credit Bureau of Singapore (CBS). These numbers are shared with financial institutions (banks, licensed money lenders, etc.) and creditors who may want to approve someone’s good credit or extend a loan. It also acts as an indicator of the likelihood that an individual makes timely repayments on loans or whether he or she goes into default.  Credit scores are given on an index of 1000 – 2000 (AA – HH), with 1000 (HH) being the least ideal and 2000 (AA) being the most ideal. Creditors use credit scores to determine whether a person is credit worthy or a worthwhile credit risk. This makes it possible for creditors to find out whether there is a high possibility of the borrower making timely payments on a loan or paying off credit card bills. Third parties such as lenders often use credit scores as a way to evaluate the risk of lending someone money. Credit scores are among the options that various institutions, credit card companies and banks have for assessing the likelihood of a person being able to pay off the debts that he or she accumulates. Higher credit scores show that a person’s past behavior and current circumstances indicate an ability and willingness to pay off the loans they have been approved for. With that said, credit scores are only one of the many factors that we look at while assessing whether you are suitable

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