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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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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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