Resource Credit was recently found guilty by Justice Tan Siong Thye of contravening the government’s Moneylender Rules and Regulations. Resource Credit attempted to charge $196,000 in administrative fees on a $128,000 principal loan amount, a clear violation of the rules which state that “moneylenders cannot recover from borrowers any interest or fees exceeding the principal amount.” Furthermore, Justice Tan Siong Thye found that Resource Credit that Resource Credit violated the Moneylenders Act by charging interest under the guise of administrative fees for loan refinancing that exceeded the limits allowed by law. Justice Tan Sion Thye stated: “The loan transactions as a whole are unconscionable and substantially unfair to the plaintiff.” Continue reading “Resource Credit found guilty of contravening Moneylender Rules”

When creditors talk about individuals with “bad credit”, they mean borrowers who have a high credit risk. Or, in other words, a low credit score is a sign of a bad credit (just in case you don’t know, a credit score is a number used by lenders to quantify how risky a borrower is). Usually these people have a low credit score because they either owe a significant amount of money or they did not make timely payments in the past. As a result, it becomes more difficult for such borrowers to apply for the best loans available since their options are limited because their bad credit history affects the perception of lenders about their ability to repay a loan. Continue reading “What does it mean to have “bad credit”?”

Taking a loan might sound like a great idea if you want to buy the latest smartphone or to go on a holiday. ‘I will repay it in a few months and everything will be ok’, you might say.

It is normal that everyone wants to live better. The numerous types of credit products on the market let many people boost their lifestyle, but also land others in a big trouble. Taking a loan does not mean that you have just received a gift from the bank. It is an obligation you will need to fulfill or it can ruin your life. Continue reading “Not paying your loans on time can ruin your life”

Do you have relatively decent income but still have many loans and for some reason you cannot repay all of them on time? You might wonder where all the money goes and why you are always out of money at the end of the month. Are you watching enviously friends that have the same income but live on their own home, drive a new car and travel all the time, wondering what is wrong with you? Here are some possible answers. Continue reading “How to live on credit without falling into debt”