With the economic hardships of the last few years, on top of the not so distant government shutdown, many people have gone from manageable debt to borderline unmanageable debt. For some, their debt has spiraled out of control. Generally speaking, manageable debt is where a person has the ability to pay down the debt while remaining financially solvent. Unfortunately, many people with debt problems rely on credit cards and short-term financing, ignoring the underlying issues. In some cases, they are simply unable to manage their bills without such means, but either way, it results in interest payments that quickly spin ... Read more
Of all the things put off until later by university students and graduates, student loans are the worst. They can seem relatively harmless, but that’s not the case. These loans are potentially one of the most financially devastating things a student will face in life, but most students have no idea about or are very misinformed as to their financial options, mainly for the following three reasons. Student loans can quickly accumulate interest if not managed properly. Being proactive is critical to effective loan management. Many students have more than one loan, resulting in a sum total of loan payments ... Read more
Moneylenders have been a hot topic in over the last decade, with a growing number of fraudulent businesses illegally operating under the protection afforded by cross-border operations. This has given the moneylending industry a negative reputation it doesn’t entirely deserve. By way of example, more than 5% of the population in Singapore has used payday loans to borrow money. Regulated companies that operate according to established guidelines are far from the stereotype bad journalism would lead you to believe. According to recent studies, 8% of renters with an income between $40,000 and $100,000 have used payday loans to borrow money. ... Read more
We’ve been working over the past couple of months to update the directory with many useful new features for borrowers. Below you can find a brief explanation of all the new features we’ve added. New adjusted rating algorithm: You may have noticed in the past that a moneylender with just one five star rating could outrank other lenders many reviews but just a slightly lower rating. To correct for this, we updated our rating algorithm to give more weight to trusted lenders with many positive reviews. We also changed the directory to sort lenders according to their new adjusted rating ... Read more
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 ... Read more
On January 1, 2016, the Registry of Moneylenders (ROM) released a new list of legally licensed moneylenders in Singapore. Currently there are 169 active licenses and 1 suspended license. Click here for the complete list. UPDATE: The most current list of legally licensed moneylenders is now available here.
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 ... Read more