DakoNorth Financial Advisors is a content-driven site for expats seeking prompt improvement financings as well as business loan services. With substantial study and also contrast among banks consisting of financial institutions, we are right here to supply you appropriate and also current details in addition to give you with the very best rates of interest for your demands.
No we do not. We merely supply you with lending contrasts in order for you to comprehend the small prints of the lendings you may be curious about. Our financing application is primarily to assist you do a fast lending application with the different banks, consisting of certified lenders.
Your discretion is our utmost top priority. We ensure you that your info will certainly be risk-free with us.
After completing the lending application, you’ll be called for to make a journey to the corresponding workplace and also authorize the called for papers. After which, the cash money will certainly be compensated to you right away.
You should keep these key points in mind:
One of the things that one must always consider before taking a loan is the debt to income ratio. In a bid to protect the citizenry from unscrupulous lenders, the government has put a law in place forbidding any lending to those who have already reached their max. If you are already paying 60% of your monthly salary to creditors, then you are not going to find a legitimate lender that will lend you any more money. Some lenders have even taken this threshold down to 40%. Getting close to that 60% threshold says that one is irresponsible with money and is therefore overextended. This may reflect poorly on one’s credit rating.
Depending on the financial institution that you are borrowing with, for secured loans, you can obtain a loan of any amount. For unsecured loans, you can obtain:
With effect from 1 October 2015, the maximum interest rate moneylenders can charge is 4% per month. This cap applies regardless of the borrower’s income and whether the loan is an unsecured or secured one. If a borrower fails to repay the loan on time, the maximum rate of late interest a moneylender can charge is 4% per month for each month the loan is repaid late.
The computation of interest charged on the loan must be based on the amount of principal remaining after deducting from the original principal the total payments made by or on behalf of the borrower which are appropriated to principal. [To illustrate, if X takes a loan of $10,000, and X has repaid $4,000, only the remaining $6,000 can be taken into account for the computation of interest.]
The late interest can only be charged on an amount that is repaid late. The moneylender cannot charge on amounts that are outstanding but not yet due to be repaid. [To illustrate, if X takes a loan of $10,000, and fails to pay for the first instalment of $2,000, the moneylender may charge the late interest on $2,000 but not on the remaining $8,000 as it is not due yet.]
With effect from 1 October 2015, all moneylenders are only permitted to impose the following charges and expenses:
The total charges imposed by a moneylender on any loan, consisting of interest, late interest, upfront administrative and late fee also cannot exceed an amount equivalent to the principal of the loan. [To illustrate, if X takes a loan of $10,000, then the interest, late interest, 10% administrative fee and monthly $60 late fees cannot exceed $10,000.]
Do not borrow from unlicensed moneylenders. Verify that a moneylender is licensed by checking the list of licensed moneylenders. Click here to access the list of licensed moneylenders.
Notwithstanding that the moneylenders are licensed, be mindful if they:
Such practices are not acceptable. If you encounter them, you should report the moneylender to the Registry of Moneylenders, with information such as the moneylender’s business name, licence and contact numbers. Please see Question 10 for more details.
To find out more about unlicensed moneylenders, you may click on this link: http://www.spf.gov.sg/ahlong/
You should ensure that:
(a) For salaried employees: Recent payslip for a 3 month duration
(b) For Self-Employed: Notice of Assessment for the past 2 years