How to apply for a business loan?

When you apply for any type of financing for your business in Singapore, you will need to fill out a business loan application. Depending upon the type of financing you are seeking, it may take only a matter of minutes to fill out a business loan application or you may find that it takes a lot longer. To make the business loan application go by much faster, you need to prepare some documents ahead of time. As long as you can acquire all the documents you need you will be able to offer the lender all the information they are seeking and you can acquire the financing you need for your business.

A business loan application usually includes business profile information. This information basically asks for a synopsis of what your company is. What type of products do you sell, how much money do you make, etc.? The lender needs to get a view of your annual revenue and determine if you are worthy of a loan. You will provide information as to how long you have been in business, who owns the company, if you plan to expand, etc. The profile information is a summary of your business plan so bring it with you in order to prevent missing out on key information.

In the SME loan Singapore application you will propose a financing limit to the lender. This is where you are going to include information about your corporate credit rating along with the working capital you have to secure the loan. The lender generally looks for companies that have established credit as this shows they have passed the 2 year “high risk” window. In this area on the application you need to tell the lender which loan you are applying for and show reasons why you need this amount of financing.

This is all there really is to a loan application. They vary with each lender you are working with along with the type of loan you are applying for. If you are applying for a large amount of money you will need to come up with some type of collateral to secure the loan. This reduces the risk to the lender and it offers you the chance to acquire the money at a lower rate. If you don’t have collateral for the loan, you may be asked for a different type of security or guarantee. Can you personally guarantee the loan or can you find a partner or investor that will do it for you?

Difference Between A Payday Loan And A Personal Loan

If you are thinking about taking a loan, you need to be aware about the different types of loans, their features and limitations. Otherwise, you might not be able to pick up the best option depending on your financial requirements.

There is huge demand for different types of loans in Singapore, especially payday loans and personal loans. But how many investors know the difference between these two? This post revolves around the distinct features of payday loan and personal loan and so that you can differentiate between the two.

In simple words a payday loan is the loan of an amount that is to be paid as one time installment when you receive your next pay check. You are not required to keep security for such loan and the formalities are also minimal. In order to get a payday loan in Singapore, you need to be at least 18 years of age and should have a stable job.

In order to get a personal loan in Singapore, you are required to deposit all the necessary documents including security papers to the licensed moneylender. If your loan is approved you will be informed about the interest, loan tenure and the monthly installment that you need to deposit. Thereafter, you are required to pay the fixed installment every month till the loan period is over.

Now the next important question is how to choose between a personal loan or payday loan. The answer to this question depends on a number of factors including your financial requirements and repaying capabilities. For instance, suppose that you require the money for the operation of a relative. Now, since it is an emergency case, you can wait for longer duration and thus payday loan should be your choice. You can get such a loan processed in a week or so from any lenders. There are numerous banks and financial institutions in Singapore that will help you in this regard.

On the other hand, suppose you want to take a loan for buying a car. Now, it is not possible to repay the whole loan amount with a single pay check. As such, a payday loan will not be helpful in this case. The better alternative is to go for a personal loan in this case as you can repay the loan amount in installments. There are various other factors to consider as well at the time of choosing between different types of loans. You also need to research about the different loan providers so that you can get the best deal.

Affordable Travel Insurance

Are you making plans to go on a well-needed vacation? If yes, you should not forget to take care of your travel insurance. Although it might not be easy for you to find travel insurance with affordable rates, shopping around online could help you to get the desired coverage and save some money at the same time. The information in this article will give you some useful tips on how to find affordable travel insurance in Singapore.

These days, Singapore travel insurance quotes can be found easily online. You can start your research by looking for the most popular and trustworthy insurance providers. This way, you are not only buying insurance from a reliable travel insurance Singapore company but will get to choose from a wider selection. In addition, these insurance providers offer many different types of policies and they have the resources to give customers the cheapest rates for travel insurance.

Another way to get affordable insurance is to compare the different prices and coverage. Ensure that you read and understand the fine print information. Similar to other types of insurance policies, some insurance providers will not cover everything.

Depending on your destination and the length of your trip, a standard plan might be enough to cover things such as dental emergencies, hospital expenses and accidental damage to someone’s property. On the other hand, you might need a bigger plan that can cover cancellation fees, theft of cash and travel delays if you are going on an extended trip.

You should also think about the timing of your trip when you want the most affordable travel insurance. A good rule of thumb is to start planning months before the date of your trip. This will give you more than enough time shop around for heavily discounted insurance rates. During the busy summer months, most companies will have many promotional offers. But, it’s best to travel during the off-season when the standard insurance rates are reduced to a small percentage of the cost.

If you are planning to travel on several trips overseas, you should explore the options to buy one of the multi-trip travel insurance policies. Choosing this type of insurance will allow you to get good coverage from a single policy even if you are traveling several times in a year.

Even though you are buying affordable travel insurance, you should not settle for a low quality policy. After finding the most affordable travel insurance plan, it’s always a good idea to check the policy carefully to ensure that all your personal possessions, delayed departures, booking cancellations, personal accidents and medical expenses are covered. As you can see, finding a good travel insurance policy will not be a difficult task once you know where to search and plan in advance for your trip.

Do you need financial help?

Sometimes you need money and you need it quick, and for various reasons, you can’t get it from your bank or from your usual sources, because:

  • You’re already servicing another loan at the moment
  • You have a less than impressive credit score or bad credit history
  • You need money fast, and bank loan procedures aren’t as speedy

During such instances, you need to find another solution. This is where a moneylender in Singapore becomes useful. The lender could be an individual or a group of people. The advantage of using a moneylender is that it does not base its analysis on your credit history but rather on your asset credentials, or your ability to repay the amount you’re asking for now. If you’re going to secure your loan, assets are considered, if not, only your cash income is considered. It’s always important to work with a proven and trusted moneylender.

About your moneylender

The most important step is to see that your money lender Singapore has a valid operating license and that its number matches the number found on the list of licensed moneylenders in the Registrar of Moneylender’s office. This list is available on many sites online. You should also be familiar with the rules and regulations that govern the conduct of moneylenders in Singapore. This way, you can match their conduct against the rules to determine their authenticity.

Some things to check for include:

The lender should be able to offer a range of products. This normally speaks to its stability as an institution, because as you grow, so should the base of service provision. The loan application process should be streamlined and efficient. Most moneylenders have online application options now, and within these, they should let you know the requirements depending on your financial status i.e. salaried, commissioned or self-employed and citizenship status.

Before approaching a moneylender, it is important to establish your needs and what you require from the lender. This way, you can match your requirements against what is offered and settle on the best fit. Also, you will borrow only what you need, instead of an excess which may only give you trouble in the future.

Avoid borrowing money to spend on lifestyle requirements or gambles. Borrow only when you must, and only what you must. Your moneylender should be open about its procedure, and take time to answers all your questions fully and courteously. Use this opportunity wisely to make sure you fully understand everything you’re committing to.