low income loan

April 11, 2022 Sucredit No Comments

Best Instant Low-Income Loan Options

When you earn so little and you are left with no other option but to top up your salary with a credit facility to cover the deficit, it’s hard to find a low-income loan in Singapore that will meet your financial needs without making your financial status worse. And while you may find a lender willing to approve your loan with a low income, this comes with a cost. Therefore, it is important to pay attention to interest rates and payment terms. What is a Low Income Loan? Low income does not necessarily mean small pay, it depends on factors beyond your pay such as family size and where you live. The lending criteria include proof of income and categorize the income from high to low depending on the clientele. If you fall in the low-income category, then a low-income loan in Singapore is ideal for you. In a nutshell, the low-income loan is a loan facility advanced to people with low income as categorized by the lending institutions. Low-income Loan Options When you have a low income and you are searching for a loan facility, you may think that your options are limited and the ones that are available are very expensive. This is not the case, there are several low-income loans options that you can explore. Here are some of them: Secured Personal Loan As the name suggests, this loan is secured against an asset such as a vehicle or land, or any other property, where you lounge property ownership documents such as the logbook or title with the lender and it is jointly registered. The security is meant to safeguard the interest of the lender in the event of default. Your property can be repossessed by the lender if you fail to honor the terms of the loan agreement and can be sold to clear your loan balances. These loans are less risky to the lender and are easier to qualify and have high approval rates. Unsecured Personal Loan This type of loan does not require any collateral making it riskier for the lender hence stringent terms. Due to the risky nature of the loan, it attracts high-interest rates, strict terms, and low approval rates. Unlike in secured loans, a credit score is necessary here, to prove your creditworthiness. Approval rates depend on your credit rating. Small Unsecured Personal Loan This is an unsecured loan with a maximum limit. The limit is usually set by the lending institution, but in most cases, the limit is S$3,000 Payday Alternative Loan This is a loan that you get to top up to your salary and payable on the next payday. The interest is usually high as it is an unsecured loan and the approval rates are dependent on your salary. Finding a low-income loan in Singapore isn’t a tall order as there are a thousand lenders looking for that business. However, it may come with a high-interest rate and other costs.

business loan

April 11, 2022 Sucredit No Comments

Guides to business loans in Singapore

If you are a small and medium-sized enterprise in (SME) owner in Singapore, you are likely to seek financial assistance at one point in time. Business loan sg can either be used for capital investment, to boost working capital, pay rent, or other purchases. This guide enlightens SMEs on the available options for boosting their businesses through business loans in Singapore. Types of Business Loan Available in Singapore Government Assisted Business Loan Scheme This is a working capital loan and temporary bridging loan program. This scheme was introduced in 2020 during the height of the COVID-19 pandemic as a way for the government to support enterprises in Singapore that were already feeling the hit of the pandemic. The loans are administered by Enterprise Singapore (ESG) and their participating financial institution (PFIs) They are very attractive to SMEs as they include a government risk share of up to 90%. They offer 3 loan facilities: SME working capital, trade loan, and a temporary bridging loan program. Unsecured Business Term Loan Unsecured business term loans are not secured by physical collateral such as property or equipment, but by company directors’ personal guarantees These loans are very popular among SMEs due to their flexibility. They can be used to finance working capital for daily operations such as the purchase of inventory and payroll or to finance business expansion plans such as leasing a new retail outlet. Merchant Advance Merchant advance (MCA) is a financing product that is only available to retail or F&B businesses that use credit card terminals. Qualification criteria are based on 6 months of credit card transactions. If you request huge amounts, then you’ll be required to provide your financials and guarantors. Invoice Financing Invoice financing in Singapore refers to a credit facility that uses invoices as collateral. The amount to advance is based on the strength of the SMEs customers. Government or Multinational corporations (MNC) customers are usually the most preferred customers as their payments are always guaranteed. The SMEs receive business loan sg by providing the invoices that are awaiting payment. Then, the lending institutions will process the loan and use the invoice as collateral of which they’ll recover their money plus interest once the invoice amount is settled mostly in a month’s time. Business Overdraft An unsecured overdraft is viewed as an alternative to a business tern loan and is recommended for SMEs who require short-term financing for working capital. Unlike the term loan, Overdraft provides the SME with a line of credit instead of a lumpsum amount. Interest is only charged on the amount used. The overdraft facility allows the SME to have multiple withdrawals of any amount up to the credit limit. Business First Loan This is an unsecured business loan sg that caters to young start-up registered and has been operating in Singapore for 6 months to 2 years It is one of the few loans available in Singapore for business start-ups With the above information in mind, the next step is to look for a reputable lender and apply for a loan.

legal money lender

March 31, 2022 Sucredit No Comments

Disadvantages of Taking a Loan from “Loan Shark”

Loan sharks are illegal money lenders operating in Singapore and usually target poor and desperate borrowers. As compared to the recommended licensed moneylender, they pretend to be the best lenders that you can ever get. They attempt to lure you into borrowing with them by being friendly and offering very attractive terms when the bank has turned you off due to a poor credit rating. However, the money that they give you comes with a very high price, not to mention the risk. You might think it won’t be bad if you are applying for a small loan that you’ll clear within the shortest time period but that’s not the case. Here is why Never Ending Interest Rates Borrows get attracted to loan sharks because they find the loan application process very simple as they don’t have to make trips to the bank or money lender’s offices since everything is handled online. However, that convenience comes with a cost, they add extra charges not agreed upon at the point of the loan application. That is not enough, they add daily interest upon default which makes a small loan build up to huge amounts leaving you into a financial crisis. The sad thing is that, instead of empowering these poor and desperate borrowers, they burry them deep into the pit of debt. Hidden Charges Unlike banks and other recommended licensed money lenders loan sharks do not necessarily have clear loan terms and conditions. So you are never sure what your terms are and therefore, they can subject you to some crazy interest and other illegal charges. In most cases, illegal money lenders will give you a blank paper for a contract to sign, of which they add some information that you are not aware of later after they’ve processed the loan. Whatever is put there in becomes binding as you’ll have signed the document though you signed when it was blank. Personal Possessions Taken as Security Although illegal, loan sharks will ask for your passport, bank cards, and other important personal documents as a security deposit. This is to guarantee that you won’t run away before settling your debt Your personal identification documents are yours by law and they should be in your possession at any given time. Your personal information should be protected to avoid access to illegal identity duplication or identity theft. Trading your personal identification documents for a loan is not worth any amount of money as it can easily be abused and cost you more than the benefit derived. No Option of Full Settlement Unlike the recommended licensed moneylender, loan sharks rarely allow the borrower to settle the loan in full. This is to keep you paying the high-interest rate that is ultimately their profit. In the event that they allow you to pay in full, the load full interest that you could have paid if you waited for the full term. Pressure to Clear One Loan with Another Loan sharks will come with all sorts of solutions in the name of helping you fix your financial problems. If they find you struggling with loan repayments, they’ll advise you to borrow from another loan shark so as to clear their loan fully to avoid future penalties. Don’t be fooled, this will just get you into a larger debt with even higher interest rates and you’ll be left to pay that loan forever. Violence and Harassment When you are unable to meet your monthly installment, they’ll issue threats and subject you to a lot of harassment. They even involve family members and friends in their coercion to force you to clear the debt. In a nutshell, the best way to deal with loan sharks is not to deal with them at all.

best money lender

March 22, 2022 Sucredit No Comments

Tips to Choosing the Best Money Lender in Bugis

The best money lender in Bugis is a great source for getting loans in Singapore as they provide various financial services from payday loans to term loans. There are multiple licensed moneylenders to choose from in Singapore offering both online and offline services. However, there aren’t any set standards for identifying the best money lender in the country but there are ways in which, you the borrower can find the best-suited moneylender for your specific financial needs. Here are a few ways that you can explore to find the best Bugis money lender Credibility The first and the most crucial thing to identify if the moneylender is credible is to verify whether indeed they are licensed and running a legal business. No matter which money lender you pick, just ensure they are licensed to operate in Singapore by the Ministry of Law. Here is how you can identify if the lender is licensed. Ask for the proof of license issued by the Government The ministry of law provides a list of Bugis money lender on their website. Therefore you can browse through the list to find out whether the company you are dealing with is licensed. Experience Experience is paramount in every sector. An experienced lender will definitely offer the best services and informed advice. In the lending sector, different lenders specialize in specific lines of credit. Although you might find them offering all loan services, there is always that line of credit that a given lender specializes in. For instance, you may find that a given lender is known of offering the best mortgage facilities while another one does best on asset financing It is always advisable to look for a money lender specialized in the loan you intend to apply for as they are deemed to offer the best loan terms plus professional advice. To gauge experience, you can do research on the company’s history. Generally, the more year of operation, the better the services. You can also try to get a neutral view from their past clients. Clients are always genuine and will always leave a very genuine remark on customer feedback. Such feedback can help you gauge the credibility of the company. Interest Rates Interest rate is inescapable in any type of loan. However, different moneylender Bugis offer different interest rates for the different or same loan facility. Therefore, it is up to you to conduct your research to identify the lender offering the most competitive interest rate in the market. Application and Approval After compiling a list of the potential lenders, you need to find out more about the application and approval process It is important to know the turnaround time of the lender, especially where you need immediate financing to sort out emergencies. Flexible Loan Repayment Another important thing to consider when choosing the best money lender Bugis is flexibility. A flexible repayment plan will not leave you in a financial crisis after paying the monthly installment. If you follow the tips above in identifying the best money lender Bugis, you can be sure to get the most reliable one with the best terms.

secured loan Singapore

March 10, 2022 Sucredit No Comments

Difference between a secured loan and an unsecured loan

You may occasionally find yourself in need of immediate cash, but your savings are insufficient. You may have considered taking out a bank loan, but what if you can’t get through the red tape? The paperwork, the wait, and the uncertainty of not knowing if your application has been granted can be challenging. However, don’t be concerned. You might consider getting a secured loan in Singapore as a potential option. You shall have to determine whether you want a secured or unsecured loan. What, though, is the distinction between the two? And, given your existing circumstances, which path should you take? What Is The Difference Between Secured And Unsecured Personal Loans In Singapore? Let’s look at the distinctions between taking a secured loan in Singapore and unsecured loans now that we’ve covered a few scenarios. Secured Loans in Singapore Secured loans are those that require the borrower to put up some form of collateral as a condition of borrowing. Secured loans include car and housing loans, for example. Pawning your belongings at a pawn shop is the same as taking out a secured loan in Singapore. The item, which serves as collateral for the loan, can often be anything of worth your own. Property, vehicles such as automobiles or motorcycles, other high-value assets such as valuable jewelry, or even a fixed deposit may be included. If you default on your debt, the lender has the authority to seize and sell your property to recoup their losses. It’s possible that even after the lender has taken the collateral, it won’t be enough to meet your loan obligation. This is referred to as a shortfall, and it commonly occurs when property or items deteriorate in value over time. It’s crucial to remember that secured loans may contain restrictions on how you can use the funds. If you plan to spend the money to buy a car, for example, you may be obligated to use the entire sum. Even after the lender has taken the collateral, it’s possible that it won’t be enough to cover your loan obligations. This is known as a shortfall, and it occurs when the value of property or items depreciates over time. It’s crucial to remember that secured loans in Singapore may come with restrictions on how you can use the funds. If you want to buy a car, for example, you could feel obligated to use the entire amount. Unsecured Loans When you take out an unsecured loan, unlike secured loans, you don’t have to provide collateral. Because the lender is taking on more risk, unsecured loans have higher interest rates than secured loans. Failure to repay the loan on time will result in a low credit score, which can lead to serious problems in the future. This includes a lower chance of getting a loan in the future and the inability to get a credit card. It may make it more difficult to find a job, especially in the banking and finance sectors. There are usually no limitations on how you can utilize an unsecured loan, whether it’s to pay for medical bills or a vacation. Personal loans and payday loans are examples of unsecured loans, both of which can be used for any reason. Renovation loans are an exception to this rule. While you don’t need to put up any collateral to get a renovation loan, there are some limitations on what you may do with the money. You can only utilize a renovation loan to pay for renovations like electrical work, painting, and structural adjustments. You won’t be able to use it to buy new furnishings with it. Benefits of obtaining a secured loan in Singapore Secured loans frequently have lower interest rates: When borrowing money from a lender, the interest rate should be examined. The interest rate for a secured loan in Singapore is lower. It enables you to take advantage of a reduced interest rate, resulting in cheaper monthly repayments. Higher loan amounts are available: If you need a substantial sum of money, a secured loan in Singapore is the best option. It gives you the ability to borrow a large sum of money. You will, however, need to supply the lender with collateral as security. You can use your assets as collateral: Different lenders allow you to utilize various assets as collateral for a secured loan. Property, vehicles, cash, and high-value assets are examples of these assets. Some lenders may allow you to utilize your valuable jewels and artwork as collateral. Benefits of taking a secured loan in Singapore from Su Credit Pte. Ltd. Su Credit Pte. Ltd can provide you with a secured loan in Singapore. We are a licensed moneylender in Singapore that offers a variety of lending options. Many firms in Singapore have benefited from our assistance in overcoming their financial difficulties. You can apply for a secured loan in Singapore through our online money lending platform. The platform is built to allow for a simple and quick application. We will contact you as soon as possible once you submit your application. Please use our online application to apply for a secured loan in Singapore today.

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Best Instant Low-Income Loan Options

Guides to business loans in Singapore

Disadvantages of Taking a Loan from “Loan Shark”

Tips to Choosing the Best Money Lender in Bugis

Difference between a secured loan and an unsecured loan

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