QV Credit - Licensed Money Lender in Singapore

The lending and borrowing of money is a common practice for many individuals. It might seem like an easy process, but there are some differences between lending and borrowing that you need to know about before getting started. Lending is when you lend someone your own money to buy things, and borrowing is when you ask someone else for their money. There are other crucial factors involved like interest rates, repayment schedules, etc. This article will explore the difference between these two actions in more detail. Comparison Between Lending vs Borrowing The size of the lending or borrowing operation can also vary from small loans to large-scale investments. Both involve repayment plans, while some lending/borrowing agreements happen without any fixed repayment plan at all. The following will further elaborate on lending and borrowing. COMPARISON LENDING BORROWING Definition Lending generally means lending someone your own money to buy things or pay for some bills you ...

Marriage and owning a house are two of the most major milestones and costs you’ll face as an adult. The last thing you’ll want for yourself is to be in a financial bind. When this happens, most individuals consider taking out a loan to get them through the difficult period. In Singapore, you generally have two options: should I borrow from a bank or a regulated money lender? We’ve listed some significant distinctions between receiving a loan from a bank and a licensed money lender to help you make a wiser decision. 1. Licensed Loan lenders in Singapore provide faster approvals. Many laws apply to loans in Singapore , which may result in a higher rejection rate if you don’t match specific qualifying conditions. Income Eligibility And Citizenship Banks typically only lend to Singaporeans and permanent residents with yearly incomes of S$20,000 and above and foreigners with annual incomes of S$45,000 and above. Your loan will almost certainly be refused if your annual income falls bel...

For many people in need of money, the options are to borrow from family and friends or get a loan from a bank. But if you’re not comfortable with either of these options, Singapore Money Lenders like QV Credit offer loans to borrowers at an affordable interest rate.  Moneylenders provide all necessary documentation and paperwork for approval and can approve loans within 24 hours. These lenders also offer flexible repayment terms depending on the borrower’s needs – it may be possible to have your monthly payment adjusted based on your income level or other factors that could change from month to month. In this informative article, you will learn more about borrowing from moneylenders in Singapore. These lending options are available to individuals of all backgrounds, so feel free to contact QV Credit for a loan today. What Is A Licensed Money Lender? In a world full of lending options, it’s important to make sure the lending source is trustworthy and safe for borrowers. If you ...

If you’re having financial problems, a personal loan in Singapore may be able to help. You must pick between a secured and an unsecured loan, whether you borrow from a bank or a regulated money lender in Singapore. But how do you distinguish between the two? Which should you choose, given your current circumstances? Situations under which a Personal Loan may be required Before comparing secured and unsecured personal loans, it’s important to note that taking out a personal loan in Singapore is a serious decision. After all, you’ll need to be sure you’ll be able to repay it on time and with interest, so make sure you’re ready to take one. In the following cases, obtaining a personal loan in Singapore may be a reasonable alternative. Financial Emergencies That You Didn’t Expect Being in a financial emergency due to an accident, a death in the family, or being laid off are all situations beyond your control. In addition, you may still be accountable for ongoing financial obligation...

In Singapore, declaring bankruptcy can cause emotions of worry, anxiety, melancholy, and failure. Let’s face it: filing for bankruptcy is a time-consuming procedure, not to mention the social stigma that comes with it. So, before deciding to file for bankruptcy, why not investigate other more desired options while avoiding the drawbacks and limits of bankruptcy? When Should You File for Bankruptcy In Singapore? When you owe more money than you can pay back, you file for bankruptcy. In Singapore, you can declare bankruptcy if you meet the following criteria: You have debts totaling at least S$15,000 that you are unable to repay. (New temporary measures have been adopted as a result of COVID-19, and the sum has been increased to S$60,000 until October 19, 2020.) There are no other options for repaying your loan in the private sector. In these circumstances, it’s fairly unusual to contemplate filing for bankruptcy. Apart from the societal shame and pressure, there are a few reason...

In the five months between January and May 2020, 1,481 bankruptcy applications were filed in Singapore, with 404 orders issued – a substantial number considering the short time frame. In a nutshell, bankruptcy occurs when you owe more than you can afford to pay. There are also a few technicalities to consider. Filing for bankruptcy in Singapore is not something that many people contemplate when making financial plans. People who become bankrupt rarely know what to do to get out of it or what penalties they may face because this outcome is unpredictable. People who are considering filing for bankruptcy frequently seek guidance on how to deal with their debts. If you stumble into a situation where you need to file for bankruptcy in Singapore, here are some things you should know. When Is It Legal To Declare Bankruptcy In Singapore? Bankruptcy is the legal position of a person who is unable to repay debts of at least S$15,000. However, according to the COVID-19, the sum has been incr...

Do you need more credit for one or several of your expensive purchases? Believe it or not, you are not alone! Here in this article, we will share with you everything you need to know on how to increase your credit card limit in Singapore. We will also look at the maximum credit card limits set out by MAS regulations. But, first and foremost, what is a credit limit? The credit limit is the maximum amount of money that an individual can borrow on their line of credit account from their bank or the financial institution (credit cards). The interest rates for these accounts typically depend on the borrower’s ability to repay any loans taken up and how much they have borrowed already. If someone is unable to pay back what they owe, they may be charged penalties, including higher interest rates for the credit card, having their bank account frozen, or even getting declared bankrupt. Credit limits are set by the bank or financial institution that you have an account with and are typically b...