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What You Need to Learn about Money?

The truth is this – money is important. To say otherwise is almost lying. This means that each and every one of us has to be properly educated when it comes to the issues of finances. Doing such can be a way to handle and manage them accordingly. As that …

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Can A Credit Card Affect your Finances in Singapore?

Are you still wondering if it is a good idea to have more than three credit cards if you are residing in Singapore? Well, the answer is a big no. Regardless of whether you are a good payer or not, credit cards may have a big impact in your life. …

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How Do You Benefit from Licensed Residential Money Lenders?

There are still people who want to know – what does residential money lenders mean? This term is not difficult to understand if you are knowledgeable with loans. Basically, the word implies that you can go to lenders who do not care about credit rating. Meaning, they will still give …

Read More »

What You Need to Learn about Money?

Money
The truth is this – money is important. To say otherwise is almost lying. This means that each and every one of us has to be properly educated when it comes to the issues of finances. Doing such can be a way to handle and manage them accordingly. As that is the case, what should you remember about money?

Lessons about Money

These are some of the things that must be learned about money. Please take note of them:

Money has always been an idea

An ordinary person is most likely to pursue money in life. However, those who are greater will always go for ideas. Good ideas have the way to solve the problems and challenges of individuals in life. When a great idea is there, it may turn into reality. That would, in turn, bring money. Just refer to Edison and the light bulb. Have you seen the electric industry lately? This is again a perfect example you should not miss. In short, persevere with ideas.

Money will not make you rich and wealthy.

There are individuals out there who own money. This is a given already. There are individuals out there who earn a great amount of dime. Despite that, they are still not considered rich. If money does not make you rich, then what does? When you follow the practices of those who are rich, you will understand that purchasing an asset has always been the most advisable. The assets typically work so that they may build their own wealth. They would also utilize such in order to purchase liabilities. If they do not know how to handle money properly, they will get into trouble. But they do so it will not be a problem at all. With this, how can you use your money?

Money will solve your problems.

This is another misconception that has to be contradicted. There are two types of money problems out there. First one is the lack of money. Another is related to having too little or too much to spend. For whatever it is worth, you have to learn how you can deal with the mentioned. If you already know which of the problems you have already, how will you manage it then? These are the questions that you must have an answer for.

These are the lessons you have to think about money. At the end of the day, it is vital that you put these lessons into practice and good use. Each and every lesson is crucial. You have to ensure that you apply it in your daily living. Once you have the knowledge to deal with money, you can be assured that it will not have power over you or power to control you. That is the last thing that you would want in life.

It will also help that you have support from the people around you or just people that you know. If it is observed in a constant, it is going to be the best leap that you will ever do in your life. Please do so!

Can A Credit Card Affect your Finances in Singapore?

Are you still wondering if it is a good idea to have more than three credit cards if you are residing in Singapore? Well, the answer is a big no. Regardless of whether you are a good payer or not, credit cards may have a big impact in your life. It may affect your finances for sure. Just imagine your situation being threatened. This will transpire if you do not have the commitment to pay. That is for sure.

The Way Credit Cards Impact Personal Economy

If you are still not enlightened about this claim, these are some of the ways in which multiple credit cards may impact your personal economy:

May give you a hard time seeking mortgage and housing loan approval

To own a house in Singapore can be a challenge most especially for those who are non-native residents. Most of the time, there are ways in which you can obtain a home here. First, you are free to know if you will be qualified for an HBD loan. This is known to be more affordable as compared to a private home loan simply because it is offered by the government.

Most are not accepted by the HBD loan though because of their salary. This may transpire even if your salary is way higher than the criteria already. When this is the case, you will definitely be forced to secure your private mortgage. This may be won from various banks out there. Once you have credit card issues about repayments, you may face an issue here too. This is true because most banks will check your financial standing.

May consume most of your pay.

Most Singapore credit cards are considered debt. This is the truth that you must accept, no matter how cringe-worthy that sounds like. To simply put this, you have the obligation to pay creditors so that they do not go running after you eventually. If you are known to be a regular employee in Singapore, the only way you can settle this is to use your salary. That is not rocket Science for sure.

Please be reminded though that Singapore has always been an expensive country. To maintain a home and a vehicle in the said country can be of high maintenance. This only goes to show that if you own active credit cards, you will be forced to take on another job so that you can only reduce most of your expenses. This is the only way you can go on for the repayment.

May take up a huge amount of your living expenses.

There are instances when credit companies would claim to be interest-free. However, do not be so naïve to believe that the situation will be the same for the rest of your life. Tell you what – that is not going to happen. It will only be favorable for a number of months. Afterwards, an interest rate will kick in later on. In Singapore, the prevailing interest rate is around 18 to 24 percent. This may get higher so you have to be careful.

How Do You Benefit from Licensed Residential Money Lenders?

There are still people who want to know – what does residential money lenders mean? This term is not difficult to understand if you are knowledgeable with loans. Basically, the word implies that you can go to lenders who do not care about credit rating. Meaning, they will still give you the money that you need for a duplex, or family home.

Hard money is also used for this. It means that there is no longer a need to present complicated documents under your name. This practice is somehow synonymous to personal loans, private loans, or even bridge loans. These are all just referring to a single thing.

The bottom line here is that the process is solely based on the hard assets of the borrower. As this is the idea, the lender is given the chance to utilize real estate as their collateral. This is in answer for the transaction. With this, you can have a loan for just a matter of 3 to 4 days. It really depends upon your needs, or circumstances. This is ideal for financial emergencies.

Working with Money Lenders

With the overview given, everything is surely starting to make sense to you. If you have not gone through this kind of transaction before, what can you expect from the process? Here are some that you may experience:

  • It is feasible to stumble upon licensed money lenders around. You can go to them directly wherein you may lend your funds. What is even good is that there are some of them that do not charge any advance fees.
  • These companies may provide you loans which can be taken up to 10 years. However, it will depend upon your situation. This will give most borrowers the adjustability, and flexibility that they require so that they can maximize the opportunity for residential properties.
  • Contrary to traditional banks, your residential real estate will be used as a reference for the loan approval. Meaning, your bad credit rating will not matter anymore. It will only take a matter of signing a few documents. The amount of this may differ though. It typically depends on the lender who is available.
  • There are providers who may ask you for forms. These are needed to assess the value of a particular property. There are lenders out there who do not think about credit history, and scores anymore. This is an advantage for people who have a problem with such.
  • There are instances when the service providers waive the upfront fees. Anyone who needs to avail quick money can find a companion in this because the whole process only takes a maximum of ten days. Afterwards, there will be no problem anymore.

Do not get the aforementioned wrong. There is still a chance for these agencies to give off requirements. These may still be offered. The amount of money lent will also depend on this. Even the type of real estate will have to be talked about here.