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Lenders and Borrowers. Do You Know These Two Figures?

Often the figures of singapore moneylender and borrower commonly incite error. It is therefore not complicated to confuse both terms and enter a loop in which you do not know very well who is who. It is for this reason that today we want to explain everything about money lender and borrowers so that after reading this post, we will be able to clarify each and every one of the doubts that may arise.

 

Lenders and borrowers Who is who?

When we are faced with commercial loan contracts, the first thing we need to know before going into detail about the clauses contained in the contract itself, is who are the natural or legal persons that personalize both the borrower and singapore moneylender.

 

The lenders

If we talk about lenders , we refer to all those individuals or legal entities whose purpose is to facilitate access to the loan with their own funds or from the entity acting on their behalf (as in the case of financial and banking entities). To carry out this operation, the moneylender charge a certain interest rate in accordance with the risk that the operation in question may have – since, as we can imagine, it is not the same, for example, to grant a loan to a start-up company that to a company that has been acting in the market for a certain time.

 

Lenders can offer various types of loans or loans:

Soft loans: those granted by official credit agencies and international financial institutions to developing countries, sectors within the national economy that are experiencing crises or investments of high social interest. They are characterized by being granted by moneylender in the long term and at a low interest rate. Actually, because of the characteristics they show, these are covert subsidies.

Single-signature or unsecured loans : they present a very high interest rate and a much shorter period of time than soft loans. This is because there is no real guarantee that ensures the return of the amount to the moneylender.

 

Types of Lenders

Although we think no, there are more than one and two types of lenders. If we divide them according to the commercial relationship we find commercial lenders (banks and financial entities) and individual lenders (those who lend money outside a credit institution), however, in general we find the following types:

 

Bank lenders : this is one of the types of lenders most known to all of us. Banking lenders are consolidated entities that offer economic “facilities” to their customers and that require change, to meet a series of requirements, which in many cases makes it difficult to access them.

 

Lenders of individual type : they are those lenders that, unlike the banks, do not require so many requirements. Thus, for individual lenders to grant a loan, it is only necessary to provide a guarantee that can guarantee the payment of the loan. They tend to be people who, generally, work individually for small amounts.

 

Alternative financing lenders : In this case, they are platforms such as MytripleA, which act on behalf of different individuals (investors who fund the projects collectively), granting the financing requested by the company. This allows the development of loans between individuals .

 

Lenders: main features

So, all those who lend their money become directly lenders? Yes, and no . We say this because it depends on whether the amount that is actually lent is going to be lent or, on the contrary, given without waiting for its return.

One of the fundamental characteristics that make the lender is that he must have a loan of temporary assignment . This means that the money must be returned in the future with or without interest (as stipulated by both parties). In the event that there is no such obligation of future refund, there will be no legal relationship and therefore, there will be no legal loan agreement, nor will the figures of lenders and borrowers appear.

Therefore, the remuneration is not what determines the existence of the loans nor of the borrower and lender. To clarify it even more we are going to give you a very simple example: if we leave a bicycle for a few days to a friend because he needs it and we do not charge him absolutely any money, we will be, in any case, becoming lenders since our Friend will have the future obligation to return the bicycle.

 

Borrowers, the flip side of the coin

If we look at the literal meaning of the borrower granted by the RAE, we see that it refers to the ” borrower “. This, developed a little bit more, refers to the person who owns a loan , so the borrower assumes all the obligations and acquires all the rights of the loan contract that he signs with the natural or juridical person in question that is made up as a lender.

Give Your Opinion On Lenders In Singapore

Money lenders in Singapore are individuals who lend money to you personally, against fixed rates of enthusiasm, for a specific period of time. Their rates, terms and approaches are different from other large organizations related to money and just like their loan rates.

Each Singapore moneylender fall under the head of an affiliation that contains all the principles and instructions for your transactions. The disadvantages of choosing lenders in relation to any other agency are the loans that take quicker and do not bother. They do not approach you with the same number of points of interest as other substantial organizations, nor do they expect you to display accurate passes and reports. There are several money lenders not registered in the business as well.

Getting loans from money lenders in Singapore is a simple answer to all your monetary needs. Money lenders in Singapore lend money to individuals who do not have bank or have a terrible record of falling into terrible debt as well.

These singapore moneylender require only some data about you and certain files, for example, payment receipts and payment receipts for your guarantee. They are completely different from banks and budget organizations, which require significant investments in the preparation of their records and then pay money. Money lenders do not expect you to apply for propulsion. They lend you money fast and, in addition, request discount in a short time.

You are in good position when you run money lenders in Singapore. If you later discover a caveat in the creditors’ agreement in Singapore after marking it, you can use them legally.

If you understand that the expert is not actually administering, you can keep the contract improper as proof and move the court against it. The money lender may be qualified for discipline and the money you have obtained should turn into yours as a compensation measure.

In cases of unsecured loans, the sum is very small as well as the financing costs. In these cases, the singapore moneylender do not have to worry about you to put your benefits into question.

What they require is just a couple of payment receipts and payment receipts as confirmations of your consistent income. When you approach them to an almost expansive measure of credit, they will approach you for a home loan. This implies that you must hand over the property records as a guarantee of repayment of your credit.

They will not take control of your property. However, you will not have the ability to offer it without your consent until you completed the refund. If you cannot repay the amount and, if you offer the property, your credit should only be deducted from the estimate of the business and you can take care of your own business.

BORROW FOR BEGINNERS: MONEY LENDERS

To take out a loan, you can in principle go to various parties, the so-called lenders or singapore moneylenders.

 

First of all, one can think of non-professional lenders like family and friends, but employers are also often willing to grant loans to their employees, whether or not on favorable terms (for example in the context of a PC-Private Project).

 

Although people pay a (somewhat) lower interest rate with such lenders, there are also disadvantages associated with this method of financing.

 

For example, taking out a loan with the employer increases dependence on the employee; it may feel compelled to agree more quickly with certain measures within the company.

 

For family and friends, first of all, they do not always have the necessary funds; but a more important objection is probably that unforeseen business problems when repaying the loan can have direct consequences for personal relationships.

 

PROFESSIONAL LENDERS

In practice, people will therefore often use professional donors.

 

BANKS

The banks together account for approximately 45% of the total credit volume in the Netherlands; they are the largest provider of consumer credit.

 

Yet they are relatively short-term engaged in offering loans to private individuals: this form of financing only arose around 1950.

 

FINANCE COMPANIES

Finance companies have been involved in providing consumer credit for about a hundred years.

 

They originated in the United States around 1850, when manufacturers introduced a form of purchase purchase in order to bring their products within the reach of private individuals and thus increase their market.

 

Financing companies in the Netherlands account for approximately 40% of the loan volume.

 

MUNICIPAL CREDIT BANKS

The municipal credit banks are in principle open to everyone, but they are mainly concerned with social lending to people who have difficulty getting a loan elsewhere, for example due to their age, their income or their credit history. In addition, the GKBs are engaged in debt mediation and debt repayment .

 

CREDIT CARD COMPANIES

Credit card companies also offer a form of credit.

 

Consumers who pay with their credit card only pay their spending (on average) a few weeks later, without having to pay interest. (When paying with a debit card there is no lending: the amount is immediately debited from the cardholder’s account.)

 

The companies moreover often provide the ability to outstanding amounts distributed to repay, in which case the consumer should have to pay interest. (This often involves hefty percentages!)

 

MAIL ORDER COMPANIES

Mail order companies also often offer their customers the option of paying their purchases in a spread, and they charge a credit fee (interest) for this.

 

COSTS OF DIFFERENT CREDIT FORMS

In many cases, credit card and mail order credit is a relatively expensive form of Singapore moneylender; consumers can often finance their purchases more cheaply with the aid of a personal loan or a revolving credit.

5 Steps To Increase Your Financial Intelligence

World experts define financial intelligence or financial IQ as the ability of a person to solve their money problems and be free financially.

By working these skills in a disciplined way, you can acquire knowledge to better manage debts, income, expenses, credit cards, purchases, protection of assets, balance the family budget and generally have the “control” of the money.

These are the 5 steps that allow you to increase your financial intelligence:

  • Increase your capital with passive income (those that do not depend on our work).
  • Protect money from losses and from predators (unnecessary debts) “spending a penny on something you do not need ends up being expensive” Warren Buffett.
  • Take a detailed budget of your money.
  • Learn to save and invest.
  • Increase your financial language.

These steps will help you to have a better quality of life, less stress, tranquility in your family; as well as conquer your dreams and achieve your goals.

5 Financial tips to start 2018

1) The key is that the monthly expenses do not exceed the income and always allocate a fixed percentage to savings.

2)  In the monthly budget always allocate an amount for savings and keep your current credits up to date to avoid paying interest for delinquency.

3)  Marriage payment, vacation in July or change of car? Set your goals for 2018 and start a programmed savings BN that allows you to achieve it and earn interest.

4) If you plan your financial life in the long term from now, you can have better results. A complementary pension plan from #BNVital is an ideal tool.

5)  Improving the budget can constantly help you make better decisions. Identify expenses that can be reduced or investments that can grow.

10 FINANCIAL TIPS FOR DADS

Because we know that many parents are the financial pillar of their family, we also know the difficulties they have to face: pressure to meet various needs and frustration at seeing the money reduced so quickly. This day of the father, Dinerio gives them 10 tips of finances so that they stop worrying and enjoy 100% their paternity.

  1. Use your money wisely

Stop spending money on beer, cars and sports. If you have a habit that is only reducing your budget and putting you and your family in difficulties, cut it for a while and you will see the results. Think ahead and invest that money in financial instruments or start the business you’ve wanted so much. If you want to know the new ways to invest your money, we recommend you read the fintech that will help you make the most of your money.

  1. Protect your family

Although nobody expects bad times, it is better to be safe than sorry. As a parent it is your responsibility to insure and protect the future of your children in case something unfortunate happens, be it an accident, illness or premature death. There are several life insurance options to protect your family.

  1. Have a savings fund

Although it is difficult to save after all the expenses that have to be made, it is necessary that you do it and that you cultivate that financial habit. Sit and analyze your income and expenses, how much can you save? Whether it’s a lot or a little, take it out. Divide your savings into various funds: emergencies, retirement, personal goals, etc. Do not touch that savings fund unless it’s an urgent situation. As a recommendation, you can put that money in a bank account to which you do not have access so easily or place it in a liquid investment.

  1. Create a budget

To achieve financial peace, it is necessary that you have complete control of all your money. Make a list of all the expenses you make per month and determine the amount of money that goes to each expense. Do not exceed the budget that you assign to each expense and do not spend all your income, it is advisable that within your budget you also include saving funds.

Dinerio is the first free personal finance platform with which you can have total control of your money from one place and wherever you are. Dinerio allows you to create a personalized budget that automatically tracks your expenses by linking your bank accounts and obtaining your financial information, saving you the work of manually writing everything in Excel tables or in notes. The only thing that you will have to manually write down is the expenses with cash.

  1. Teach your children to save and invest

Parents have a responsibility to encourage and inspire good habits in children, and the best way to teach your children is by setting an example. Strive to have healthy and responsible finances, and your children will also have them. Show them the benefits of saving and investing money. Buy a piggy bank for your children to start saving and give them rewards for their money saved. Also teach them ways to save when they go out for fun or on vacation.

A good investment option for children are the Government Cites, where they can create their account and start investing.

  1. Ask for the opinion of your children in financial decisions

Adults think that children cannot get involved in money issues; However, if you encourage that belief, your whole life will think that way. On the other hand, when you start to involve your children in financial planning you will be surprised to see their ability to analyze and understand situations. If the family is in a complicated economic situation and they know it, they will do their part.

  1. Establishes a period of family purchases

There are many needs of your family: services, food, medicines, utensils, etc. However, you can establish a period a year in which certain purchases are made such as clothing, school supplies, furniture, utensils, etc. Thus, the rest of the year you will not have to worry about that and you will have more organized your budget.

  1. Look for extra income

If during the weekends or at the end of your working day you have some free time, you can look for jobs or hobbies that give you some money. Creating a blog or a website about a topic that you are passionate about are options that are now very viable and functional. Uber, Fiverr and Airbnb are other alternatives.

  1. Have fun with your children without spending

Teach your children that happiness does not come from material goods. Avoid buying expensive and electronic toys, instead buy skill games or create your own games. Something as simple as puzzles, Lego, balls, ropes, etc. Go out to exercise with your children or practice some sport. Visit natural parks and live with them. They will be the best memories that you can give them and that require little or no money.

  1. Spend some time a week for yourself

Even though being a dad is a full-time job, it is necessary that you dedicate some time to yourself. For you to reflect, be alone or clear yourself. Being a father does not mean being Superman. You can spend 30 minutes of your day meditating, exercising, going for a walk or doing the activity you enjoy the most.

Business Administration: The Payroll Administration

The Payroll department is an important department at companies. Of course, all departments are important. But for employees this is one of the most important departments, because they ensure that they receive the right salary in time.

 

Mutations

The payroll department processes all transactions each month. This then concerns matters such as salary increases. But there are also changes when a staff member starts to work more or less, takes parental leave or takes care leave. The commuting allowance can also be adjusted if an employee moves or if someone is ill for a long period, then this reimbursement will no longer apply. But this is not everything. Every year the pension premium changes or other premiums change, these changes must also be implemented. So, it is a race against the clock every month for this department to have all transactions processed in time.

In December and January, they often have extra pressure, because extra changes as a result of adjustments to the premiums have to be made. This change in premiums applies to all employees, so that is a very busy period for the employees of the payroll administration. This department is therefore very busy for about two weeks a month (just before the payment date), then it is two weeks quieter and then the crowds start again. That’s how that month goes out in months. Employees with questions about their salary also come to this department. An employee of the payroll administration is therefore also the point of contact when it comes to salaries.

Payout

Many companies pay the salaries of their employees on a fixed date. For example, on the 20th or 1st of the month. Often, weekends and / or holidays are taken into account. If the payment date falls exactly on the weekend or on a public holiday, most companies pay a little earlier. There are also companies that pay the salary even a few days earlier around Christmas, so that everyone has his or her salary well before Christmas. Previously everyone was sent a pay slip at home, but nowadays that is no longer the case with many companies. Employees can then log into a personal portal and can view their pay slip (and other personal documents / data) there. The annual statement is often no longer sent. This is also stored on the personal portal. An employee then has all the data neatly together. He can always view this information and print it if necessary.

Kind of people

Employees who have a lot of affinity with numbers are working on the payroll administration. They must be able to work very precisely, because after all it is about the salary of an employer. This must be good. The payroll administration is therefore an important department!

 

Financial Education: Tips To Learn How To Save

Saving refers to the action of reserving some part of ordinary expense, in order to obtain something. All at some time we have saved in some way, from piggy and the famous batches, making use of some of the financial instruments offered by banking institutions.

 

To save, it is necessary to organize our resources and prepare a savings plan that contains 3 fundamental steps:

  1. ESTABLISH A GOAL

The first thing to know is what do you want to get? What is the best option? How much does it cost? In this sense, we recommend that once you know what you want, check several options and compare prices, quality and benefits, until you find the one that best suits your needs.

For example: If your goal is to buy a car, you should think about what brand you would like, if you want standard or automatic, what color, used or new, etc., to later give you the task of going to car agencies to compare prices.

Once having this clear, you must decide when you want it? To determine a time range is very important, since from there you will be able to define the necessary resources in that period.

  1. IDENTIFY YOUR PERSONAL SITUATION

You must answer two elementary questions: what are my income? and how much do I spend? For this, we recommend you add your total income and compare them with expenses, making a list of fixed expenses, which refer to those that we can foresee.

These do not necessarily have to be always the same amount (since we do not know how much the receipt of electricity or gas will arrive), however we know that month after month we will have to pay it. For example: rent, internet, cable, telephone, super purchases, etc.

On the other hand, make a list of variable expenses, those that are not indispensable and that change constantly. Such as: meals away from home, going out to the movies with friends, medical consultations, buying shoes or clothes, etc.

  1. LEARN TO CUT YOUR EXPENSES

Once you have both lists and have compared them with your total income, analyze the expenses that you can do without or those that you could reduce.

There are unforeseen expenses that it is impossible not to cover such as medical consultations and medicines; but for example, if you noticed that you spend a lot of money eating every day at the little restaurant near your work, you could try to bring food from your home.

This setting will allow you to increase the amount available to save. Because remember that “Saving is not an end, but a means to obtain something that you want or need; It can also be the best tool to get out of any unforeseen event that involves a heavy expenditure. “

Also consider the possibility of downloading a personal finance app, this can help you keep track of all the income you have every month and make you aware of what you are spending your money on. Once you have completed these steps, you can decide where you will save the amount of money you have set aside to achieve your goal.

How to Quickly Pay Student Loans

Often, students develop a habit of “manana habbit” attitude towards financial obligations. We seem to not care about making payments to our student loans. Keep in mind Student loans is different from any other loans out there. Student loans accumulate large percentage on a daily basis if not paid in time.

It’s important to make at least the minimum payments.

SO WHAT IS THE SECRET TO PAYING OF THOUSANDS OF DOLLARS OF STUDENT LOANS DEBT?

Avoid accumulating interests.

The best practice to do this is to communicate with the student loan officer. Give them a call and explain to them your job situation. 100% of the time you can get an extension of non-payment without interest. This is a mandatory action on the bank’s part instructed by the government finance department.

Most student loans come with a grace period of six months in which you are not required to make any payments. If your grace period is coming to a close, then you have some decisions to make.

The first step is to find out how much do you owe and to whom?

Your financial aid officer can help you with this. So don’t waste any time and contact your financial aid officer.
According to the US (United States) government’s Student Aid website: During the grace period on a subsidized loan, you don’t need to pay any principal without accumulating interest. While in an unsubsidized loan, you don’t have to pay any principal, but it will charge interest. You can either pay the interest or be capitalized, which adds it to the balance of the principal loan. This will be a bad scenario as it will drastically increase the amount you owe and potentially burry you in debt for years to come.

HOW TO MAKE YOUR STUDENT LOAN GO AWAY?

Believe it or not, there’s actually a few ways that they can be diminished without you paying them, but they are special cases. Most of us are going to pay back every dollars and cents we borrowed. Plus more!

HOW DO I MAKE MY STUDENT LOAN WITHOUT PAYING?

By joining the Peace Corps or AmeriCorps as volunteer. Majority of financial advisors will say you are better off getting a job and paying back the loans. There are reasons you may want to volunteer. If you want to become a teacher, join the military, work in the legal or medical field, you can take advantage of some loan forgiveness programs available for you.

Otherwise, your student loans will remain in your financial history until you pay them back. Not bankruptcy can destroy them.

WHAT IS LOAN CONSOLIDATION?

It’s basically a way to lower your total monthly payment, but it comes with a price. How? Consolidating your loan will extending the terms of your loan and therefore paying more interest in the long run.

If you can afford paying your monthly payment, you still should consider consolidation. Why? Because you can always stick to your standard repayment if you can comfortably afford it. This lowers you interest in the long run as interest is calculated per month on the principal balance.

HOW DO I CONSOLIDATE MY LOAN?

From the day you graduate, your mailbox will be filled with offers to consolidate your student loans. Why does it seem like everyone wants to help you? Because student loans are backed by the US government. It means that if default on my loan, the government will pay it and try to recoup the money from me themselves.

So loan companies are secured to get their money back. These Student Loan Consolidation offers are nearly identical, but pick wisely as it will be a relationship you may have for a very long time.

Keep in mind if you consolidate during your grace period, you can lock in your interest rate to around 0.6% lower and still not make any repayments until the period ends. So dont wait!

WHICH LENDER IS RIGHT FOR ME?

Consider that interest rate for all lenders will most likely be the same. You can get discounts for setting up an auto-payment through their website and for enabling payments using a credit card. The advantage of using a credit card is you can earn points and rewards with your credit card company.

SO WHAT HAPPENS WHEN I CAN’T AFFORD PAYMENTS?

We all go through tough times so lenders are prepared for this. If you are unable to pay your monthly bill, it’s not the end of the road. Talk to your lender and don’t feel bad about it. They are there to serve your needs.

Ask to arrange a payment plan, where you pay less now and pay more later. This helps when you are just starting out in a new job. And as your salary increases, you should naturally be able to make higher payments.Also, ask about deferment of the principal balance. This means you are not required to make payments for a set period of time but interest will still accrue.

The good thing about this is your credit score will not be affected.