Tips to Getting a Loan Application Approved in Singapore

The personal Loan in Singapore can be the ultimate solution to most of your immediate financial needs. However, getting a personal loan is a huge pain in the neck. Many elements may put a negative impact on your loan application. As a result, your application will be rejected by the money lender. It may put a serious impact on the plans you’ve made.

But there is no need to worry because we’ve prepared a few important tips that are very helpful in getting a loan application approved. If you’re concerned about getting your loan application approved in Singapore, this article is going to help you a lot. So, let’s look at the tips you must follow if you want to get your payday loan application approved in Singapore.

1.    Understand the Total Debt Servicing Ratio framework

The Monetary Authority of Singapore uses this legal framework to make sure that the people may stay away from risky financial behavior. This framework prevents individuals from getting themselves into trouble through loans. This framework uses the individual’s financial standings to determine the loan amount that’s suitable for them. Usually, this ratio is 60% of your income. The approval process gets a lot easier when you carefully analyze your TDSR standing.

It provides you with an overview of the limit you may qualify for. Thus, you won’t be making a mistake when applying for the Personal Loan in Singapore.

2.    Analyze Market Conditions

The market’s Condition also helps you in figuring out the right time for getting your loan application approved. The performance of the market puts a significant impact on the amount of credit. The market is more stable when the economy is performing well. As a result, the credit is easily available at cheaper rates. The chances of getting your application approved are increased when you submit the application at the right time. Moreover, it helps in qualifying for flexible loan terms and most favorable interest rates.

3.    Build Good Account History

The chances of getting a loan approved are ultimately increased when you apply for a loan from an institute where you’ve built a good account history. You can build a good account history by avoiding the missing payments or over-drawing your account.

The good account history helps in getting a loan application approved at the most favorable terms. Similarly, the financial institution will reduce the interest rate based on your previous history.

4.    Keep the documents prepared

You must always keep the documents prepared that may be required for the loan application evaluation process. Copy of NRIC or Passport, Digital Payslips, Income Tax Assessment Notices, and CPF Contribution History are some important documents that may be required in this regard. Similarly, there are some other documents the bank may ask you to submit. Your application will be rejected if you failed to produce the required documents on time. Therefore, you must keep all documents prepared to avoid the rejection.

5.    Do Your Research

We strongly recommend conducting proper research before making a final decision. You need to compare the interest rates of different lending institutions. Similarly, you must understand the terms and conditions of the personal loan. You can discuss the details with an employee of the institution that has a better understanding of such matters.

Conclusion

The preparation is the key to getting your application approved in Singapore. Choosing the right institution and having the right information is a part of proper preparation. You need to understand the complicated aspects of the loan before applying. The tips we’ve shared above will help you a lot in getting your loan application approved.…

The Declaration of Financial Independence: ING direct

ING Direct, one of the pioneering online banks, has announced its new “We, The Savers” push, encouraging Americans to focus on finance fundamentals and put saving first.

In a letter on their Web site, CEO Arkadi Kuhlmann writes that we’ve made some mistakes, but can emerge stronger: 

There’s no denying it: America is in a tough financial spot, and some of the people in our financial industries have a lot to answer for. Eventually, they will. In the meantime, there is no way to turn back the clock on this crisis and not much the average person can do to alter its course. It has to play itself out, and we have to believe – and insist – that those responsible will play their parts in fixing it.

But what we can do is make sure, as the song says, we don’t get fooled again.

Below is a 10-point plan for exactly that. If you live by it, you’ll be in control of your financial life. If everybody lives by it, we’ll live in a stronger nation. We urge every American family to read it, talk about it together, commit to it. Then print it out and tape it to your refrigerator door. It’s a declaration of financial independence that will put your future into your own hands, where it was always meant to be.

ING’s 10-point plan is as follows.

  1. We will spend less than we earn.
  2. We will use our home as a savings account.
  3. We will take care of our money.
  4. We will defend our credit worthiness.
  5. We will ignore unsolicited credit card marketing.
  6. We will know the cost of borrowing.
  7. We will invest for the long term.
  8. We will take care of the things we have.
  9. We will remember what matters.
  10. We will be heard.

We can’t argue with any of the points — the level of finanical knowledge in the U.S. is way too low, and anything that can be done to improve it is a step in the right direction.

What We Would Add

Here’s what we would add to the decleration:

  1. We will remember that cash is king.
  2. We will attack debt to reduce it whenever possible.
  3. We will not be swayed by the hysteria and panic in the media.

How laziness and stupidity cost me 60 today

I lost $60 today in the stupidest way possible: for my flight out of town, I went to the wrong airport.

Yep. You read that right. I went to the wrong airport.

For my flight to CEDIA Expo, I thought I was flying out of Washington/Dulles airport (located in Virginia). Had I taken the time to look at my boarding pass … or my confirmation email … or my online agent … I would have noticed that I was actually flying out of Washington/Reagan National.

It came as a pretty big shock when, with just over an hour to go before my flight was to leave, the agent in the security line at Dulles told me my ticket wasn’t for their airport.

Yeah, I know. Totally stupid, right?

So I booked it. I ran out to find a cab, who I instructed to get me to National as quickly as possible.

The two airports — about 20 miles away from each other — have never felt so far apart. The driver, while friendly, insisted on going 55 MPH the entire way there. “Go as fast as you can!” I told him. Still, 55 he went.

I got to the airport at 4:45 — 5 minutes before the plane was to begin boarding. I tossed the driver $60 in cash and ran. With the flight leaving at 5:20, I only had about 20 minutes to get through security and down to the gate.

Thankfully, I already had my boarding pass — printed at home — and was checking no luggage. There was no line at security, and I managed to get to the gate by 4:55 with plenty of time to spare.

But it was a stupid, lazy mistake. It cost me $60 to pay for an extra cab ride I didn’t need. If only I had actually verified where I was leaving from, this wouldn’t have happened.

In the end, I made it to Denver safely. And really, that’s what matters. But my wallet could be a little thicker if I was just paying attention.…

Automate your finances feel comfortable

One of the biggest reasons you should put your finances on autopilot is for the sheer comfort of it.

Literally.

When your bills are getting paid automatically, your savings is being fed without you touching it, and your paycheck is going straight into your checking account, you don’t have to worry about them. It’s the biggest weight off of your shoulders.

You don’t need to find the time to head to the ATM. You automatically pay yourself first. You don’t have to worry about the post office losing your check in the mail.

The only bill I still pay by check is my credit card, and every other day I forget exactly when it’s due and, therefore, when I need to send it in. It’s weighing down on me.

So much about money management is mental. Am I saving enough? Should I save for the long run or the short run? Do I really need that thing I want?

The less you have to worry about, the better off you are. Don’t let your finances overwhelm you.…

What Would You Do for $1 Million

I’m starting a meme — and you’re invited!

Now be honest here. The point is for your readers to learn more about you — so truthfulness is necessary.

Here’s How It Works

Let’s get started: here’s how it works.

1. When you’re tagged, answer the question on your blog, with a trackback to the original post.

2. Ask an additional million dollar question — and tag 3 bloggers with answering.

So, since I’m starting the meme, I’ll ask the first question.…

How Biased is Your Financial Advice?

In the world of financial advice, it seems like everyone is trying to sell you something.

Financial advisors like Ameriprise are really interested in selling you into their mutual funds. Most financial media doesn’t care how you really do, they just want your eyeballs.

But then there’s some outlets that really have your best interests in mind. Fee-based financial planners charge you for time and advice — not for a product.

Some personal finance blogs, like The Simple Dollar, really care about your financial well being. Trent, the site’s author, recently had a long discussion with his readers about the advertising on his site.

In December, he removed nearly all the ads because he thought many were unethical. He’s recently decided to bring them back at the behest of his readers, but encourages them to report unethical ads for removal.

I recently had a job interview with a major financial Web site, where they admitted that they tie in most of their stock advice to ads for their paid newsletters. (Full disclosure: I didn’t get the job. They said they are “going to give priority to candidates with more experience in investing.”)

When I explained my investing philosophy — low-cost, diversified index funds (not individual stocks) — they agreed that it was the way to go for most investors. But even though they say they target the vast majority of investors, they write about stock picking to promote their paid newsletters.

The next time you get financial advice from someone, ask yourself: how does that person benefit?

Are you buying into something they own? Are you getting biased advice?

How do I benefit from this blog? I make a bit of money from running Google Adsense ads and the featured sponsors you see on the right, but nothing close to livable earnings. I also benefit by developing my skills dispensing financial advice.

5 ways my finances are on autopilot

There’s nothing more comforting than knowing that most of your financial decisions are taken care of.

I know the feeling, because my finances are on autopilot. (But they won’t deflate, like the autopilot from Airplane!)

Every month, my major financial transactions are set to go themselves. I don’t have to worry about paying most of my bills, saving for short-term needs or investing for retirement.

It’s automatically set up to happen.

Here are 5 ways my finances are on autopilot.

  1. Direct Deposit
    Every two weeks when my paycheck arrives, that money goes straight into my checking account. I don’t have to worry about finding time to go to the ATM — my money is there and ready to be used.
  2. Housing Fund Savings
    Each month, money is automatically transferred from my checking account into a high-yield online savings account holding our housing fund. We treat it like any other bill, knowing that we can’t spend that money. Since it’s on autopilot, I don’t have to worry about remembering to save.
  3. Roth IRA Investments
    On the first of the month, Vanguard automatically transfers money from our checking account and purchases index funds for our Roth IRAs. Since the investment occurs the same day every month, we don’t have to worry about trying to time the market based on its ups and downs. Again, we treat this like a bill.
  4. Automatic Bill Pay
    Our cell phones, cable, Internet and telephone bills are automatically paid each month. We don’t have to worry about late fees or bills getting stuck in the mail — the services are paid for and that’s that.
  5. 401(k) Contributions
    10% of my salary gets chopped off the top of my paycheck and automatically deposited into my 401(k) — plus an additional 2% from my employer. Not only is the savings automatic, but because the contributions come first, my taxable income is lower — giving me more cash in hand.

Are you finances on autopilot? Let us know what you’re doing in a comment below.…

Mint Officially Launches, Wins Top Company at TechCrunch40

Mint, an online personal finance tracker and tip application, officially launched yesterday at the TechCrunch40 Web startup conference, also taking home the top company prize and $50,000.

I’ve come across Mint in the past, but it’s never been open for public access. It is now, and I’ve opened an account and will be reviewing it soon.

Here’s the low-down on the services they provide:

– Account aggregation
– Expense tracking
– Account alerts
– Deal and account finders

Beyond the account and deal suggestions, it doesn’t sound much different than Yodlee. The interface, however, is 10x more Web 2.0 (if that’s a good thing …).

Suggesting new ways to save on credit cards, savings accounts and more is great.

I’ll have more on it soon, but for a quick review, Adena DeMonte at GigaOm calls it a “treat.”

I’ve been using the beta version for a few weeks now, and I am impressed with what the site has to offer. While competitors Geezeo and Wesabe are reasonably adequate for money management, Mint gets online personal finance right.

In order to add accounts to Mint, you must give them your user name and password for your various banks (similar to Yodlee). Although this may not seem totally safe, it’s a much easier way to aggregate account information than with Wesabe’s uploader (which I have since un-installed).…