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.…

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.…

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.

10 Ways to Immediately Start Saving Money

As the wife and I save up for a possible move and, at the same time, I scrounge for money to start-up a business, we’ve been pinching pennies wherever possible. Unfortunately, because of our living situation, we spend a lot of money on rent and other fixed items (IRAs, cable/Internet bills, insurance, etc.).

But we’ve found that it is possible to easily save a lot of money, even if the margins for saving are low. Here’s 10 ways we immediately started saving money.

  1. Keep a budget
    Because we keep a budget, we became much more conscious of how much we are spending. Having a ceiling on how much you can spend on any particular category makes you aware of your spending habits and keeps you from going beyond that.
  2. Stop Going Out to Eat
    We used to allocate $200/month or so to dining out — around 4 meals for the two of us — and would often spend that, if not more.
    Now, at the beginning of the month, we look at the calendar for special occasions — birthdays, holidays, etc. — and pencil in money for meal, and perhaps one more. Eating at home saves a boatload of money.
  3. Cancel Unecessary Bills
    Find your newspaper subscription heading into the recycling bin everyday? Don’t even watch your Netflix movies? Get rid of it, or change your subscription. We were spending $22 a month for Thursday – Friday service; when we went to cancel, we ended up paying $.88 for the Sunday paper, which has …
  4. Coupons are Your Friend
    There’s no reason to be ashamed of using coupons. You spend less money, you save more money.
  5. Use the Library and Other Things You Pay For
    We thought we were saving money by renting movies from the movie store instead of going to the theater. We were, but now we get most of our movies from the library. They’re free, can normally be held for you, and can be kept for longer than most movie store rentals.
    Keep in mind that the library is paid for with your tax dollars. Everyone hates paying taxes, but you since you have to, you may as well enjoy what you pay for.
  6. Cut Out Starbucks, Dunkin’s, etc.
    Is Dunkin’ Donuts or Starbucks a stop on your way to work? Stop going. Make your coffee at home or buy some bagels and keep them in the fridge at work. Assuming you don’t go to Starbucks just to be cool, you won’t miss it — and you’ll cut out one major recurring cost.
  7. Travel Less
    OK, this one does suck a little bit, and sometimes can’t be avoided, but the more you travel, the more you pay in gas. And gas is expensive. But if you’re deciding whether or not to take that daytrip to the outlet malls, well, just think about how far it is and how much sooner you will need to fill up.
  8. Go Outside and Play a Sport
    This is obvious. If your TV and computer are turned off because you’re outside, you’re saving electricity and thus money. Play a sport that only requires a one-time payment for equipment or membership fees.
  9. Open a High-Yield Online Savings Account
    Ever since I opened my ING Direct account, I’ve loved watching the money grow. Even if you only have some money to start it, you’ll want to put more in to make more money. (Shameless plug: If you open an account with this link and $250, you’ll get an additional $25 free, and you’ll make my day.)
  10. Stop Carrying Cash
    I carry no cash in my wallet. Because I use only my debit card, all of my purchases are tracked in my online checking account and I’m much more aware of what I’m spending. I don’t make spur-of-the-moment purchases and I don’t forget to put my spending in my budget.

I hope these work for you as well as they did for me.

Sticking with these ways helped the wife and I save more than $1300 from a bad month to a good month, even when we got stuck with an auto insurance bill and some other must-pays.…