Changing Your Loan Repayment Date in Singapore: What You Need to Know
Your instalment is due on the 25th. Your salary arrives on the 28th. For three days every month, you are covering a repayment out of whatever is left from last month. It is a small problem that creates a large one, because the months when nothing is left are the months you miss a payment. […]
Smart Ways to Borrow Money and Manage Loans in Singapore
Most advice about borrowing is useless because it is vague. “Borrow responsibly” and “only take what you need” are true statements that help nobody decide anything. This article takes the opposite approach. Every step comes with a number attached: what you are legally allowed to borrow, what a loan actually costs once the fees are […]
What Is the 10% Administrative Fee, and When Is It Charged?
You apply for S$3,000. The loan is approved. Then S$2,700 lands in your account. Nothing has gone wrong. What you’re seeing is the administrative fee, and on a S$3,000 loan it can be up to S$300. It is one of the most common sources of confusion in borrowing from a licensed moneylender, mostly because it […]
What Does a S$5,000 Loan Actually Cost Over 12 Months?
Someone quotes you 4% a month. You do the quick sum in your head: 4% of S$5,000 is S$200; twelve months of that is S$2,400, so the loan costs S$2,400. That figure is wrong, and it is wrong in your favour. The real interest on that loan is closer to S$1,393. But there is a […]
How to Choose a Licensed Moneylender in Singapore (And Avoid Loan Scams)?
If you are thinking about a loan, the biggest decision is not how much to borrow. It is who you borrow from. Singapore regulates moneylending closely, and the rules a licensed moneylender must follow are specific and enforceable. Unlicensed lenders follow none of them. The gap between the two is not a matter of service […]