Singapore is indeed one of the most livable Asian countries for expats. It promises a good quality of life with great financial prospects. However, if you want to get the best benefits of living in Singapore as an expatriate, you need to know a few things about the financial laws of the land. You face any money problems in Singapore; you can always apply for a foreigner loan from a licensed money lender. Here are three useful money management tips for expats in Singapore.
1. Understand the tax implications of renting out your property back home
If you lived in your own property back home, you might want to rent it out now that you are moving to another country. While some countries do not have additional taxes levied on expats renting out their properties, others may not have any such parameters. You need to know these before subletting your property. Also, if you are planning to sell off your property it is advisable to finalize the deal before you leave your home country.
2. Know the local tax system
Singapore does not have a capital gains tax or an inheritance tax. However, the taxation system is not as simple as it perhaps appears. For instance, if your company is offering you stock options, they become part of your income and the gains are made taxable. Similarly, if you are planning to buy a property here, you need to know that as an expat, you will be paying 15 percent more in stamp duties. Speak to a tax manager for better clarity.
3. Do not plan to buy a car
Singapore is a heavily connected, small island where you can travel from one end to the other in 90 minutes flat. There is no reason to own a car here since it can prove to be pretty expensive.
Spare a thought for money management during your initial phases of settling down in this new country. Licensed money lenders can be approached for help, in case you require additional funds.
from Swift Credit http://www.loanmoney.com.sg/3-money-tips-for-expats-in-singapore/
via Swift Credit
Personal loans can prove to be a true friend in need, provided you know when to use it and where to source your loan from. A trusted moneylender with a good reputation is your best source. As for the purpose of the loan, here are three situations when a quick personal loan can be of great help.
1. Paying off high interest credit card debt
Credit cards offer instant cash but the interest for repayment is the highest. Sometimes, it may even be as high as 24%. If you have a lot of accrued credit card debt, using a personal loan to close it would be a great idea. The interest rates charged by your moneylender would be much lesser than what credit card companies would levy on you.
2. Meeting unforeseen medical expenditure
Despite medical insurance policies that you might be having, sometimes, the cost of treatment for certain unforeseen and sudden medical emergencies can go out of hand. There are many cost heads that insurance policies don’t cover. If you are having problems dealing with these expenses, think of a personal loan before flashing your credit cards. Personal loans are easier to manage and they do not push you into a debt trap, like credit cards do.
3. Expanding your small business
Small businesses often need additional capital pumping for maintaining the required cash flow and also for expansion purposes. Moneylenders offer loans for small businesses at excellent interest rates, for this purpose. It is prudent to discuss your requirement in detail and opt for a loan that suits your need and provides a comfortable repayment schedule.
In addition, you may also seek a loan for a home renovation project, for purchasing high end electronic devices and so on. At all times, the decision to borrow money should be a judicious and well thought out one. Borrowing should never be frivolous.
from Swift Credit http://www.loanmoney.com.sg/3-money-problems-you-can-solve-with-a-personal-loan/
via Swift Credit
Global markets are becoming increasingly competitive for small and medium business enterprises. Rising costs, shortage of manpower and working capital and the continually changing economic climate is making matters more and more difficult. Often times, small businesses choose to approach a licensed money lender for financing. Here are some of the top reasons why companies take up business loans.
Expansion of operations
When a firm is expanding, it will require infrastructural support, for real estate purchase and so on. Expansion generally happens when the company is in profit and cash flow is positive. With a positive forecast for the future, seeking a loan becomes easier. A quick loan helps the firm maintain the growth momentum and reap higher profits.
Effective management of cash flow
B2B businesses are often forced to offer credit to their customers for gaining an edge over their competitors in the prevailing market conditions. Delayed payments are most often the order of the day and this in turn results in gaps in the cash flow since suppliers have to be concurrently paid too. This is where a loan from a licensed moneylender could come in handy for maintaining the desired cash flow and for sustaining essential business operations.
Preparing for unexpected expenses
Preparedness for financial eventualities is important for small businesses. The best benefit that a business loan can provide is the opportunity to multiply the working capital. Taking a loan helps in keeping the operating cash flow at an optimum level, shielding the business from unexpected expenses that might occur.
Procuring fresh equipment
Not using the latest tools and technologies can affect a business badly in today’s fast paced world. Therefore, businesses need to upgrade their tools and equipment frequently. One of the best ways to do so is by seeking a business loan for equipment purchase.
Despite the many reasons for seeking a business loan, it is important to double check on the necessity of a loan. Borrowing, for any business, should always be a necessity and not luxury.
from Swift Credit http://www.loanmoney.com.sg/top-reasons-to-take-up-a-business-loan/
via Swift Credit
A sudden financial emergency can catch you off guard. It could be an unexpected medical emergency, car breakdown or job loss. Whatever the reason of your financial emergency, the steps to deal with a sudden cash crunch are almost always the same. If you are in an emergency financial situation, but not sure how to smartly handle it, here are some useful tips.
Identify the root cause of the problem
Dealing with a financial emergency could be stressful. And the stress can reduce your ability to evaluate the situation logically. So the first thing you should do is to calm down and try to find out the root cause of the problem. Once you identify the cause of your financial emergency, it would be easier for you to find a permanent solution to the problem.
Get a loan
If you think the problem is temporary, you can consider getting a loan for a short term. In Singapore, you can easily get a loan from licensed money lenders. What type of loan you should take depends on your situation, how much money you need and your repayment capability. For instance, if you are a salaried professional, you can apply for a payday loan. If you need an unsecured loan with repayment tenure of around one year, consider getting a personal loan.
When you are in a cash crunch, make every penny count. The idea is to try and save the money that you have, as much as you can. To that end, you require prioritizing your expenses. Understand the difference between ‘needs’ and ‘wants’. Cut off any unnecessary or not-so-important expenses; and spend only when it is absolutely necessary. For instance, paying your utility bills is an absolute must, but you can delay your annual trip for the time being. These simple steps can help you deal smartly with any financial emergency.
from Swift Credit http://www.loanmoney.com.sg/how-to-handle-a-financial-emergency/
via Swift Credit
If you are a salaried person and you need quick cash, a payday loan is one of the best ways to get the money to your bank account. A payday loan is a small amount short-term advance that you may need anytime to pay your emergency bills. The other purpose of choosing payday loan is to avoid the consequence of bounced checks, late payments, medical emergencies etc. You can easily get a payday loan from a licensed money lender in Singapore. Here are the main benefits of payday loans.
1. Fast processing
If you choose to apply for a conventional bank loan, it takes a long to process the application. Still there is no guarantee that your application will be accepted. Hence, those funds cannot be used during your emergency. However, the process of issuing payday loan is fast. You will get an immediate feedback whether your application is approved or not. You can then rush to the other payday loan service provider instantly and get it approved.
2. No meeting with the manager
Getting approval for a bank loan, credit card could be time consuming. You may need to meet with the bank manager in person. In comparison, approval for a payday loan can be got online, without you having to waste your time visiting the bank or meeting the manager. Some money lenders even transfer the amount within an hour or two, if you provide them the necessary documents.
3. No cycle of debt
The loan amount is determined on your income level. Hence, it will be very easy for you to pay back the loans. Make sure, however, that you compare several deals before finalizing a payday loan to avoid high interest rates.
4. Easy to quality for higher amount
You should be above 18 years to apply for a payday loan. The major requirement is you need to have a permanent source of income. Even if you have a poor credit rating, you can get a payday loan but you have to a steady income to be able to pay the amount on time. Once you pay back the first loan amount on time, you can apply for a higher amount next time.
from Swift Credit http://www.loanmoney.com.sg/top-4-benefits-of-payday-loans/
via Swift Credit
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