Your credit score is your access to loans. The higher the score, the better your chances of accessing these credit
Singapore is one of the most expensive cities in the world, making settling your bills and expenses without a financial backup one of the hardest things ever. Although banks are
Singapore is one of the most expensive cities in the world, making settling your bills and expenses without a financial
Published on : 24 Jan 2022
Your credit score is your access to loans. The higher the score, the better your chances of accessing these credit facilities. But you need to evaluate and keep track of the same. That way, you will know when to apply for loans. Credit score calculation is a step in the right direction when evaluating your rating. You have to know how these rating companies develop your final score. That way, you will know what to improve and not to do. Credit Score Calculation Credit rating companies consider a few things. Below are some of the things they think when computing your score. Payment history This fact about you plays a significant role in determining your score. It contributes to about 30% or more of the overall score. This check confirms whether you repay your debt in full or not. If not, your overall score will be significantly affected. In most cases, people who never paid their outstanding will score dismally in this. Sadly, it affects even the other factors. Those with the least scores here tend to have the poorest credit rating. Amount owed Rating companies will also check for the total amount you owe debtors. This means consolidating all the loan amounts you have. That total amount will affect your ability to get other loans. The higher the number of non-performing loans you have, the lower your rating. Length of credit history Time is a factor when calculating interest earned for loans given out. The longer you hold the money, the more you pay in interest. Therefore, lenders would want long-term clients taking more significant amounts to earn them higher stakes. Clients who have been borrowing for a long time and honoring their commitments are preferred by lenders. Besides, they tend to have higher ratings as they've proven to be people who keep their words by repaying loans on time. Types of credit The types of loans you take also impact your overall score. Some loans will reduce your score, while others will improve the score. That is why you must know the impact of a loan before signing that application form. Improving your Credit score After all is said and done, it is time to apply your knowledge about credit scores. Improving your credit score will take time and effort. For instance, it may take half a year to adjust your score accordingly. Now, the trick is this. It takes less time for your score to read poorly than it takes to improve. That is why you're trying as much not to let your score drop. One of the best ways to keep a high score is to repay loans on time. This will significantly, slowly, but steadily improve your overall rating. That is why you should be keen not to have many troubled loans or late payments. Work hard to increase your loan limits with lenders. That way, you will get higher loans, improving your score as you repay these loans on time. There's something you must never do if you want to retain a high credit score. You should never close your credit accounts. It is advised that you'd instead just stop the usage of a credit account rather than close it. That way, you'll avoid hurting your credit report. Sometimes, you do not have the time, patience, or opportunity to repair your credit score. Under such circumstances, you can utilize the credit repair company's services. They will negotiate with the rating companies and get your score up again. But you do not just sign up with any credit repair company. You have to do enough research and settle for Singapore's best credit repair companies. These organizations will help you a lot to increase your score. Score Evaluation You have to check your credit score time and again. You will monitor when the rating improves or drops. That will make it easier for you to track your performance and improve. As a result, you will retain your ability to acquire higher loan amounts.
Singapore is one of the most expensive cities in the world, making settling your bills and expenses without a financial backup one of the hardest things ever. Although banks are among the great options for support in financial emergencies, they take time to sanction the loans. This is where licensed money lenders come into the picture. Before borrowing loans from these lenders, herein is everything you need to know to avoid messing things up. Singaporeans have endless possibilities when it comes to getting funds to meet their financial emergencies. The city has banks and over 100 money lenders dedicated to making lives easier. However, these sources of funds have advantages and downsides that make citizens, permanent residents in the country, or foreign employees choose where to borrow. For instance, private licensed money lenders process loans faster than banks and unlicensed money lenders. Moreover, most of them operate under the Ministry of Law (MinLaw); hence, borrowing cash from them is safe. Singapore sees more licensed money lenders join the market every day. Therefore, you should not Ignore finding a trusted one for your emergency financial needs. Who Exactly is a Licensed Moneylender in Singapore? A licensed moneylender is a person or group registered under the Singapore Moneylenders Act to provide loans. The Act requires these moneylenders to adhere to the state rules and regulations. What is the best part? Licensed moneylenders ensure loans are approved within 24 hours, which does not happen in most Singaporean banks. Moreover, they send notices to borrowers who delay repayment instead of taking insensitive actions like Unlicensed moneylenders. Since licensed moneylenders wait for the signal from the government before making moves, their interest rates are also expected to be fair because the state regulates them. The hassle-free loan approval procedure of these lenders focuses on your credit score and vital details. Once they are verified, you will get your loan depending on what you earn. Types of Loans Licensed Moneylenders Issue Licensed Moneylenders in Singapore provide Secured Loans and Unsecured loans. The former is a personal loan tied to your property as collateral. If you go out of the agreement and default the loan, the lender will sell the properties or assets to recover the funds. For unsecured loans, including credit card debt, assets or properties are not involved in the contract. However, if you default on the loan, the moneylender can file a lawsuit to claim what you owe. The court can then rule out you settle the debt if you have the cash. I do not have the needed loan amount, the High Court may order your property to be sold to pay off the unsecured loan. Let us now look at everything you need to know about licensed money lenders in Singapore. Everyone Qualifies for loans in Singapore Licensed moneylenders give citizens, permanent residents, and foreign employees loans for their legitimate urgent needs. The government understands the world is now globalized; hence, there may be ex-pats residing with Singapore nationals. If you are not a Singaporean, licensed moneylenders will require your payslip to confirm your occupation, passport, bank statement, and employment pass before giving you a loan. Licensed Moneylender Have Standard Interest Rates Whether the loan you want is huge or small, licensed moneylenders will always charge a 4 % nominal and late interest on your loan. Apart from the interest on each late payment, you will be charged a late fee of more than $ 60. These figures show that licensed moneylenders provide loans at reasonable interest rates than unlicensed ones. However, this should not make you ignore early repayments to avoid debt accumulation that can compromise your financial status. Failing to Repay Installments on Time Can Attract Late Payment Penalties Moneylenders have a right to sue you for failing to commit yourself to the installments as agreed. If repaying the installments according to the agreed time is challenging for you, talk to your licensed moneylender to see the best way to go about it. In your negotiation, request refinancing or extension to avoid penalties attached to late payments. Although you may incur more costs in this process, the transparency achieved can be crucial to your financial status. You Can Complain if the Lender Shows Unethical Behaviors The law of Singapore allows you to forward a formal complaint in case the licensed moneylender is portraying unethical behaviors. Some deviant behaviors the Singaporean government does not expect from licensed moneylenders include threats, withholding the borrower's crucial behavior, and using persuasive tactics. Rules and regulations also require borrowers to only present copies of their original documents, scanned when approving loans. If you grow suspicious of your lender’s activity, reach the Registry of Moneylenders through 1800-225-529. Also, the Registry of Moneylenders has a website you can use to forward the complaint. Once your complaint is received, formal investigations will be launched and the right action taken against the lender. You may also be required to provide more details to speed up investigations. Most importantly, the moneylender will not know your identity during the investigation. Face to Face Loan Verification is important Technological advancements have allowed licensed moneylenders to provide online loan applications. However, loan verification should be done at a physical address before the lender disburses the funds. If the lender informs you about the loan approval through a text message or email, that is a red flag you should take seriously and look for another licensed lender. Moneylenders operating under the rules and regulations of Singapore are banned from texting, making phone calls, or emailing their clients. Also, avoid moneylenders who are unclear about their contracts because chances are they are fraudsters. The Bottom Line If you find yourself in financial emergencies, licensed money lenders Singapore can be your savior. Although there are unlicensed money lenders and banks, the services of licensed moneylenders are unmatched. Before borrowing, check if the authorized money lender has a better reputation and is listed to avoid messing things up while looking for financial support. Above is everything you
Published on : 29 Mar 2018
If you wish to run a nursery school or day care, one has to be certified. This may also be done by those who want to teach in the public schools. Basically, they have to hold their bachelor’s degree, most especially their master’s degree, if they want to observe a successful dance project. A ton of collage dance programs would ask for the faculty to have at least a college degree. This should be done in addition to their professional experience. Anyone who is interested in teaching dance might be wondering – what do they need so that they can teach at private dance studios? It can be quite easy to be in the business, but there is really more to this. Standardized Dance Education – Is There A Need For It? Dance is dubbed as a physical demanding activity. If it is not going to be taught incorrectly, it may even be dangerous because it will just lead to injury. For most of the time, improper trainings would case a long-term damage in the knees, ankles, hips and lower back. The damage may also bring about poor physical heath. This is why standards in dance project and education are necessary. The eyes of the public when it comes to dance have to change as well. Since most of them are accustomed to low quality dances, these parents and students tend to perceive dance as frivolous and trivial. The trivializing of dance can be a dangerous subversive to the profession itself. Once you have sat down on never-ending recitals, which are often perceived as sequins and fringe, there are parents out there who no longer volunteer to watch a professional dance concert. This can be alarming. Even for individuals who suddenly venture to professional performance, they usually find themselves disappointed. They feel this as they stereotype recitals ad frilly. Indeed, it is mentally challenging, dull and intense. Each and every dance studio, organization or show should adhere to poor standards which would diminish the large dance community. This would turn potential audience members, emerging dancers and supporters away from the art. This is what dance projects should check and change. The Creation of National Standards With the given situation, it is just right to come up with national standards when it comes to dance projects and schools. It is not boastful to say that there are many outstanding teachers out there who can teach dance. However, they seldom have an amazing performance because they do not know how to handle such. Standards should then regulate poor teachers. This is a legitimate concern that must not be snubbed. There are individuals out there who are passionate about the dance education. They would surely be ready to take the challenge and embrace the standards, if they must. Considering all these is a chance to have self-improvement. This should not be an obstacle, but rather, an opportunity to be good in one’s craft. This may work for sure. Do not fail to check on this!