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Liam Wagner

Are There Risks for Payday Loans?

To live on paycheck poses a ton of challenges for so many people. Today, it is just so easy to spend money. What if you are in need of instant cash? There are situations which cannot wait anymore. Once you run out of a dime and there is an emergency, what can you do to get out of the situation? Seek for payday loans. This is when the mode of finance comes directly into place.

Payday loans are dubbed as quick loans which offer a short-term financial support. This will help you survive until your next payday. When it comes to this there are various repayment terms which you may consider. It can be settled in a short span of two weeks. They are paid in installments and they also come with interest.

The total amount of money you can get from this is determined by the amount of your salary. The same is also true with the financial situation that you are now experiencing. As they provide this type of convenience, they suddenly rise to popularity. This is not surprising knowing that it has benefits to offer.

The Advantages

Here are the perks you can obtain from the payday loan:

  • A payday loan is handy in nature. This is the answer to an immediate call for money. What is even good is that they are discreet. At least, you do not have to think about your friends or family knowing that you borrowed money. You may survive your financial crisis without broadcasting it. That is the best part.
  • The loans are usually enjoyed through the presence of any collateral requirement. It only takes a matter of filling out a simple form. This is considered as an evaluation. Upon reviewing it, you may be granted approval. What is even good is that your credit score will not matter so much. Your schedule for salary is the only thing that matters.
  • To process the loan can be easy and quick. This is a chance to access the money. With this, your needs will be addressed in no time. There is no longer a need to worry about the processes required in the short term loans. It would only take a few hours just so that the application may be approved. This is when the funds are channeled directly to you. Well, this is not going to transpire if you are with bank loans.

The Risks

Just like any other, payday loans have their own risk too. One of which is that they will not be the answer for long-term financial issues. They are only the best for urgent shortfalls. Another is that they may come with high risks because you do not have to give off any collateral. Just be sure that you are certain of your lending company. If not, this will affect your credit score in the long run. Go for a massive amount of research! This should help you decide which one is the best.…

How Do You Obtain the Best Renovation Loan for your Home?

Redesigning your home takes a lot of hard work. It will not only require labor but also money. Renovation needs to be planned thoroughly. You also need to allocate a budget for it. Since it asks for a hefty sum of fund, there really is a possibility for you to run out of finances. This is when a renovation loan comes into place.

To learn more about renovation loan, you should go online and compare the rates available there. The technique is to shop around because they vary in terms of fees. There are instances when a page provides a long list of banks that offer such type of loan. This is a chance for you to quote the available deals for you.

Availing a Renovation Loan

If you aim for a fast cash, the investment you had in your house may be placed so that the fund may be availed. Currently, more and more individuals start to discover the efficient help obtained from offshore banks and moneylenders for quick money. If you are decided to go for one, you must have the time and energy to study the available resources first.

What else should you do to realize the best deal in renovation loans? These are some that may be able to work for you and your venture:

  • There are terms that you have to be accustomed to before making business with these lenders. First of all, the basic amount you intend to borrow is referred to as the principal. This means that when you obtain a renovation loan, there is an interest that you have to settle too. This is the only way to receive the money.
  • The idea is for you to discover the company or institution that features a low-interest rate renovation loan. This can be hard to get from offline, or a local bank. Going online is definitely the instant answer to this! You may start researching as early as now!
  • There are offshore banks in Singapore offering low-interest rate renovation loans. There are good rates in the said country. This is one of the reasons why there are those who live outside SG that make transactions with their lending institutions.
  • Once you are granted an approval, you will be allowed to pay for your interest rate. This may be derived from the cash loan that you will receive. Meaning, you can get it from the principal. This may also be efficient.
  • If you consider selling your house with low monthly payment, this kind of loan scheme may also be the best for you. This is a fast loan that may enable you to repair your property prior to selling.

Again, the aforementioned may be completed by going online. There are different terms you can compare so that you may find the best renovation loan rate out there. If you follow the process of earning a loan, this should not be a challenge to seek approval.…

Spending Habits You Must Stop

The way you spend money is in parallel with your habits. The two are related. You just do not know it, but it is an unconscious part of your lifestyle. If you are not careful, you may face problems you do not even have time for in the future. As this is the case, you have to be aware of your spending habits.

It is so easy to say “be mindful of your ways!” than done. No one is exempted from a bad habit. If you claim otherwise, you are merely lying. We are all subject to little habits that can make or break us.

If your goal is to be financially free, you must acknowledge your bad spending habits and change them. With the determination, you can prevent this routine. What do you need to do?

Changing you Ways

If you are decided to change your ways in terms of financial management, there are steps you may undertake. These are some of them:

  • Find a new habit!
    Your habits will consume your money. Do you often ask yourself “what did I do with my money?” “where did all my money go?” There are so many people who ask these questions too – on a regular basis. These are warning signs that you are having trouble with your personal finances. You have to do something about them!

    At the end of the day, it is only a matter of prioritizing! Yes, we all have habits in which we put our money on. But, if you are no longer aware of where you are spending your finances, it is about time you change your ways!

  • Plan your expenses closely!
    Budgeting is synonymous with planning. It may sound too much but you really have to plan where you intend to spend your money with. This must feature a set of activities that enable you to decide and allocate your spending. You may complete this before the month. If you have time, do some reflection after as well.

    To make budgeting easier, you must be clear about your intentions. This means that you have to know what is important to you. Where do you see yourself in 5 years? Write down your goals! Afterwards, you prioritize! Change your ways!

  • Avoid overspending!
    Here is the reality – a new day opens a new opportunity for you to spend money. You may always be tempted to throw away your salary without looking at the entire financial picture. For instance, you may stop at a gas convenience store unexpectedly and end up purchasing things you do not need yet. This may transpire all the time.

    In order to avoid overspending, you might want to collect all of the receipts you have accumulated for the month. Then file them to individual envelopes labeled for lunch, fare, gas, food among others. Through this, you will have an idea where you spend your money more. It may give you the chance to reflect if it is still worth it or not. Change your ways!

Money Lending in Singapore: A Detailed Overview

money lending overview

Money lending is part of consumer credit market in Singapore. It is just used to a small extent by the people looking for consumer loans. It is a legal business which is supervised under two main governmental acts: The Moneylenders Act 2008 and the Moneylenders Rules 2009. These rules and regulations of money lending business help in providing a framework for balancing the rights and interests of the people who are seeking for lending money.

Charges and fees which the money lenders demand vary accordingly. For providing uniformity in the market, the government of Singapore has adopted stricter regulations on October 1, 2015. These regulations are set of rules which the government of Singapore has strictly applied on lenders as well as borrowers. Some of these are:

  • For administrative fee, moneylenders can charge up to 10%
  • They can only charge now maximum of 4% nominal interest per month
  • Penalty for late interest is fixed to 4% per month
  • Penalty for late fees is restricted to $60 per month
  • Moneylenders can charge no additional fees from the consumers

Check out the top 10 licensed money lenders shortlisted by Loan Advisor

Money lending limitations for consumers

Money lending in Singapore particularly depends upon the annual income of the borrower. There are many firms which provide the loan money on the minimum income of $500 per month. The limit of money lent usually depends upon the salary of the borrower or some multiple of it. If you are seeking for secured loans, you can easily obtain the loan in any amount, but if you are seeking for unsecured loans, you can get loan according to some set of rules. These are:

  • If your annual income is less than $20,000, you can get a loan up to $3,000.
  • If your annual income is $20,000 or more but less than $30,000 you can get a loan up to your 2 month’s income.
  • If your annual income is more than $30,000 but less than $120,000, you can get loan up to 4 month’s income.
  • If your annual income is $120,000, then you apply to get a loan of any amount.


Penalties and charges charged by moneylenders in Singapore

Singapore government has fixed charges for various loans contracted between 1 June 2012 and 30 September 2015. There are only six types of charges on these loans:

  • Every time on the late payment you will have to pay the repayment of principal or interest.
  • Every time changes have been made to the contract as per your request.
  • Every time your cheque got dishonoured.
  • Every time your GIRO payment to the lender gets failed.
  • Every time you terminate the contract of your loan.
  • For each and every legal cost made during the recovery of the money by the money lender.

The government of Singapore also has some permitted some additional charges after 1st October 2015 are:

  • For each late payment, you have to pay a late fee not more than $60.
  • A fee of 10% of the principal at the time of loan allocation.

Moneylender does all the legal costs for the successful settlement of the loan.…

How to Choose the Right Investment for You


Investing your money is a good idea. It can be a source of passive income, extra income, or a way to plan for the future and retirement. Deciding on a type of investment and how much to invest can be daunting if you don’t know the first thing about it. No worries, we can help you. The basics are very simple and you will get more investment savvy as you go.


Get some advice and pointers – Talk to your bank, an investment specialist, or friends that have different types of investments. Find out what it entails, what types are available and which ones they find to be the most successful and rewarding. Based on this information, you can start doing some online research to find investment opportunities.

Decide what you want from your investment – If you want to invest money, you obviously want to make money for some reason. Clearly, understand what it is that you want to achieve and how much you will need and when. All of this will influence the investment you choose.

Consider your financial situation – Look at your current financial situation and think about any major changes that may come up in the next few months. Use that information to determine how much you will be able to invest and how regularly you will be able to review and increase the amount, etc.

Draw up an investment plan – Your bank or a friend with investment knowledge can help you with this. You will need to look at projected earnings, how much you will put in and how much you will get out. You will also need to plan for when you want or need the earnings and what you will do after that. Once you get involved with investment, you may want to diversify. Many investors choose to have different kinds of investments to ensure better outcomes. Also, add this to your plan.

The important thing with investments is to know what you’re doing. Going blindly into an investment is never a good idea. Make sure you do some research and speak to people who know about investments.…

General Financial Tips for Peaceful Living

Personal finance can be tricky to navigate. If you don’t know how to best run your finances and make sure you can pay all your bills, you can get yourself in trouble in no time. We would like to share some helpful tips on managing your personal finance so you can have a more peaceful life. Stress and anxiety about finances make life unpleasant and everyone deserves to have a peaceful life.

Find out more personal finance tips on Lunaville.


Tip #1: Use a Budget

A budget will help you see what you get in every month and what you spend. It is a planning tool that will make your financial life much easier. You may need to cut back on some things to stick to it, but you will soon forget about what you cut out and enjoy the peace of mind it gives you. You can also use your budget as a tool to reach fun or dream goals. If you can cut back and save a specific amount of money towards a specific goal every month, budgeting becomes fun and goal0driven.

Tip #2: Don’t Spend More than You Have

Most of us have credit and that’s okay. However, if you don’t yet have a credit card and get along fine without it, don’t get one. One of the most important principles of finance is that your expenditure should never exceed your income. This is the best way for you to stay out of debt and avoid causing yourself extra stress. This is obviously where your budget plays a big role.

Tip #3: Get Rid of Debt

Debt is not a good thing. In some instances, it may have been a necessary thing but it definitely isn’t a good thing. To get your finances on track, be able to save for old age or your next big thing, and to have peace of mind, get rid of your debt as soon as possible. Start with the high-interest loans and pay it off as quickly as possible. Pay more than the minimum requirement as far as possible and feel yourself getting rid of all the financial anxiety,

Good personal financial habits and planning will go a long way to free your mind from worry and give you the chance to live a peaceful life. Start being smart today and see the difference it can make.