Pros and Cons of Borrowing from  Money Lenders

Borrowing from money lenders can be a viable option for individuals in need of quick access to funds, but it’s important to weigh the pros and cons before making a decision. The good at money lender singapore is known for providing excellent financial services. Here are some advantages and disadvantages of borrowing from money lenders:


1. Accessibility: Money lenders often provide loans to individuals who may not qualify for financing from traditional banks or financial institutions due to poor credit history, lack of collateral, or other reasons. This accessibility makes money lenders a valuable resource for borrowers who need funds urgently or have limited borrowing options.

2. Speed: Money lenders typically offer quicker loan approval and disbursal processes compared to traditional banks. This can be advantageous for borrowers facing emergencies or time-sensitive financial needs, as they can access funds promptly to address their immediate expenses.

3. Flexibility: Money lenders may offer more flexible loan terms and repayment options compared to traditional lenders. Borrowers may have the flexibility to customize their loan amounts, repayment schedules, and terms to suit their individual financial circumstances and preferences.

4. Higher Approval Rates: Money lenders often have higher approval rates for loan applications compared to traditional banks, as they are more willing to accommodate borrowers with less-than-perfect credit or unconventional financial situations. This increased likelihood of approval can provide relief for borrowers who have been turned down by other lenders.


1. Higher Interest Rates: Money lenders typically charge higher interest rates compared to traditional banks and financial institutions, reflecting the increased risk associated with lending to borrowers with less-than-ideal credit profiles. These higher interest rates can result in higher overall borrowing costs for borrowers, making loans from money lenders more expensive in the long run.

2. Fees and Charges: Money lenders may impose additional fees and charges on top of the interest rate, including origination fees, processing fees, late payment fees, and prepayment penalties. These fees can add up quickly and significantly increase the total cost of borrowing, making it essential for borrowers to carefully review the loan agreement and fee schedule before proceeding.

3. Predatory Practices: Some money lenders engage in predatory lending practices, such as misleading advertising, deceptive loan terms, and aggressive debt collection tactics. Borrowers should be wary of lenders who exploit their financial vulnerability or engage in unethical practices that can trap them in cycles of debt.

4. Lack of Consumer Protections: Borrowers may have fewer consumer protections when dealing with money lenders compared to traditional banks. This can leave borrowers vulnerable to unfair or abusive lending practices and make it challenging to resolve disputes or seek recourse in case of problems.

In summary, borrowing from money lenders offers accessibility, speed, and flexibility, but it comes with higher costs, increased risks, and potential pitfalls. Before choosing to borrow from a money lender, borrowers should carefully consider their financial needs, explore alternative financing options, and thoroughly research the reputation and terms of potential lenders to make an informed decision.

Benefits of getting a loan from licensed money lenders

It is crucial to conduct your homework before deciding on a money lender. Falling into the trap of unlicensed money lenders may lead to grave repercussions. While an unlicensed moneylender may be able to obtain money by illegal ways and get away with it, a licensed money lender is usually prosecuted by the government if they use illegal means to obtain money. Consider borrowing from licensed moneylender SKM Credit. It is good at money lending in Toa Payoh Central.

Interest Rates at Reasonable Prices

Because they operate under a monopolistic market, unauthorized moneylenders will demand extraordinary interest rates. The interest rates will be set by shady moneylenders. This is not the best way to secure a loan because you will eventually wind up overspending in the long run. Licensed money lenders are usually regulated by government authorities. As a result, they will stick to the specified interest rate. This regulation will be followed by licensed and trustworthy moneylenders because breaking it carries severe repercussions.

Eliminates Harassment

Borrowing money from a qualified money lender protects you from the constant harassment that comes with unlicensed money lenders. Moneylenders in Singapore are required to adhere to several stringent government-imposed money lending restrictions. If the lenders fail to comply with any one of the rules, they may face severe penalties from the government, including financial penalties or the revocation of their license. Certified money lenders can provide you with guidance on how to keep to a manageable repayment plan, allowing you to better manage your finances.

Instantly Available

A personal loan from a bank must pass through multiple checkpoints before being approved, which can take a month or more. If your credit history isn’t good enough, and the bank’s analysis suggests that your salary isn’t enough to cover your repayments, all of your efforts will be in vain. Moneylenders can approve your loan in less than a week. The lender might offer you a clearance very soon once you provide all the required paperwork. As a result, if you require immediate medical finances, you can turn to money lenders for assistance.

Prevent Personal Data Leak

Unlicensed money lenders frequently exploit a person’s user credentials to collect personal information about potential customers. If private data falls into the wrong hands, it might be misused. As a result, legal lenders only conduct verification checks in the presence of the individual who is applying for a loan at the office. Before they issue the loan, the money lenders analyze your past drawn income to evaluate your amount of revenue.

It’s Easier Than Ever to Bank in the US without Living There

It’s Easier Than Ever to Bank in the US without Living There: Here’s the Why and How  

If you’re a non-US citizen considering opening a bank account in the US, Gregory Finkelson of American Corporate Services shares his guidance on the hows and whys of this process.

Why Do I Need a US Bank Account?

There are a few different reasons you might want to open a US bank account as a non-citizen, depending on your own personal circumstances. These may include:

  • Preparation for a move to the United States: having an account with funds already deposited in the country can help to make your immigration process easier – this is required for such visas as L-1, E-2, EB-5, EB-1C, and some others.
  • Business activities in the US: most banks in the US will require that your business is based in the US in order to open an account for you.
  • Reduce costs of transacting: having a bank in the US will help you to avoid exorbitant bank and card fees when you spend and/or receive money in the country.
  • Transactions are insured: even non-residents can have bank transactions up to $250,000 insured by the Federal Deposit Insurance Corporation (FDIC).

Which Banks Can I Choose From?

Gregory Finkelson lists the following banks among those that non-US residents can easily open accounts with:

  • City National Bank
  • Bank of America
  • Pacific Western Bank
  • Wells Fargo Bank
  • Preferred Bank
  • Chase Bank

How Do I Open a US Bank Account as a Non-Citizen?

It is highly recommended that you use a service based in the US to arrange your bank account on your behalf. This not only speeds up the process, Gregory Finkelson explains, but you’re assured that no red tape will stand in the way of the account being opened.

Using a service such as American Corporate Services to open your US bank account means you have the following two options:

  1. ACS will help you to prepare all necessary documents, will arrange the appointment with the bank, and ACS’s employee will be present during the meeting with the banker.
  2. You don’t have to do all of the legwork yourself. You simply send through the required documents and they will do the rest.

What Services Can I Expect to Have Access to?

As a non-US citizen banking in the US, you can expect to have access to:

  • Global wire transfers
  • Online banking
  • Checkbook
  • Debit cards (Visa or MasterCard)
  • U.S. bill payments
  • Zelle

What Forms of ID are Accepted?

The service you elect to choose will advise you on the type of ID you can use to open an account. In general, depending on your location, most banks will accept one of the following forms of primary and secondary identification:

  • Foreign passport
  • U.S. non-immigrant border crossing card and visa
  • Citizenship certificate card
  • Consular ID
  • Foreign driver’s license
  • Voter registration card

Get Banking Freedom Today

Banking in the US is not as difficult as it may seem for non-citizens, says Gregory Finkelson. By making use of a reputable service and providing the required documentation timeously, your US bank account could be open sooner than you think.

Usage Our Hourly Wage Calculator To Lower Staff Member Turn Over

You will, nevertheless, require to subtract tax obligations; you can likewise make up the reward calculation-calculate the reward quantity you should pay to guarantee your staff member obtains a particular quantity after taxes-to make sure the worker gets the quantity you choose. It would help if you prepared you to possess an ill pay plan. Various businesses have various plans for sick pay. For circumstances – you pay a worker an annual wage of Rs.3, 00,000. You pay worker monthly; this indicates the month-to-month income of the worker will certainly be Rs.25, 000 (3, 00,000/ 12) prior to any reductions. Pay-roll likewise suggests the quantity you pay to the workers throughout every pay duration. Salary describes the collection quantity that you are enabled to pay a worker. Staff members are paid according to the set price established for each hr. Just how do I establish up Time Monitoring? You likewise need to maintain a document of the moment your employees take off as authorized leave, trips, and various other vacations.

This is essential for your business as it will certainly assist in understanding just how much time a staff member is enabled to remove. Each time you work with a fresh worker, they will certainly need to fill up the Kind W-4. Every worker is called to fill in the Kind W-4. This type of assistance in supplying details you require regarding every worker’s overall earnings, tax obligation withholding, and also exceptions, together with his/her name, house address, and also social safety and security numbers. Your financial institution or your pay-roll CPU can offer the center of straight settlement from the business’s payroll account to a worker’s account. What is payroll, and also what is consisted of in pay-roll? Before you begin the procedure of payroll, you need to collect info about your staff members. You will certainly need these details for the correct conclusion and also the circulation of pay-roll. Suppose you have employed staff members for your company, after that you need to do a pay-roll. However, if you would like to know the specific formula for determining per hour price after that, please look at the “Formula” box over.

Wage Calculator needs the information of the newest tax obligation prices enforced by the federal government to determine the right tax obligations. A wage describes the quantity you pay to a staff member on per hour basis. That’s according to upgraded information from MIT’s living wage calculator, which figures out the minimal quantity required to fulfill standard demands without dipping right into hardship or counting on outdoors aid. Instead, it is your single duty to determine your quarterly tax obligation quantity and make prompt repayments. This will certainly assist in paying the best quantity to the staff members. It can likewise assist you in recognizing exactly how you are doing a loved one to various other employees with the very same degree of experience as well as in the same area. If you have utilized take home paycheck calculator workers on an hourly basis, you have to keep records of the time they work. A crucial benefit to utilizing software application, besides the automation of intricate tax obligation reductions, is the significant decrease of time that is spent in the procedure.

Terrific Economic crisis

The Great Economic crisis happened on December 2007 due to the burst of the 8 trillion dollar real estate bubble. The economic downturn would last until June of 2009 and the resulting losses would lead the United States and other major world economies into a financial downturn in which home loan backed securities lost substantial market value. The bust likewise led to sharp lowerings when it concerned consumer spending, which together with the chaos after the bursting of the bubble likewise played a significant function in the total collapse of service financial investment.

As financial investments in company and consumer costs concerned a grinding stop, massive task losses followed. According to stats, more than 8.4 million people lost their jobs throughout the 2 year duration. This was considered to be the most remarkable work contraction considering that the Great Anxiety. The affects of the economic slump were so great that even after the wheels started to spin in the summer season of 2009, the growth of the task market has not been as strong to produce new tasks even under normal population growth.

Breaking Down the Economic Crisis in the United States

During the housing boom in 2000s in the United States, monetary institutions began to market home loan backed securities which were referred to as ‘MBSs’ together with sophisticated acquired items at remarkably high levels. This was likewise one of the major aspects of the Great Economic crisis due to the fact that when the genuine estate market collapsed in 2007, these securities also declined in value in a significant method, which jeopardized the solvency of over leveraged banks and mainly the banks in both the United States and Europe. Although the worldwide economy was already feeling the heat of the credit crisis which was unfolding given that 2007, the insolvency of significant US investment banks was the final nail on the casket for the United States. And the contagion quickly spread out to other economies of the world too.

The major job loss throughout the Great Recession implies that family income has dropped while poverty has actually risen. This likewise suggested adults and children had actually lost their health insurance coverage.

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