Jurong Moneylender Blog

Holiday Loan

Time to go for a Vacation

If life is a book, those who never travel only read a page.

The year end is around the corner, it means school holidays, Christmas holidays and the Chinese New Year holidays are all queuing up to visit you. Therefore, it is time to plan and go for that holiday.

Travel to destress, family bonding, or just to escape from family, regardless of the reason for your holidays, We Singaporeans just love to go for vacations. Saying so, isn’t it one of the main reasons why we work so hard?

Not sure where to go? Below are the top 10 places Singaporeans loves to go and the averages days they spent base on activities and budget.

 

  1. Tokyo (8-10days) – A place to keep eating because it is the land of “where everything tastes so good”, shopping non-stop. With so many places and things to see and do, you will need another holiday to rest after this holiday. It is a fantastic place for lovers, family with children and wonderful if you are traveling alone too. The usual route will be Tokyo/Kyoto/Osaka. Sakura full bloom viewing is a must do at least once in your life.
  2. Taipei (4-6 days) – Food heaven and night market!!! Taipei is a city full of friendly people. Shilin Night Market is a must go must eat stop. Ability to read mandarin is a plus.
  3. Seoul (6 days) – Place to watch/or to become tall handsome men and beautiful women and eat your Korean BBQ at the same time, don’t forget to bring back lots of facial mask for yourself, which is also a great present for friends/colleague, you will be popular among them for doing so.  Will be superb if you can speak their language, you will be able to absorb their culture.
  4. Bangkok (4 days) – Shopping paradise for clothes, Instagram cafes and adventurous eating. Only 3hours of flight from home – ideal short vacation over the long weekends.
  5. Hong Kong (4-6days) – Home to amazing dim sum and roasted meat, theme parks are great too. Avoid if you need to bring strollers. Drop by Macau for some simple gambling if you have time.
  6. Hokkaido (8-12days) – If you love nature, you will love Hokkaido. Breath taking sceneries with every changing season. Amazing seafood and Ski Resorts with their famous “powder snow” awaits you. As the cities are far apart, Self-drive trips are getting popular as Hokkaido offers many interesting pit-stops
  7. Bali (4 days) – If chill and Zen is your cup of tea then Bali is your destination where partying should be included in your itinerary.
  8. Sydney, Melbourne or Gold Coast – Depending on the time of the year and the activities you are planning, these 3 cities offer 3 different story to add a tick to your “to do list”. So that you can say “Life’s great in the Southern Hemisphere”.
  9. Penang or Malacca (4 days) – Our neighbouring country is always a great place to visit regardless the time of the year, especially if you consider our exchange rate and all that wonderful food that we can find.
  10.  Genting Malaysia (3 days) – No chance to wear that sweater you bought? On a budget? Then Genting My welcomes you with their cooling temperature, currency exchange discount and lots and lots of food and shopping. One can consider heading to KL along the way as well.

 

GS Credit Pte Ltd, Best Licensed Money Lender in Jurong

Looking for a Holiday Loan, talk to us at 65630321, no obligations.

Secured Loans - GS Credit Singapore Money Lender

Secured Loan – prevention is better than cure

You may not suffer from insomnia now because borrowing money was never that easy; the perception of world has changed today as borrowing money is not considered a taboo. You may be in a deep monetary crunch, there are various ways to dig yourself out of the financial mess, and one of the comfortable ways is “Secured Loan” in Singapore.

Secured loan is a loan that requires borrowers to offer their property as collateral. This reduces the risk for lenders and they charge low rates of interest. Unsecured loans, on the other hand, do not require collateral and consequently, they carry high rates of interest.

As we all know that there are no free lunches in this world but there can be affordable lunches, loans that use your assets in the form of a house or a car or your stock certificates as collateral. This basically means that you get cheap secured loans against the equity of your asset and if you default in paying the secured loans, the lender can liquidate your asset to extract his money.

So, what can you use secured loans for? Secured loans offer borrowing with lower interest rates and lower monthly repayments as compared to unsecured loans.

In today’s world of economic uncertainties, it is very difficult to make ends meet, let alone save for a rainy day. So what do you do when faced with unforeseen expenses like a medical emergency?

The easiest solution to this is online secured loans, which you may use as bridge loans in an emergency. One can apply for secured loans, which will not only give you some emergency cash in hand, but also a relatively low interest that you can pay back overtime.

Well begun is half done! Does secured loan solves half the problem? Yes, as it serves you with following benefits:

  • A simple flexible method of generating cash
  • Cash can be used for any purpose e.g. buying a car, home improvement etc
  • One can save in interest loan over a period of time
  • Protected payment plan provides you extra peace of mind
  • In secured loans, you control your budget rather budget controlling you.

Contact GS Credit for your financial inquiries.

Bad Credit - GS Credit can help your financial needs

Bad Credit (Credit Cards): How You Can Avoid High Fees

Bad Credits? Read on.

Individuals with problematic credit histories often suffer unfairly from high mortgage, insurance, and car loan rates. On top of that, they have difficulty getting approved for credit cards. The whole situation can get extremely frustrating. Frequently, I get emails from consumers wondering what they can do to rebuild their credit. The first thing we tell them is to get a credit card designed for people with bad credit. The second thing I tell them is written in bold: READ THE FINE PRINT.

There are only a limited number of credit cards for individuals with bad credit. At first glance, many look the same. They all help build and rebuild your credit by reporting to the major credit bureaus on a monthly basis. They all provide you with the Visa or Mastercard you need to make many purchases. And they are all necessary evils that can save you thousands of dollars in mortgage and car loan rates in the future. However, you must read the fine print before applying for one of these credit cards, as they often charge high yearly fees, set-up fees, and even monthly fees. Here, I will examine a few examples of charges current credit cards bury in the fine print. Of the three major cards I will examine, only one stands out as consumer-friendly.

Credit Card #1:

This credit card charges a very low interest rate for an unsecured credit card. However, your first fine print glimpse reveals that there is a one time setup fee of $30. Not too bad. So far, since the next charge is a one time fee of $99. So far, we’re up to $129 in expenses. That’s got to be it, right? No. Add in another $48 for the annual fee and $6 per month in account maintenance fees. That brings the cost of your new credit card to $249 the first year, and $120 each additional year. This is no small change, and a card such as this should be considered only if you cannot be accepted for a better unsecured credit card for bad credit.

Credit Card #2:

This credit card charges a very high interest rate for an unsecured credit card. This cannot be good. But the setup fee is only $29. Maybe this card is not so bad. There is that pesky monthly maintenance fee of $6.50 per month which brings the cost of this unsecured credit card to $107. Maybe we’ve found a bargain. Not quite. The annual fee is a whopping $150. Yes, $150 every year. That not only brings the initial cost up to $257, but you will also pay $228 a year just to maintain the credit card. There has to be a better offer.

Credit Card #3:

This credit card is available as both a secured and unsecured credit card, based on the issuer’s review of your credit history. The interest rate is average, even competitive. Now, the fine print reveals that there is a one time setup fee. However, based on your credit, this fee can be as low as $0 or as high as $49. So far so good, especially if your credit is not that bad. But, there must be a huge annual fee. Not exactly. The annual fee for a secured credit card is only $35, and for an unsecured credit card, this fee can be as low as $39 or up to $79. So far, the cost of this card ranges from $35 to $128. Now its time for the monthly maintenance fee. That means the most you could possible be charged to obtain this credit card is $128, about half of what competing cards are charging.

Clearly, there are substantial difference between credit cards. Of the three offers we have examined, only one doesn’t take you to the cleaners. In fact, credit card #3 provides great value. All positive changes to your credit history and credit score will translate into lower loan rates, lower credit card interest rates, lower insurance rates, and ultimately, thousands of dollars in savings. The path to rebuilding credit has its costs, but in the long term, rebuilding your credit with a credit card is the fastest and most cost-efficient way to correct the often unfortunate circumstances that have damaged your credit in the first place.

Speak to our friendly staffs for any of your financial issues.

You may be speaking to the right person 🙂

 

how-to-spot-unlicensed-money-lender

How to spot an Unlicensed Money Lender

It’s frightening to know despite all the clamping down on loansharking activities by the government, loan sharks are becoming more brazen and creative with different methods to scam innocent people.

There seems to be no shortage of loan sharks operating in Singapore and very often we can hear about their activities from the news, such as ridiculous interest rates, threatening “borrowers”, extortion, harassment and their signature move which is the “paint splashing of borrower’s doors”.

As more Singaporeans are taking up personal loans with Banks and Licensed Money Lenders which is probably due to the weak economy, Unlicensed Money Lenders also known as “Ah Long” are joining in the fray with creative activities such as posing or pretending to be Licensed money lenders thus making it difficult for genuine borrowers to tell the differences between Licensed money lenders and Unlicensed money lenders which leads to victims falling into scams and Loansharking activities.

This article is to help genuine borrowers to arm oneself with the knowledge to spot an unlicensed Money Lender, difference between licensed and unlicensed money lenders to prevent oneself from becoming a victim.

Below are the Top 3 methods used by them to scam innocent people.

 

FAKE WEBSITE

Unlicensed Money Lenders – Till now this is their most effective way of scamming customers, coming out with “FAKE” websites posing as Licensed Money Lenders or advertising their services on Facebook. These websites or advertisements looks extremely professional with their fake business address, fake license numbers and fake customers remarks therefore making very challenging to tell them apart.

In order not to fall victim to these scams, one can:

  1. Check with Ministry of Law for the undated list of approved Licensed Money lenders   https://www.mlaw.gov.sg/content/dam/minlaw/rom/Moneylenders/List%20of%20Moneylenders.pdf take note of the name of company, business address and license number if they matches with Ministry of Law’s list.
  2. Be very alert if they claim they are affiliated/subsidiary/branch or outlet of certain Licensed Money Lenders.
  3. Be very alert if they request for your Bank Account number as Licensed Money Lenders do not need your Bank Account number.
  4. Be very alert if they claim they can process the loan over the phone without meeting up with you in person in their place of business. They may tell you excuses such as no need to meet up to save time, they are outsourced, they operate only online and many more.
  5. Be very alert if they request that you pay a deposit claiming it’s to show one has the repayment ability/sincerity/stamp duty/transfer fee/admin fee or requirements before or after the loan is approve and that you will be able to collect in person later when you arrive at their place of business. Because once you transfer, you can kiss your money goodbye and they will have your personal details.

Licensed Money Lender – Be mindful if a Licensed Moneylender:

  1. Ask for your SingPass password
  2. Retain your NRIC, ATM card, driver’s license or any other ID cards
  3. Ask you to sign on blank or incomplete Note of contract for the loan
  4. Grant you a loan without giving you a copy of the contract or explaining the terms and conditions of the contract.
  5. Grant you a loan without exercising due diligence such as approving a loan over the phone, SMS or email without you submitting a loan application

 

SMS/WHAT’S APP ADVERTISEMENT

Unlicensed Money Lender – Though such scams have been around for a couple of years, but people are still falling for it. One will receive SMS or What’s App that looks like an advertisement which includes the name of sender, name of the company they represent, offering attractive loan packages, and handphone number to contact them if interested.

 

Licensed Money Lender – Under the Moneylenders Act, Licensed money lenders are not allowed to send out such advertisement thru such channels, one can be very sure these SMS/What’s App messages are from Ah Longs. As Licensed Money Lender’s only way of advertising is thru internet such as thru their homepage and at their places or business.

What should you do if you receive them?

Do not reply, ignore these messages and block the number. You may proceed to make a police report though usually it’s not very effective.

 

CALLS OFFERING LOANS

Unlicensed Money Lender – are now calling random people offering them loans, the numbers they used are usually “unknown number”, overseas number and though sometimes local numbers are being used too.

They usually start the conversation by saying “do you remember me”/Hello my name is… from so and so company, we provide financial assistance. Please take note some of them really do sound professional.

 

Licensed Money Lender – Under the Moneylenders Act, Licensed money lenders are not allowed to call to offer their services, therefore if you received such calls, you can be sure that person on the line is an Ah Long.

 

What should you do if you receive them?

There’s no use asking them how they got your number, just reply you are not interested and hang on the call and block the number. You may proceed to make a police report though usually it’s not very effective.

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