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Licensed Moneylender & Unlicensed Moneylender- Differences

How do you tell apart a licensed moneylender from an unlicensed one?

The first point to note is that a licensed moneylender will never send you an unsolicited message or contact you to offer you a loan (either directly or through an agent).

If someone calls or texts or emails you offering a loan or offering to arrange for you a loan of any kind, you can be absolutely certain that it is an unlicensed moneylender – also known as a loan-shark or an Ah Long.

If you receive such offers, do not reply. Instead, notify the Singapore Police Force through i-Witness or call the X-Ah Long hotline at 1800-924-5664 to make an anonymous report.

If someone calls you claiming to be from a Licensed Moneylender, please do check the Licensed Moneylenders List under the Ministry of Law, and verify that the contact number actually belongs to the Licensed Moneylender.

 

Here are a few other clear pointers to go by:

  • A licensed moneylender is a registered, legally incorporated and identifiable private limited company.
  • An unlicensed moneylender is an individual (or a group of people acting with a common purpose) with no registered or confirmable identity.

 

  • A licensed moneylender operates openly from a fixed commercial address with known contact information.
  • An unlicensed moneylender operates from the shadows using constantly changing contact information and without a reliable business address.

 

  • A licensed moneylender is lawfully authorized to carry on the business of lending money to both individuals and businesses.
  • An unlicensed moneylender’s operations are deemed to be illegal, criminal activity and are prosecutable and punishable offences.

 

  • A licensed moneylender will require you to present yourself at the place of business. The lender is required by law to verify who you are, whether you are eligible to borrow money and whether you qualify for the loan amount you want.
  • An unlicensed moneylender conducts all transactions anonymously and remotely so that you remain unaware of who they are, where they are and how they operate.

 

  • A licensed moneylender will tell you clearly the terms and conditions of the loan, including the interest rate and how much you will need to repay and when your repayments will be due. The details will be set out in a clearly worded contract, a copy of which will be provided to you.
  • An unlicensed moneylender will have no documentation or legally agreed terms and conditions but will use spurious claims and ambiguous promises to lure you into an illegal transaction.

 

  • A licensed moneylender advertises only on its own website, within its place of business or in general consumer or business directories.
  • An unlicensed moneylender will use flyers, notes, calls, text messages, emails and even marketing agents to persuade you to take a loan.

 

  • A licensed moneylender will never call, text or email you to ask for your personal information such as your NRIC, work and home addresses or your bank details.
  • An unlicensed moneylender will call you and ask for your personal data, which might be misused later for criminal activity or to assist the commission of other crimes.

 

  • A licensed moneylender is limited by law to charging a monthly interest rate not exceeding 4% and is also required to let you know about any fees or charges tied to the loan.
  • An unlicensed moneylender’s interest rates and charges are limited only by greed and your willingness to be a victim. Threats, harassment and intimidation are the tools they rely on to extort unconscionable amounts from you once you fall for the promises of easy money.

 

A licensed moneylender is listed by Singapore’s Ministry of Law.The Moneylenders List (maintained on the ministry’s website) provides the names, business addresses, licence numbers, office telephone numbers and website addresses of all the moneylenders who currently hold a valid moneylender’s license.

Aero Credit is a moneylender licensed by Singapore’s Registrar of Moneylenders. We are one of Singapore’s most reputable and capable moneylenders. We are staffed and managed by experienced professionals who insist on providing the highest possible levels of courtesy, flexibility, confidentiality and service.

Aero Credit is conveniently and discreetly located within City Plaza near Paya Lebar MRT.

Contact us today about to find out more about our loan packages and how we can help. Alternatively, you may click the right bottom “Whatsapp” icon and chat with us.


PLANNING A HOLIDAY? With A Short-Term Instalment Plan Holiday Loan

Gift Yourself That Dream Vacation

With A Short-Term Instalment Plan Holiday Loan

Everyone loves a holiday – more so when that holiday is far away from work and its dreary environs – and even more so when that holiday is spent with your life partner or with your family or with someone you love. A holiday is the perfect getaway from the dullness of routine activity, the perfect reboot for tired bodies and brains, and the perfect antidote to the pressures of modern, urban existence.

However, when you are tied down at a demanding workplace and your account balance is not looking too good, it isn’t quite easy to just pack up and head for that dream destination for that perfect vacation. Nevertheless, you are also fully aware that you and your loved ones deserve that break. Moreover, what better time than the fast-approaching holiday season to gift your loved ones and yourself a vacation!

Holidays and vacations usually do not come about as a result of long-term plans or years of planning. Most holidays are mapped out only just a few months or several weeks in advance. Often this does not give you the time or liberty to save up enough money to cover a proper vacation. The longer you wait, the more costly everything is going to be. Air tickets, hotel reservations, tour packages, tourist passes – every element of a holiday becomes so much more expensive as the holiday season gets nearer and nearer. If you do not secure the many parts of your holiday right now, you might end up paying a lot more for your delay in confirming your choices.   

One solution is to go to a licensed moneylender like Aero Credit Pte Ltd and get yourself a holiday loan or a vacation loan with a short-term instalment plan. Such a loan to take care of your dream vacation can be availed almost instantly at the standard legal interest rate. The short-term instalment plan holiday loans and vacation loans from Aero Credit Pte Ltd come with full freedom to choose the destination and dates of your choice by taking care of the expenditure portion of your vacation.

Aero Credit’s holiday loans and vacation loans with an instalment plan are unsecured short-term loans that give you instant access to enough funds to help you to purchase air tickets, book the accommodation you require and secure the entry passes to the shows and entertainment venues you want.

 

A vacation loan or a holiday loan from Aero Credit Pte Ltd helps in many ways:

  • You can make your bookings early and make use of the discounted offers that are available only to early planners.

 

  • You can jump ahead of the holiday crowd and lock in, before the mad rush begins, all your travel, hotel, dining and entertainment preferences without paying premium rates.

 

  • You can be sure of finding a variety of early-bird bonuses, upgrades and upsized offers from airlines, hotels, restaurants, entertainment venues and stores.

 

  • You can be confident of getting the best seats, rooms, passes, coupons and tickets without queuing up or being on a waiting list.

 

  • You can do everything you want on a much cheaper budget – and thereby, you end up spending a lot less than you would if you wait until the start of the holiday season!

 

So, what are you waiting for?

You have been dreaming about it.

 You have been thinking about it.

 You have been talking about it.

 

Here is that opportunity to find out more from Aero Credit Pte Ltd and confirm your itinerary, book your tickets and head for your favourite overseas holiday destination.

Also, before you leave on your vacation adventure, plan ahead and make sure that everything is confirmed and in order.

Click Here for SOME TIPS FOR YOUR YEAR-END GETAWAY


3 Tips to Choose The Best Licensed Fast Cash Moneylender in Singapore

Money might make the world go round, but what happens when you are out of cash and you need it fast? Get a cash loan from your local moneylender in Singapore, of course!

There are numerous places to get a fast cash loan in Singapore, but how should you go about choosing a licensed fast cash moneylender in Singapore?

Fear not, for we have some tips to help you choose the best moneylender to get fast transfer payday loans. Read on for our tips now!

1. Licenses

First and foremost, you have to make sure that the source of your fast cash loan in Singapore is a credible and legal source. When getting fast cash, you would want to avoid going against legal constraints. In this sense, it would be prudent for you to make sure that your moneylender in Singapore has a license.

2. Interest Rates

After getting your legal fast cash, you would have to repay your moneylender in Singapore at some point. Lookout for hidden costs and make sure the interest rates are low.

3. Experience

Would you entrust your interior design concept to an intern?

The answer would probably be no.

Similarly, you would want to engage a moneylender that has enough relevant experience to provide seamless and professional services. Do a bit of research on the moneylender before getting a fast cash loan. Make sure your moneylender has enough positive reviews. The best loan provider should instill a sense of trust and professionalism.

Aero Credit: The One-Stop Platform for Loans

Aero Credit ticks all the boxes in this guide. Not only is our company licensed, but we also provide reasonable interest rates on our fast cash loans to help you get back on your feet without having to worry about debts. Furthermore, we have numerous years of experience in assisting our clients as a moneylender in Singapore.

 


Singapore condo resale prices up 1.2% to hit new high in May


PRICES of private condominiums and apartments continued their climb in May to hit a new high, although volumes slightly dipped according to flash data from real estate portal SRX Property released on Tuesday.

This comes as the monthly price change for April 2018 was revised sharply upwards to 1.2 per cent, from the earlier estimate of 0.6 per cent.

Resale prices of non-landed private properties rose 1.2 per cent compared to April 2018 and jumped 10.8 per cent from May 2017. The prime district, or Core Central Region (CCR), hit a new high after increasing 1.3 per cent over the previous month.

The Outside of Central Region (OCR) rose 1.8 per cent compared to the previous month, while prices in the Rest of Central Region (RCR) remained unchanged.

Compared to last year, prices had increased in each geographic segment, with the CCR, RCR and OCR recording price increases of 11.2 per cent, 11.4 per cent, and 9.9 per cent respectively.

Resale volume stood at 1,560 units, 0.6 per cent lower than the 1,570 units resold in April, and 25.5 per cent higher than the 1,243 units resold last May.

But this was still lower by 23.9 per cent compared to the peak of 2,050 units resold in April 2010.

Overall median Transaction Over X-Value (TOX) was positive S$18,000 in May, a decrease of S$2,000 compared to the previous month’s showing.

TOX measures how much a buyer is overpaying or underpaying on a property based on SRX Property’s computer-generated market value.

Click here to see more information here


Changes to TDSR rules: 6 things you need to know


Aerial view of private housing in Potong Pasir. MAS said on Thursday (Sept 1) it was fine-tuning the TDSR rules to make it easier for borrowers with existing home loans to refinance their mortgages and pay off their debts at lower interest rates.

SINGAPORE – The Monetary Authority of Singapore (MAS) said on Thursday (Sept 1) it was fine-tuning the Total Debt Servicing Ratio (TDSR) rules to make it easier for borrowers with existing home loans to refinance their mortgages and pay off their debts at lower interest rates.

Here is what you need to know:

1. What is the TDSR?

The framework or rules, introduced on June 29, 2013, were implemented to encourage home buyers to borrow within their means.

The TDSR limits the home loan quantum by ensuring your monthly repayments for all your debts – mortgage, credit cards, car loans, personal loans, and so on – do not exceed 60 per cent of your monthly income.

Thus if you and your spouse earn a combined S$10,000 a month and the total of all your credit card, car loan and personal loan repayments is S$4,500 monthly, your TDSR threshold is S$6,000 (60% of S$10,000). This means the maximum monthly repayment for your home loan cannot exceed S$1,500 (S$6,000-S$4,500).

2. How do Thursday’s TDSR changes affect you?

The changes affect two groups of people: People with an existing property loan for the house that they live in and people with an existing investment property loan.

For the first group, a homeowner who wants to refinance the mortgage on the house that he lives in will now be exempt from the TDSR’s 60-per cent rule, regardless of when he bought the property.

For the second group, a borrower can refinance his investment property loan above the TDSR threshold regardless of when the property was bought, if he meets two conditions:
– He commits to a debt reduction plan with his bank to repay at least 3 per cent of the outstanding balance on his property loan over three years, and
– He passes the bank’s credit assessment.

3. How is this different from previous TDSR rules?

Previously, owner-occupied home loans were exempted only if the property had been bought before June 29, 2013.

And investment property loans were allowed to be refinanced above the 60 per cent TDSR threshold only if the borrower applied by June 30, 2017. This deadline has now been removed.

The borrower would also have had to commit to a debt reduction plan with their bank before Thursday’s rule changes. However, Thursday’s announcement specified the terms of such a plan.

4. Does this mean new home loans are exempt from TDSR too?

No. The TDSR rules will continue to apply to new property loans. The MAS has said that the tweaks announced on Thursday are not a relaxation of property market cooling measures.

5. How many people can benefit from the changes?

Just a small minority of borrowers. Only about 2.5 per cent of home loans made after the TDSR rules were implemented are currently above the 60-per cent threshold.

6. So why did the MAS decide to make these tweaks?

MAS said it had received feedback that some borrowers who wanted to refinance their home loans to take advantage of the current lower interest rates were unable to do so because of the the TDSR threshold.

Now they can go ahead and refinance and pay lower monthly installments.

Click here to see more information here


SMEs in Singapore more upbeat about prospects in 2018

Small and medium-sized enterprises (SMEs) in the business services sector recorded the highest level of optimism, with an index score of 52.1 in the Singapore Business Federation – DP Info survey.

Smaller firms here are increasingly optimistic about their business prospects, with expectations that improvements in the wider economy will filter through to them next year.

The positive mood is reflected in a new survey that showed business sentiment for the next six months has risen across the board, lifting an index on business outlook from 50.6 to 51.2. A score above 50 indicates expectation of growth, while one below 50 signals possible contraction.

Small and medium-sized enterprises (SMEs) in the business services sector recorded the highest level of optimism, with an index score of 52.1 in the Singapore Business Federation – DP Info survey.

This was likely buoyed by increased economic activity from other sectors driving up demand. Business services support many other industries, providing a diverse range of functions such as real estate, engineering, management consultancy, legal and accounting.

The next two best performers were manufacturing and commerce/trading, with a score of 51.

Construction and engineering, which recorded 49.9 in the previous quarter, registered a positive score of 50.4. The expectation of a stronger pipeline of public-sector projects and the launch of the Industry Transformation Map for the construction sector have added to the sector’s positive outlook, according to the report.

SBF chief executive Ho Meng Kit said: “SMEs’ business sentiment has been deteriorating over the past three years, so this latest survey that SMEs across all sectors are feeling positive about their outlook for next year is welcome news.”

The survey also had a breakdown of different components of the index. Turnover expectations rose from 5.01 to 5.15 across all industries, while profitability expectations also went up, from 4.86 to 5.1. A score above five indicates sentiment that turnover and profits are expected to increase, while a score below that points to possible declines.

Business expansion expectations also continued to stay strong with a score of 5.55, as SMEs look for new opportunities to grow their business and generate more value. Access to financing expectations went up from 5.01 to 5.13, with improvements observed across all sectors.

The capacity utilisation score rose from 6.81 to 7.11. A score over seven indicates SMEs are operating at or near their full capacity. The report said they are increasing their output and gearing up operations in anticipation of greater demand in the coming year.

Click here to see more information here


Online Enquiry

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