credit myths

Three Myths About Mortgages and Your Credit Score

There are a lot of myths out there regarding mortgage loans and credit scores and how they relate to each other. If you are looking to obtain a new mortgage or refinance an existing mortgage, the following information may help you in your quest to finance the house of your dreams.

Poor Credit = No Mortgage

It is not always impossible for borrowers with poor credit to get approved for a mortgage loan. Find a lender that will agree to manually underwrite your mortgage loan. During this process, the loan officer will not only look at your credit, but they will also factor in your income and any changes in your circumstances that will make you a good risk as a borrower. It can be difficult to find a lender to do this, but they are out there.

Poor Credit = Bad Interest Rate

This is another mortgage myth. Just because you have bad credit doesn’t mean you’ll be stuck with a terrible interest rate. Many banks and licensed money lender Singapore are willing to take a chance on potential borrowers and give them a good interest rate on a mortgage loan. Shop around until you find a lender that will give you a fair deal on a mortgage loan.

Great Credit = Perfect Mortgage

Some people with great credit take it for granted that they will be instantly approved for a mortgage loan from any lender, and that this is a personal loan with low interest rate. This isn’t always the case. A mortgage loan is based on more than a FICO score. The lender will look at your income, payment history and many other factors before making the decision to approve your loan and determining what interest rate they will extend to you on your loan. Don’t let your high credit score fool you into thinking you will get the perfect mortgage on your terms. Always keep striving to improve your credit file and your financial circumstances.

business loan

Steps For Securing A Business Loan

If you have been thinking about applying for a Singapore payday loan don’t have too many negative thoughts. Banks have the obligation and the desire to lend money to viable businesses. What you have to do is prove to the bank that your business has a chance to thrive to the point that you can pay them back.

The first thing you have to do is demonstrate to the bank that your business is ripe for investment. This would be as a start up. or a successful business ready to expand.


Before you approach a bank for a business loan Singapore it is very important that you have a business plan. The rules for writing a business plan are not etched in stone, but there are points of emphasis that have to be covered. These include a short description of the proposed business, The market research you have done has to be documented. A marketing strategy should show the bank how you plan to obtain and maintain customers for the business. You will need to show how the business plans to function as an organized group.  You will need a financial forecast for the business’ potential loan Singapore

When you seek to pitch the bank you will need to supply the amount of money you wish and how you plan to spend it. You should have your business plan so locked into your mind that you can reel off all points expertly and confidently. Come armed with all the correct documents. Be ready to provide the bank with up to date business and personal financial histories. Have your credit score handy. It will be great to have a personal reference at hand.

Banks that offer business loans will want to the answer to three key questions. How much money do you need? Over what period of time do you want to repay the loan? Can you carry the debt against any tangible assets you may have? If you give the correct answer to these questions you may be on your way to securing a business loan.

myth and reality

Three Myths About Living Trusts

living trustThe news is full of stories about celebrities dying without a will or trust in place to handle the distribution of assets to the heirs left behind. One of the most high-profile stories right now is that of the legendary artist Prince, who left more than $300 million in assets and had no will or trust to handle these assets. Everyone should have a valid, current will on file, and most people should also have a trust in place. The following three facts may dispel your misconceptions about trusts.


Living Trusts Are Only for the Rich

While wealthy individuals can definitely benefit by having a trust in place to handle their assets while they are alive and after their death, trusts aren’t just for the wealthy. Anyone with any amount of assets can set up a trust to ensure these assets are distributed as they wish, even if they become incapacitated or die unexpectedly. Individuals with minor children, or dependents who are elderly or disabled should also have a trust in place to care for these dependents.

Living Trusts Are Only for the Elderly

No one knows for sure when they are going to die; death is typically a surprise. Most people hope to live to a ripe old age, but this is not guaranteed. A trust is beneficial for everyone regardless of age. The trust will ensure that the individual is cared for no matter what happens. The trust will also distribute assets after the person’s death as they wish them to be distributed.


Living Trusts Are Too Expensive
It is not inexpensive to establish a trust. However, there are ways to cut costs, such as having a family member or trusted friend serve as the trustee, instead of your family law attorney. The cost to establish the trust is miniscule compared to the cost of probate if your estate must go through probate after you die. The emotional cost to your heirs is exponential, as well.

How to Get a Car Loan in Singapore

Driving a car in Singapore is easy if you have the proper financing. Quite often, people who want to drive in Singapore also want to know how to get a car loan. Many finance institutions and trusted licensed moneylenders in Singapore will offer you a competitive loan quotation for free. However, you should also keep in mind that getting a car loan in Singapore also has its challenges. To make the process easier for you, here are a few tips.

Get Help from Your Car Dealer 

In addition to buying and selling new and used cars, many car dealerships in Singapore provide vehicle financing as well as insurance; all in the same place. Having your car dealer getting everything done in one place is extremely convenient. Most dealerships have special arrangements with banks and finance houses to provide you with more options. 

Types of Car Loans

In Singapore, banks only offer one type of car loan known as comprehensive vehicle loans. These types of loans help people purchase any new or pre-owned vehicle of their choice. Loans are differentiated based on the interest rate offered; which can either be variable or fixed. Loans vary based on the bank you choose, the amount, and the length of time. It is important to take note that the dealer may penalize you if you do not take the loan they offer you. 

Top Banks in Singapore Offering Car Loans

Here is a list of the top banks offering car loans in Singapore:

  • – Citibank
  • – Maybank
  • – DBS Bank
  • – UOB Bank
  • – OCBC Bank
  • – Standard Charter Bank

Apply for A Car Loan in Singapore

Apply for A Car Loan in Singapore

It is easy to apply for a car loan in Singapore. You will have to select a bank or financial institution to apply for a car loan and most of them will allow you to apply online. Within a few days, you will know if your application is approved and then you can look forward to driving your new vehicle. 

protect and insurance real estate concept

Is a Trust Necessary for Individuals With Few Assets?

With the recent news of the death of music legend Prince Rogers Nelson, Living Wills and Living Trusts are major trending topics. Many people believe that they need a Living Will and this is correct. Everyone needs to have a current and valid Will on hand to ensure their assets and final affairs are taken care of if the unthinkable happens. However, many people mistakenly believe that a Living Trust is not necessary if they are not wealthy. This is incorrect for several reasons. If you have any of the following considerations, a Living Trust is a must-have.

Young Children

The best way to ensure that your assets are used to take care of your minor children if you pass away is to set up a trust now. Your trustee will then be charged with using your assets only for the care of your children, in a manner that you can specify within the trust documents. This will ensure that no matter how much money you leave for the care of your children, it will not be misappropriated for other uses.

Elderly / Disabled Family Members
Having a trust on file is also important if you have elderly or disabled family members that are dependent upon you for care. Your trustee will use your assets to care for your dependents in the manner you specify, and you don’t have to worry about these assets being misused or stolen by people that don’t have your heirs’ best interests in mind.


Whether you have a huge fortune or a small nest egg, you should ensure that your assets will be used to care for your needs in the event you are injured, disabled or otherwise incapacitated. Establishing a trust now will cover your medical costs and other living expenses that insurance and disability benefits won’t cover. Anything left after you die will then be distributed among your heirs as you wish.