4 Ways You Can Improve Your Credit Score to Get Better Loan Deals

person holding a credit card

Singapore has two credit bureaus that issue credit scores and reports: DP Credit Bureau and Credit Bureau Singapore. Both institutions track your financial history and compile it in a report containing vital details, such as the type and number of enquiries you made to lenders, repayment track record and loan details.

If you find that the score issued to you by either credit bureaus is high, you’ll be able to enjoy a wide range of benefits. Banks and other financial institutions, for instance, will be keen on lending the money you need. You’ll also be eligible for a higher loan amount and lower interest rates. A poor credit score, on the other hand, may make securing a loan approval difficult. Even if the financial institution does approve your application, it’s likely that you may not get the interest rate or loan amount you want.

Building a good credit score, therefore, is crucial to get the appropriate funding you need. Here are a few suggestions to help you achieve your goal:

1. Pay Your Dues on Time

Payment delays can damage your credit standing. A delay beyond 30 days, for instance, will put you in the delinquent category, which will negatively affect your score over time. You can avoid this by creating due date reminders on your calendar. If you are unable to pay loan instalment on time, inform your financial institution before the due date.

2. Refrain from Borrowing from Too Many Lenders

Keeping track of several lenders can be challenging. Missing just a single payment on one lender can ruin your credit score. The sensible approach is to limit the number of lenders to make tracking easier for you.

3. Use Credit Cards Wisely

Individuals who use their credit card for shopping and other expenses have the option to pay the minimum amount due and defer the remaining payment for the succeeding months. This common strategy, however, can backfire, as they’ll likely end up accumulating a massive credit card debt and consequently paying a significant amount as interest.

Rather than use your credit card this way, look at it as an alternative mode of payment. Once you get your monthly statement, make an effort to pay off the whole amount.

4. Minimise Your Loan Application Enquiries

Making multiple application enquiries can decrease your credit score. When you reach out to several financial institutions frequently, you are creating the impression that you’re desperate for funds. Even if you intend to grab the best deal possible, the signal you’re sending out is totally different. So, limit your enquiries to help maintain your credit standing.

If you’re looking for a loan to help grow your small business, Capital Funds Investments is here to help. As a trusted business loan provider in Singapore, we offer both unsecured and secured loans to businesses. When you turn to us for your loan needs, our experts will work with you to figure out the optimal loan amount for your business. Additionally, we’ll treat you as one of our respected clients. Rest assured we won’t push you to borrow more than what you can afford.

Call us on 62817736 or send us an email at enquiry@loancfi.com.

Safe Transactions for Foreigners: Advantages of Working with Licensed Moneylenders in Singapore

A doller bills in a wallet

Highly stressful emergencies become doubly difficult when paired with the burden of suddenly needing large sums of money. If you are a foreigner in the country, finding the right institutions to borrow money from becomes more complicated. Friends and family are unlikely options, given their unavailability and the added risk of causing tension in your relationships with them. If you go to local banks, you’d need to go through many processes and requirements before you obtain your money, which is not ideal if the circumstances are taxing and you are already pressed for time.

One possible solution to your money-borrowing woes is to find a trustworthy and convenient loan source that can address the complexity of your situation. In cases like this, working with licensed moneylenders like Capital Funds Investments can help you obtain the money you need without adding to your stress. We provide options for you to receive financial relief as soon as possible, making sure you can take care of your emergency here in Singapore.

Recognising the Urgency of Loans

Dealing with emergencies requires a quick and practical response. Our streamlined approval process makes it possible for you to address your financial circumstances immediately, preventing the situation from escalating further. We know that going through a painfully long application is not on your list of preferences right now, so we adjust by giving you a straightforward way to borrow money.

Guaranteeing Safety and Security

Unfortunately, some organisations treat foreigners looking for loans as chances to charge unfair fees and interest rates during a trying time. As part of the government’s list of licensed lending services, we can ensure that our operations are legal and straightforward; there are no hidden fees, surprise payments or abuse of personal information, helping you direct your full attention towards dealing with your emergency.

Adjusting to Your Situation

Our packages vary, depending on the amount you need and your current situation. We understand that persons going through difficult financial times may be unable to work with demanding loan repayment schedules, so we work with you closely to find a loan package that is beneficial for both sides. Rest assured, our main priority is giving you the immediate help you need, and we are committed to finding the best possible solution for you.

Couple Availing Personal Loan in SGBorrowing Money Made Easy

At Capital Funds Investment, we offer competitive loan packages for foreigners in Singapore. The foreigner loans are part of our wide range of loan options, including fast cash loans, business loans, personal loans, debt consolidation loans and payday loans. We are licensed by the Ministry of Law, ensuring that your transaction with us will remain fair and secure. We are committed to helping those who are in unfavourable financial circumstances, providing credible and trustworthy loan solutions for clients. With Capital Funds Investments, you are sure to find a loan that will help you relieve your financial burden without worry.

Apply for a loan now. Call us on 62817736 or send us an email at enquiry@loancfi.com.

Five Tips for Getting a Cash Loan from a Moneylender in Singapore

Even as little as a few years back, it was quite difficult to get a loan in Singapore. Fortunately, in recent years, it has become easier to get a loan due to the increase in the number of money lenders here. There can be many reasons for Singaporeans to take a fast cash loan such as paying medical bills, accidental bills, or funding a house investment, for example.

However, there are certain things you need to pay attention to while acquiring a loan from the money lender. The first thing to consider when applying for a loan is to search for a licensed moneylender in Singapore. There are unauthorized moneylenders in the market which are not recommended for getting loans from, as their rate of interest is high and failing to repay the loan may lead to severe consequences.

Here’s a look at some useful tips on getting a cash loan from a licensed money lender Singapore:

1. Necessary documentation
You will need several documents for identification purposes while applying for a loan. It will be helpful to bring proof of your job such as an ID card from work. The lender will provide you a loan when they feel you are reliable and are able to repay the loan.

2. Spotting an illegal money lender
When applying for the loan, you should find out if the lender is licensed. If they are not licensed, choose another lender and always make sure to get all documentation and identity proofs back.

3. Make sure to sign the contract and get a copy
If you don’t have a copy of the documents, your loan could be considered fraudulent. Also, avoid signing a contract that looks incomplete. It should state all the terms of loan such as the payback period and interest rates.

4. Inquire about collateral
Before agreeing to a loan, confirm the collateral requirements. In case you fail to repay the loan, the money lender in Singapore can claim whatever you have put up as collateral.

5. Mutual respect
Choose lender that treats you with respect. Never go with a money lender who intimidates you or treats you in an unkind manner.
Explore the web for more information and tips on how to find the best money lender in Singapore.