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Bugis Credit online grocery store

Affordable Online Grocery Shopping Stores in Singapore

Isn’t grocery shopping such a pain sometimes? You continually find yourself suffering from the heavy and massive baggage of groceries after buying them from the supermarket. You have always been annoyed with the crowds or lengthy queues. It has always been a struggle not to mention the trouble of finding a parking space for your vehicle as well as paying for your gas.

Well, that’s why online grocery shops are all the rage nowadays that with just a few clicks, you can complete your necessities and then it can be brought to you as soon as two hours after buying them. Not to mention its convenience, purchasing online additionally means much less impulse buying like being tempted to buy whatever it is on the aisles that are products with tempting packaging and sale labels that you might just get without even thinking that you really need them.

Like most other people, going into a supermarket or grocery store with the intention to get a certain product might grow to be that certain item plus a number of other items that you might not need at all. The thing is, you just got it because you were attracted by it in the store. Buying groceries online lets in you to compare expenses easily throughout different online shops.

Why go online grocery shopping?

The convenience of today’s technology is almost countless! Now, even buying groceries can give you such convenience like never before. Here are some benefits that you can get when you do grocery shopping online.

  • You can do grocery shopping anytime of the day. You can go to the grocery application on your phone and choose the items that you will need and order them whatever time that is most convenient to you.
  • Your grocery items will be delivered to you. You will have the convenience of having the items you need to cook or at the kitchen to be delivered right to your doorstep. You do not need to carry heavy stuff!
  • Delivery within a short period of time. Sometimes delivery is within 2 hours, some on the same day and others depend on the options that you chose.
  • You are guaranteed freshness and quality of the items that will be delivered to you because they do not want you to complain on the items that were delivered.
  • You do not need to get stuck with the crowded places and take a long queue just to pay for the grocery items.
  • You will get the best prices, sometimes they offer discounts, and you can compare prices from every online grocery stores.
  • Save your time, money and energy. You can save time by not going to the physical grocery store, you will not have to stand on the line waiting for your turn to pay. You will save money by not paying for your gas and parking fees. You will save your energy because you will get your groceries by just sitting on your couch and clicking the items that you want.

Some of the popular online grocery shopping stores

  • Farmer’s Market

    Bugis Credit Farmer’s Market

    Farmer’s Market is famous for their identifiable, efficiently sourced meat and seafood products at low cost prices. Farmer’s Market gives a wide range of fine quality, sustainably sourced, hormone and no antibiotic meat as well as their seafood.

    Every associates farm of Farmer’s Market has been selected for its high welfare standards and excellent great merchandise. All products are sourced from just one or two farms which focus on providing purchasers with ethically reared, sustainable meat. You can even locate full details of every supply listed on the internet.

  • Ryan’s Grocery

    Bugis Credit Ryan’s Grocery

    This was named after the owners’ son who has a variety of meals intolerances and started out as a manner to convey new products and bring to the local market. Ryan’s online store features pantry staples, vegetables, clean foods, meats and gourmet distinctiveness products plus they also offer free shipping $150 worth of orders and above.

  • Sasha’s Fine Foods

    Bugis Credit Sasha’s Fine Foods

    They deliver the most effective, sustainable meats, vegetables, fish, plant based foods, wholesome snacks, ready made meals, and many more directly to your doorstep, You can be sure and confident that the whole thing is healthy and free from chemicals.

    They even have a newly introduced, fully personalized subscription provider which gives you the option of automating the delivery of a number of your favorite items every fortnight. You can also order anytime earlier than 5pm for Free Next Day Delivery if you order items worth $100 and above.

  • Amazon Prime Now

    Bugis Credit Amazon Prime Now

    They are the most up-to-date participant on the internet grocery store scene which was launched in the late July 2017. They have a same day 2 hour grocery shipping with a minimum spend of $40.

    They are very competitive and they offer a huge variety of choices of non-grocery gadgets like toys, kitchen wares as well as school supplies. They are still improving their application and can only be used on a mobile phone. They are in the process of expanding the availability of the online grocery store.

  • RedMart Lazada

    Bugis Credit RedMart Lazada

    RedMart is among Singapore’s biggest online grocery stores but then it merged with the massive online shopping store, Lazada which made it even bigger than it used to be.

    RedMart offers you almost anything that you want to buy and features a delivery straight to your doorstep. You will love the feature where you may even add more items on your order even after it’s been placed if ever you just forgot something. Their free delivery is when your items are worth $60 and more.

There are a lot of options when it comes to online grocery shopping Singapore but if ever you will need more assistance with your shopping needs, you can definitely check out Bugis Credit if you have other things that you may need.

7 Important Things You Should Know About Cryptocurrency Before Diving In

Cryptocurrency is becoming rapidly popular among the younger and tech-savvy investors of Singapore. You’ve definitely read about it. Your first impressions feel like it’s definitely worth trying provided it gives good yields and information shows that there is relatively low risk thanks to public confidence in the currencies.

However, if you’re misinformed, you might end up making bad investments and losing more than you initially invested. To make sure this doesn’t happen, here are seven important things you should know about cryptocurrency before you begin your journey.

1. What is cryptocurrency? 

Cryptology is the study of deciphering codes in ancient and even modern languages. It uses sets of “key” symbols to unlock a pattern of symbols that intend to express something.

In the case of cryptocurrency, it stores financial data in a pattern of symbols called a blockchain. Each blockchain has a single “key” that only its account owner possesses. It is only when the key is used to unlock the blockchain pattern can the user access the cryptocurrency they currently own.

Many modern applications use blockchain to guarantee secure peer-to-peer messaging and transactions without outside surveillance such as modern chat messengers and text applications.

2. How many different types of cryptocurrency are there?

In truth, there are over 2,200 different cryptocurrencies in existence nowadays. The reason that some prevail and some end up forgotten or inactive depends on the number of active users and owners of the currency. Therefore, the best cryptocurrency investments are ones that are currently popular and are highly valued by many investors. Here are some of them. 

#1 Bitcoin

The currency that started it all is the one that still has great fame (and infamy) over the last decade. Bitcoin started in 2009, and anyone can purchase it from legitimate Bitcoin marketplaces or from individuals who peddle it in exchange for items of value. Over time, its value has begun to rise,

However, investors are still wary of its fluctuating nature. In December 2017, Bitcoin rose to a whopping $19,783 in value. On the other hand, it fell down to $13,800 just six days after its highest market capIn December 2018, it sits evenly at $3,300, which is a 76% drop from the previous year’s high.

#2 Ethereum

While still a newcomer (and now a toddler) in cryptocurrency being founded in 2015, Ethereum is slowly gaining traction as becoming a popular cryptocurrency in the market. Similar to Bitcoin, it is a blockchain-based computing platform that use numerous machines and has a public-access ledger that only users with the proper blockchain keys can access when needed.

Ethereum’s advantage over Bitcoin is speed. Ethereum can take 15 seconds to complete a transaction while it might take 10 unnerving minutes for Bitcoin users to consider a transaction to have pushed through.

 

#3 Litecoin

While it wasn’t the most popular alternative to Bitcoin, Litecoin has been around for quite a while. It found its roots with most online poker and gambling websites. It began in 2011 after former Google employee Charles Lee posted it on GitHub. He introduced it as an alternative to Bitcoin, which was slowly emerging during the time.

Similar to Bitcoin, it uses the same public-viewed ledger and secured by mathematical protocols that only keys can solve. It also outdid Bitcoin’s transaction speed by overtaking it a fourth faster than the older cryptocurrency. 

#4 Ripple

Right after Bitcoin and Litecoin launched their respective currencies, Ripple emerged as a real-time currency by Ripple Labs. It was first meant to become a secure payment option for online transactions. Then, it evolved into a cryptocurrency after the company merged operations with global payments service Earthport. Ripple or XRP became one of the largest currencies in the US with a market cap of $73 billion on December 30, 2017.

#5 Stellar

Originally, Stellar was a project of Ripple co-founder Jed McCaleb in 2014. He and a former lawyer friend, Joyce Kim, launched the cryptocurrency during the year under the name “Secret Bitcoin Project.” It birthed the Stellar Development Foundation. It functions similarly to Bitcoin, but the SDF partners with many budding startups and renowned brands to exclusively use its cryptocurrency, such as Deloitte, Coins.ph, ICICI Bank, and other global brands.

#6 NEO

Now known as “Antshares,” founders Da Hong Fei and Erik Zhang released NEO in 2014 with the goal of creating a “smart economy” that exclusively uses blockchain technology. In doing so, they promise to create “smart” contracts that allow decentralised digitised asset management. It now has offices across Shanghai and Seattle.

3. What caused the cryptocurrency boom out of the blue?

It’s always great to have different types of banknotes so you can profit off of them when money markets move positively. Cryptocurrencies are not so different from bank-regulated banknotes. However, their true appeal lies in crypto being the future’s currency of choice. Many anticipate that one cryptocurrency is most likely to reach a high market cap in the future — which is why it makes sense to own one as early as possible during launch.

Some Singaporeans and users abroad find the idea of removing banks and governments from regulating currencies appealing, which is something Bitcoin and cryptocurrencies make possible. Because popular activity dictates the overall value movement of cryptocurrencies, there is a lower risk of devaluing the money due to inflation.

Blockchain technologies at the core of cryptocurrency introduce the next level of privacy when it comes to financial transactions online. The decentralised processing, recording, and management of cryptocurrencies is something that users find more appealing and effective than the established traditional system.

4. Is cryptocurrency legal?

Cryptocurrencies are unregulated, decentralised, and completely anonymous monetary systems where only end-to-end users can confirm whether a transaction has already occurred through publicly-viewable ledgers. True enough, this leaves it open for possible exploitation by unsavory forces, which might make it legal or illegal in some countries.

In the United States, it’s legal to use any kind of cryptocurrency. However, the government has advised investors to always be wary of the consequences when it comes to using cryptocurrency. True enough, there is no insurance about losing money when transactions fail to pull through. In addition, there is always a risk of hackers infiltrating the system.

For Singaporeans, the government of Singapore does not recognise crypto as a legal tender similar to traditional currencies. However, Singapore’s Tax Authority legally terms Bitcoins and other cryptocurrencies as “goods.” Therefore, all transactions using cryptocurrency locally or internationally will receive an applied Goods and Services Tax.

5. Is cryptocurrency a low-risk investment?

Admittedly, Bitcoin and cryptocurrencies following its reputation aren’t the safest options for investors. If you’re willing to shoulder its risk, you can confidently invest in the currency. Cryptocurrencies do not have stability because it lacks the tangible security traditional currencies have. Stability allows merchants to ascertain fair prices for all goods and services.

High-volatility in bursts of short periods make cryptocurrencies an unreliable legal tender, which is why it is correct for Singapore’s government to recognise only its transactions but not its existence as a legal form of currency.

6. What determines the price of the cryptocurrency?

In point 5, we’ve mentioned about cryptocurrencies lacking in stability because of its modern yet unbound nature. Without the presence of regulating bodies, it’s easy for currency users to drive the price too high or too low at any time based on market activity. While there is no certainty that every element we list below can affect the market immediately, it pays to know about how they do so in worst-case scenarios.

#1 Crypto Exchanges

Traditional stock markets have companies go through hoops and lengths before they can launch an Initial Public Offer (IPO). However, cryptocurrency markets — also known as crypto exchanges — are managed by private groups with their respective number of users and followers. If a giant crypto exchange adopts a cryptocurrency you’re using, there’s a huge chance its value will rise. On the other hand, if a giant crypto abandons an existing currency, then it’s most likely to devalue too.

#2 Software Upgrades

Bitcoin is still a software product with actual monetary value. Even if it has a slower speed than Ethereum and even Litecoin, it thrives because it was the first cryptocurrency available. However, both latter cryptos became famous because of their fast transaction speed. If a cryptocurrency offers better performance, then it has higher value. A community-led upgrade in security, performance, or stability will likely result in more investors buying the currency and improving its value.

#3 Public Influence

Public-access and viewable information is useful, but it can also be a bane for many investors. For example, plenty of Initial Coin Offerings (ICO) from different shady Chinese organisations without any backgrounds but only had fancy white papers and concepts have deceived many social media and Internet users who had zero ideas about Bitcoin or cryptocurrencies. However, this clearly demonstrates how hype and public influence in spreading cryptocurrency increases its respective value

#4 Wallet Upgrades

Part of reliable cryptocurrency technology is owning a wallet that has exceptional capabilities. If your cryptocurrency has exceptional security and performance when it comes to storage, then the better it is to use. The number of wallet manufacturers and parties concerned with cryptocurrency safety can affect the cryptocurrency’s price effectively.

#5 Pseudo-Government Regulation

Cryptocurrencies are partly appealing because of its decentralised, people-power based economy and market movement. However, government bans and anti-use mandates on cryptos can affect its value. With restrictions of use, some cryptocurrencies can simply phase out, and this might include the cryptocurrency you’re using.

6. How to invest in cryptocurrency?

Cryptocurrencies are similar to in-game money if you’ve played mobile games. Using your bank account or credit card, reliable exchanges will give you equivalent amounts of cryptocurrencies. Therefore, before starting, make sure you’re working with reliable crypto exchanges. In addition, always have an offline wallet to ensure the safety and non-hackability of your cryptos. Here are four great huge and thriving exchanges you can work with today.

#1 Coinbase

Founded in San Francisco, California, Coinbase maintains the exchange of Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, and other cryptocurrencies currently available in the market. It’s a great place for beginners to start their crypto journey and they provide helpful content, too.

#2 Binance

Started in Shanghai by Chang Peng Zhao as a high-frequency trading system developer, Binance evolved into a cryptocurrency exchange and moved out of China into Japan and Taiwan to further its operations. While it has been subject to large-scale hacking during the time, it remains one of the biggest and most reliable service providers of cryptocurrency exchanges.

#3 Gemini

Founded in 2014 as a digital assets exchange in New York, Gemini is less popular than its counterparts because of its New York State Department of Financial Services regulation, which defeats part of cryptocurrency’s purposes. However, it has a reliable crypto exchange that makes it an excellent platform with added security.

7. What precautions should I take before buying cryptocurrency?

Reading about cryptocurrencies, it feels like you’re stepping into a new world of opportunity. However, the dangers in using cryptocurrencies are as real as it can get. It’s important to know that every cryptocurrency — no matter how stable data or they claim to be — can fluctuate and devalue at any time. Here are a few precautions to remember before entering this brave new world.

#1 Make Sure You’re Providing Sensitive Information to Trustworthy Exchanges

Only use trusted exchanges. To exchange your money, they will ask for your personal and credit information. There are plenty of fake exchanges whose only goal is to steal your delicate information. Be vigilant!

#2 There is No Insurance If Loss Happens

Unregulated by banks, cryptocurrency exchanges are still the Wild West of modern, cutting-edge financial technology. If your exchange gets hacked and your cryptocurrencies are still in your digital wallet, you won’t get any recourse to claim back your lost money.

#3 Avoid Public Internet Connections

This is critical even if you’re not using cryptocurrencies and only accessing your finances using your bank app. Never use public Internet connections where anyone can exploit your public network settings and have access to your files and items you view on screen.

#4 Choose The Right Crypto Storage

True enough, there are still secure and affordable online cloud storage for your cryptos. However, it is much more practical to use offline wallets to keep your money safe from anyone. In addition, it allows you access to your cryptocurrencies at any time without an Internet connection.

Conclusion

Cryptocurrencies are an excellent, decentralised currency exchange that can help you achieve long-term investment potential if you choose the right currency, understand and accept all the risks involved investing in crypto, and keeping track of your chosen cryptocurrency potential. 

As with any investment, make sure to always perform due diligence and a complete understanding of everything that affects the value of your currencies.

invest from any platforms

Can an Individual Start an Investment with a Small Amount of Income?

Investment is a way of saving or keeping your money to platforms which may return higher. But, a lot of people think that investments are expensive or just a waste of money. Where in fact, there are investments that are affordable and might suit your monthly income. There are platforms you can invest from that has no minimum required of investment or has a lower cost. So definitely, you can invest in Singapore with a little amount of money.

Things you might consider before you invest from any platforms

Some people thought that investing could be expensive while some people are afraid to invest huge amount of money because of scammers. Well if you have second thoughts or any doubts about investments, here you can try the “Regular Share Savings” or RSS. Which is usually offered by banks you can trust. However there are pros and cons in RSS. Regular Share Savings or RSS plan is an investment plan which requires you to invest money on a monthly basis. The pros of it is that it allows investors to invest money with no minimum amount required. Unlike with other plans or platforms that requires investors to contribute a certain amount of money which either could be affordable or not that causes investors to not invest anymore. The cons when you get an RSS plan. Investors who invest huge amount of money of course will have the higher chances of getting a huge amount of returns in their capital investment. Also, investors may face higher fees and charges once they exceed the minimum investment amount. Actually, it’s quite hard to find a secure investment and trusted platforms in Singapore. One of the main reasons why many Singaporeans are afraid to take the risk to invest and just choose to get a loan instead which they think they’ll be able to get sure money. Bugis Credit How Much Can You Earn

How much will an investment cost in Singapore?

Below are the lists of the platforms that have guaranteed capital & returns you can invest from when you’re in Singapore. Some investments will only cost you $100 a month excluding the fees and charges, some will only cost $50 a month, and some don’t have a minimum amount required.
  • POSB/DBS Invest Saver

- you can make an investment in Nikko AM Singapore STI ETF with 0.82% fees and charges and to ABF Singapore Bond Index Fund with 5% fees and charges for only $100 a month. So if you have a stable job and earning a thousand dollars a month, then this will surely fit your budget since it’s not that expensive. However, you may also consider the other charges.

  • Phillip Capital Share Builder

-you can also invest in SPOR STI ETF Close to 39 SGX- listed counter for only $100 a month. Fees and charges are $6 for 1-2 counters and $10 for 2 counters or more. This may have a lower monthly investment but you might also want to estimate first the charges if they will suit your budget and make some estimations first.

  • Auto wealth

-you can also invest in stocks and government funds for only $100 a month with an initial investment of $3,000. There are 5% management fees and $18 platform fees per annum.This may have a low monthly investment but it requires a high amount of initial investment so if you can’t afford it, there are still other options to choose from if you really want to invest.

  • Dollardex

–invest in unit trusts for only $100 a month. It has no fees and charges unlike with other platforms. This is so far one of the simplest ways to invest your money at low cost.

  • Endowus

-you may also want to try  investing in low-cost portfolios diversifying mutual funds and unit trusts for only $100 a month with an initial investment of $10,000. Fees and other charges will range from 0.25%-0.60% per annum. At first it will require you a high initial investment and also fees and other charges, but you may consider here where your money will be invested.

If a $100/month investment is still too expensive for your budget then don’t worry because there are platforms that have lower cost and no minimum amount of investment.

  • Smartly

-requires a minimum investment amount of $50/month. You will invest in portfolios of ETFs. The fees could range from 2% to 8% per annum.

  • MoneyOwl

-you will invest in dimensional funds and equities with MoneyOwl. The minimum amount of investment with them is only $50/month. MoneyOwl has advisory fees of 65%, platform fees of 18% paid to ifast and 3% to 4% fund expense ratio per annum.

  • Syfe

-they don’t have minimum amount required for investment, you’ll invest in ETFs. It has a management fee of 65% per annum. This is a good option if you want to invest with the amount you can only afford.

Personal Loan requirements bugis credit

What is a monthly loan and where can I get it?

While some people are afraid to invest, then there are people who would choose to get a loan instead. Monthly loans are favorable to people who don’t want their weekly budget get ruined. Bugis Credit offers monthly loan and you may visit their website for more details. You don’t have to worry anymore about paying your loan on a weekly basis. Monthly loan doesn’t require any collateral as long as you can repay your loan. Bugis Credit offers convenience to borrowers and you may call them through their hotline or simply visit their website to fill up the application form.  

Conclusion

Investments are worth paying for, but depends on how you’re going to manage your funds and also how you will choose a secured platform for investment. It will be better if you have enough knowledge of how an investment works. Just always be careful, whether you’re going to invest or get a loan, because there are so many people out there who will do everything just to scam people. So be wise in your every decision specially when handling your finances.
How Much Does It Cost to Renovate an HDB Flat in 2020

How Much Does It Cost to Renovate an HDB Flat in 2020?

The average price of renovating a four-room, 90-square-meter HDB flat in Singapore may cost around $55,000, according to ValueChampion. Most homes in the city-state are four-room HDB flats, so we’ll focus on them as the purpose of this article.

The Major Cost Contributors for Renovation

You should expect to spend on seven elements for renovating your apartment. These comprise demolition, plumbing, electrical, flooring and tiling, painting, carpentry and appliances. Tearing down walls to expand the space may cost $6,000 on average or $50 per foot. New plumbing installations may cost almost $900 with each bathroom and kitchen costing $270 to $400. Electrical systems will cost $4,000 on average or up to $150 per piece. Flooring and tiling work will cost $11,625 on average, but you could spend anywhere from $8,000 to $20,000 depending on the materials. You will also need to spend between $1,000 and $1,700 for paint. Carpentry will cost from $100 and $500 per foot or $24,000 on average. New appliances such as washing machines and air-conditioning units will cost $7,500. Based on these figures, you will save a lot of money if you trim down the need for carpentry work. Try to look for a renovation contractor with in house loan products to make it easier for you. These contractors offer the convenience of handling the project and the financing for it at the same time.

How Much Does It Cost to Renovate an HDB Flat in 2020 - Material Expenses Material Expenses

Your choice of materials will also greatly determine the overall cost of a home renovation. If your HDB flat’s floor area measures between 100 and 140 square meters, a price difference from $5 to $10 for materials will be significant. For instance, marble flooring will cost a lot more than ceramic or tiles at $10 per square foot. That’s just the low-end price for marble floors. High-end materials can cost up to $15 per square foot. Ceramic tiles only cost $3 per square foot on the low end. Surprisingly, high-end ceramic tiles also cost $15 per square foot. Vinyl and laminate flooring don’t seem to have drastic cost changes based on the high- to low-end price bracket. Low-end vinyl costs $6 per square foot, while the cheapest laminate flooring costs $3.5 per square foot. The price for these two materials only increases by $1 to $1.5 when you choose the high-end type. Granite is one of the most expensive flooring materials in the market. You would have to spend $10 per square foot on the low-end type, $15 per square foot for the typical material and $20 per square foot for high-end materials. Don’t forget to include the installation cost whichever flooring material you choose for your home. The cost of labor can range from $3 per square foot to $10 per square foot depending on the material.

How Much Does It Cost to Renovate an HDB Flat in 2020 - Style of Your Flat The Style of Your Flat

Do you want a contemporary style for your house? This style will significantly increase your budget and force you to spend $82,000. Transitional styles for flats also cost the same price. A retro-themed design is among the cheapest ones at $30,000 on average. Modern, industrial and vintage styles cost between $60,000 and $65,000 on average. You will need to consult with an interior designer or residential architect to achieve your desired look for the house, which means additional expenses for consultancy fees. Some homeowners choose to do the work themselves and only buy the necessary materials. You will have to invest a lot of time and effort if you decide on a DIY renovation. If you need money to pay for extra labor and manpower, a renovation loan will be a better choice than applying for a personal loan.

How Much Does It Cost to Renovate an HDB Flat in 2020 -Borrow From a Renovation Loan in 2020 How Much Can You Borrow From a Renovation Loan in 2020?

It’s ideal to spend up to 20% of your home’s value for a renovation, but the amount can be too large that homeowners opt for a home renovation loan to help with the expenses. The average interest rate for home improvement loans in Singapore ranges from 5% to 5.28% depending on the loan tenure. There’s also a one-time processing fee between 1% and 2%. When choosing between a flat rate and rest rate, you should choose the latter option. The rest rate for home renovation loans often requires you to pay interest per month, aside from the outstanding balance. This will allow you to pay off the loan more quickly due to the diminishing balance and interest. Flat rate loans are more expensive in the long term because you will pay a constant amount for monthly interest despite already repaying the principal amount. You should apply for a loan from the bank where you have an account. The chances of approval are higher because of your business relationship with them, which can help you with getting a lower interest rate. Never apply for a personal loan because the rates are almost guaranteed to be higher. Home renovation loans use your property as collateral, while personal loans are unsecured that cause lenders to impose a higher rate. For instance, you would only pay around $410 in interest payments for a one-year home renovation loan worth $15,000 compared to $1,170 if you applied for a personal loan. Make sure that you talk to a renovation contractor before signing a contract for financing your home development project.

Conclusion

You should make a list of the necessary renovations that can’t be ignored like plumbing problems and old electrical wiring. These should be your priority before you make aesthetic changes for your flat. If you’re struggling to gain approval for a home renovation loan from a bank, then consider borrowing money from a licensed money lender in Singapore. Click here to find out more about Bugis Credit’s competitive rates and flexible payment terms.
Bugis Credit grab taxi

What Every First-Time Grab Taxi Driver Loan in Singapore Should Know

GrabTaxi has changed the dynamics of public transportation in Singapore that it has become a lucrative part-time job.

One person even reportedly earned more than $12,000 in just five weeks of being a private-hire driver, so it’s possible to earn more or less the same amount if you sign up as a GrabTaxi driver.

If you’re looking for loans designed for those who work for GrabTaxi, Singapore has several licensed money lenders where you can apply for a hassle-free personal Grab Taxi loan. You can even get the money in as fast as 30 minutes with complete documents.

How Can You Apply for a Grab Taxi Driver Loan?

Bugis Credit Application for Grab Taxi Loan

Licensed money lenders in Singapore are the best option for GrabTaxi drivers, especially for those without credit histories. Banks will require you to have at least 12 months of payment history to determine your creditworthiness.

You don’t have to worry about having no credit score if you submit the following documents to a licensed moneylender: NRIC card, taxi driver’s vocational license (TDVL), taxi pass, at least seven days of job summaries, car rental contract, proof of income (e.g. driver commissions and salaries), proof of billing address and your income for 2019.

How Does GrabTaxi Work?

Bugis Credit How Does GrabTaxi Work

Once you get the money, the next thing to do involves being aware of GrabTaxi’s system. Current taxi drivers can still sign up for the system even if they are under contract with an existing fleet operator.

The Land Transportation Authority allows Grab to operate as a third-party taxi booking app in Singapore, so there should be no problem if you work as a part-time GrabTaxi driver.

Interested parties should also apply for a TDVL, which will be handy in case you decide to switch from GrabTaxi to a private-hire driver. You can apply for a TDVL when you are at least 30 years old with a valid Class 3 or 3A driver’s license for 12 months in Singapore.

Those who don’t meet the age requirement will have to apply for a private-hire car driver’s vocational license (PDVL), which will require them to have valid Class 3, 3A, 3C, or 3CA driver’s license for two years up to the time of application.

The course fee for a TDVL costs $294.25. You can use your SkillsFuture credits to pay up to $240.75 of the price. The course will have two sessions of eight hours each for two days.

You need to pass three one-hour exams that will test your knowledge on service quality, health and safety; taxi and private hire car rules and regulations; and route planning.

PDVL courses cost $155.15 with up to $128.40 being SkillsFuture claimable. You need to attend an eight-hour session for one day and pass two exams about service quality, health and safety, and taxi and private hire car rules and regulations.

How Much Can You Earn?

Bugis Credit How Much Can You Earn

A private-hire or GrabTaxi driver in Singapore can earn as much as they want, although the limitless income demands a lot of your time. One person who earned more than $12,000 in five weeks had to work between 12 and 14 hours for six days each week.

Private-hire drivers can earn $30 per hour on average during peak travel hours and $25 per hour on average at off-peak hours.

Take note that the hourly rate refers to your gross earnings. The actual amount will depend after you deduct the expenses from fuel, parking fees, electronic road pricing and other miscellaneous costs.

GrabTaxi drivers should also account for the rental vehicle fees when they create a target income figure. Taxi operators in Singapore charge from $75 to $105 per day on average for renting out their vehicles, while diesel expenses cost between $30 and $50 per day.

This means that you must earn at least $105 daily just to break even with the recurring fees.

GrabTax and private-hire drivers, however, can deduct their expenses on diesel, parking, rental vehicles, and vocation license fees worth up to 60% of their taxable income.

The 60% deemed expense on taxes is applicable to anyone whether they work part-time or full-time drivers

Beware of Fraudulent and Illegal Money Lenders

Bugis Credit - beware of fraud of any Grab Taxi loan

Don’t fall for unscrupulous individuals who promise to lend money without the need to submit documents. This might seem attractive, but you could be dealing with a loan shark.

If you need money to pay for your vocational license and other fees for signing up with Grab, a licensed money lender remains the best way to do so.

Illegal money lenders trick people, especially those who are desperate, into borrowing money from them. Some of them will not require you to sign a document, which is already a red flag for borrowers.

Loan sharks sometimes don’t have a signed contract with you because they know that it’s illegal for them to charge sky-high interest rates. Licensed money lenders are not allowed to charge more than a 4% rate every month, unlike illegal lenders’ rates that can reach up to 20%.

The absurd charges make it almost impossible to repay your loan with them. Loan sharks want you to be trapped in an endless cycle of debt payment and when you’re unable to pay your dues, they won’t think twice of resorting to harassment and violence.

Conclusion

Being a GrabTaxi driver in Singapore can be a lucrative part-time job, but you need to take all expenses into account to earn a decent salary. Licensed money lenders won’t use force or unethical practices.

The Monetary Authority of Singapore and the Ministry of Law bound them to comply with regulatory standards, particularly for debt collection.

Always check the Registry of Moneylenders to determine the legitimacy of a licensed money lender. Click here to know more about Bugis Credit’s loan products and we’ll help you with choosing the right one.

extra income 5 Ways to Earn Up to $3,000 From Side Gigs in Just 1 Month

5 Ways to Earn Up to $3,000 From Side Gigs in Just 1 Month

Are you constantly living from paycheck to paycheck? Perhaps you like to earn more money and save for emergencies? The gig economy has been flourishing in recent years thanks to the advent of social media and the Internet.

While there are lots of jobs to choose from, some of us want to earn more in less time. Here are five simple ways to earn money even with a full-time job. Some of them can even turn a profit of up to $3,000 in just one weekend!

Take Out Your Camera and Learn Photography

Those who are fond of snapping photos and love taking them from different angles should consider a part-time job as a photographer. The pay varies depending on your experience and type of photos. Novice photographers can earn at least $5 to $10 per project for passport-size pictures. Photo-editing services start at $0.5 per photo for beginners.

Headshots are more lucrative with prices ranging up to $100 per project, and that’s just for newbie photographers. Amateur photographers usually charge at least $100 per hour for photoshoots and $150 per day to work as an assistant. Once you establish a loyal customer base, you can take part in the wedding photography business. Professionals in this field earn up to $3,000 per project. If you like to teach, you can charge up to $500 per student.

Another easy way to earn more in a short time requires you to sign up for photography contests. Make sure you have the best photos in your portfolio and earn up to $2,500 for each competition.

Get a License as a Personal Trainer

Gym enthusiasts might as well profit from the time they spend at fitness centers. You can apply as a personal trainer during weekends, when demand seems to be higher and therefore have more need for trainers. You don’t need to have a perfectly sculpted body to become a legitimate trainer, but it helps to maintain a good physique. There’s no better way to achieve this than hitting the gym and earn money at the same time.

Personal trainers earn between $75 and $150 per hour. If you work at least four hours per day during weekends, you can earn up to $1,200 in a month or even more when you work on holidays. You must have a Certified Personal Trainer qualification before you can accept clients. Other certifications can improve your competency and your professional fee.

Be a Freelance Tour Guide

Bugis Credit Pte Ltd Be a Freelance Tour Guide

A tourist guide probably has more consistency in earning money than other side gigs, due to the steady flow of tourists from around the world. Millions of foreigners visit the country each year with the number sometimes exceeding more than three times the local population.

You should have an extensive experience in staying at different places in Singapore to boost your qualifications, which can include expertise on the best dining spots and shopping centers across the mainland. Freelance tour guides earn from $80 to $150 per hour. Anyone can become a tour guide with the right attitude, personality and knowledge on as many things as possible about Singapore.

Get Rid of Your Old Items

Carousell is one of the places for owners to eliminate old items and exchange them for cash. The amount that you can earn depends on the value of items. The general rule for this: the harder it is to find an item anywhere, the higher the price tag. Limited-edition books, vintage electronics and collector’s items are some of the examples of rare products.

You can even sell your car in Carousell, which can turn into a sizeable profit if you set the right price. Online sellers should expect buyers to haggle on the listed price, so the best way to earn money will involve a price markup before selling the item to offset a likely lower price offered by customers.

Practice Your Public Speaking Skills

Bugis Credit Pte Ltd Practice Your Public Speaking Skills

Do you always volunteer to be the emcee for special occasions like weddings and birthdays? An events host can earn from $100 per hour, which can easily turn into thousands if you accept multiple gigs in a month. Some experienced emcees even earn five-figure salaries just by getting on the stage and speaking in front of a large audience.

This type of side hustle works best for people who aren’t shy. Those who are just starting their freelance stint as a host can charge a lower rate, possibly $50 for two hours. You can market yourself to more events (not just birthdays or weddings) and build a wider network to earn more money.

What You Should Do Before Choosing a Side Gig

Build a strong online presence to reach your target audience. Social media accounts will be your best resources for advertising your services. Don’t expect to earn a lot in your first month, as your rate gradually increases once you have more connections and clients.

You should also maintain a website to make it easier for potential clients to see your portfolio, especially if you plan to be a photographer or events host. If you’re having trouble with finding clients, you can start by asking friends to refer you to their connections. You shouldn’t offer your service for free when you’re particularly good at it.

Conclusion

There’s no quick and easy way on how to earn money in Singapore. A side sig requires determination and discipline before it can become lucrative. If you need money to jumpstart your freelance career, you should consider applying for a personal loan (e.g. for buying photography equipment). Licensed money lenders such as Bugis Credit offer competitive rates and flexible payment terms. Call us today and find out more about our services.

Bugis Credit What First-Time Buyers in Singapore Must Know About House Hunting

What First-Time Buyers in Singapore Must Know About House Hunting

There are several factors that will influence the actual cost of buying a studio apartment. Singapore enforces different rules for families and single individuals, particularly for those who plan to buy a Housing & Development Board (HDB) flat. Aside from marital status, the price of buying your first apartment will depend on your income and the type of property. Some of the common types of apartments include mature and non-mature build-to-order (BTO) flats, Design, Build and Sell Scheme (DBSS) flats, and Executive Condominiums (EC). The HDB offers 99-year leasing deals for these properties.

The Rules and Requirements

HDB has imposed new income ceilings for buying flats, which means more people have access to housing options. A typical family who plans to buy a new flat shouldn’t earn more than $14,000 per month. The same income ceiling applies to a purchase of a resale flat on the open market with CPF Housing Grant. Single buyers who are 35 years old and above shouldn’t earn more than $7,000 per month if they plan to buy a new two-room Flexi flat in a non-mature property. A non-mature estate simply means that there are fewer facilities than in mature properties. This is also the reason why it’s more expensive to buy an apartment in a mature estate. Those who are orphans and have no siblings can apply for an HDB purchase upon turning 21 years old, pursuant to the Orphan’s Scheme. If you and a friend plan to be roommates, then a joint applicant is possible for up to four unrelated people under the Joint Singles Scheme.

Bugis Credit The Prices of Properties The Prices of Properties

There are limited prices for a BTO studio apartment either in a non-mature or mature estate in Singapore. ECs and private condos (PC) cost at least $420,000 and $600,000, respectively. These are already too expensive for median-income earners. A BTO HDB Flexi flat may cost around $75,000 to $158,000 depending on the location. A drawback of buying this kind of property requires a long waiting time of at least three years. The units are also restricted to two-room properties between 35 square meters and 45 square meters. Competition among buyers is also noticeable because of fewer units, and you can’t sub-let your house when you acquire one. A resale two-room HDB flat may cost between $250,000 and $343,00 on average. You can buy in as fast as six months without any restrictions on the number of rooms starting from three-room units. You can also sub-let a resale flat, but the possibility of buying a property with defects is much higher because another person previously owned it. A renovation may be expensive as well because of existing fixtures that may need replacements. If you plan to buy a BTO flat in a non-mature district, the average price for a three-room property will cost from $150,000 to $190,000. Four-room properties may cost between 295,000 and $350,000, while five-room units may cost from $390,000 to $500,000. BTO flats in mature districts may cost $200,000 to $300,000 for three-room apartments. Four-room units may cost between $290,000 and $320,000, and five-room apartments may range from $400,000 to $550,000.

Factors Affecting Prices of Resale Flats

By now, you may be thinking of just buying a resale flat to avoid a long waiting time and have more options. Those who decide to acquire one should be prepared to spend more money. Resale flats are more expensive because real estate prices appreciate every year. Some properties in Singapore, particularly those in the central business district, may even have higher prices after just several months! Owners of resale flats also place a premium, which is called a Cash Over Valuation (COV), in addition to the actual property value. Some sellers may put up to $50,000 premiums on the price tag, but there are properties with no COVs. If you see a listing on a zero-premium unit, you should expect bids to pour in from several buyers. Many are willing to pay a higher price than the seller’s quoted figure, especially if the unit is in a strategic place (e.g. near an MRT station).  

Bugis Credit How Much Should You Save? How Much Should You Save?

You should set aside at least 5% of the unit’s purchase price for cash down payments. If you borrowed money through an HDB Concessionary Loan, you will be required to pay 10% upfront. You can use cash, a CPF Ordinary Account or a combination of both to settle the down payment. Singaporeans or permanent residents who borrowed money from a bank or licensed money lender should pay 25% of the property’s price. The option fees for buying a flat range from $500 to $2,000 depending on the number of rooms. This should be included in the price of a down payment. First-time buyers should also consider legal fees when making a budget. Some of them include stamp duty for 99-year lease agreements, conveyancing fees and a caveat registration fee. You can calculate stamp duty by taking 1% for the first $180,000 of the purchase price, 2% for the next $180,000 and 3% for the next $640,000. If you bought an apartment for $200,000, you should get 4% of the remaining amount. The same calculation applies to prices that fall in between the percentage brackets. You can also use the Inland Revenue Authority of Singapore’s Stamp Duty Calculator to check the estimated price.

Conclusion

As prices of rooms for rent in Singapore continue to increase in some areas, it makes sense for people to buy apartments for themselves. If you still need cash to fulfill a down payment, then call us today to find out how we can offer the best home loan. Our rates are competitive and reasonable, as we are regulated by the Monetary Authority of Singapore.
overspending during the holiday season

5 Simple Tips to Avoid Overspending During the Holiday Season

Most people try to be frugal in Singapore during the holidays, but this can be especially difficult when retailers have so many tempting deals for shoppers! Some people use the excuse of missing out on these special offers to spend—sometimes even more than necessary.

Here are five simple life hacks and expert tips to stay within budget and avoid overspending on your holiday shopping every year:

1. Make A Detailed List About Your Holiday Expenses

A list may seem to be a perennial tip for controlling your finances during the holidays, but it’s also among the most overlooked piece of advice. Don’t just write the items that you plan to buy for your friends and family. You should include the estimated price of each gift, the day and time you plan to buy it, and how you intend to pay for it (e.g. cash or credit card). By making a list, you can avoid an impulse purchase that’s particularly based on emotions. You also save time and effort from randomly selecting items when you’re browsing at a shopping center or online store.

2. Secret Santa and Other Gift Ideas for Big Families

Do you have a large or extended family? It can be a pain in the neck to plan how you can save money on buying holiday presents for everyone each year. A nifty way of limiting your expenses requires an age limit for family members. You can exclude those who are more than 18 years old from your gift list. If that’s not possible, you can just cap the price for each person like not spending over $30. You can also suggest a Secret Santa for this year. Each person picks a random name and buys a gift only for that person. It saves time and money for everyone, and you’re sure that nobody will judge you for not getting them anything for Christmas or New Year’s Day.

3. Use Your Credit Card’s Cycle Date to Your Advantage

Remember each of your credit cards’ closing dates and purchase items on the next day of every date. For instance, your card’s billing cycle ends during the 1st of each month, and you purchased an item on the 2nd day. The grace period for your payment due date typically ranges from two to three weeks after the closing date. In this case, let’s say that you need to pay your outstanding balance on the 22nd day of the month. If you bought something on the 1st day and the bank included it to your bill, you only have 21 days to pay for it. On the other hand, you will have almost two months to pay for your purchase if you did it on the 2nd day. That’s because the item you bought will be added to the next month’s billing cycle and should be paid on the 22nd day of the following month. You should only do this if you have self-discipline on making your purchases, as any uncontrolled transactions will just rack up unnecessary debt. Most people consider credit cards as an extension of their wallets, which is a huge mistake whether or not you have the available cash to pay for your transactions. Take advantage of your cards’ cycle dates only when you need more time to repay the balance without interest fees. It’s also practical not to put all your outstanding balances on a single card if you have multiple cards, as this may be too burdensome to pay off a large amount within a short period of time.   overspending during the holiday season with Credit card

4. Apply for a Personal Loan Instead of Withdrawing Cash from Credit Cards

Those who must spend on a big-ticket item during the holidays shouldn’t withdraw cash from their credit cards. A personal loan will be the better option because of lower rates. Licensed money lenders in Singapore aren’t allowed to impose interest fees that are higher than 4% every month. The average interest rate for cash advances cost $15 for every withdrawal or 5% to 6% of the amount, whichever is higher. In addition, banks impose a daily interest rate that continues until you have fully paid the money. An ATM will also charge additional fees if you use a card from a different bank to withdraw money. The usual APR charged daily for cash advances ranges from 24% to almost 30%! Personal loans are better because you only need to pay in installments for a specific number of months. Lenders may also provide a lower interest rate for those with a good credit score. You should only apply for a personal loan for sudden and unavoidable purchases that are not included in your budget.

5. Do a Price Match Among Different Retailers

Online and physical stores give rewards, discounts or other perks to customers who can find cheaper prices on the same products from a competitor. You will need to spend time and effort to pull this off. Some of the usual retailers that encourage price comparisons include Shopee, Toys ‘R’ Us, Babies ‘R’ Us and COURTs. These stores try to set prices that are between 5% and 10% lower than their business rivals. If you’re successful in finding a cheaper price from other stores, you may be eligible for a special discount or item.

Conclusion

Being frugal in Singapore requires consistency and dedication. If there’s a compelling reason for you to overspend during the holidays, a personal loan from a licensed money lender will be a good option. Applying for a new loan during the holidays goes against the principles of frugality, so you should only think about borrowing cash when you’ve considered other options. Click here to know more about our loan products and interest rates.
Bugis Credit What You Can Do to Avoid Harassment

What Are the Illegal Debt Collection Practices in Singapore?

Debt collectors in Singapore comply with the Credit Collection Association of Singapore’s code of conduct, but it doesn’t stop some unscrupulous individuals and companies to use coercion. If you applied for a personal loan from a licensed moneylender, harassment should never happen when they try to collect unpaid balances.

Whether or not there are laws governing debt collection, the reality often bears a different outcome for each borrower. Arson is an example of what debt collectors can’t do when you are behind loan payments. Loan sharks have been reported to set fires on HDB flats of the delinquent borrowers. Read on to find out how you can protect yourself or your family from illegal debt collection practices.

Bugis Credit What Debt Collectors Can Do

What Debt Collectors Can Do

You should expect a visit to your office from the debt collector. While that’s embarrassing, it’s within the acceptable practices of collecting money if they don’t use foul language or brute force. They can also call your house and ask for your whereabouts, although they should be calling you within business hours during the day. It’s unethical for them to call you at midnight to collect money.

Debt collectors aren’t restricted from stalking your social media accounts, so you need to be careful about what you post online. If you have photos showing lavish trips and shopping purchases, then your debt collector will be compelled to get what you owe them. Make sure that your profiles don’t give them any reasons to suspect that you’re lying about your finances.

If you signed a written agreement with a licensed money lender in Singapore, you are only obliged to pay them within six years of the agreed-upon repayment date. That doesn’t mean, however, that debt collectors won’t try to chase you for unpaid amounts despite not having a written agreement or six years have already passed. This is common for people who lend money to family or friends.

Take note that Singapore allows individuals to lend money to family or friends even without a licensed. You and anyone else isn’t permitted to lend money to businesses. Debt collectors can also speak with your family or friends about your financial obligations, but they shouldn’t experience harassment during each encounter

What Debt Collectors Can’t Do

What Debt Collectors Can’t Do

You should feel safe at your home despite being bombarded with phone calls about your missed repayments. Arson has been a known problem that makes online or offline harassment seem like a better alternative for some borrowers. In 2016, Yishun North had the highest number of unlicensed moneylending harassment cases. The average number of cases reached 97 in Singapore during the same year.

These figures imply that there are still individuals who consider a personal loan with illegal lending companies. The good news is that loan shark harassment cases have steadily declined in recent years. There were more than 3,800 cases recorded in 2017 compared to 11,000 cases recorded in 2013.

If you’re currently dealing with harassment from anyone, you should know that they can’t form groups of more than five people to try and intimidate you. An example involves bringing 20 people to your home, place of work or business to disrupt your daily life. Call the police to have them arrested for illegal assembly.

The Protection from Harassment Act also ensures that individuals don’t feel distressed with verbal abuse from debt collectors. For instance, they broke the law when they threaten to expose you on social media. You shouldn’t be stalked going to and from your home or workplace as well.

Debt collectors aren’t allowed to pretend to be someone from a government agency or the police. Once you determine that they violated the law, you should report them to authorities and file a Protection Order. You must be able to prove that debt collectors are harassing you. It’s easier to do this if you owe money to companies than family or friends. Not all of us are willing to file a case against members of our inner circles.

Bugis Credit What You Can Do to Avoid Harassment

What You Can Do to Avoid Harassment

The best way to avoid harassment is not borrowing money from loan sharks and unlicensed moneylending companies. It’s easier said than done but doing so will provide you with peace of mind that you won’t be a victim of arson or other violent acts.

You can distinguish a licensed lender through their means of communication. Reputable companies will not contact you to offer a personal loan. All applicants should originate from the consumer. If you receive a text or online message about such offers, then it’s likely that they are unlicensed money lenders. Legitimate lending companies will only accept applications in person or online after submitting the necessary documents and paperwork.

Loan sharks and other illegal lenders typically require you to sign a written agreement. Sometimes, you don’t have to sign a document at all. Licensed lending companies don’t engage in this kind of practice, as they are required to follow the regulations by the Monetary Authority of Singapore. You should visit and review the Ministry of Law's list of licensed money lenders each time you transact with a company, even if you’re sure that they are licensed. The list may change from time to time.

Conclusion

You should remember that a code of conduct or a set of governing laws won’t stop unlicensed money lenders, loan sharks or even your friends and family to go after you to collect overdue personal loan repayments. You should be capable of recognizing what constitutes an unfair debt collection practice.

The likelihood of harassment is higher when you borrow money from a loan shark, so it’s always best to seek financial assistance from a licensed personal loan provider. Call us today and find out more about services and interest rates.

BEST LICENSED MONEY LENDER IN BUGIS PERSONAL LOAN

How to Get a $100,000 Personal Loan

You can easily find lenders who will be interested to offer you an unsecured personal loan with an amount of $100,000 for as long as you have the income and a good to excellent credit score. When you need that amount of money, it is doubly important for you to research and compare the right lender, loan term, and interest rate.

 

There are certain reasons that most lenders accept as reasonable when you apply for a loan. Most often these reasons also make the loan more worthwhile and beneficial for you. These reasons are the following: for consolidating huge loans, renovate homes, and grow or to start a business.

 

Most often lenders consider home improvement as a less risky reason to approve a loan compared to starting a business. There are many other uses for a large amount of personal loan, but you have to choose a lender that specializes in your particular loan purpose.

 

When you are searching for a loan, there are minute yet important elements that you might miss out on such as the fine print, additional costs, other borrowing options, and longer loan terms.

personal Loan When You Have a Bad Credit

The fine print has the terms and conditions of the loan agreement. You have to ask questions when there’s something that you don’t find agreeable. These are some elements that you may need to ask: privacy policies, prepayment options, penalties, and your rights as a borrower.

 

You may also need to check on the additional costs or fees and charges aside from the interest. Some lenders charge the loan origination costs which are often included in the APR or annual percentage rate. You also have to watch out for penalty fees for late payments. These fees may not be included in the APR and they could be hefty.

 

It can be tempting to choose a loan with a longer repayment term, but it will cost you more in the long run. That’s why you have to choose a loan with the shortest loan term that you find comfortable for you pay off.

Before you apply for a personal loan of any amount, it’s crucial for you to determine your eligibility. Lenders often consider the three Cs to determine borrower’s eligibility: character, capital, and capacity.

 

Character means creditworthiness. This will depend on your credit score and other details on your credit report such as open accounts and payment history. Capital means your collateral which is required when you get a secured personal loan. Usually, the collateral is valued to make sure that the lender can recoup its losses once you miss any of your payments.

 

Capacity is your ability to repay the loan. For this factor, the lender will look into several personal aspects such as your current job and salary and your debt to income ratio to figure out if you have the ability to repay the loan and handle all other financial obligations.

BEST LICENSED MONEY LENDER IN BUGIS PERSONAL LOAN There are three major sources of $100,000 personal loans: banks, credit unions, and online lenders.

Online Lenders

These are excellent sources of $100,000 personal loans. You can check on a site like Credible which lists down different online lenders that offer large amounts of personal loans. LightStream, for instance, can provide up to $100,000 while Upgrade and Upstart can offer $50,000 each. When the loan amount you need is smaller, you can check Credible and compare prequalified personal loan rates. You can also check the loan terms. All you have to do is to fill out an online form and this will not have any bearing on your credit score.

Banks and Credit Unions

The majority of financial institutions are not capable of offering loans that amount to $100,000; but if you are looking for a bank that can offer this amount, you can go to Wells Fargo. The bank is known for offering larger amounts than most banks. Citizens and Citi will be able to offer up to $50,000 for a personal loan. The same amount goes for many credit unions. There are many possible uses to a $100,000 personal loan. The money can be used for a home renovation project, to pay off medical bills especially the emergency ones, and even to enable debt consolidation. All these can be done without the need to put up your home as collateral. Before you make up your mind on a particular loan source, you need to review the following factors: interest rate, repayment terms, monthly payment, and total repayment amount.

Interest Rate

This is one of the most significant factors to consider when looking for a lender. This is the amount of money you have to pay in interest charges per year. It is expressed in percentage. It’s not enough to choose the lender that can give you the lowest rate. However, how long it takes for you to pay off the loan has an impact on the interest payments. You will need another calculation to factor in which is the APR or the annual percentage rate.

Repayment Term

Another factor that affects the loan’s repayment cost is the repayment term or the length of time that you must pay off the loan. The usual term for a personal loan is two to seven years. The longer it takes for you to complete the loan payment, the more interest charges you need to pay.

Monthly Payment

The rule of thumb when it comes to choosing a loan based on the monthly payment is to choose the loan with the shortest repayment term that has a monthly payment that is affordable to you. When it comes to the relationship between the previously mentioned factors, you have to understand that the shorter the repayment term is, the lower is the interest rate offered by a majority of lenders. Another point to remember is that the longer the repayment term, the lower is your monthly payment.

Total Repayment Cost

When you find the right loan for your particular situation, it’s crucial to check the federal Truth in Lending Act (TILA) disclosure which will be provided to you by the lender. You have to look for the information on the finance charges and total payments.

ABOUT BUGIS CREDIT

Bugis Credit Pte Ltd (Formerly Known As Symbolic Pte Ltd) is founded in year 2007, with a significant goal to extend their assistance to all people who badly need a helping hand.

While many of Bugis Credit’s competitors come and go throughout the years, we stay strong despite the negative stigma to moneylending industry.

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