6 Telltale Loan Signs In Philippines That You Need To Be Aware Of

Living in this high-tech era requires steady flow of cash to sustain a comfortable existence.

The increasing prices of commodities, the high cost of education and the tempting display of modern gadgets among other factors gave birth to all types of lenders–from banks to loan sharks.

It is not surprising that they keep growing because many Filipinos live beyond their means especially the average earners. At present, cash loan ph is now the quickest way to finance people’s needs and wants.

And because of this, scammers or fraudulent lending entities sprout everywhere. Their aim is to get your private personal information or your money.

Here are 6 telltale signs that you need to be aware of:

  1. Scammers offer deals which are too good to be true like depositing the money within minutes its approval or allowing you to pay the interest 3-6 months after. Others offer additional cash, a bonus reward or a brand new IPhone for patronizing their company.
  2. They ask for advance fee. If the lender requires you to pay money in order to facilitate the processing of your loan, stop dealing with them. They only want to earn from you and be gone for good. Cash loan in Philippines from legal lending companies typically charge application or processing fee but it is deducted from your approved fund.
  3. Scammers are eager to get hold of your money or information so they will constantly contact you. Their sense of urgency is not because they want to help you, rather the opposite-they want your credit card details, bank information, personal data and the advanced fee that they require.
  4. They do not require proof of income to verify if you have the capacity to pay the loan. Unlike legitimate money lenders and banks, unlicensed money lending and loan shark scammers do not care about how you pay because they will not be releasing fund. They are only after your money or personal information.
  5. They ask you to deposit or transfer advance fee to an individual’s account instead of a company. This is the final red flag, so run away. You are dealing with scammers.
  6. They do not have business website with contact numbers and physical address. They use generic email address. Most of the time they are inaccessible or unreachable when you send private messages.

Save yourself from being scammed during your vulnerable moments of emergency needs.

Always check these 6 signs to find out if the cash loan lending company is trustworthy and legitimate to transact business in the country.

OFW Loans and Savvy Tips For Filipinos

Some people consider debt as evil especially when it puts them in nightmarish situations.  However, debt can be a helpful tool to grow your money and finance your goals. Debt is good when it is utilized for the right purpose.

For many Overseas Filipino Workers (OFWs), fulfilling their wish to go abroad requires getting loan in any possible form. OFW loan for ph is one of them. This kind of loan assists OFWs to pay placement fee or other necessary fees pertinent to their flight. To qualify for this, the Overseas Certificate of Employment (OEC) is necessary together with essential requirements.

OFW loan for Filipinos is also offered to allottee (wife, dependent or first-degree relative of the OFW) by personal loan lending companies in Philippines.  This helps the family during emergency purposes or augment fund for projects such as home mortgage, business capital and investment plans. Whatever the reason, securing loan to make your life better is a good way to achieve stability and security of the whole family.

Savvy- tips for OFW’s:

  1. Set your monthly family budget

It is important to set a budget to make sure that OFWs remittances are used properly. A realistic budget prioritizes the basic needs over wants. A good budget helps the family to save money. However, make sure that all members of the family know the details of the budget and committed to follow it diligently.

  1. Enroll in auto-debit program

This assists OFWs to save part of their hard-earned money. An egg nest is vital because it guarantees fund in case of emergency. It can also be arranged to pay your investment plans directly. This prevents you from spending the money for other purposes.

  1. Begin investing

Investing is highly-recommended way to earn passive income while working as OFW. Find an investment type which you think will give you profitable returns. Start small to test the waters. Unit Investment Trust Funds (UITFs), Mutual Funds, Treasury Bills, Stocks and Bonds are some of the best investment plans.  Another popular investment is real estate, so if you wanted to have yourself involve in this industry, be sure to consult a local seo expert in Philippines to held you build a brand online. Many OFWs buy condominiums in Metro Manila and rent them out or used them as bed & breakfast spaces.

  1. Start a local business

Putting up a dream business is fulfilling yet challenging. Some goes into building their own online clothing store for women. Some goes to build a small pastry shop to cater larger cities in Philippines. For any local business, the Return of Investment (ROI) depends on its success. Getting a franchise of a well-known brand is a better option if you want to guarantee profit. Be ready to shell out larger amount of capital for franchise fee. If you need additional fund to finance start-up expenditures, your back-up plan can be an OFW loan for Filipinos. This can be your lifeline every time you need to finance some minor to major expenses in your business venture. Once you pay off the current loan, getting a re-loan is easier.

Most lucrative businesses to put up in Singapore

As one of the most popular tourist destinations in Asia, Singapore domestic business community continues to flourish. It also garnered recognition for being a business-friendly nation to foreign investors because of free market economy, strong forex market, geographical advantages, financial stability, skilled manpower, modern infrastructure, strong regulatory and legal framework and a corruption-free system. All these factors make Singapore an ideal environment for entrepreneurs and companies to invest money. For financing purposes, it has various lending institutions that offer Singapore business loan.

Six most lucrative businesses to put up in Singapore:

  • Travel & Tourism

Tourism industry is the biggest contributor Singapore’s economy. In 2017, it welcomed 17.4 million tourists and ranked 3rd as Asia’s best country to visit (the other two are Hong Kong and Japan).

  • Information Technology (IT)

Because of advanced communication network systems, modern infrastructure and skilled labor force in Singapore, setting up an IT firm and other related businesses are very promising. The country has strict Cyber Laws and internet regulations which are ideal for web development, website design, wireless and social networking ventures.

  • Telecommunication

Singapore boasts of being one of Southeast Asia’s major telecommunication hubs. This alone attracts various existing players offering mobile and internet services in the country. And the good news is- there is still a big opportunity for private companies to join the bandwagon especially in print, radio and television industry.

  • Hospitality

This industry includes hotels, resorts, bars, restaurants and cafes. All of these businesses aim to serve foreign and domestic visitors in different tourist destinations.  Investing your money in any of the above-mentioned business can be profitable. In case, you need additional fund to finance improvements or additional workforce, get a Singapore business loan.

  • Retail Stores

Fashion industry is very much alive in Singapore. Singaporeans like to keep up with the latest fashion trends. Opening a retail franchise or your own boutique is a great decision if your passion is fashion.

You can also venture on cosmetics, perfume and health products sale. Tourists love shopping souvenirs of all kinds.

  • Education

The business boom in Singapore has given birth to various institutes offering quality education about business administration, travel & tourism, hospitality, science & research and fashion design. Many Asians choose Singapore to study advanced courses or higher education. As for expats who want to put up a good start up business in SG, they can opt to get personal loans exclusively for foreigners in Singapore from limited lending institutions.

Everything is possible in Singapore. If you are a foreign investor, you can put up a branch of your existing brand. If you are a young Singaporean entrepreneur with money and guts to start your own business, start early. Once you are in, give your best shot and learn the tricks of the business. Do not be afraid to seek help especially when it comes to finances, select trusted bank or private credit company to give you Singapore business loan to sustain your personal venture.