An Overview on the Concept of Loans
Loans date back to ancient times (Mesopotamian days, to be more specific), but at the time they used different currencies, for example silver, livestock or even grains such as corn or dates. There are thousands of documents certifying the existence of loans during those times, including details about interest, the ones lending money (an institution or an individual) and debtors.
Having such a rich history, the concept of lending money has constantly and slowly evolved, with some relevant points in history represented by the implementation of a banking system in Italy (1472) and the introduction of credit cards (1950), both of them being appreciated cornerstones that have truly modeled the loan system.
Nowadays, it is rather common to consider taking out a loan and there are many agencies in Singapore that offer great benefits, from fixed interest rates to the perk of a payday loan. Due to experience over the last hundreds of years, any proficient licensed money lender enterprise should be able to advise a potential client accordingly so as to ensure the best outcome for the parties involved.
Short-term Loans and Ways to Access Them
The concept of a payday loan, as a modern idea, actually came to life completely in the early 1990s, when, at the time, the industry was met with a great deal of deregulation, therefore not being able to provide small loans. Hence, being a relatively recent creation, it is still evolving and trying to adapt to people’s needs. However, something similar regarding this demand was described in ancient times (the 5th century) and after the First World War, when pawnshops and cheque cashing shops (usually available for the less wealthy ones) lent money that were meant to be given back when the payday came.
In present times, there is a great industry surrounding this business, therefore, any well-respected licensed money lender in Singapore can offer the needed guidance, variable options and interest rates that align with the possibilities of the client. Still, there are some aspects to consider when deciding to apply for a loan, whichever its type might be:
- The period of time for which the application is submitted – there are agencies that offer small-term loans (e.g. for a month) or long-term ones (for a longer period of time: months or years);
- The amount of money needed – with a greater sum of money, there is a longer return period of time, as well as a bigger amount to be given back;
- What the loan is for – there are different categories depending what the loan is for (personal needs, medical needs, debt consolidation loans, etc.).
Taking into account that every agency offers a consultant to help the ones in need make an informed decision, applying for a payday loan in Singapore has become considerably easier in the last decades; this has also happened due to the improvement of this system, including the credit score, which is an indicator of how likely the client is to pay the money back on time and it uses the client’s history.
Licensed Loan Agencies in Southeast Asia
In the last years, there has been a growing trend among the lending of money field in Southeast Asia, and even with some gaps created by stricter criteria the banks have imposed, this domain is safeguarded, as there is the private sector that is working to cover said disparities. Therefore, taking Singapore as an example, where banks fail to meet the clients’ needs, private loan agencies step in and take care of the problem.
A licensed money lender in Singapore has a very well established portfolio, offers needed guidance, as well as personalized loans if need be. Therefore, handing over the responsibility of such decision to an agency is probably the best way of handling things so as to make sure the situation is covered and catered to.
The type of loans offered differ from individual to individual, but as of lately, one of the most popular one is the short-term one. Getting a payday loan in Singapore has time and again proven to be a decision on the cautious side, as paying the money sooner rather than later is easier due to much lower interest rates.
Ways of Meeting a Budget on the Long Run
Although borrowing money by means of a loan, credit card or even a mortgage can come in handy many times, on the long run being able to better organize finances can be of greater help. A financial consultant can be of great assistance in this matter, as they are well equipped in handling this type of situations. Nevertheless, when it comes down to it, being given an economic plan and being able to follow it are two different things; but with the right mindset, anything can be achieved.
Following a financial plan created within a licensed lender in Singapore can also help the credit score improve, thus making it possible for the individual to apply for another loan when the need arises.
All in all, there is a balance between both sides that needs to be found, in order to maintain the peace of mind, as well as a filled bank account and avoid running on empty. Considering the changing world of nowadays, it is pivotal to have some money put aside for any situation that might demand it.
Following Necessities and Deciding when to Stop
In a world becoming more and more filled and ruled by consumerism, sometimes deciding between a wish and a necessity can become confusing, as they often tend to overlap. The chemical reaction that takes place in the brain (the release of serotonin) when buying something, be it a necessity or not, is what pushes people to wish to buy more, so as to endlessly relieve the same sensation. When realizing this is what truly happens, one can start differentiating a wish from a need and that is when the change genuinely happens.
The need for money will always exists, as it is the way the world works, but when being able to surpass the frivolous and at times conceited self-made reality, that is when one realizes the grass was never greener on the other side, it only appeared to be due to their own disillusions.