personal loan for foreigners in singapore

3 Financial Remedies for Massive Loan Penalties

 Have you encountered a time when you’re pinned down by outrageous fast cash loans penalties? It’s very frustrating, right? Loan penalties can go somewhere from 10% to 30% of the premium, and some lenders can even charge higher rates. To avoid these kinds of penalties, you should always plan ahead. However, once the penalties are already rolling, you need some financial remedies in place.

Find New Income Sources 

The quickest thing that you can do now is to multiply your income. Take an accounting of your skills and figure out if you can do extra jobs for people. There are hundreds of websites dedicated for small freelancing projects. Visit these websites and check out the projects being offered. With few extra jobs under your belt, you can remove your loan penalties easily.

 Sell Extra Stuff You Have

Check out every nook and cranny of your home. If you have extra stuff, you should consider putting up a garage sale. The proceeds from the stuff you sold can be used to pay off your loan penalties even if it's a loan for low income earners in Singapore. If there’s a little extra, then that can go towards your savings. Aside from a garage sale, you can also sell your things in Ebay. Maybe you have a collectible item and someone from Ebay is willing to pay thousand dollars for it! It happened before, so it can possibly happen to you.

Negotiate with Your Lender

When all else fail, do your best to open up negotiations with your lender. The success may vary – you’ll probably get reduced rates but a longer term or the lender will not give in. Nevertheless, there’s nothing impossible with honest communication. If the negotiation is successful, don’t forget to thank your money lending Singapore.

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Getting a loan penalty is not the end of your world. Once you get back on your feet, learn from your lesson and always create a plan.

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