A money emergency can hold your hand anytime without even you knowing. From planning a wedding or vacation to education or business to even medical or family emergency, it can be anything, you can be broke at any time of the year. In such situations, people consider taking personal cash loan Singapore from banks but do we really have time to figure out all the paper works and wait for the required processing time? No, so at that time, licensed money lenders come to your rescue. Instead of opting for best personal loan Singapore, you can opt for it from a licensed money lender, you’ll be shocked by the number of advantages it has. But before jumping to the advantages of choosing a licensed money lender over good old banks, let’s get to the basics.

Who are licensed money lenders?

Licensed money lenders are private loan companies who have the legal authority to quickly lend money to people wanting one. They follow all the rules and regulations instructed to them by the ministry of law and are legally registered in Singapore’s government record book. When compared to banks, they provide personal loans at low credit scores and see online applications within a day. Based on your requirements and with consultancy, they provide the best for you. Remember the only way to a healthy personal loan process is to never settle for a money lender without a legal license as prevention is always better than cure.  

Now that you know who licensed money lenders are, let’s see how you can apply for a personal loan from them and avail all the benefits.

How to apply for a personal loan from a licensed money lender?

The process of applying for a personal loan is very easy. Most of the money lenders have an online form available on their website, which you can fill to apply for a personal loan. They visit, see and analyse your online application within the time frame of a day. Further they will check your credit score and your finances, how good are you with handling money, etc. licensed money lenders with respect to banks don’t give much importance to credit scores, so if they aren’t the best, no problem, you still have high chances of getting a personal loan with a licensed money lender. Then as per the urgency of the situation, they provide you with a loan. 

Coming to the advantages of licensed money lenders who provide best personal loan Singapore:

  1. Quick loan approval: they are considered best if you want a personal loan quickly. Licensed money lenders will review and process your personal loan application within a day and will notify you as soon as possible depending on the urgency of the situation. They even have managed to get back with approval to people applying within a time period of an hour.  If you are someone with not so good credit score history, it should bother you the least as licensed money lenders do not consider credit card score as an important factor for determining whether they should lend you personal loan or not. 
  2. Affordable interest rates: through banks provide up to 10X of your monthly salary while licensed money lenders float in 6X but when it comes to the interest rates applied, licensed moneylenders will always have your back. They have very affordable interest rates which will work across ages and social as well as economic status. This might not seem appealing at that moment but will reap you good yield in the long run.  People who have low monthly income, borrowing money from licensed moneylenders is far better than banks. The best part about money lenders is that they can negotiate up on the amount you want, interest rates and terms and conditions of the contract, no questions will be asked. 
  3. Hassle-free application for personal loans: licensed money lenders offer a very smooth document verification process, which is missing while applying for any loan in bank. If you are in a hurry and would not like to indulge yourself in a lot of paperwork, they have got you all covered. You can opt for best personal loan Singapore for best options with variety as per everyone’s requirements. 
  4. Licensed money lenders are trustworthy: they establish a very friendly and open bond with their customers wherein you can do anything from anything to everything. They advise you as they are your friend and will provide you with cash as early as any for your friend will. You can trust them easily.  
  5. Under government auctioneers: if your issue is safety and security, then don’t worry, licensed money lenders lend money to people under certain guidelines as per government. Government also imposes strict rules and restrictions onto them as they are independent bodies providing personal loans to borrowers. The authorities make sure to perform a check within every 3 to 4 months to ensure smooth and fraud-free working. 
  6. No frauds: licensed money lenders carry out all the tasks from filling up an application form for personal loan to approving and providing money for your requested personal loan online. But this should not be the reason for you to worry. We all carry out online transactions, isn’t it? Similarly, these licensed money lenders carry out each and every task for their customer with utmost safety and security. If you still have trust issues and you can call them on their registered telephone number to ask any doubt, for certain confirmation, etc. but within their time frame of working hours. If text messages and calls aren’t enough, you can visit their physical office. For those who didn’t know, yes, licensed money lenders along with having a website have a physical office too. You can visit their physical office and do all the necessary paperwork such as application form filling, contract signing, providing proof for verification, transacting cash, etc. for getting a personal loan. 

A unique set of tax rules apply to employers and employees of the service industry. These include taxes on employee tips from patrons.

Like wages, these tips are required to be taxed as ordinary income — including Social Security and Medicare tax payments. The following guide is designed to educate service industry employers and employees about complying with tax laws regarding reported tips.

Reporting Employee Tip Income

All employees must report cash tips unless the total amount of tips they receive is under $20 for any given month of the year. Tips are to be reported by the 10th of each month after the tips were received. Any tips that are not paid in cash — known as non-cash tips — do not need to be reported to the employer.

Each type of tip received by an employee — cash or non-cash — is included in the employee’s gross income and is subject to tax payments. However, if an employee splits a tip with another employee, they are only required to report the tip they kept for themselves.

Employer Requirements for Reported Tips

Here is a shortlist of the requirements for reporting tips by employers:

  • Retain an employee tip report to help make check stubs
  • Withhold FICA taxes and employee income taxes
  • Pay the employer’s share of FICA taxes
  • File form 941, along with making federal deposits
  • Include all tip income on Form W-2, Box 1, 5, and 7

Have you thought about seeking help in organizing records of payments to your employees? Why not make check stubs?

Service Charges for Reporting Tips

Any service charges given to an employee by an employer are maintained the same way as regular wages. These service charges are:

  • Not included in daily tip records for employees
  • Are filed with Form W-2, Boxes 1, 3, and 5
  • Subject to income tax and FICA tax withholding

Double-check that you have recorded this information accurately. Having to process amended tax returns can be both time-consuming and costly.

How To Handle Allocated Tips

Suppose all employees’ tips at a restaurant or bar are less than 8% of gross income receipts. In that case, the employer will have to administer the 8% difference of those receipts and the actual tip income among all employees who received tips.

If an employer is required to allocate tips:

  • They are shown as a separate entry on Form W-2, Box 8
  • They are now included on Form W-2 in boxes 1, 5, or 7
  • The employee will file Form 4137 for Social Security and Medicare Tax on Unreported Tip Income

Again, recording this information accurately will ensure that you avoid costly mistakes in reporting taxable income. Your future self will thank you.

Compliance Agreement for Voluntary Tips

The IRS has created voluntary tip compliance agreements for industries where tipping takes place. These establishments usually include restaurants and bars. These agreements benefit from helping employers and employees educate themselves about remaining tax compliant in their sector of the service industry business.

IRS Document Resources:

These documents are an excellent resource for all service industry businesses, including bars, restaurants, and hotels. They are sure to help you avoid any future tax reporting issues.

Looking for More Information on Reported Tips for the Service Industry?

You can be comfortable knowing that reported tips are discretionary payments made by customers to employees. Customers pay by cash, credit, or non-cash items such as tickets, tip pools, or indirect tips from other employees. A tip must always be voluntary, and the full amount of the tip can not get negotiated.

If you have any other ideas or suggestions on topics regarding reported tips for employers and employees in the service industry, feel free to leave a comment in the comments section below. You can also search for other related articles in the search bar at the top of the page, and don’t forget to connect with us on social media.


Are you stressing about your tax returns? The business tax refund/liability can be evaluated very well with a small business taxes calculator at the end of the year. Finance can be well organized by measuring taxes, and you’ll have a smooth tax season. The calculator can help you answer several critical questions, such as how much would be expected to be paid as a tax. So you can also get linked to a pro that will manage everything connected to your taxes and have experience with it. This will reduce the burden on you.

Customer service representative

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