Business Loan Singapore
Are you looking for a moneylender that can help you fund your company’s financial needs? We may be able to help you out with our recommended list of best moneylenders.
Back in the early days, bank loans were the only way for businesses to secure additional capital. But, with our assistance, we can help businesses get the funds faster without going to banks to apply for loans.
Changing Economic Climate
In recent years, the economic climate has been unstable. As a result, entrepreneurs and small businesses are unable to maintain a steady cash flow. Even larger businesses are unable to balance their funds and keep their business afloat. To keep the business floating, businesses can apply for working capital loans.
But Where You Can Get Funds?
If you need funds for your business or company, there are other options you can consider aside from banks. Banks do offer business loans; but, getting it approved is difficult if your business or company is not a large or lucrative.
Banks prefer large and lucrative banks because they can pay their dues easily. Small businesses and companies can only get business loans from banks if they have good credit scores and have been in business for a long period of time.
Banks will also take some time before they approve loan applications due to numerous credit checks. Borrowers also have to present a lot of documentation before they can be considered. This is not ideal if businesses and companies need the money immediately.
If the funds are needed immediately, licensed moneylenders are the best option.
Our company offers a vast selection of business loans from licensed moneylenders that would fit any business need. It is very easy to apply for any one of them since the form can be filled online. Basic details must be uploaded before the application form is sent. Key business documents must be brought to the moneylender’s office for verification.
These major documents include:
- Recent business profile verified by the Accounting & Corporate Regulatory Authority (ACRA)
- Personal and Company Income Tax Assessment Notice
- Business Financial Statement
- Copies of recent business contracts and invoices
- Utility bills connected to the company
- Recent bank statement covering 6 months
- NRIC Directors and Partners
- List of assets owned by the directors, partners and company
- If the business/company has a shop, the office/shop tenancy agreement must be presented.
Licensed moneylenders will take 2 working days to process and verify the documents.
- The business or company must be incorporated with the ACRA for at least a year.
- The business or company should be active for at least a year.
- Their annual revenue should be around $60,000 or more.
Once the application is confirmed, the loan amount and interest rate are as follows:
- Borrowers will be granted a loan from $50,000 to $200,000
- The maximum loan tenure is up to 24 months.
- Interest rates can range from 5% to 15% each month.
If you reach out to us, we will match your profile and needs with the right moneylender. Even if your company has just started and yet to make a good profit, the moneylenders affiliated with us will help you out. You must have the documents we need to assess your application and offer the best financial solution.
If you are uncertain which loans fit your needs, our professional loan experts will guide you through the process. They will explain every detail you need to know about each loan and help you pick the right one.
Where Can You Use Business Loans?
Business loans are very flexible and can be used in various means.
Here are some examples:
- Start Ups
Startups are very difficult to sustain and finance. If you will try to use traditional loans to support your business plan, it will be difficult to get it approved. For the loans to be approved, you must already have a good credit history and a good operational track record.
If you have these two, the lender will be able to determine if you will be able to pay your loans or not. Many lenders, especially banks, tend to consider startups as a risky venture.
Business expansion is a good sign that your company or business is growing. But, doing so should not make it difficult for your finances. With the help of business loans, you can fund your new offices, employ new workers and buy additional stocks.
It will also help you ensure you have funds ready for any emergencies while expanding. With our assistance, you will be able to get business loans without any problems.
- Business Emergency
Working capital is often used to keep the business working 24/7 and sometimes, its amount is determined by the size of the team and other factors. If there is a problem with one of these factors, it must be resolved immediately.
The problem may either be your tax or sudden supply shortage. Our moneylender partners will ensure that your cash flow remains stable despite emergencies.
- Business Opportunities
Opportunities can come at any time for businesses and it is difficult to pass up these up. It may lead to the company’s expansion and growth. Of course, these opportunities must be assessed based on its benefits and its risks.
Consider how fast the investments will be returned and how much debt you may accumulate. If the opportunity has more advantages than debt, you should consider getting the loan. With a stable financial status, you can get all the benefits of the opportunity presented to you.
Reach Your Goals
We know that every company and business have certain needs to ensure they remain afloat. It is possible that the business model you use is not similar to those of other clients. Our company will ensure that our moneylender partners will be able to tailor a special loan suited for your needs.
And, it is also thanks to our partners that we are able to provide customers the chance to fulfill their business goals.
Notes to borrower: LoanCredit.SG aims to be the best financial directory in Singapore. We do not represent any licensed moneylender or offer any loans directly, over the phone or at our office or otherwise. We ensure that all advertisers featured in our business directory are evaluated and selected carefully, particularly those that are licensed by government authorities.
The minimum period of repayment is 2 months and the maximum period of repayment is 6 months. The interest rate offered by the licensed moneylenders is 1% to 4% per month, depending on your credit rating and other factors. This corresponds to a 12% to 48% Per Annum APR based on monthly reducing interest rate.
For example, if you borrow $1,000 for 6 months, at the maximum interest rate of 4% per month (48% APR), your monthly repayment will be $190.76 and total interest for the 6 months is $144.58.
The example mention above is an estimation and for illustration purposes only, please check with the respective Licensed Moneylenders as it may vary due to loan amount, period of loan and other fees such as late fee and late interest rate that may be charged in the event of violation on terms & conditions.