Licensed Money Lender Personal Loan Tampines

Known as Singapore’s largest residential area and a regional centre, Tampines is a charming suburb outside the Central Region. It’s a laid back yet self-sufficient town away from the busy city that attracts locals and expatriates to live and raise a family.

If your business in Tampines needs some financial help, consider a business loan from a licensed moneylender!

What is a SME Business loan and how does it work?

If you’re a budding entrepreneur, starting your dream business is not difficult to achieve in Singapore. Even if you’re short of capital, banks and licensed moneylenders offer business loans to help small and medium-sized enterprises like yours!

SME business loans are loans offered explicitly to small and medium-sized enterprises. These loans can be used for any financial need, such as paying off salaries, purchasing equipment, increasing capital, and other purposes to help a client grow or sustain a business.

With licensed moneylenders, you can borrow up to $200,000 with an interest rate of 5% to 15%. The repayment term is usually 24 months and is flexible.

Advantages of taking an SME Business Loan with a money lender

There are many advantages to getting a business loan from a licensed moneylender than a bank, such as:

Faster Transactions

Due to more stringent requirements, it will take days for a bank to release any loan type. This can be a problem for SMEs, which usually face limited cash flow. With licensed moneylenders, you can receive your loan within minutes to address your immediate business needs!

High Credit Score is Not Required

You’ll have a hard time dealing with banks if you have a low credit score. However, with licensed moneylenders, they’ll simply assess your business’ current ability to repay the loan and modify your contract’s terms to reduce the risk.

No Collateral Needed

Banks may require collateral to reduce the risk of non-repayment. However, if you’re an SME owner, your business may not have enough assets to pledge as security. Fortunately, licensed moneylenders offer unsecured loans that dispense with this requirement, which is common when you’re dealing with banks.

How to apply?

Moneylender’s SME Business Loan Application Forms are available online and at their physical office. The first step is to fill this out. 

You have to be at least 21 years old to be eligible for a business loan. Additionally, your business must be operating for at least one year and has a minimum turnover of $60,000 annually.

You have to present these documentary requirements for your moneylender:

• All directors and partners’ NRIC
• Recent information report (Business Profile) from the Accounting & Corporate Regulatory Authority (ACRA)
• Recent Income tax assessment notice (both personal & from the company)
• Recent financial statement
• Recent invoices or business contracts
• Recent utility bills under the company name
• Recent six-month bank statements
• List of assets owned by the company, directors & partners (if any)
• Office/shop tenancy agreement (if any)

The final step is to visit your moneylender’s office to sign your loan contract and receive your money!

How can we help? 

1 Fullerton Credit is one of the best licensed money lenders in Singapore. Our business loan aims to help SMEs to grow and keep them afloat during financial difficulties. Our friendly and professional team from Tampines Money Lender will provide you with the right loan with the most flexible repayment schemes available. To apply for a business loan today, contact us through our website.