A company loan is a type specialized for businesses that need some financing to cater to their needs. This can either be in operational expenses or expansion expenses.
At times, the sales in your company may not be working well, or you need some extra cash for the sake of the growth of the company. This is where the company loan comes in to help.
The company loan can help you to expand your business operations and let them flourish. Also, as you strive to get a company loan, consider using the money for the right reason, minimize your costs, establish other new revenue sources, be transparent, be upfront, and have a good financial plan for the loan that you will get.
Su Credit is an ideal money lending company where you can get the required company loan for the prosperity of your business.
Tips When Applying For A Company Loan
1. Organize All the Documents
When you want to apply for a company loan, ensure that you have all the documents in place. This can include bank statements, financial accounts, tax clearance documents, and other ones. Also, consider your timeline; by when do you need the money? This will help you organize and apply for the loan on time.
Also, you need to discuss with the company’s board of governance to know after how long you will be able to pay back the loan. This will make it easier to apply for a loan that you can comfortably pay in the designated time.
Also, the time duration will determine the kind of company loan that you can get. Thereby, get a loan that will accommodate everything that you will need for the growth of the company. This is to prevent you from having to go back to the moneylender to get more loans.
While providing this information the lender will know your needs well. You can have the cover letter, collateral, detailed business plan, loan amount & usage, credit history, management team, marketing, and financial statements.
2. Maintain a Good Credit
Good credit will make it easier for you to get a loan. Even when getting a personal loan, the moneylender always checks your credit score to see whether you are in a position to pay it back.
The higher your credit score; the better and more secure your loan will be. Always strive to take up loans that you can pay up comfortably. When you delay paying up the loans, it messes with your credit score hugely.
When you go for a loan the company often takes your credit history to see whether they can trust you. Also, don’t have the habit of taking up many loans from different companies as it can mess with your credit score.
3. Go Through the Different Loan Types
Even though you are settled for the company loan, try and check the different options to see whether you can find something better. Check if there are SME loans, business loans, business capital loans, or suitable company loans.
To be on the safe side, always check the interest rates for the different loans. This will make it easier to know the amount that you will pay back after a certain period and whether you will be able to meet the targets.
Also, when making the application, you can talk with the agent or loan officer to see what’s suitable for you.
4. Determine the Money You Need
Another crucial thing is to determine the amount of money that you need to finance the specific operational cost or project. You need to apply for a loan that will accommodate all your needs. Therefore, ensure you use your financial plan to know whether the loan money will fit your budget.
You can consider getting a loan that is more than your budget. Also, you need to have a consistent cash flow to make the moneylender believe that you can pay up the loan on time.
Also, ensure you organize all those documents to make it easier for the loaning company to give you the money. In some instances, it will be okay to provide your business plan to get their trust.
5. Check the Eligibility and Apply
You also need to check the eligibility for getting the specific loan and ensure you meet it. Therefore, be careful not to leave any loophole that will make it hard to get the loan. Check the eligibility criteria to be on the safe side.
Also, consider knowing about the lending process and getting the loan from the right credible, licensed moneylender. Take your time before you get any loan because you will need to pay it back and the decisions you make will have an impact.
Also, try and communicate honestly and openly about the issue. Be disciplined in paying the company loan on time. Also, try not to over-commit yourself financially because it can cause a big strain.
Once you qualify to get the loan, ensure you use it for the right purpose and not for bad reasons since you will still need it for the company. This is important if you want your company to prosper.
In many cases, you may find that companies tend to get loans and use them for the wrong decisions. However, when you are disciplined you will use it for the right reasons. Therefore, always prepare your documents upfront, maintain a good credit score, go through the different loan types, determine the money you need, and be careful with the application process.
Also, when you need money never hesitate to take up a loan that will lead to your prosperity. If your company remains stagnant, you are assured that you won’t get enough profit in the long run.
Have you ever heard of unsecured loans? Well, there are both secured and unsecured loans that have different terms. For the unsecured types of loans, you won’t require any kind of collateral to get a loan. However, for secured loans, you will need to have collateral to ensure that you get your loan on time.
In most cases, you find that the secured loan amount tends to be large as compared to the unsecured loans mostly consist of fast cash loans. Some of the most popular secured loans include personal loans, balance transfers, credit card loans, and credit lines.
Unsecured loans won’t require you to give your car or home or any other valuable as collateral in case you are unable to pay the loan on time. One credible loaning company is like SuCredit Moneylending Company. They have great unsecured loans.
What Is An Unsecured Loan?
Well, in short, it is the kind of loan that doesn’t require any kind of collateral, so you can get a loan. However, when getting an unsecured loan, the moneylender will have to look at your credit score to see how well you pay loans. If you delay in paying loans, they might think twice before finding you a loan.
What the Moneylender Will Consider Before Providing An Unsecured Loan
1. Income level
Before any licensed moneylender provides an unsecured loan, they will first check your income level to determine whether you are capable of paying up the loan.
They will check the income you get and check against the amount of loan that you want to get. If they consider it, then you will surely get your loan. Therefore, providing a bank statement will be crucial here.
2. Credit history
Your credit history normally shows how you borrow and pay up loans. Therefore, whenever you are taking up loans, be assured that they are being tracked. Therefore, try and pay up the loans on time to prevent getting disappointment when you want to get an unsecured loan, and it is an emergency.
We often don’t know when emergencies might come and so when we block the only possibilities to get loans – it can be bad. Also, always check your credit score to see how you are faring.
3. Existing debt
Moreover, before you get an unsecured loan, be assured that the money lending company will check whether you have any existing debt before they give you a loan. Your credit history will play a major role in determining this.
They will get to know whether you differ in loan repayments or pay them on time. Luckily when you get the loans, they won’t take up any of the assets even if you delay in payment.
4. Amount you need
Before you get an unsecured loan, the money lending company will also evaluate your application to see the amount of money that you need. Because this is an unsecured loan, you are assured of getting small to moderate loans only.
On the other hand, if you need a bigger loan, you can consider getting a secured loan to cater to bigger deals.
Characteristics of Unsecured Loans
Unsecured loans are multipurpose and can be used for different reasons based on the kind of needs that you have. Therefore, once you get the unsecured loan, you can use it for your own needs without having to be followed by the moneylender on how you are using the money.
You can also use it to consolidate other small debts on other financial institutions to just have one that you can deal with. However, remember to pay it on time.
2. Unsecured loans are flexible
The unsecured loans are flexible, and you won’t have to worry about whether the money lending company will keep following up on how you use the money. You can get them easily, have low interest, and have a fast approval rate.
3. Type of unsecured loans
a) Personal loans
One of the most common unsecured loans is personal loans. It is a general-purpose loan that doesn’t have too much strictness on its use. This is one of the lowest cost options for buying things.
Personal loans are unsecured, general purpose, and require regular payments over a duration. It is essential if you want to buy something but can’t afford it immediately or raise cash for a purchase deposit.
b) Line of credit
It is also known as the cash line. In this, the bank offers several funds that you can borrow. It is like standby cash. It doesn’t have any fixed repayment term.
The maximum amount that you can borrow is known as your credit limit. Luckily, you won’t be charged any interest until you utilize the line of credit.
c) Credit card installment plan
This is a bit different from personal loans. You take up a loan and make a series of installment payments over a fixed period. It is a bit different from credit card loans.
This works best when you are purchasing an item and get to pay in installments. Thereby you get a loan to pay up the item. It is ideal for credit card holders who don’t want to incur interest charges.
d) Bank transfer
This is the kind of loan that allows borrowers to consolidate all debts from other accounts or credit cards to one credit line or single credit card. It offers very low-interest charges.
It is ideal if you are finding it hard to pay up minimum monthly repayments. Therefore, you decide to just have one large loan.
e) Debt consolidation loan
Another one is the debt consolidation loan which allows you to consolidate all your unsecured loan balances from different financial institutions into one to make it easier to pay.
It is a great way to finish up debts in different institutions. This will also reduce the interest rates that you would have incurred in the different loaning financial institutions
An unsecured loan tends to be a bit different from a secured kind of loan. Therefore, you can consider getting an unsecured loan to cater to your immediate needs.
Also, do thorough research to ensure you get a loan from a credible money lending company to prevent falling victim to loan sharks. Get a reliable loan from SU Credit Company today!
As you plan to build your business, it’s almost impossible you won’t apply for a loan. As hopeful as you can be that you will get financing, one thing that instantly crushes your dream is – loan rejection. This is something that over 80% of businesses in Singapore experience, and this could be you some time.
What if you can be among the 20% whose loan applications go through? Relieving, right? You need to be on the right track by following the tips we give you when applying for a company loan in Singapore!
Want a Company Loan in Singapore? Check Out the Following Insights for Easy Loan Approval!
To get the loan amount you need for your business, follow the following steps:
1. Maintain an Outstanding Credit Rating
One thing your lender will surely look at before approving your loan is your credit score. It’s pretty straightforward; if you have an incredible credit score, the loan application process is smooth! Once you apply for the loan, receiving the amount is just a matter of time.
A good credit standing means that you should pay all your bills, avoid bankruptcy, and not apply for multiple loans at once. These are some of the factors that Singapore banks will check before granting you a loan. If everything is in check, you will secure your company loan.
When the score is terrible, you will have to wait longer before the funds are released. You might as well be unable to fund your firm as it commences operations.
2. Ensure the Timing is Right
You cannot apply for a company loan at any given point in time. There is an ideal time where you will solicit for it and get feedback; otherwise, nothing will go through.
So when exactly can you get a company loan in Singapore?
It’s when your business is doing well. Usually, the first few months of a company starting up are the hardest. You are trying to do what you can to stabilize it. Over 20% of startups fail within the first year of operation for various reasons. Therefore, getting a loan within this time can be challenging.
Do not ask for a loan when your company is less than 12 months old. It’s too early to do this since your lender requires a track record and proof that your business has stable revenues to grant the loan.
So wait until your business is doing well to get support. Consequently, secure the funds early even when you don’t use them at the moment. You can use them when the tough time comes.
3. Have Current and Upcoming Projects Primed
What does your business prospectus look like? Do you have one? Most businesses ignore this essential aspect forgetting that it’s what most banks will look at before giving them loans.
You should prove to the lenders that you have viable projects and have other upcoming projects in the pipeline. Also, these outlines show that your company is generating income and is doing well. The projects are a sign that your company can stand independently in the coming days.
No one will lend money to a corporation that’s fumbling. Grantors want to work with a business that they are sure will repay the debt within the stipulated time.
However, you can beat this by proving an effective business plan to those lending you money—a powerful layout signal to financial institutions that your business is legit.
Therefore, provide evidence that what your company is doing will make enough to repay the amount. Similarly, explain to the banks how you will utilize their funds for quick application approval.
4. Get the Right Loan for the Right Reasons
Before contacting your money lender, get the reasons for your company loan right. Most shylocks for company loans in Singapore want to know what you want and why you want the loan. There are multiple selections available for Singapore companies, so you need to check what works best for you at the time.
Your primary aim should be to get the best loan you will not have trouble with while paying. Also, it should be able to cater to what your company requires. In fact, you will definitely get what you want from your banker.
They will stipulate the maximum amount you can get, the applicable interest rates, collateral, repayment terms, and any other helpful information. Scrutinize your options and settle for the one that suits you best. Also, do not forget to get loans with favorable repayment terms.
5. Pledge a Collateral
Another tip for soliciting company loans in Singapore is getting an indemnity. The first thing that comes to the bank question when lending a certain amount is, will you be able to repay it? If not, how will they recover the loan?
The granters want to ensure that their funds are safe even after you cannot pay them. This pushes them to ask for some “security” and reassurance that you will repay the loan they dish out.
While giving the collateral, most banks will want actual proof of the item. So, they will go through your balance sheet and the statement of cash flows. They determine your fund’s consistency and comprehend the company’s financial strength.
Also, the surety document highlights your personal and business assets. It will show the number of properties, cash, and receivables used as security.
By ascertaining such items, they will know whether the collateral you put in place will be enough to cover the risk in case of loan default. If not, can it be enough for half the risk? If satisfied, they will disburse the money. Otherwise, the requisition won’t happen.
Tip: When skeptical about getting a loan, consult someone with a greater understanding of getting company loans in Singapore. You save time since they will quickly show you the direction to follow and advise you for better chances to secure credit.
Obtaining a company loan in Singapore is not complicated, provided you follow the proper steps. If you want to fund your business, look for a fuss-free company that will listen to your needs and fulfills your desires. Talk to SU Credit for a simple and quick loan application process.
Are you short on money and intend to borrow from a money lender in Singapore?
Most people decide to take out bank loans when they don’t have enough money to cover their expenses. However, banks often have a more stringent and complex approval process, which may not be beneficial if you require money quickly. If you need quicker approval, licensed lenders are a good option.
However, is it safe to borrow from a licensed money lender? Or what are their procedures if you don’t return the money on time?
Before you start borrowing money, you should know the factors and reasons to choose the best-licensed money lender in Singapore.
Benefits of Taking Loan From a Licensed Money Lender
We have a few options when it comes to borrowing, including banks, licensed money lenders, and close personal contacts. You should choose licensed lenders over banks if you need a loan for a variety of reasons, including the following:
1. Quick and Simple Cash Loan Process
Money lending can be complicated for applicants who are applying for the first time or have poor credit. As a result, money lenders provide simple and speedy cash loan procedures to enable clients to get a loan that suits their financial needs. It shortens the period of economic uncertainty, enables customers to get loans sooner, and ensures that everyone can find an appropriate financing option.
2. No Harassment by Unlawful Money Lenders
Every registered money lender in Singapore is required to go by a set of guidelines, which are meant to promote fairness and protect customers from abuse. If a lender with a license violates even one of those rules, the borrower can report the lender to the authorities, who will severely penalize the lender.
The lender’s license could also be terminated if the crime is severe. Money lenders who have a license should handle their clients with professionalism.
However, illegal lenders don’t have to abide by the laws, which is why they frequently harass innocent borrowers.
3. Reasonable Interest Rates
It is against the law for licensed lenders to charge high-interest rates. In Singapore, the Ministry of Law verifies legal money lenders and controls the interest rates. To avoid borrowers from getting into debt and having to pay rounds of high-interest rates that never seem to end, a private money lender in Singapore is only allowed to charge a maximum of 4% monthly interest rate.
You also don’t have to worry about finding a money lender with a low-interest rate. Borrowers have the opportunity to compare rates from legitimate money lenders on their terms and benefit from speedy approval and flexible repayment plans, thanks to the market’s competitive prices being available online.
4. Shorter Payment Terms
Although banks typically offer lower rates than licensed money lenders, you also need to take into account the terms of their loans. You will need to make a long-term commitment to paying interest if the payment term is prolonged.
On the other hand, Singapore’s authorized money lenders provide shorter payment terms. It’s noteworthy to keep in mind that you’ll pay off your debt faster if the loan period is shorter. Everyone wants to pay off their debt sooner rather than later, so the idea is appealing.
5. Access to a Range of Loans
Licensed lenders offer a variety of loan plans with diverse terms, in contrast to most illegal lenders who combine their services into one or two loans. The best-licensed lender should offer the following loan categories: education loans, medical loans, business loans, wedding loans, and more.
Customers can obtain various loans for various purposes by categorizing loans in this way. Additionally, depending on the loan’s intended use, you can negotiate lending terms and amounts.
6. No Credit Checks
If banks don’t believe you will repay them, they won’t lend you money. It is unlikely that a bank will lend to you if you have a low credit score. However, a legitimate money lender does not rely heavily on your credit score. They are aware that they can use your securities if something prevents you from repaying the loan.
They calculate the interest rate for your loan based on how much money you borrow, how long it takes you to repay it, and other similar factors. You can obtain an interest rate that works for you because an authorized money lender is not concerned only with the state of your credit history.
7. Safe to Borrow
You must make sure that your personal and financial information is secure while applying for a loan. The only method to guarantee that these particulars are kept confidential is to work with a legitimate money lender. Given that unlicensed money lenders’ business practices are not monitored, working with them puts you at risk for malicious assaults.
8. Transparency in Every Transaction
Loan sharks want to convince you to get a loan from them so that they can charge higher interest and obtain hefty amounts of money. It’s obvious that they do not have any contract or disclose all the loan transaction details. They try to conceal certain facts and take advantage of hidden information later.
It’s not the case with licensed moneylenders. They explain everything that will happen during the entire transaction process. Once you discuss all the loan requirements and submit the documents, a legally-binding loan contract is formed. It defines every little information about your financial exchange with the entity.
You should avoid lenders who are not transparent about how they conduct business as they may harass you later.
Licensed moneylenders in Singapore are safe and reliable entities to borrow money. Stay wary of illegal moneylenders and streamline your loan process quickly.
If you find yourself worried about the legitimacy of a credit company, it’s advisable to take your time to do due diligence to know if it’s legitimate before you involve them. Fraud has risen in almost every business, where you will find scammers or other corny business people.
Most clients lose a lot of money through these scammers who operate in the name of moneylenders. In the money lending sector, you need to be extra careful to know how to determine a legit credit company. The money sharks or unlicensed moneylenders can frustrate you.
In Singapore, we have numerous unlicensed moneylenders who act legit and are not registered by the government, and their reason for that they are still new to appear on the government database. This kind of response is a trap in which they can convince you to engage with them and fraud you.
There are various ways which you can use to know whether a credit company is legitimate or not:
1. They Follow The Right Application Process.
A real licensed moneylender will always require you to provide documents. The licensed moneylenders always want to know your employment status. This helps them determine whether you can pay off a loan or not.
Unlicensed moneylenders normally have a short procedure to follow. The scammers can deceive you by telling you they don’t require your documents such as an ID or residence proof when applying for the loans. However, there is always a hidden agenda or hidden fees they aren’t mentioning.
Many individuals can fall for it since the unlicensed moneylenders know what awaits them in the future. Ultimately, they will get more profits from you.
2. Advertise Using the Right Channels.
Many unlicensed moneylenders use platforms such as WhatsApp, Facebook, flyers, SMS, and calls to communicate with you. This should be a red flag for you to spot an illegitimate credit company. You need to ask yourself how they got your number or your Facebook account name and privately text or call you.
Legitimate moneylenders don’t text or call you unless you reached out for their services and responded. Some individuals are caught in this trap due to desperation for money and later on regret their actions. In due time, you can get harassed by the loan shark personnel if you fail to pay. Additionally, you can risk getting your property auctioned.
Legitimate moneylenders advertise through mass media, social media, or traditional ways. They don’t contact you through calls, text, or direct mail since it’s against their regulations.
- The Lenders Check Your Documents Well Before Giving A Loan.
Fraudulent moneylenders guarantee every applicant loans even without checking their credit history and score. They use such words like
- Everyone is approved.
- No problem if you have bad or good credit.
- They care less about your history, and you deserve a loan.
If you see the above statements, run away from those frauds, since they are enticing individuals with a high risk of credit history to join them. As a result, they will default and charge you with high interest and fees.
A legit credit company will look at your credit history and score first before they decide to either give you a loan or not. The thing to note always is to do your due diligence to work with moneylenders who are interested to know your credit score, before knowing your loan status eligibility.
4. Their Paperwork Is A Bit Complex.
The unlicensed credit company makes the application process easy. They trap people using their fake policies. They have sweet tongues to entice you into getting the loans.
Their contracts are drafted in a such way they miss key elements such as; repayment terms, clients’ rights, legal obligations, and legal measures when you default their loans. To be safe don’t rush to sign the contract, take your time to read and understand the contract and check if the key elements are drafted in it.
5. The Lender Has a Physical Address.
Licensed moneylenders normally have their physical addresses properly illustrated on their websites. Most loan sharks don’t normally have a physical address. They will even convince you that it is important for you to go to their physical address.
Due to your money urgency, you will give in and take up a loan. Most legit moneylenders don’t rush you into getting a loan, they allow you to take your time.
6. They Give You Freedom to Make your Decision.
Loan sharks know how to play with your mind. This will make you make wrong decisions while in a confused state. They even go deep to ask you about your bank pin and other personal details that they don’t deserve to know. Always be wise when dealing with a loan fraud company.
You can give out some really sensitive data that they can use against you when you default payment. Thereby, always be careful when taking up a loan. Always trust companies that seem transparent in their transactions. Good money lending companies give you the freedom to make your decisions.
If you happen to need a credit loan from a company, always be careful about where you are going to borrow a loan, not all moneylenders are legit. Whenever you accept a loan, always take your time to go through the loan contract and policies.
If otherwise, you note the interest rate is higher in the contract I advise you to decline the loan immediately, since you are engaging an illegal credit company. The above explanations show you how to know whether a credit company is legal or illegal.
An example of a legal money lender in Singapore, it’s like SU Credit Company. If you notice any illegal credit companies, report them to the authority for moneylenders in Singapore.
A legal money lender is registered with a regulatory agency and must be licensed to give out loans and services. What this means is that they are bound to follow the already set rules and regulations by the government, among other factors.
A look into what is the difference between licensed moneylenders and banks. Typically, a bank is, maybe, making a term loan against fixed assets of a company in a revolving line of credit for operations and other types of credit facilities to acquire companies.
Moneylenders serve that population that gets beyond the risk profile of a bank. Banking actively deals with the acceptance of deposits as lending money, whereas moneylenders may not include acceptance of deposits.
There are other types of loans that are more complicated and certainly riskier for a client that wants to grow more quickly than the risk profile of the bank warrants. Legal moneylenders like SUCredit Company highly come in here as they offer an array of different products regarding loans where they run a much more disciplined quick process to help the client find a new source of capital.
Products That Legal Money Lenders Offer
1. Asset Based Lending
Asset-based lending (ABL) is given to businesses that then provide an asset as collateral for the loan. In most cases, the cash is used to boost the business. They can decide to use it for some business operational costs or expansion.
It has become a popular choice for companies and individuals that don’t have credit ratings, track records or patience.
2. Rescue Finance
Typically, it is a provision of a loan to a company, business, or individual in difficulty. Moreover, it provides solutions to fundamentally sound businesses with unstable balance sheets due to cyclical pressures.
There are quite a few advantages of rescue financing. Sales and profits are mostly increased once the loan has been granted and minimizes potential bad debt. Since it is a loan to boost up your business, capital return is improved unlike before.
3. Bridge Finance
This is a short-term loan used to provide quick financing to a company or individual until permanent financing is arranged.
Bridge finance is a stop-gap solution that is most convenient for individuals looking to buy a second home before selling their first.
The rate of interest on bridge finance is relatively higher than that of term loans. However, the approval time is way shorter than other loans.
How Exactly Do Loans Work?
All loans work the same way whether from moneylenders or a bank and when you pay them back, they earn a profit through interest rates. Licensed moneylenders are only allowed to charge interest annually depending on whether security, i.e. giving up something valuable you have as a “deposit” for the loan, is given or not.
Banks, however, have different interest rates and a deposit or a down payment, depending on what the money is used for, how much you borrow and how you want to pay it back. Usually through a tenure (paying a fixed amount every month for a set period).
Things To Consider When Choosing Legitimate Money Lenders
1. Lender’s Reputation And Credibility
The answer to this question is the most important. Does the lender do what they say they will do? Get referrals from other borrowers, if need be, to check the lender’s trustworthiness. It is very important to know the credibility of the moneylender and take your time and read other borrowers’ reviews and testimonials until you have the right image.
However, never rely on a single source of information, as the internet is full of scammers, and it may end up being a trap. All this is to help you ascertain a credible moneylender.
2. Loan Specialty/Volume
Why do you need the money? Is it for a small business or an emergency? These are some questions to ask yourself. Answering these will assist you in knowing the right moneylender to approach.
You might wonder why it is important, as all lenders have the same goal and objective. The main contrast is in the payment process and interest rates. A lender designed to offer personal loans is different from the one that lends for business-related assistance.
3. Interest Rates
All moneylenders have got their preferred method or system of payment, and so are their interest rates. Most of these factors can easily be accessed from their website, advertisements, or through contacting them on various platforms.
Based on this, finding the one with low-interest rates is easier compared to the traditional ways of finding information on moneylenders. Moreover, most lenders often offer loans with sensible interest rates.
Making a comparison of different lenders helps or rather guides you to counter-check all factors of the moneylender, mostly when it is your first time applying.
4. Terms Of Engagement
Generally, what this means is that you should consider reading the lender’s policies, terms and conditions as they may contain information that is not stated on the website or so. These may include features like repayment schedules, repercussions of payment failure, or interest rates as earlier stated.
What would be the case if you default or miss a loan repayment within a few days? The answers should be in the terms and conditions of the moneylender. Your credit score should always be key when it comes to loans and keeping them positive.
When you approach a legal moneylender, you will feel safe. This is because all their terms are transparent, and you won’t have any fear that they can con you in the process. Thereby, always try to check how legitimate the moneylenders are. You can get a loan, then they start pressurizing you immediately. Always be careful and choose a legitimate moneylender like SU Credit.
Do you live in Bugis and wondering where you can get a loan from a credible money lending company? Then you can consider consulting the SU credit company. Not only will you get great loan deals, but also advice on how best to manage your finances.
Bugis is one of the most beautiful towns that you will ever visit in your lifetime. The best moneylender in Singapore will offer affordable rates, offer transparency, flexible repayment plans, and good interest rates. You won’t even feel the pinch of paying back the loan. Instead, you will pay up willingly.
Why Bugis Is A Great Destination Or Place To Live?
Bugis is among the best towns in Singapore that you will ever visit. Bugis can be translated to mean “big swamp”. This is because in the past it used to have many forests, farmlands, and swamps. Also, did you know that there was a large crime syndicate and gangs that used to operate in Bugis? Well, now you know!
It was also among the first self-sufficient satellite towns that were built by HDB. Therefore, people didn’t have to travel too far to get some basic amenities. Bugis also had one of the first air-conditioned bus interchanges that were integrated with an MRT station.
It was also known to be a dinosaur background. You will love it in Bugis! In addition, there is also a dragon pillar made in traditional Chinese design.
Type Of Loans Offered
When considering approaching a money lending company, you need to consider the types of loans that they have. Will the loans cater to your needs? If yes, then you should proceed on. SU credit offers three distinct types of loans
A personal loan is one that you get to cater to some immediate financial needs. We always get emergencies when we least expect it, and at times if you don’t know who to consult you can end up not getting the assistance that you need.
In most cases, when applying for an unsecured personal loan, you won’t need to provide any collateral, therefore you shouldn’t be worried about that. However, you still need to check the terms well to ensure that you are signing up for something that you can pay off conveniently.
At SU Credit you are assured of a manageable repayment plan that won’t leave you drained. You are also assured that the transactions made will be legitimate without any hidden fees.
Are you thinking of starting a business or do you want to cater to some business needs? Then you can consider getting a business loan to cater to your needs. A business loan is offered to entrepreneurs who want to start up their businesses. You just need to state your needs and get a business loan package based on what you need most.
Even if you are just starting your business, you can still get a business loan that will boost your company. However, you still need to show that you have a business that you want to put up, or it already exists.
You will need to submit some financial records or business plans for your business. Is that fair enough? You are then assured of getting the best business loan packages of all time. The repayment plan is also flexible, therefore you won’t feel the pinch of paying back the loan.
Many people fear getting secured loans because they will need to provide collateral. However, here at SU Credit Company, you can get an unsecured loan based on your needs. What are you needing? Is it something urgent? How much do you need? You can get a good specialized loan to help cater to your current needs.
It can be hard when you have to give collateral to get a loan. However, with this package, you don’t have to do that. However, to get this kind of loan, your credit integrity must be checked to see how best you can pay off the loan. Also, you will agree with the loan officer, on the repayment period and the interest rate that you will need to pay.
Thereby, to make this successful, it is important to ask for a loan when you are sure of what you want.
Why Do You Need To Choose SU Credit Company?
SU Credit is one of the best money lending companies in Bugis. There are several reasons why you need to consider them.
1. Licensed, Transparent, And Flexible
When getting a loan, you need to consider a company that will not only offer the cash, but also one that is transparent and flexible. This is because if you need to get a loan, you need to be in contact with a company that won’t penalize you heavily if you default payment for a month.
However, you still need to stick to the agreement. SU credit is licensed, transparent and flexible. They are one of the best money decisions that you will make.
2. Easy Application Process
It also offers an easy application process. It will be so easy to make the application and even get your desired cash. The process is easy, you just need to send an application online and the processing will start right away.
Furthermore, you will get contacted by an agent to get more clarification and offer the required advice.
3. Customized Packages
We all have different needs, and that’s why there are customized packages for your different needs. At SU Credit, you are assured of getting loan packages that meet your needs. What are you waiting for? You are assured of getting all your needs catered for easily.
If you are in Bugis and looking for a moneylender, then you should consider SU credit. They are credible, affordable, transparent, and flexible. The licensed moneylender won’t let you down at all. Just ensure you have all the needed documents for easy loan application processing. All the best as you borrow a loan!
Seeking financial assistance from moneylenders in Singapore may be a catastrophe if correct decisions are not made. Consider first if the moneylenders are licensed or not licensed before any loan application.
Licensed moneylenders are registered by the government and strictly follow policies set by the government. Their interests are pretty standard and straightforward since all operations are monitored.
Make an astute decision to visit a bank or any other suitable moneylenders in Singapore like SU Credit Company to acquire any coinage. If you go for lenders not accredited to offer loans, you might face worries like high-interest rates or con you to pay some amounts to secure credits.
Go through all moneylenders and check if they are licensed to evade any difficulties that may arise; compare all lenders and shortlist the few companies that suit you, and you feel offer the best contract.
Benefits of Accompanying Licensed Money Lenders
Subscribing to licensed moneylenders may be linked with endless benefits.
1. Rational Interest Rates
Licensed moneylenders tend to provide reasonable interest rates. This is unlike the loan sharks who provide unreasonable interest rates. You even find that they aren’t straightforward with what they are offering.
Thereby, try your best to consult a licensed moneylender who will assure you of flexible repayment terms too.
2: No Hidden Charges
All moneylenders in the market aim to generate more earnings from their funds. Therefore, you must be keener and more selective when making choices of moneylenders.
Unlicensed lenders may make imaginary boasts of offering loans to persons at a very low-interest rate as compared to others, while they are not.
These companies don’t have any fees that might be hidden, as other unlicensed companies tend to have an excuse to hold clients for more extended periods. These companies only demand interests in money they lend a client, no further cash inclusivity.
By selecting licensed moneylenders in Singapore, you will have no stress of any hidden charges. Such companies have a good rank in the country and are not ready to tint their name and deteriorate customer relations.
3: Their Terms And Conditions Are Pliable
Licensed moneylenders have not set rules or limitations for their clients who need short-term credits; you can utilize finances for any purpose you want. Licensed moneylenders have straightforward terms that won’t leave you puzzled about what is needed.
When your financial stability deteriorates, they never harass you after borrowing or whenever their cash puts you into a monetary crisis. Uprightness, openness, and answerability are the big reasons they remain at the pinnacle of clients’ choices when seeking loans.
4: Unpretentious And More Convenient
Loans from these authorized companies are readily available, and one can access them through online websites and platforms. Do a detailed analysis of the moneylender you intend to cave in your documents.
The big reason behind this is that unlicensed moneylenders may decide to use your records for malicious means. Therefore, do thorough research before approaching a moneylender.
How Do You Check If Money Lenders Are Licensed?
1: Check If That Company’s Name Is On Minlawa’s Register
A good way to determine if a company is authorized to lend money is to check the list of licensed moneylenders in Singapore. Every month, they avail an updated list of all moneylenders allowed to loan individuals.
This information provided by the register will inform those with interest in securing loans to differentiate the licensed and unlicensed moneylenders.
2: Be Acute On Adverts Made By Money Lending Companies
If companies keep on calling and tending to offer loans via mobile phones, the possibility of them being unlicensed moneylenders in Singapore is very high or a licensed company going against rules and regulations.
Following MinLaw’s website rules, they have shortlisted a few channels where registered lenders display their legal information about loans. They are business directories, licensed moneylender websites, and adverts placed on the company’s doors, gates, and windows.
Before making any decision about seeking a loan depending on advertisements, seek full details from the company.
3: Investigate If The Company Has A Physical Address
Most licensed moneylenders tend to have a physical address that you can go to when in need of a loan. Thereby, try and check their website to see if they have highlighted their physical address.
Loan approval without visiting companies’ premises may sound like a scam. Also, acquiring loans by meeting up in unknown places is not a legit deal. Make a definite check on the solemn list of licensed moneylenders.
4: Licensed Money Lenders Need Face To Face Affirmation
It has become a trend for all moneylenders to offer loan applications online due to technology modernization. However, licensed moneylenders still need physical assurance to process your loan.
Physical appearance on the premises of a licensed moneylender is necessary before progressing to loan disbursement.
What A Licensed Money Lender Cannot Do When Collecting Debts.
1. Cause Harm
When licensed moneylenders are collecting debts, they are not given the mandate to cause any harm to you.
In case it happens, they are severely punished. In Singapore, if you make an individual unconscious or cause wounds to the body, the punishment is two years imprisonment.
2. Wreck Your Property
Licensed moneylenders don’t have a right to alter your property, not even putting posters on your door. In Singapore, this is a severe offense, they should not even dare to embarrass you. In case they do, they are heavily fined.
3. Tracking Down A Debtor
This includes approaching your family and close friends, coming to events you are attending, visiting areas you visit frequently, and following you. This is illegal and unlawful. A good money lending company won’t do that.
Trying to secure loans from companies is a tragedy and frightening to most individuals. Going through detailed information about loans can be massive. Do good research on licensed moneylenders on government websites. Never deal with unsanctioned companies since they have very unlogical fees and illegal charges.
As a business person, there are always ups and downs in your business activities. To be successful, you must take advantage of the market and get an upper hand. This may be in the form of purchasing more products at lower unit costs.
However, at times, your cash flow may be limited and may lead to missing out on a business opportunity. What can you do to ensure you make the best of business opportunities? Apply for a Business loan.
In Singapore and all over the world, business loans are an essential stepping stone one can use to expand their business. Some of the most successful businesses in the world owe their growth to business loans they got at the right time of their business cycle.
In this article, we are going to see how one can qualify and apply for a business loan in Singapore.
What are Business Loans?
A Business loan is a financial credit facility offered to a legally registered business that allows it to start, expand, or increase its current stock. Business loans also come in handy if the business, which has been performing well, has a slight difference in its performance and may need help to pay its debtors and suppliers to ensure continuity of its operations. To cater to the various stages of the business,
Financial institutions may have different categories depending on the stage of the Business. Some business loans are government-assisted financing schemes. There are startup business loans, which are tailor-made for businesses that are just starting up.
We also have SME Working Capital Loans, which are available for already existing businesses. There are also Temporary Bridging loans, which assist Small and Medium Enterprises access financing where there are shortfalls in their cash flows. One can access business loans that have repayment periods of up to 5 years.
What is needed to apply for a Business Loan in Singapore?
As mentioned above, a Business Loan is a credit facility offered to a legally registered business entity. The loan is granted in the name of the business and not an individual’s name.
Therefore, to qualify for a business loan, some key requirements one must prove are:
- The business is a legally registered entity under Singaporean Laws and provides proof of ownership.
- The owners are required to submit financial records of the business.
- A business plan is required especially for Startup Business Financing.
- Goods and services tax (GST) Records for the business.
With all this in place, you can start shopping around for the best business loans that are suitable for your business need.
Factors that may affect your qualification for Business Loans
1. Business Track Record.
For already existing businesses, the business financial statement is used to evaluate the business’s suitability for a business loan. The revenues and income statements assist to see how solid the business is and can be used to project cash flow.
Therefore, ensuring that your business has sufficient cash flows, will be a plus while applying for a business loan. The cash flow will indicate the business’s ability to repay the loan granted.
For startups, a well-defined business plan is crucial in the evaluation of the business opportunity to be financed and may affect the loan limits provided. Lenders will evaluate the feasibility of the business you are venturing into.
2. Ownership of the Business.
For government-assisted financing schemes, they require a minimum of at least 30% Singaporean Citizen Ownership. If your business does not meet the requirements for Government-Assisted Financing, do not worry as there are licensed moneylenders and financial institutions that have business loan packages suitable for you.
3. Business Record Keeping
Businesses are advised to ensure that they observe detailed record-keeping for their business activities. This means keeping documents such as bank statements and accounts in order, as well as the supplier and customer records.
The more detailed and transparent the records of the business are, the easier it is for financial institutions and licensed moneylenders to evaluate the business’s suitability for a business loan.
4. Business Credit Score.
One of the go-to evaluation criteria used by lenders is to rely on credit scores. It is always a good business practice to ensure that you are always in good standing with the business creditors and lenders.
Before applying for a business loan, ensure you pay all your bills in time and are paying already existing loans in a timely manner. A good business credit score goes a long way in ensuring a successful Business loan application
5. Ensure all vital Application Documents are available.
As mentioned, business loans are offered to legally register businesses, hence one has to ensure that all the vital documentation in regard to the business operations is available during the loan application. These documents are used to appraise the business for business loans.
6. Apply for Loan Limits the Business is able to repay.
To ensure you qualify easily for a business loan in Singapore, ensure that you do a proper assessment of the loan amount the business can comfortably repay. Before receiving the loan, it is advisable to design your budget to enable the planning of loan repayments and to evaluate how much loan capital you need.
The uncertainties of business in the previous years have made business operations harder to predict.
It is therefore prudent to ensure, when applying, apply for realistic loan limits. Remember, for successful future business loan applications to grow your business, you must maintain a good credit score through timely repayments of your loan obligations.
7. Period of Operation of the Business.
The time period of operation for a business before applying for a business loan is a factor to consider. Loan applications from businesses registered a day before the loan application may have a difficult time qualifying for a business loan.
Apart from the above-mentioned criteria, each lender may have additional requirements, hence it is important to find out the specific requirements needed by the lender in advance.
What next if you meet the qualification criteria?
If you meet the qualifications for a business loan, you can use SU Credit online application form to apply for a business loan. SU Credit offers flexible terms and conditions, favorable and specific to each client.
SU Credit will reach out to you once an application is received with the way forward. Give your business the financial stepping stone it requires with SU Credit Pte Ltd.
With the changing economic climate and increasing rates of inflation, cash flow for personal and business purposes is becoming more and more strained. What happens when you have a need for a boost in your cash flow for personal uses? That is where a personal loan comes in.
What Are Personal Loans In Singapore?
A personal loan is one that an individual takes from a lender, such as a bank or licensed moneylender, and pays the loan amount plus interest in installments over a pre-determined time period. In Singapore, personal loans do not need collateral, hence are accessible to a majority of the people. However, each financial institution has its own metrics to determine who qualifies for a personal loan
Personal loans are applicable for a number of uses, for example, debt consolidation, home renovations, and settling medical or educational bills among others. One of the advantages of a personal loan is that it does not require fixed collateral, and hence it is unsecured. There are certain tips you can follow when you want to access a personal loan.
This means that it is accessible to the normal working Singaporean who does not have many fixed assets. However, one has to have a good credit history to qualify for a personal loan at a low interest. Apart from good credit history, one must have a minimum income that is maintained to access a personal loan.
SU Credit is one of the most reputable companies that offer loans such as personal loans, business loans, and unsecured loans.
What Are Some Things You Should Consider Before Applying For A Low-Interest Personal Loan?
1. Your Credit Score.
For banking institutions, the credit score is stored by the Credit Bureau of Singapore. For licensed moneylenders, the credit score is stored under Money Lender Credit Bureau. Before applying for a loan, ensure you have your credit score with you.
Your credit score will determine how much credit you can access and how much interest you will pay for applicable loans. The higher your credit score, the higher your chances of qualifying for a low-interest rate personal loan.
2. Plan your Finances.
Before applying for a personal loan, ensure that you have checked your cash flow and your needs, to ensure that once you apply for a personal loan, you will be able to meet the Loan Contract Agreement. This can be done by checking your income and spending needs, to ensure that if offered a personal loan, you will have enough income to service your loan.
Remember, if you take a personal loan from a financial institution or licensed moneylender, you are obligated to meet the repayment amounts as agreed.
Failure to which, you will be blacklisted, and this affects your credit score negatively. Additionally, this affects your future loan applications due to a lower credit score.
3. Shop Around For the Best Loan Terms.
Singapore has numerous financial lending institutions and licensed moneylenders in operation. Before deciding on where to take a low-interest personal loan, ensure you have done your background research on the available offers.
We at SU Credit have been in the licensed money lending industry for some time and have developed a reputation for being dependable and customer-centric. Our products are tailor-made to meet the specialized needs of each customer.
How Interest Is Calculated For Personal Loans.
In Singapore, licensed moneylenders can charge a maximum interest rate of 4% per month. For banking institutions, this rate is different. In the eventuality, that a client is unable to make a repayment for their personal loan, the maximum late repayment interest a licensed moneylender can charge is 4% for each month the loan is repaid late.
The late repayment rate is only charged on the amount that is repaid late, and not on the whole loan amount.
Other Charges Applicable While Applying For A Personal Loan.
When applying for a personal loan from a financial institution, some other application fees are applicable. As of 1st October 2015, for Licensed Money Lender, a limit was placed on the additional charges. These charges are limited such that:
- For each month of late repayment, the fees cannot exceed $60.
- No more than 10% of the loan amount (principal) is charged as loan granting fees.
- In the recovery of a defaulted loan, a Licensed Money Lender can only claim the legal costs ordered by the court.
Procedure Of Applying For Personal Loans In Singapore.
In this digital age, there are numerous ways to apply for Low-Interest Personal Loans. The first and oldest method is to physically apply by visiting financial institutions’ offices or branches.
Most banks and licensed moneylenders in Singapore have offices and branches that customers can visit to get the services needed.
The minimum requirements to apply for a Personal loan in Singapore are:
- Must be between 21 and 65 years old.
- Must be a Singaporean Citizen.
- Be employed with an annual minimum salary of S$10,000 for most Licensed Money Lenders and an annual minimum salary of $30,000 for most banks.
For documentation, most lenders will require you to provide:
- Proof of identity in terms of Singaporean Identification card or Employment permit for foreigners.
- Proof of Address, which will validate the area you reside in. This may be in the form of utility bills with your name etc.
- Proof of Income may be in the form of the latest tax notice assessments, payslips, or salary deposits to your savings accounts.
In this digital age, technology has evolved to allow for the online application of Low-Interest Personal loans. At SU Credit, we make it easy for you, by simply clicking on the Loan Application Page here, and you get started on your journey. Once your online application has been submitted, you will be contacted by our customer service team to guide you on the way forward with regard to your application.
SU Credit For Low-Interest Personal Loans In Singapore.
With the current economic uncertainties, saving money has become harder. With inflation and rising costs of living, cash flows are being affected globally. However, as a Singaporean, we have the right solution for you.
At SU Credit, we offer unsecured personal loans that meet your needs and offer you much-needed flexibility. With flexible interest rates determined by each customer’s personalized qualifications, there is something for everyone. Choose SU Credit as your reliable choice for online unsecured personal loans.