Entrepreneurship Loan in Singapore by Licensed Money Lender

Getting loans in Singapore may seem to be one truckload of stress. First off, there is the part where loan sharks seek for preys. Sadly, a lot of people fall into their hands, as well as other money lenders that are not licensed. Therefore, one has to keep trying to get licensed money lenders. When you finally get one, their terms and conditions may be too stringent, that it snuffs out your business even before you start spending the principal. On other days, the process of application is rather slow, and the repayment options are just terrible. Basic knowledge of business loans or entrepreneur loans from licensed money lending companies in Singapore is needed.

Business loans are loans that supply the capital to grow a business. Not just anyone can qualify for a business loan. To qualify, your business must have operated for up to a year. In case you need a loan to start up your business, that will be a business financing loan. Most of the time, business loans are repaid within one to four years.

It must be noted that loans are not just given based on the amount applied for, but based on the credit assessment and strength of the company. It is the institution from which you’re obtaining a loan that determines how much you’re eligible for. Precisely, business loans may range from $10,000 to $500,000.

Several financial institutions are licensed to offer business loans. However, others go about like wolves in sheep clothing. Therefore, to decipher a licensed money lending company, you can check out their terms and conditions, mode of application, advertisements, security options, required documents amongst others. Then you can compare them with Singapore’s government regulations on money lending.

Another thing to put into consideration is interest rates. Generally, the rates vary depending on the institution giving the loan; however,

Singapore has policies on interests on each loan. These are effective interest ranges that are within the Singaporean regulations.

  • SME Micro Loan: 6.5% to 7.5% per annum
  • Unsecured Business Term Loan: 10% to 13%
  • Trade Financing Line: 6.75% to 8%
  • SME Working Capital Loan: 6.5% to 7.5%
  •  Overdraft: 10% to 13%
  • Factoring/Receivables Invoice financing:6% to 8%
  • Commercial/Industrial Property Loan: 1.3% to 2.5%
  • Equipment/Machinery Loan: 5% to 8%
  • Alternative Financing or P2P Crowdfunding: 1% to 5% per month

(These are general rates, rates may differ across lenders)

You should note that the figures above are the ineffective interest rate. As an entrepreneur, you could get loans from banks or other licensed money lending firms such as SGP CREDIT.

SGP CREDIT is a licensed money lending firm that operates in Singapore. We prioritize the needs of its clients. As such, its application processes are quite simple and quick. Also, our terms and conditions are very customer-friendly, and we offer attractive interest rates. Besides, our repayment options are convenient for customers. Whether the loan is secured or unsecured, SGP CREDIT has got you covered. If you’re an entrepreneur in Singapore, and you need a loan, apply now for a non-obligatory appointment