Do you own a small, medium, or large business in Singapore? If yes, then you’ll agree that the financing bit can be stress-inducing. Fortunately, an authorised money lender in Singapore can come through when your business is in financial distress, or when you’re contemplating business expansion. If you’re seeking a business loan ranging from $SGD 10,000 to 300,000, then you’ve come to the right place. Here are five other ways an authorised money lender in Singapore can propel your business forward.
- Authorised money lenders offer instant loan approval in Singapore
Let’s face it: nothing favors an upcoming business like timely finances. If you’re urgently seeking the best personal loans to boost your business, then a licensed money lender is exactly what you need. Authorised moneylenders in Singapore offer a swift loan approval process that will favor any business owner who’s in a hurry. Typically, this will see your loan approved in five days or less! All you need is a good credit score and proper business documents and you’re set. You’ll need to provide evidence of income, ( such as your books of account) or your business’ bank statements for the last six months. Although the eligibility criteria vary, a typical authorised money lender in Singapore will also increase your chances of fast approval if you can provide a repayment plan while applying for the loan.
- Loans are paid over a long time
If you run a small business, the repayment plans for authorised moneylenders in Singapore will entice you. All loans you receive from these moneylenders can be repaid over a long period of time, giving a business adequate time to put their finances in order. The repayment period depends on several factors, such as the amount you have borrowed and the installment/interest repaid. The heftier the loan, the longer you will need to repay compared to a small loan such as an emergency loan. Also, if you repay small amounts in installments, you will take longer to repay.
- You can use business assets as security to acquire the best loan deals
Although most personal loans are unsecured, some business loans may require collateral from your end. But a typical authorised moneylender in Singapore offers fixed asset loans which should strictly be used to purchase fixed assets. This means that you can use fixed assets like vehicles or buildings to bag the best personal loans to advance your business. As long as you have a good credit score and legally own the said asset, you have nothing to worry about.
- Lower interest rates
Compared to banks and traditional moneylenders, lending companies offer lower interest rates that remain fixed throughout the repayment period. The moneylenders first consider the principal loan amount and the expected repayment plan. To add to that, you’re also at liberty to negotiate for a sensible rate that’s convenient for your business. All these benefits arise from the fact that all authorised money lenders in Singapore are regulated by the ministry of law. So, there’s a 4% per month limit they can’t exceed when charging interest on loans, including business loans. Consequently, such lenders won’t breach contracts and charge hidden fees to extort you. How appalling is that?
- You can access large amounts of money for expanding your business
Lastly, a legit authorised money lender in Singapore can grant large amounts of money, even for small businesses. This is in contrast with banks or even friends and relatives that may shy away from lending you huge sums of money. In Singapore, you can borrow up to $SGD 300,000 to fund your business. Whether you intend to open a new branch, purchase a faster machine, or hire more employees, don’t fret about where you’ll get the money from. Also, you can access the entire amount you applied for, unlike banks that never grant the applied amount. You only need to state why you need the money, and your application will be successful if the reason is good enough. However, moneylenders will consider a few factors, including your credit score and ability to repay the loan.
Conclusion
It’s clear that accessing the best personal loans is a step that will help grow your business. With these tips in mind, you can take advantage of instant loan approval in Singapore and get the best affordable and quick loans for your business!