Business Loan

Here are some business loans in Singapore that owners can consider:

• Personal Loan for Start-Ups – Offered by most banks and moneylenders
• SME Working Capital Loan – Government-assisted loans
• Temporary Bridging Loan – Government-assisted loan schemes
• Unsecured Business Loan – Offered by most banks and moneylenders

A maximum amount of $200,000 can be granted by A1 Credit with an unsecured business loan while the attractive interest rates start from 5% and must be paid within 24 months.

If you have yet to find a dependable money lender in Singapore, you can count on A1 Credit. We provide short-term loans for individuals and businesses with the fairest rates and reliable payment contracts. Know more about our financing products today.

It depends on a company’s SME profile and its credit analysis. A1 Credit offers interest rates for a business loan ranging from 5% to 15% per month.

Understand that your loan amount will depend on the legal requirement and your qualification. Here’s the list of loanable amount A1 Credit offers:

• Business Loan – SGD $10,000 to $200,000
• Bridging Loan – SGD $5,000 to $200,000
• Foreigner Loan – SGD $500 to $30,000
• Payday Loan – Up to one month worth of income
• Personal Loan – SGD $500 to $50,000

It varies. While most banks and financial institutions require at least a day for loan applications to be approved, licensed money lenders, such as A1 Credit can assure that your application can get approved within an hour.

Before getting any loans in Singapore, it is important to consider the best money lending company to borrow from, with the most ideal interest rates, its requirements, and what is/are the loan suitable for your needs.

A1 Credit is licensed and regulated by the Ministry of Law and is fully compliant with the Moneylender’s Act, making it a reliable and credible money lender to consider.

While borrowers are highly encouraged to consider a few things before availing of loans – which include interest rates, contract terms and conditions, as well repayment duration and processes, licensed moneylenders would also always have to weigh things out before granting a request.

Licensed moneylenders would always consider a borrower’s:

• Financial Situation
  Most lenders may impose their minimum requirement for annual income but it is unlikely for lenders to allow an application to be approved if a borrower is unable to meet the requirements needed. Thus, if a business owner’s financial status is critical, it would be difficult for them to borrow money. 
  
  
• Business revenue and expenses
  Moneylenders would always carefully review an owner’s venture before granting them loans. This is ideal and necessary for them to understand whether a business would be able to follow the terms and conditions under their loan package. If a business continues to progress, it’s good news.
  
  
• Repayment ability
  Loan applications can easily be approved if lenders are assured that their potential borrowers would be able to repay them on or before their repayment deadline. This is also one of the many reasons why borrowers should always get the cash they are only able to compensate – to avoid debt, at least, and bad credit history. (The repayment period for A1 Credit’s business loan is up to 24 months or 2 years, subject to the terms and agreement of the loan.)

A good score to get a business loan from banks is 720 and above. 

However, it’s not entirely true that credit scores matter greatly to get a business loan approved. One financing option is through licensed moneylenders, such as A1 Credit. Moneylenders use supporting documents from you to establish a borrower’s ability to repay the loan.

Unfortunately, yes, you and your partners would have to. Once an agreement is settled after an application, it is understood that you must be able to repay your loan when it is due under any circumstance. If you fail to make this possible, it would appear on your credit report, which can be a huge factor for a borrower being unable to make applications in the future.

When you get a loan from A1 Credit, you do not have to worry about your credit scores. So, if you are looking for business loans, all you need is to present your financial capability to repay, the feasibility of your business model, and you’ll get your loan approved in no time!

Also, with A1 Credit, you can conveniently get a business loan for all types of big or small businesses in Singapore, as long as your business or company is registered in the country, has been operational for at least one year, and you are able to present your financial capability to repay the loan and meet the business loan requirements.