Bukit Merah is home to an estimated 145,700 HDB residents with plenty of cafes and eateries to choose from. Unfortunately, just like the rest of the country, Bukit Merah has been affected by the COVID-19 restrictions.
If you’re one of the SMEs affected, you may consider taking a business loan from a licensed moneylender. A SME loan can help tide you through financial difficulties.
What Is SME Business Loan And How It Works?
Business loans are a type of loan offered to a company for business purposes. There are different types of business loans. Some are offered for small and medium enterprises while others are best for startup companies.
SME business loans can be used for whatever a business needs, such as:
- Managing cash flow
- Paying suppliers
- Paying for rent
- Business expansion
If your business needs emergency funds and capital, taking a SME business loan can help alleviate your financial problems.
So what are the features of an SME business loan?
No minimum income required
Maximum Loan Amount
Up to S$200,000
5-15% per month
6-24 months, subject to the terms and conditions of the loan
No processing fees
Advantages Of Taking SME Business Loan With A Money Lender
- Less Strict Eligibility Requirements: Unlike banks, licensed money lenders have less stringent eligibility requirements for a SME business loan. In fact, even startups can apply for n SME loan since they only require a 1-year operating history and at least S$60,000 turnover.
- Hassle-Free Application: You can apply online or visit the licensed money lender’s office. You only have to submit basic documentation, plus they have a smooth process of document verification.
- Get Your Cash Within An Hour: Taking a SME business loan from a licensed money lender is a good alternative when you need funds fast. Since they have a less stringent application process, they can disburse cash within an hour.
- Customized Loan Package: Aside from SME business loans, a licensed money lender can also offer other loan plans that will suit your specific needs.
How To Apply?
Before anything else, make sure that you’re dealing with a licensed money lender. Verify their credibility by checking the list of licensed money lenders on the Ministry of Law website. Plus, take a look at their reviews and customer feedback.
Step 1: Submit Your Application
Fill out a loan application form and upload all the necessary legal documents. Provide complete information for faster loan approval.
Step 2: Visit The Office
Our loan officer will offer you a loan amount. They will also explain the terms and conditions of the loan. Don’t be afraid to ask questions to clarify any details.
Step 3: Sign the Loan Agreement
If you agree with the terms and conditions of the loan, it’s time to sign the agreement. Make sure to double-check the details, including loan amount, interest rate, loan tenure, and fees.
Step 4: Get Your Cash Loan
As soon as the loan contract is signed, you will be able to receive the principal loan amount.
How Can A1 Credit Help You?
A1 Credit has been in the money lending business for more than a decade. They have helped individuals and businesses get through financial difficulties by providing tailored loan packages.
Over the years, A1 Credit has stayed committed to supporting individuals and enterprises to prosper and progress. Its mission is to provide fast, hassle-free financial assistance to its customers.
Need emergency cash for your business needs? Why not take out a SME business loan from A1 Credit?
They are a reputable licensed money lender near Bukit Merah that offers a wide variety of financial solutions for every borrower. A1 Credit offers the easiest and most flexible repayments possible.
For a fast, hassle-free loan application, contact us at 6336 0833 or [email protected].