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Are You Looking for a Convenient Loan in Singapore?
It only takes around 30 seconds to apply. Receive a loan from a licensed money lender in Singapore within 24 hours.
Every once in a while, we need cash right away. Fortunately, loans are there to give you peace of mind.
Consider this: personal loans come in handy beyond emergencies. It helps you get things off your plate sooner or increase your productivity overall.
Whether you want to send cash to your kids studying abroad, pay your house rent, or to fix a minor car issue, a personal loan will always help you out when you need it the most.
And if you are applying for a personal loan online, it is vital to choose the best reputable licensed money lender in Singapore.
Cash Mart Pte. Ltd
Licensed Moneylender | 170/2016
- 277 Balestier Road, Singapore 329726
- +65 6397 4111
- RISK FREE all our loans are covered with a 7 days service guarantee unconditionally.
- TRANSPARENT borrow with assurance because you see all your costs up front with no nasty surprises.
- COST EFFECTIVE save on interest when you make an early settlement without incurring any penalty fees.
Best Small Business Loan in Singapore 2019
Looking to expand your office, undertake new projects, purchase new equipment or hire new staff?
Every small business owner knows funding challenges happen every once in a while since growing business need consistent cash flow.
If you are looking for a financial institution in Singapore that can grant fast small business loans in under 1 hour, then you are in the right place.
Best Loan review is dedicated to helping you and your business find the right small business loan.
Small Business Loans in Singapore: Banks vs Licensed Money Lenders
Compare to the local banks, the small business loans of licensed money lenders in Singapore are faster and more simplistic.
Traditional small business loans have a tedious loan approval process that takes weeks. You will not even know if you already got declined. You’ll just be waiting for a few weeks to a couple of months. This is quite complicated when you need immediate funding for a business project that is hard to pass up.
Small business loans from licensed money lenders requires only the basic business requirement. They usually consider your how much revenue your business make annually and how long have you been running your business.
Securing loans for a small business in Singapore is never easy. The city-state’s highly competitive economy unsurprisingly favours established businesses over smaller enterprises. This makes the process of getting a small business loan almost impossible in most banks.
To make matters worse, the global economic fluctuations make it more vital for small businesses to grab opportunities as soon as they see it. Time is gold, and this is especially true for every small business owner who can’t afford to lose a chance to step up their company.
Many licensed money lenders understand that small businesses are the backbone of our economy and they are worth the investment. Most notably, Singaporeans and their partners managing small business ventures have what it takes to grow and dominate their chosen industry if only they could get the right funding at the right time.
Most banks are hesitant to approve a small business loan. They are more risk-averse and will naturally have more faith in well-established businesses. Meanwhile, licensed moneylenders offer small business loans with short terms to give small businesses the best option in times of financial difficulties.
What Are the Requirements for a Small Business Loan?
Rather than going through the bank’s tedious process of their business loan application (which might even take days just to end up unfruitful), you can get a loan from a licensed money lender. To qualify for a small business loan in Singapore, you simply have to sign up in a licensed money lender’s website and email/fax the following details:
- Photocopies of Sole Proprietors/Partners identity cards or passports
- Company’s bank current account statements (for the past 6 months)
- Company’s financial statement (from the latest financial year)
- Sole Proprietors’ or Partners’ Income Tax Notice of Assessment
The small business loan in Singapore is usually offered to Singapore-registered businesses with the following eligibility:
- At least 30% or more shareholdings are held by Singaporeans/Permanent Resident
- Minimum of two years of business operation
- Minimum turnover of at least S$200,000
How to Apply for Fast Small Business Loans?
With the advancement of technology comes the innovations in the lending industry.
Singaporeans can now apply for a small business loan online. Online small business loans from licensed money lenders on takes as short as one hour. No more waiting for days on end.
Step 1: After comparing licensed money lenders, use the online loan calculator to know how much you need and how much is the estimated interest charge. The best calculators also have an estimated repayment due date.
Step 2: Sign up for the online loan application form. It only takes 1 minute.
Step 3: Get a call from a loan consultant. Once your basic information has been evaluated, you will be given an approval in principle (pre-approval).
Step 4: Visit the lender’s office with your proper documents.
Step 5: A loan officer will further verify your business and personal information. Due process of each loan is mandated by the Ministry of Law and the Registry of Moneylender.
Step 6: Understand your loan agreement before signing.
Step 7: Get your loan proceeds.
Where is the Best Place to Get a Business Loan?
When getting a small business loan, you have to make sure that you are dealing with the best-licensed money lender that can provide your funding needs.
There are too many Singapore business loan providers. You need to take your time and shop around. Make sure to look for the following:
Belongs to the list of licensed money lenders
When looking for a money lender offering a small business loan in Singapore, ensure that the lender is included in the list of licensed money Lenders.
The money lending industry in Singapore is strictly regulated. MinLaw and the Registry of Moneylenders can revoke the license of delinquent money lenders. The list is updated every quarter to ensure that Singaporeans can get loans only from law-abiding money lenders.
Once you signed up for a business loan, a loan consultant will give you a call to schedule a meeting with you in person. Once you have completed the loan application process and understand all the details of the loan agreement, you can then sign the loan contract. The cash will be reimbursed to you right on the spot.
Since the loan application form is accessible online, you can start your loan process within the comforts of your own home or office.
Flexible Small Business Loan Solutions
Every small business is unique. The best licensed moneylenders offer flexible small business loans which can be personalized based on your business needs.
Reasonable Payment Schedule
The best money lender has repayment options that are easier to meet. You can choose whether you want to pay every two weeks or every month. Choose the payment term that you can meet with ease. It is a plus point if the lender accepts online payments.
No more long waiting hours. Time is vital for a small business. The best online cash lender can release your funds in just 30 minutes after your loan gets approved.
Excellent Customer Service
It’s all about the service. A friendly team of loan consultants should be able to answer your questions and explain your loan agreement clearly. They welcome questions from every borrower to ensure that they understand the loan contract or terms of agreement.
They also help the small business owners choose the best repayment scheme that they can easily meet.
No time to compare small business loans? We’ll do it for you!
Sign up through our form and we will link you to the best licensed money lender that can meet your unique business needs.
What Can You Do With a Small Business Loan in Singapore?
Need financial help with your current business?
Heads up! You need to identify the specific purpose of your small business loan to get approved.
Expand Business Location
Having a small business now does not mean you have to stay small. Most small business owners dream to make it big or branch out in other locations. If you now have a steadily increasing cash inflow and you need more space to keep up with the increasing customer demand, then it’s time to take out a loan and expand your space, rent a new branch or renovate your place.
Acquire More Working Capital
Your small business will not survive without enough working capital for daily operations. Keep the quality of your services and products on top. If you need more cash to pay the increasing bills for this season, then you can get a loan.
Add Supplies in Inventory
As a small business in Singapore, you would find that purchasing supplies for your inventory is taking a huge chunk of your working capital. You need to make sure that you can keep up with the customer demand but it is harder when the season of higher demand is coming.
You need to replenish your inventory in a timely fashion with high-quality supplies. When you need to purchase more supplies than usual, you can simply get a small business loan to cover it. Take advantage of the high demanding season.
Improve service delivery to grow your list of loyal clientele. Purchase IT equipment, machinery and the like to make sure that you can stay ahead of your competitors.
Let’s say you are eyeing equipment but you still need to save for it. Why not increase your sales now by purchasing it with a small business loan.
Build Up Your Credit Score
Getting a small business loan now and paying it on time will help you keep your credit score high. When you need more extra cash, it will be easier to get a small business loan with a lower interest rate or more flexible repayment terms.
Put Up a Website
According to Forbes, 46% of consumers check the internet online before going to their physical location and make a purchase. Even small businesses need a website to claim their online presence. Isn’t it important to see your business’ location in Google maps? It tells your target customers where you are located.
A professionally-done website will also increase your sales if it helps the online visitors see your products/services and the benefits they can get.
Do Old School Advertising for a Small Business
If you have been wanting to join a business expo, you will need extra cash to build a memorable booth. You will also need some pamphlets and giveaways.
Opening a new branch? Or perhaps you are reopening after a grand renovation? Attract more customers! A small business loan can cover those for you.
Grab Good Business Opportunity
Most of the times, a good business opportunity is hard to pass up. It may only come once, so if you don’t invest in it right now, you may lose potential revenue.
If a good business opportunity comes up and you don’t have enough cash yet, make sure to weight in your potential sales against taking out a small business loan. If you think that it is worth it, then grab the chance and take advantage of it.
Hire More Staff
Starting up a business means you can still do with a couple of staff. In two years, a growing small business will definitely need more staff to handle the increasing job roles. You can’t keep on giving too many jobs to one staff.
Your cashier can’t focus on your social media marketing. It could lead to burn out and your employee might just give up on you.
It’s time to hire more staff to avoid sacrificing the quality of your goods and services. Taking out a loan to cover your new talent’s initial payment is just practical considering that the extra pair of hands can increase your sales in the long run.
Get a loan today and start hiring new fundraiser, bookkeeper, or marketer.
Cover Unexpected Expenses
Discovered a major leak problem? Need to suddenly purchase more tools? Need cash for important business paperwork? Don’t hold back. Settle them today with a small business loan.
Running a business no matter the size is challenging. It becomes more challenging with funding needs. Fortunately, there are now small business loans that you can acquire is as fast as 1 hour.
Don’t miss the business opportunities. Grab your chance to increase your revenue!