The region of Tampines is one of the most populated areas in Singapore, but in spite of that, it’s not as loud and busy as the city. In fact, it’s a pretty laid back area.

What’s interesting about this place is that despite the elegance and luxurious buildings, houses and apartments are still affordable and residents have access to various money lending agencies for their financial needs.

Summary of Top Legal Money Lenders of 2021

What Is SME Business Loan and How Does it Work?

A SME loan is a type of business loan that has been designed specifically for small and micro businesses. Any business that operated for at least 1 year is eligible for an SME loan.

It works exactly like a traditional loan, but because it’s intended for small businesses, it features fewer restrictions and more lenient requirements.

You can get this loan from licensed moneylenders, banks, and other lending platforms.

Advantages of Getting a SME Loan from a Licensed Moneylender

  • Flexible. When you take out a SME loan from a licensed moneylender, you’ll get to enjoy the benefits of a more flexible repayment schedule. Banks and other financial institutes tend to impose stricter payment schedules. The repayment period for SME loans will usually run for 24 months (subject to the terms and conditions of the agreement).
  • A poor credit score does not matter most of the time. Secondly, you can get a loan even with poor credit. Licensed moneylenders don’t usually look too much into your credit history.
  • Negotiable. Lastly, you can negotiate more appealing loan terms with licensed moneylenders. That said, you can opt for a loan term that doesn’t put much strain on your monthly budget.

How to Apply

Once you’ve taken the time to consider all the options and you’ve decided that a SME loan is the ideal solution to your business’ financial needs, you can go ahead and apply for one.

Applying for a SME loan is really easy. You simply have to get all the supporting documents in order and submit them along with your application form.

The following are typical supporting documents that you’ll be required to submit:

  • NRIC
  • Company registration certificate
  • Document disclosing assets of the company
  • Recent financial statements

The personal guarantee is required by the law of Singapore and it’s especially important if the loan you’re applying for isn’t backed by some type of collateral.

How Can Our Company Help You?

We, at Moneylender Review, have a vast knowledge of business loans and we can help you navigate through all the terms and conditions so you truly understand how you’ll benefit from this loan.

Additionally, we can recommend trusted money lenders that will offer you the most beneficial deals for your small business.

We pride ourselves on our swift yet efficient work ethics and we are very competent in what we do. We can deliver seamless services without taking up much of your time.

Conclusion

In order to qualify for a SME loan, your business must be operating for at least 1 year and has a $60,000 minimum turnover.

Looking for the best licensed money lender Singapore? You won’t need to look far to find one. You can always count on us at Moneylender Review, fill up our online form today and we will get right back to you.

List of Money Lenders in Tampines

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