Licensed Money Lender Personal Loan Orchard
Orchard Road, or more popularly known as Orchard, is a 2.5-kilometre road that is within Singapore’s Central Region. It is widely famous for its upscale stores, restaurants, and coffee shops. At the eastern end of the road, you’ll find the Istana, which is the official office and residence of the President of Singapore.
If you’re not exactly in the area for a high-end shopping experience, Singapore Botanic Gardens and Museum of Ice Cream Singapore are just nearby!
Understandably, given the nature of the area, building a successful business near Orchard may not exactly be the easiest thing to accomplish. Fortunately, you can apply for a SME business loan should you ever need some extra hand.
What is a SME business loan?
A SME business loan is a loan that is specially designed for providing additional capital to businesses. Some common reasons for applying for a business loan include business expansion, new staff hiring, equipment upgrade, and paying off debts, just to name a few.
Advantages of taking a business loan with money lenders
- Simple qualifications: Banks typically have stricter requirements when it comes to a borrower’s eligibility for a business loan. With licensed moneylenders, the “musts” are easier to meet (see “Eligibility” below).
- Easy application and approval process: You can apply for a business loan from anywhere. If all your requirements are good to go, you can get approved within an hour and the consultation can be scheduled within the same day. That means that you can also get your money immediately.
- Flexible repayment terms: In order to ensure the success of the loan, licensed moneylenders will develop a loan plan that your business can realistically follow.
- Transparent interest rates: Although the Ministry of Law caps monthly interests at 4%, licensed moneylenders tell you straight off that this doesn’t apply to business loans. With Raffles Credit, the interest for business loans ranges from 5-15% depending on specific factors.
How to apply for a business loan?
Listed below are the “musts” for any company that wants to apply for a business loan:
- Must be registered in Singapore
- Must have been running for at least one (1) year
- Must have a minimum turnover of $60,000 per year
- NRIC of all directors and partners
- Latest information report or business profile from ACRA (Accounting & Corporate Regulatory Authority)
- Latest income tax assessment notice (personal and business)
- Latest financial statement
- Latest business contracts or invoices
- Latest utility bills under the business’ name
- Latest 6-month bank statements
- List of assets owned by the business, directors, and partners
- Tenancy agreement if applicable
Steps to apply
- Submit application online: Simply fill out our form here. You can also give us a call if you’d rather speak with one of our loan experts.
- Visit us for the consultation: Once we approve your application, we’ll ask you to visit our office so we can discuss the details of your loan face to face.
- Get your cash: If everything goes well, you can sign the loan contract and you can get the cash within minutes of closing the deal.
How can Raffles Credit help you?
As a moneylending company that has been around for a decade, we know exactly how difficult it can be for any business to go through unfortunate times. Sometimes, even the best-prepared can still end up short and in need of extra capital.
That’s exactly what we’re here for. With our robust business loan plans, you’ll have what you need to ensure that your business survives.
Whether you need to apply for a personal loan Singapore or a SME business loan to keep your company moving, we can surely help you get through anything. In need an urgent cash flow? visit Raffles Credit Licensed Money Lender Orchard or contact us at 6235 1788 or [email protected] so we can make the best plan for your business, together.
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