For entrepreneurs like me, perhaps, you have already encountered a situation where the best solution is to get a business loan in Singapore. Unfortunately, many applications get declined, and I have a handful of experience with that.
But don’t worry; I am going to share with you some tips on getting your business loan application approved fast in Singapore. Are you ready to take your business to the next level with a Ferrari and a trunk full of coins?
1. HAVE A SOLID AND CONCRETE BUSINESS PLAN
Financial institutions are very interested in the things you would spend your borrowed money on. So, let’s answer this question: why do you need a business loan in the first place?
Is it to grow your business, purchase commodities, or invest in new technology? Whatever the reason, you must have a solid plan in place and can show your money lender in Singapore that you have the means to repay the loan.
2. HIGH CREDIT SCORE
Similar to getting a personal loan in Singapore, your credit score must be in tip-top shape when applying for a business loan. Lenders want to see that you have a history of making timely payments and managing your finances responsibly.
Take care of your outstanding debt before you apply for a loan. Moreover, always pay your loans on time. These things will give your credit score a boost.
3. COMPLETE DOCUMENTS
I’m sure you would not lend your money to someone you don’t know personally. Money lenders also do the same. When putting together your loan application, be prepared to answer a lot of questions.
Lenders want to know everything from your personal credit history to your business plan. Get your hands on all the information you need and be prepared to answer questions about your business and your plans for the future.
4. COLLATERAL OFFER
You should also consider the collateral you will offer. The more collateral you’re willing to offer, the more likely the lender is to approve your business or payday loan in Singapore.
It could be assets in the form of property and commodities. A friendly reminder: if you default on the loan, the lender can seize your collateral to recover the losses. So be smart when choosing assets that you will submit as collateral for your loan.
The thing with other borrowers is they don’t negotiate the terms just to get their loan applications approved. If you’re unhappy with the loan terms, speak up and see if there’s room for negotiation. You’d be surprised how often lenders are willing to work with you to come up with a mutually beneficial agreement.
These are the things I kept in mind when applying for a business loan in Singapore in the past years. And trust me, these tricks never fail. You can try these tips, too, if you are applying for other loans, including personal and auto loans.
Are you looking for a money lender in Singapore that can help you with your business? Monetium Credit may have the best offers for you. Visit Monetium Credit today.