credit loan

September 10, 2021 Sucredit No Comments

Finding the correct Credit Loan in Singapore

Whether you are contemplating getting a credit loan in Singapore from a bank or money lender, the process is almost the same. It isn’t a walk in the park. It requires a sober mind, a lot of consultation and research, rest you land in the hands of loan sharks. Below are few steps that can guide you in finding the best credit loan in Singapore. Required Documents Personal identification documents such as driver’s license, passport, or social security card Proof of income – You can produce a payslip or filed tax returns Employer’s information if employed Proof of residence Simple Steps to Finding a Credit Loan in Singapore Evaluate the Need The first step is identifying the need that requires financing. You cannot just apply for a loan blindly. Remember this loan will attract interest at the end of the day, so it must be put to good use. The last thing that you and the lender may want is to have the loan going bad. In this regard, the lender conduct due diligence to ascertain your ability to pay. Similarly, you should also assess your capability just to make sure it works. Don’t take too much that you can’t handle, neither take too little that cannot meet your needs. Check your Credit Score Most lenders run credit checks to determine how likely you are to pay the loan. Before engaging any lender ensure your credit score is in good standing. If your credit score is low, first fix it by either clearing the defaulted loans or consolidating your multiple loans. The better the credit score, the more likely you are to get high loan approval rates at low-interest rates. Consider your Options Depending on your creditworthiness you may be compelled to either apply for a secured loan or an unsecured loan. A secured loan requires collateral while an unsecured loan does not need collateral. Also, some lenders may require you to have a guarantor depending on creditworthiness. So, it is important to weigh these options before proceeding to apply for a credit loan in Singapore. Choose your Loan Type Once you know your creditworthiness and have considered your options, determine which type of loan is best for your situation. Most lenders are flexible and offer personalized loans. Consider a loan that has favorable terms and one that fully meet your financial needs. Shop for the Best Rates There are a thousand moneylenders in Singapore. So, avoid settling on the first offer that you get. Instead, take some time to shop around for the best possible interest rate. Compare terms for several lenders and choose the one with the best terms. Choose a Lender and Apply Once you’ve settled on a specific lender, proceed to apply for the loan. As we’ve discussed earlier loan application process is almost the same, although it may slightly differ between lenders. Provide Required Documents Be prepared to submit all the required documents during the application process. This again depends on the lender. Sign a Loan Contract Finally, have the loan contract signed and then wait for your loan to be processed. If you are out there looking for a reputable lender SUCredit has got you covered. Why SuCredit? We are legitimate lenders We offer high loan approval rates We offer customized loans Quick turnaround time We have a team of professionals to guide you Low-interest rates

company loan Singapore

August 25, 2021 Sucredit No Comments

What is a company loan in Singapore?

The current pandemic has caused a huge impact on businesses. Nearly 6 out of 10 Singaporean businesses will need at least 2 years to recover from the damage even if they speed up digitization, seek new revenue sources, or innovate in products and services. Having said that, small businesses or startups may have to suffer from the financial crisis owing to uncertain economic and political conditions. In this case, a company loan in Singapore can provide some relief to small businesses or startups that are confronting cash flow issues. With some financing aid, businesses can establish themselves in the challenging market and sustain in the post-pandemic. Let’s see what type of company loans you can think of in Singapore What are the Types of Company Loan Singapore? Usually, the loan structures available for businesses are of two types viz. The term loan and line of credit. Here, a term loan refers to a loan that disburses a lump sum of funds to a company with a fixed replacement schedule for a certain period. On the other hand, as the name suggests, a line of credit is similar to a pool of funds that a company can draw with interest charged only on the amount of money utilized. Now that you know the basic structure of the loan. Let’s see what types of loans you can avail of. Invoice Financing Invoice financing refers to the borrowing of money again at the amounts due from customers. In this way, it helps businesses to turn their invoices into cash rather than waiting for customers to pay. This type of loan is specifically important for those who face issues with customers who take a long time to pay. A lot of funding societies provide invoice financing credit lines for businesses to maintain their cash flow. Business Term Loan These are the traditional loans that are provided by banks. A business term loan is generally a lump sum capital that borrowers have to pay in a pre-specified repayment period. It also has a fixed or adjustable principal and interest rate. Unsecured Business Term Loan An unsecured business term loan is the one that is issued and supported by the creditworthiness as well as the business ability of the borrower to repay the loan. However, creditworthiness alone is not considered for sanctioning the loan. The repayment ability along with past business history also plays a huge influence on the loan amount. This loan can be disbursed without any use of property or any other asset as collateral. Also, the loan terms are generally dependent on the credit score of the borrower. Merchant Cash Advance As the name gives you an idea, a merchant cash advance is a loan that is received by merchants or companies from banks or alternative lenders. The alternative lenders conduct a survey and analyse the creditworthiness of a company by looking at the business credit score, multiple data points including the money received by merchants through online transactions to accurately assess the business capability to make repayments. Usually, businesses with lower credit scores tend to use cash advances for financing activities. In a merchant cash advance, the lender grants an advance capital and in turn buys a section of the daily credit of a firm and debit card sales. The company has to pay back the advance along with a percent of daily card sales. So, when you have a slow business, you pay back less and vice versa. Venture Debt Financing A venture debt financing or private equity is a type of financial aid provided to small businesses or startups that hold potential for long-term growth. It is usually received from investors with a high net worth or investment banks. However, it is important to note here that the funds granted may not be only in the form of money. These can also be a provision to other resources including managerial expertise and so forth. Business Line of Credit A business line of credit is a loan that gives businesses access to a certain amount of money that can be drawn at any time based on requirements. In this, you get two types of line of credit as fixed and revolving credit. The fixed type provides you a stipulated amount of money while the money in the revolving type can be reset after the business pays the full balance amount. This is similar to credit cards. What are the Types of Lenders? Traditional Banks The traditional banks as we all know are commercial or corporate banks that provide day-to-day banking services to businesses including services like credit services, cash management, commercial real estate services, and so forth. Equity Financing Firms Private equity is a type of investment class that is composed of capital by investors that directly invest in private companies or engage in buyouts of public companies. Such retail or institutional investors offer capital for private equity which can further be used to fund activities that improve new technology or working capital and so forth. Peer-to-peer Lenders Peer-to-peer lending provides funds to businesses from individual investors instead of financial institutions or any middleman. These include certain funding societies that offer financial aid with or without collateral through a simple application process and fast approval. Angel Investors Angel investor is also known as seed investor or private investor. These investors are generally high-net-worth individuals that are capable of providing financial backup to startups and businesses in exchange for ownership equity in the firm. These investors can provide a lump sum investment amount to get the business started or an injection of funds to keep the company going depending on your financial needs. Government Support Looking at the economic decline from COVID-19, the Singapore Government has set up credit support for businesses. Conclusion Owing to the financial crisis post-COVID-19, a lot of businesses are struggling to keep up with the ever-changing economic situation. In this scenario, a company loan Singapore can help companies set up their business as well as keep

best money lender

August 11, 2021 Sucredit No Comments

How to find the best money lender in Bugis?

Bugis is one of the famous districts in Singapore that has a haven of activities revolving around. People here are businessmen, employees all looking forward to growing their incomes or enrich their lives in one way or another. While this is the case, getting extra financial support is the order of the day. Many financial institutions compete, looking forward to offering financial support as they make an extra coin from the interest they charge. It’s important, therefore, to know the type of financier that one is dealing with to avoid landing in bad hands. Bugis, being one of the busiest places, has different forms of money lending institutions. Getting a good lender here might be a daunting task. However, we are here to prove that this is not hard and it’s easy to get the best money lender in Bugis. Below are some factors that any borrower should look for while dealing with Moneylenders in Bugis and see that you get the best services from them. Confirm that they are licensed Moneylenders Any form of registered moneylender in Singapore is licensed under the Ministry of Law, which was implemented in 2008. This was in a bid to protect consumers from being scammed by unlicensed moneylenders. Before proceeding with any of them, ensure they have a license in the moneylending business by checking from the registry and check on the one that has offered the best service over the years of operation. Carry Out an Online Research and Reviews The next very important factor that a borrower should never miss checking is the reviews from the previous borrowers. The license alone is not enough. One will know the kind of a service they have offered to the earlier borrowers using a Google research of the same. Besides, friends and relatives are a great source of information, more so those who have resided in Bugis and are well aware of the moneylenders. With this, one will get clearer information relating to loan choices, their interest rates and decide depending on the need at hand. On the other hand, as you carry out google reviews, do not dwell on one side only; check reviews from the borrower and the moneylender. This will act as an eye-opener of how the moneylender could solve a solution in the event of a misunderstanding that could have risen between themselves. Remember, a moneylender does not have to be 100% perfect to work with. There are hitches that one would forego based on problem-solving techniques. Search for the Moneylender that will meet your Financial needs At times, the need for a loan may put one into landing to any moneylender. But remember that your budget and income play a crucial role in your financial journey. Always search for a moneylender that will not disappoint and will match your loan’s needs. One of the best moneylenders in Bugis is Su Credit Pet Ltd. This is one of the moneylenders known for meeting their customers’ needs and having excellent customer service, too, which is rarely found in most of the other moneylenders in Bugis. This is what they take the borrower through before signing up a contract. Considering the loan amount. While the borrower may not have complete knowledge of knowing the right amount that will complete the project without strain, Su Credit officers will take them through the need to take a good loan. Not because of a lucrative interest rate, but because the loan stands to be a good choice as of then. Confirm the interest rate. It is very easy to fall into the trap of being charged high-interest rates, more so by scrupulous moneylenders. However, at Su Credit, the loans provided go for a maximum of 4% interest which is the rate provided by the ministry and should be standard for any legal moneylender operating in entire Singapore. The Repayment Period. In Singapore, the ministry allows moneylenders to collect their loans for up to twelve months. This is a bit different from the banks, which have a longer repayment period. But then, remember that the good moneylenders in Bugis are well known to disburse their loans in less than 24 hours upon approval of the documents. Consider looking out for a moneylender that will meet your needs and repay the loan without strain as per the agreement. This will enable one to avoid falling into default and, at the same time, maintain a good credit rating for future borrowings. At Su Credit Pte Ltd, you will never regret their repayment periods. Consider Working with a Moneylender that is Close to where one Lives. If you know about loan Sharks, they hardly have a physical location. If one needs support, you can only do it on call, which may not be sufficient enough to meet one’s needs. It’s therefore important to work with a Moneylender that is near one’s residential area, such that one can walk to their office should there be a problem that needs to be solved. When carrying out the research, it’s important to search for the ones in your geographical location, and at the end of the day, they will turn out to be reliable since they do not want to mess up their trust with people around. Always confirm the Terms of Engagement. This is a critical point that we all keep on forgetting. Reading and understanding the terms and conditions of getting the loan. For instance, understand what would happen should one be a little bit late with repaying their loans. What are the penalties involved, how they are going to lower one’s credit rating in such cases? On the same note, confirm if one pays the loan earlier than stipulated. Will the interest be waived for the period not used? How about the repayment period; will it be friendly enough to give the borrower sufficient time to repay, make any top-ups and still proceed without strain? All these are some of the factors that will give an overview on

Personal Loan

August 6, 2021 Sucredit No Comments

5 tips when applying for personal loan with a credit company in Singapore

A personal loan refers to a loan that an individual gets from a financial institution with the anticipation of paying it back in monthly installments. There is an interest charge in Singapore, and it ranges from 3.5% t0 10.8%. It also has a loan repayment period that ranges between 12 to 84 months, whereby the borrower is required to pay a minimum amount of $1,000 if one is to qualify for it. There are so many reasons why one proceeds to get a personal loan in Singapore: emergency loans, medical, education loans, debt consolidation, and many more. All these are put in place to help the borrower meet the short-term or long-term financial obligations, which may have negative consequences in the future if not catered for in good time. Whatever reasons that may be there, it’s imperative to have an idea of the best personal loan that one can take in Singapore. This is because numerous financial institutions offer a wide variety of products with discounts and periodical promotions, which can be an overwhelming situation for a borrower. Below are some essential tips that one should place in mind when applying for a personal loan with a Credit company in Singapore. Plan for the loan and put it into good use More often than not, borrowers get excited about seeing huge monies in their accounts and forget the reason for taking the loan. This ends up disorienting the finances and, at times, leads to regrets. Much as this is a freedom that everyone ought to enjoy, put the money into good use. For instance, consolidate the high-interest loans using the new disbursement, pay off the medical bills as and when they occur. This is done to ensure that you do not fail in your financial planning and that you will be able to plan the finances accordingly. Research for the Best Credit Company in Singapore before Signing up for any loan. While there are tens of financial institutions offering Credit facilities in Singapore, it is essential to research for the best company that will meet either the short-term or long-term financial needs with ease. Some companies are legitimate, while others are loan sharks and are out there to exploit individuals who are not well conversant with the loan operations. For instance, some may charge as high as 20% interest on loans, while the government-approved loans range between 3.5% to 8%. Others do not have physical offices, and should there arise any issue; one will not have a fallback position to seek help from. One of the best moneylenders in Singapore is Su Credit PTE ltd. They will offer the best interest, take you through all the terms and conditions and ensure you are well equipped with their loans. Next time you look for a personal loan in Singapore, whether to sort the emergency needs or for a holiday session, visit SU Credit Pte Ltd and enjoy all the benefits that go hand in hand with this esteemed moneylender in Singapore. Know Your Credit Score This is very important. It helps one to know the credit standing at the time of loan application. Remember that the credit score reflects one’s financial history, and therefore, it is essential to maintain a good credit score. This will enable one to get loans at low-interest rates and qualify to get loans with the best financial institutions in Singapore. Always remember that the higher the credit score, the more one gains trust in any financial institution. Therefore, as you look forward to building your loan portfolio, always pay in time to maintain good credits at all times. Be familiar with the Interest rates, fees and Commissions, and any other charges applicable at the time of loan application. Before settling down and making a loan application, check from the various financial organizations on how they charge. The interest rate may vary from one company to another, and there is a need to understand the charges beforehand. Some companies also have annual charges, which is an additional figure from the interest rate offered. This may render the loan to be too expensive, while there are moneylenders such as Su credit Pte Ltd that do not have such charges in place. How about the late payment fees? Many companies have a percentage set, where they impose charges on late repayment. Check out on those who offer lenient late repayment charges. Sometimes it is inevitable to get late in making the monthly repayments, and if costs are too high, the result is that they would end up paying costly charges. Moratorium changes are another factor to consider when it comes to the charges. Weigh the amount of money one will be asked to pay in case of loan moratorium and change of tenure. By doing this, one will be able to decide on how viable the loan might become. The Turn Around Time Speed is of utmost importance to the borrower and, as such, very important to get information beforehand on the duration it will take for the loan to be disbursed. This, however, ranges from one lender to another. In most cases, banks go for more than a week; licensed moneylenders can take as little as 24 hours. So, depending on the urgency of the loan, the borrower should not be coarse by the lenders and find themselves in the wrong hands. Always work within your limits and convenience. For instance, with the digital era, companies have migrated to online loan applications, making it more convenient and improving on speed compared to the olden days when such was a dream. Conclusion Applying for a personal loan is an exciting experience if one goes through the right path. Again it is a way of raising cash quickly and efficiently, and as such, one must read through the terms and conditions of the loan and confirm that you are in safe hands. Also, ensure that the loan tenure is within one’s ability to repay the loan depending on the source

company loan Singapore

July 30, 2021 Sucredit No Comments

5 tips on applying for a business loan

A business loan is essential for you when you want to expand your business. Applying and approving a business loan is not as difficult as one might think. Your business loan application should show and prove that you have a sound business plan and the capacity to repay the loan. When it comes to getting company loan Singapore applications approved, some tips are vital for your success. Below are 5 tips that will help you have success in your business loan application. Your business plan must be obvious and not ambiguous. A perfect business plan is key to a successful company loan Singapore application. You must ensure that you draft your business plan in such a way as to convince the lenders not to confuse them. Your business plan must state your project’s goals, marketing tactics, revenue generation plan and other essential details. Lenders will definitely evaluate your company business plan’s feasibility based on your revenue generation plan. A good credit score is essential. Another vital tip to help you get your company loan Singapore approved is your ability to maintain a good credit score. The higher your credit score, the higher your chances of getting your company loan Singapore approved. You will need to avoid charge-offs, foreclosures on previous loans, late repayment and bankruptcies to enhance and maintain a good credit score. Don’t miss out on any vital documents. You should be careful not to submit incomplete documents if you don’t want your company loan Singapore application rejected. Make sure you go through your application to ensure that all the necessary documents required are included. It would help if you did not even miss out on a single document to increase your chances of loan approval. Some of these include a completed loan application form, GST, ID proof, bank statements, photograph, and proof of ownership of a business. Ensure sufficient cash flow Your ability to demonstrate adequate cash flow projections and sources is a big plus for getting your company loan Singapore application approved. Sufficient cash flow is an indication that you will be able to repay the loan with no issue. Only apply for a realistic loan amount. You must choose a realistic loan amount for your company loan Singapore to be approved with ease. You should carefully evaluate how much is needed and apply for the same amount. Our terms and conditions for applying for a company loan in Singapore are flexible and created to make you have a successful business. You can use our online application form to apply today. All you need do is to upload your necessary documents, fill and submit our online company loan Singapore application form. We will reach you once we receive your application. While waiting, you can apply today.

Author: Sucredit