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What types of Loans we provide?

We provide personal loan, business loan, education loan, and even renovation loan.

What are the repayments mode?

You can choose to repay your loan installments through ATM Transfers, ATM Deposits, Bank Deposits, or Internet Transfer to any of our local bank accounts. 

 

Can i still apply if i have existing loans with other company?

Our experienced loan consultants will take pleasure in providing you with a structured loan plan based on your financial capacity. It is important that you provide an accurate account of your financial status so that we can assist you in the best possible way.

HOW MUCH CAN YOU BORROW

For secured loans, you can obtain a loan of any amount. For unsecured loans, you can obtain:

For Singapore Citizens and Permanent Residents (PR), you can loan:

  • Up to $3,000, if your annual income is less than $20,000;
  • Up to 6 times your monthly income, if your annual income is $20,000 and above.


For Foreigners residing in Singapore, you can loan:

  • Up to $500, if your annual income is less than $10,000;
  • Up to $3,000, if your annual income is at least $10,000, but less than $20,000;
  • Up to 6 times your monthly income, if your annual income is $20,000 and above.

 What are the interest rates moneylenders can charge?

With effect from 1 October 2015, the maximum interest rate moneylenders can charge is 4% per month. This cap applies regardless of the borrower’s income and whether the loan is an unsecured or secured one. If a borrower fails to repay the loan on time, the maximum rate of late interest a moneylender can charge is 4% per month for each month the loan is repaid late.

The computation of interest charged on the loan must be based on the amount of principal remaining after deducting from the original principal the total payments made by or on behalf of the borrower which are appropriated to principal. [To illustrate, if X takes a loan of $10,000, and X has repaid $4,000, only the remaining $6,000 can be taken into account for the computation of interest.]

  • Make sure the moneylender delivers to you the correct principal amount of the loan. The moneylender is only permitted an upfront deduction of a loan approval fee of up to 10% of the principal amount.
  • Pay the loan instalments on time to avoid incurring late payment fees and late interest.
  • Make sure the moneylender issues to you a dated and signed receipt every time you repay your loan or pay any fees in cash, and check it for correctness (e.g. name, amount, date).
  • Make sure you receive a statement of account for all your loan(s) at least once every 6 months, and check it for correctness (e.g. name, amount, date); and
  • You should retain all statement of accounts and receipts of payments, as documentation and evidence of payments.
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