What are the loan amounts that I (an SME) can request for, and will be able to obtain?
If you wish to request for a business loan, the minimum amount is S$20,000 (with an incremental amount of S$1,000). The amount of loan that will be granted to issuers will depend on the result of the credit assessment carried out by MoolahSense.
If you wish to request for an invoice financing loan, the minimum amount is S$15,000 per tax invoice. The amount of advance granted will typically range between 50-80% on the face amount of the tax invoice.
How do you classify a loan as being doubtful and what is the next course of action taken against me, the Issuer (SME)?
A note is considered doubtful if an Issuer does not make any repayment for a period of 120 consecutive days or more and/or when the Personal Guarantor(s) of the Promissory Note has been declared a bankrupt. Technically, an event of default may be ...
Will you impose any fees on me, the Issuer (SME) if the repayment is late?
In the event of late repayment, the following fees apply: 1. $500 one-time late payment fee or 3% of arrears, whichever is higher, payable to MoolahSense 2. 30% p.a. (calculated on daily rest basis) late payment interest on the arrears will be ...
What are the documents required to qualify for a loan?
For unsecured Business Loans, the following documents are required at a minimum: Certified true copy of the latest ACRA Bizfile Business Profile Report Certified true copy of the Limited Liability Partnership Agreement/Memorandum & Articles of ...
How do I qualify for a loan from your platform?
For unsecured Business Loans, the following criteria apply:: 1. a Singapore-registered Private Limited and Limited Liability Partnership entity 2. have at least 1 year of accounts filed with ACRA or have been trading for 2 years 3. have a minimum ...
For tax invoices that I wish to obtain financing though MoolahSense, am I required to inform my debtor?
Typically, there is no such action required on your part. When the repayment of your note is due, you are just required to ensure that your debtor makes the payment to you so that you can transfer the monies to our account for us to facilitate the ...