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Peer to Peer Lending Loans Singapore
Attention to all esteemed businesses seeking financial assistance. We would like to apprise you that the Temporary Bridging Loan (TBL) has concluded as of 31st August 2022.
However, an alternative avenue awaits – introducing the Working Capital Loan
We wish to inform SMEs with existing TBL financing that they remain eligible to apply for the SME WCL, provided they meet the necessary financial criteria.
If you are uncertain about your qualification for the SME WCL loan, we offer a complimentary loan qualifying assessment for your convenience.
For the latest SME WCL rates offered by our Participating Financial Institutions, kindly refer to here.
UPDATED AS OF 01 Dec 2024
UPDATED AS OF 01 Dec 2024
Lowest Business Banking Facilities
SMART-TOWKAY.COM
UPDATED AS OF 01 Dec 2024
Click above for historical trend
| SIBOR | COMPOUNDED SORA | |
|---|---|---|
| 1-month | 4.025 | 3.7698 |
| 3-month | 4.05644 | 3.7479 |
| 6-month | NA | 3.7308 |
| 12-month | NA | NA |
What Is Peer To Peer Lending?
Peer-to-peer lending is a new financing method that allows SMEs with little credit history or SMEs that need short-term bridging loans to crowdfund and raise money.
A P2P lending platform enables such activities on an industrial level, allowing businesses to get the loans they need without having to spend time going from lender to lender in search of assistance.
If you're a small to medium enterprise without the cash or credit history necessary for bank loans and other forms of funding, peer-to-peer lending may be just what your business needs. P2P lenders provide financing based on applicants' credit scores that are determined by factors like how long they've been in business, their previous financial transactions (especially those involving repayment), and more.
Licensed P2P lending operators must have a Capital Markets Services License and will have to comply with the controls and disclosures required of it under the MAS Circular No. CMI 27/2018 (securities-based Crowdfunding Circular)(issued 23 August 2018).
Which of the Peer To Peer Lenders offer Temporary Bridging Loan?
Currently, Funding Societies (FS Capital) and Validus Capital are involved in the Temporary Bridging Loan program.
What does it mean?
Given the Risk-Sharing by Enterprise Singapore, the above lenders might be more incline to approve 'borderline' cases given the 70%-30% risk-sharing.
What is Temporary Bridging Loan?
The TBLP was introduced to help enterprises access working capital.
As announced in the Solidarity Budget on 6 Apr 2020, the Government will enhance the TBLP further with 90% risk share. The enhancement will apply to new applications initiated from 8 April 2020 until 31 March 2021. For applications that are pending approval from PFIs, enterprises are advised to speak to their PFIs on their eligibility.
As announced on 12 Oct 2020, TBLP will be extended from 1 Apr 2021 to 30 Sep 2021. Under this extension, the Government’s risk-share on the loan will be lowered to 70% (90% currently) with the maximum loan quantum lowered to S$3 million (S$5 million currently). This is to calibrate the support for businesses as the economy gradually recovers.
What Are The Advantages Of Applying Through Peer To Peer Lenders Instead of Financial Banks?
The use of P2P lending platforms for SMEs is becoming increasingly popular because they can approve loans as quick as 24 hours after the application has been made. This convenience and speed make them appealing to those with urgent needs, such as small business owners who may need funds quickly or entrepreneurs looking to expand their business
While conventional banks might take 2-3 weeks to get the loan application approved and disbursed.
What Are The Required Documents For Processing?
Most PFIs will require the standard documents listed below for processing:
Latest 6 months company’s operating account
Latest 2 years company audited/ management report
Latest 2 years notice of assessment of directors/shareholders
Photocopy of directors/shareholders NRIC (front and back)
Some may ask for additional documents such as the company’s debtor aging list, corporate Notice Of Assessment, GST tax filing, etc.
Can Smart Towkay Help With My Peer To Peer Lending Application?
Yes, of course. Besides applying by yourself, you can engage us to act as a middleman between you and potential lenders. We understand the daunting task of going through the whole rigorous process of document submission and numerous Q&As for a company to take up a business term loan.
Our job is to work on your behalf and with several Peer To Peer Lenders to find the P2P loan which best fit your needs with the lowest rates. We have a well-developed stable of lenders we work with, making your life easier.
We are like your company loan concierge; we do all the legwork for you, negotiate terms, and make the approval magic happen. All for a nominal fee, of course.
Else contact us through our whatapps or email and our friendly consultants will guide you.
Buy Now Pay Later Financing Scheme- How It Works?
We heard of Buy Now Pay Later for consumers, how does Buy Now Pay Later For SME works?
SMART FUNDING Buy Now Pay Later Scheme is a new innovative initiative to help SMEs ease their cashflows
First BNPL SME scheme in Singapore, this option provides SMEs with the flexibility to finance the purchase of good and services, with ZERO* upfront payment and instead make installment payments over 6-9 month
Buy Now Pay Later Features:
Not Vendor Dependable (SMEs can get approval for goods and services purchase with their choice of vendors)
Up to 9 months loan tenor which is longer than current BNPL providers in the market
Fast application turnaround time of 10 working days
Finance purchase of goods and services with ZERO* upfront payment
- Applicable for Pte. Ltd. Company only
*subject to company financial profile
Even in tough times,
we’re here for you.
we’re here for you.
Did you know?
0%
SME face cashflow problem
There are various government assisted SME Loan Financing Scheme in Singapore offered by more than 30+ banks & financial institutions?
With the rise of alternative lenders, SMEs currently have more options in their working capital requirement.
Businesses Seeking For SME Loan
Are Not Aware
01
Credit Criteria
Different Lenders have different credit criteria, rejection in one does not means rejection in others
02
Interest Rate
Depending on the borrower nancial standing, processing fees and interest rates might differ
03
Personal Guarantor
Although most business loan are market as unsecured, there's still a need for personal guarantee by the directors/shareholders
So where can you go?
Smart Towkay helps SMEs in Singapore in their SME Business Loans and Cashflow solution by Comparing & Maximize their Approval Chances
by recommending lenders which company might be eligible for
Step 1
Apply in just 1 Min by Click here for Our Business Eligibility Calculator
Step 2
Take 1 minute to provide key company information & our system will generate indicative suitable lenders
Step 3
See all best SME loan options available for your company via email
|
TYPE OF SME LOAN
Best SME Loans Package In Singapore
|
|||
| TYPE | TYPE INTEREST RATE | AMOUNT UP TO | TENURE |
| SME WORKING CAPITAL LOAN (Government Financing Scheme) | From 7-9% E.I.R | S$500,000 | 5 years |
| TEMPORARY BRIDGING LOAN(Government Financing Scheme)- Ceased | Capped at 5% E.I.R | S$5,000,000 | 5 years |
| BANK LOANS | From 7.75-12% E.I.R | S$1,000,000 | 5 years |
| PEER TO PEER LENDERS | From 1-3% simple interest per month | S$500,000 | 12 months |
| BUSINESS TO BUSINESS LENDERS | From 3-6% simple interest per month | S$500,000 | 12 months |
Need some help?
No worries, we've got you covered!
Peer-to-peer lending is a new financing method that allows SMEs with little credit history or SMEs that need short-term bridging loans to crowdfund and raise money.
A P2P lending platform enables such activities on an industrial level, allowing businesses to get the loans they need without having to spend time going from lender to lender in search of assistance.
If you're a small to medium enterprise without the cash or credit history necessary for bank loans and other forms of funding, peer-to-peer lending may be just what your business needs. P2P lenders provide financing based on applicants' credit scores that are determined by factors like how long they've been in business, their previous financial transactions (especially those involving repayment), and more.
Licensed P2P lending operators must have a Capital Markets Services License and will have to comply with the controls and disclosures required of it under the MAS Circular No. CMI 27/2018 (securities-based Crowdfunding Circular)(issued 23 August 2018).
Currently, Funding Societies (FS Capital) and Validus Capital are involved in the Temporary Bridging Loan program.
What does it mean?
Given the Risk-Sharing by Enterprise Singapore, the above lenders might be more incline to approve 'borderline' cases given the 70%-30% risk-sharing.
What is Temporary Bridging Loan?
The TBLP was introduced to help enterprises access working capital.
As announced in the Solidarity Budget on 6 Apr 2020, the Government will enhance the TBLP further with 90% risk share. The enhancement will apply to new applications initiated from 8 April 2020 until 31 March 2021. For applications that are pending approval from PFIs, enterprises are advised to speak to their PFIs on their eligibility.
As announced on 12 Oct 2020, TBLP will be extended from 1 Apr 2021 to 30 Sep 2021. Under this extension, the Government’s risk-share on the loan will be lowered to 70% (90% currently) with the maximum loan quantum lowered to S$3 million (S$5 million currently). This is to calibrate the support for businesses as the economy gradually recovers.
The use of P2P lending platforms for SMEs is becoming increasingly popular because they can approve loans as quick as 24 hours after the application has been made. This convenience and speed make them appealing to those with urgent needs, such as small business owners who may need funds quickly or entrepreneurs looking to expand their business
While conventional banks might take 2-3 weeks to get the loan application approved and disbursed.
Most PFIs will require the standard documents listed below for processing:
Latest 6 months company’s operating account
Latest 2 years company audited/ management report
Latest 2 years notice of assessment of directors/shareholders
Photocopy of directors/shareholders NRIC (front and back)
Some may ask for additional documents such as the company’s debtor aging list, corporate Notice Of Assessment, GST tax filing, etc.
Yes, of course. Besides applying by yourself, you can engage us to act as a middleman between you and potential lenders. We understand the daunting task of going through the whole rigorous process of document submission and numerous Q&As for a company to take up a business term loan.
Our job is to work on your behalf and with several Peer To Peer Lenders to find the P2P loan which best fit your needs with the lowest rates. We have a well-developed stable of lenders we work with, making your life easier.
We are like your company loan concierge; we do all the legwork for you, negotiate terms, and make the approval magic happen. All for a nominal fee, of course.
Else contact us through our whatapps or email and our friendly consultants will guide you.
We heard of Buy Now Pay Later for consumers, how does Buy Now Pay Later For SME works?
SMART FUNDING Buy Now Pay Later Scheme is a new innovative initiative to help SMEs ease their cashflows
First BNPL SME scheme in Singapore, this option provides SMEs with the flexibility to finance the purchase of good and services, with ZERO* upfront payment and instead make installment payments over 6-9 month
Buy Now Pay Later Features:
Not Vendor Dependable (SMEs can get approval for goods and services purchase with their choice of vendors)
Up to 9 months loan tenor which is longer than current BNPL providers in the market
Fast application turnaround time of 10 working days
Finance purchase of goods and services with ZERO* upfront payment
- Applicable for Pte. Ltd. Company only
*subject to company financial profile
Disclaimer: Interest rates above are Financial Institution public broadcast rates, depending on Borrowers' Financial Standing, rates may varies according to banks' credit and risk assessment.
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