Yes, it is! In fact, the only cost you probably have to think about is the opportunity cost you may face when you are not comparing around for a cheaper loan! 

Regular repayment on a small loan may reflect an established credit history and you as a reliable borrower when compared to one who has limited or no credit history.

Other example includes during Covid-19, many banks prioritize their existing clients first due to a large amount of enquiries received. However, be careful not to take on a loan earlier than you can afford. One late payment on your smaller loan could make your chances of qualifying for future funding even worse than if you had never applied for the small loan at all. Alternatively, consider getting an overdraft which only charges you interest when you draw down on it.

With a wide network of Financing Partners, we do have quite a couple that lend to companies that have been in operation for just a few months. We also have a few partners that provide loans for unprofitable companies using other metrics for credit assessments.

Alternatively, you can also consider going for loans such as Merchant Cash Advance or Invoice Financing that focus lesser on the company’s profitability but on its projected transactions. Secured Overdraft and Property Gear Up loans are also other loans you can look at, where you provide a security with your assets instead and therefore your profitability would matter less to the lender.

Enterprise Financing Scheme (EFS) is not a specific product, but rather a scheme which Enterprise Singapore will share the loan default risk with the Participating Financial Institutions (PFI), and in theory the PFIs may offer a lower rate than their in house rate.

For example, SME Working Capital Loan and Temporary Bridging Loan are both actually unsecured term loans just with specific criteria and borrowing limits for different SMEs. So, besides our Financing Partners that are Participating Financial Institutions, you can also enquire from our other Financing Partners that are not Participating Financial Institutions that offer the same loan type. To find out more on Enterprise Financing Scheme, please visit www.enterprisesg.gov.sg

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As an officer of the company, your ability to manage your personal finance can be taken into consideration. Therefore, the chances of you securing a business loan could be lower or you may have to pay higher interest as a result of bad personal credit. Some companies may even swap their officers due to this reason.

With so many Financing Partners on FindTheLoan.Com which you can reach out to in one simple submission, your chance certainly increases!

While review websites can be helpful in helping you choose the best credit card, the best saving account etc with their extensive research - without access to your credit score and your financial documents – it might not be very helpful when it comes to taking a personal or business loan.

How much can you borrow, the duration and the interest rates you will be paying vary from individual to individual with many factors taken into consideration. “Up to 5 million”, “as low as 1%” means nothing if they do not apply to you. And without applying directly to the banks and providing them with all the documents required to make an assessment, you just will not know for sure what can they offer you and who has the better offer - which you can easily do so via our platform and reach multiple lenders directly with just one submission.

Well, you could also use a broker. Especially if you have a good one you can trust. I mean why go to all the trouble when someone can do that legwork for you. A good broker or loan consultant can really have the work cut out for you, saving you dozens of hours of navigating each bank’s website to apply and later trying to compare the offers. Just be sure to scrutinize and compare your broker’s contract before signing it and negotiate for lenders that you can speak to yourself not forming part of the agreement. You can also learn more about best practices when working with brokers in another article of ours.

But what if you do not get a good broker? When you engage a human entity, it still ultimately boils down to your relationship with them or their professionalism and their relationship with their RM. Our platform is fully automated and handles all borrowers equally regardless of much they are trying to borrow. In addition to being something you can access 24/7 at your convenience, instead of receiving calls during meetings or dinners, you also decide and know exactly which lender receives your information.