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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We are Singapore's 1st loan marketplace (despite a number of brokers claiming to be marketplaces) and we are designed to allow borrowers to connect to lenders directly without a human intermediary. (Do consider reading the FAQ titled, "How are you different from other comparison sites or from using a broker?" for more and the advantage of using our marketplace.)

To achieve that, we work with a lender only on a company level, despite many RMs from various lenders reaching out - as they are not authorized by their company to legally enter into partnerships, it will be hard for us to enforce on the individuals on how we expect them to respect your confidentiality, privacy as well as other legal and service quality matters. This is unlike brokers who usually circulate your enquiry to Relationship Managers they are acquainted with, which a bank can easily have hundreds of and comes & go.

For example, prior to the Estate Agent Act and the need for an Estate Agent to be licensed, an estate agent could have their personal assistants or even spouses not trained in real estate matters advising a home buyer or seller in their absence. These 3rd parties can say anything but in the event of any dispute, it may complicate any possible legal recourse, if it even qualifies as professional advice or just opinion, and where the arms-length stops.

A lender may thus deem it necessary to examine their workflow to see if they can fit with a new partner in a compliant manner. As we are young, some lenders may not wish to go through the legwork to be able to work with a new partner. We believe that will change as more borrowers flock to use us. Meanwhile, should there be any particular lenders you need to approach separately, FindTheLoan.com should still be able to cut down hours of your application time with the rest.

Some lenders chose not to work with us as they do not want to be easily compared. It makes no sense to us because even without a unifying, centralized platform, anyone that wishes to compare rates can still approach them separately. So why make it difficult for the customer?

On the other hand, there are some lenders that we chose not to work with. If their assessment criteria are overly conservative, it may mean our carefully designed forms become twice as long to get you that one extra quote that may not differ from the dozens of others you can already receive. We also avoid working with lenders that are known in the market to have their RMs sharing leads with brokers. If you are a business owner, I'm sure very often you had to wonder why you start to receive calls from brokers just right when you happened to be looking for a loan.

Also, due to advertising guidelines, there are some lenders we work with that we cannot display their logos on the front page. If your credit profile fits the lenders' parameter, you will be able to select them when you reached the Select Financing Partners page.

Lastly, just like you wouldn't want more friends to try to borrow money from you, lending is one of the few industries that may not always want more referrals or new customers. Some lenders' only reason here is mainly to cater to their private banking/enterprise-level customers from their HQ country. Although we have seen several brokers' websites claiming to be their partners, this group of lenders typically do not seek new business here or may not even be legally allowed to, depending on the type of banking and lender licenses they have.

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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. 

 

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We are so glad you asked! FindTheLoan.com, besides helping businesses and consumers with finding suitable loans, also seeks to empower them with financial advice and match them to legitimate lenders instead of them looking by their own and risk turning up at the wrong ones.

Our company's UEN number is stated below. You can search for it in Accounting and Corporate Regulatory Authority's website to check if it is a legitimate company in Singapore.

We are also members of some associations. For some associations and chambers that we are a member of (as shown under our partners' section), you should be able to check that we are indeed their member by going to their members' directory. We actually found a few loan brokers' websites using logos of associations that they are not a member of. When we sought permission to display them, we were informed that they do not have a practice of allowing members to do so, and those websites are not affiliated to them in any way nor are their members.

We are also a startup funded by Enterprise Singapore, which however does not list the startups that they funded.

We have seen scam websites that took other companies' UEN numbers and logos to create similar-looking websites. If you are unsure whether you are at a phishing website made to look like the original, always double-check the website's URL at the top of your browser. Especially if you are brought there via an advertisement, SMS or email.

You can also double-check by looking at various pages of their website. Very often, when scammers try to direct you to a fake website (for example, FinbTheLoan.com), they hope that you do not notice the slight difference in the URL. They are going to just clone the website wholesale and not make any changes across it.

If you are still unsure, visit their various social media presence and check if they use the same URL. Though we have not chanced upon one yet, more sophisticated scammers may even duplicate a company's entire social media presence, including fake customer reviews. So googling for them may tell you if there are a few and surely, only one URL can be the legitimate one.

When using FindTheLoan.com, your contact is never given to a lender until you decide when to and exactly who to. So be wary of lenders SMSing you out of nowhere, offering you an attractive loan offer, and asking for admin fees upfront.

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Most popular loan/financing products that a consumer or SME would need would most likely be available here (or coming soon) except for

• -Equity/convertible/hybrid products which have a certain investment/escrow/insurance element to it.
• -Highly standardized products that do not require much comparison.

So, if you see product names on some lenders’ websites but not here, fret not. They could be marketing terms e.g revolving credit, readycredit, cashplus are all overdrafts. At times, it is a matter of simply which regions the lender is from, for example, in the UK, a secured loan is called a debenture, whereas in the US, a long-term loan even when unsecured, is called a debenture.

Sometimes lenders may advertise, for example, medical loans to catch the attention of those from the medical sector. If you look closer, it is often still the same basic products such as overdrafts, working capital loan, invoice financing etc. So, if you see terms such as Startup Loan, Hiring financing, Marketing financing and E-commerce Seller Financing, they do not necessarily mean a loan type.

Terms like project financing, supply chain financing, for example, is more of a range of loan products/schemes to serve a particular business need, rather than is a loan type itself. You can also check out our Glossary page to learn more about the various loan types.

At FindTheLoan.com, we do not want to be part of this nightmare of confusing product names. We use common industry terms, avoid jargon, regardless of what lenders might use on their websites. Simply reach all our Financing Partners with one simple process, compare the offers easily with all the information neatly arranged on your dashboard and Find The Loan you need.

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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! 

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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!

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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.

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There are many valid reasons why the final terms can change from what was presented to you earlier, such as where material facts on your risk profile, are not being discovered until much later or changes from the time you applied to just prior to disbursement. Nevertheless, these should not happen frequently.

If you received a quote with terms and fees that were heavily modified subsequently, do let us know so we can try to monitor the issue, so other users can continue to enjoy accurate and tailored loan quotes when using our platform. It could also be deemed as false advertising under the Consumer Protection Act In Singapore. If it is from a moneylender it could also be an offence under Singapore's Moneylender Act for a moneylender to offer loans at a specified rate of interest, but the actual rate of interest charged is higher.

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You have just received a commercial contract for $200,000 with a 30% margin. The trouble is you do not have the equipment to complete the job. Purchasing the necessary equipment would cost you about $50,000, which is all you have in your account. If you took out a two-year loan on the equipment, and say the interest is $10,000, your profits would still be $ 60,000 - $10,000.

Prudent loan taking gives your company the means to expand more quickly than if you had relied solely on your cash flow. Taking a loan also does not mean a company is in trouble. On the contrary, it could mean your company is expanding. Most of us have a home loan or car loan. Taking up debt is not necessarily a bad thing and rushing to pay off your entire loan may not always be a prudent thing as it means reducing your cash flow. However, always remember to have proper budgeting done, to ensure your repayment each month is taken care of.

A consumer may also need to take up personal loans at times to capitalize on good opportunities or short term emergencies. 

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A guarantor is needed if the applicant does not meet the requirements, and a guarantor is required to ensure repayment ability.

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While FindTheLoan.com allows you to reach multiple lenders easily, greatly increasing your chance - it still ultimately boils down to the discretion of the lenders and how you or your company's financial profile is like. If you did not receive a quote, feel free to apply again in a few months when business picks up or your financial profile improves, and the Financing Partners would be happy to do a re-evaluation of your company or credit profile.

Alternatively, try different credit products such as Disclosed Invoice Financing or Merchant Cash that focus less on your company financial profile. Or try a Secured Overdraft or Gearing Up Loan where you pledge your insurance, investment, deposits or private property as collateral.

At times it might also be due to the profile of an individual officer of the company. Such as those that are facing litigation or have credit issues. Or for example, late payment to a credit card bill, which you may have forgotten, leaving a record in your credit profile. If it has since been settled, contact your bank followed by the Credit Bureau to update it, before trying again may help. Some companies with strong repayment ability may even change out their officers to improve on their overall profile.

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Whether you are a private limited, sole proprietorship or partnership, we have a Financing Partner that can serve these company structures.

However, most banks and lenders do not fund the following:
1. Moneylender and massage parlours
2. Currency, Commodities and Precious metal (all types) traders
3. MLM / Pyramid Scheme Companies
4. Investment holding Companies
5. Real Estate Investment, Financial Institutions and Investment Fund Companies
6. Shell companies

Some lenders also do not fund foreign companies or limit their exposure to certain sectors such as Construction, Marine and Oil. With FindTheLoan.com you do not have to apply with individual lenders one by one, only to find out that they do not serve your industry. Simply reach all our Financing Partners with one simple submission, compare, and Find The Loan you need.

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Unlike consumer loans, if you need to buy a house, you will just go for a property loan and similarly, for a car, businesses have an array of loan types to ease their cash flow, and it can be at times confusing to know which loan to go for.

Here are a few questions that may help you decide.

• How much do you need and how long do I need it for?

For example, most of the time, while a term loan is cheaper than an unsecured overdraft or invoice financing on a per year basis, if you only need the cash flow for a quick inventory purchase which your customer will then repay in a few weeks, there might not be the need to get a term loan and getting locked in for a few months and paying interest.

• How frequently do you need it?

If you foresee business to be strong and there will be a need for constantly cash flow, a term loan where you can use for any purpose might be better than having to keep applying for invoice financing every few months.

• How soon do you need it?

For example, while a property gears up loan may offer you a longer tenure and cheaper interest rate, meaning the monthly installment is lower, the long processing time may mean you may have to consider a term loan for the time being.

Broadly speaking loans can be classified in to secured and unsecured

Secured loans like the name suggest are loans that are backed by an asset or securitized with collateral such as property, reducing the risk for the funder as in the event of default, they will have an asset which they can sell-off in the event of defaults, to recover some of the loan amounts. Examples of other secured loans are equipment or property gear up, merchant cash advance etc. You can read more about each loan type in our glossary. Secured loans involving properties usually have lower interest rates, larger quantum and longer tenure as they are strong assets.

Examples of unsecured loans are working capital loans (also called a term loan), unsecured overdrafts, credit cards, personal loans, renovation loans etc.

If you have decided which loan type to go and want to know how to compare between the loans offers you have received, please refer to this How to compare loans and understanding your dashboard.

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Besides banks, there is a whole host of other legal entities that can provide business & personal financing & loans, such as finance companies, licensed moneylenders, excluded moneylenders, exempted moneylenders, crowdfunding platforms to fintech companies. Their legislative differences vary from country to country, but generally, what differentiates them is where their source of funds comes from to facilitate lending. and who can they lend to.

For example, banks can accept deposits from consumers while fintech companies generally raise their funds from private or institutional investors. Findtheloan.com works with various types of lenders and credit providers to ensure our customers not just have access to a wide range of financing and credit products at a competitive rate, but also to ensure different types of borrower profiles are well served, as each type of lender tends to focus on a different risk profile. We are not keen to just add another logo for the sake of doing so and you end up receiving multiple identical offers. However, if you are a financier that feels you can add value to our customers differently from what our current partners do, please reach out to us!

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A browser (e.g. Edge, Chrome, Firefox, Safari) is what you use to access the internet via your device.As all browsers are different, you might experience quirks in accessing some websites due to it or some other settings on your device.

Do try any of the following and see if it helps:

For example, banks can accept deposits from consumers while fintech companies generally raise their funds from private or institutional investors. Findtheloan.com works with various types of lenders and credit providers to ensure our customers not just have access to a wide range of financing and credit products at a competitive rate, but also to ensure different types of borrower profiles are well served, as each type of lender tends to focus on a different risk profile. We are not keen to just add another logo for the sake of doing so and you end up receiving multiple identical offers. However, if you are a financier that feels you can add value to our customers differently from what our current partners do, please reach out to us!

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Personal information(such as NRIC/Passport number) is required when it is necessary to establish or verify an individual’s identity to a high degree of accuracy. Income information (CPF contribution, payslip and NOA) allows our Financing Partners to gauge your repayment ability.

When applying for a Business Loan, they are required to allow the lenders to know if you, as an officer of the company, have any bad credit or pending litigation and so on.

Depending on the loan type, different information is required. And just like why you need to do regular medical tests to have an up-to-date understanding of your health, lenders would require your latest documents as well.

Some lenders or brokers may have a simple enquiry form on their websites, opting to call and ask for the documents later which can delay the process. Different lenders may also require slightly different documents for their credit analysing process. As FindTheLoan.com allows you to connect to dozens of lenders at once, our forms for some loan types or borrowing profiles might be slightly longer than a single lender's.

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There are many factors that go into assessing a borrower and usually a multitude of reasons are taken into consideration instead of one single main factor and each lender will have their own credit system just like when deciding to buy a house or a car, there are many things you would balance into consideration such as location, the amenities around and not just the pricing.

These factors may change from time to time for reasons such as a change in their targeted demographic, diversification to ensure they are not overly exposed to a certain industry. It is not a hard and fast rule & any reason provided can serve as a guide. In general, a lender would look at the following, which if improved upon in the near future, may change their consideration:

Credit and repayment history.
Cash flow history and projections for the business.
Collateral available to secure the loan.
Character (credit score, litigation).

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Taking a loan doesn’t mean that a business is not doing well. A growing company can always take a loan to buy more equipment, inventories, to set up a new office or to bid for a new project. If your customers are small businesses, they too will understand the importance of liquidity in cash flow.

64% of SMEs currently face some form of delay in receiving payments from customers. In fact, delayed payment was ranked as the top finance-related challenge in a recent survey. If your business involves large MNCs or government projects especially, they should understand their long credit terms will affect their vendors’ cash flow as well.

Furthermore, their finance and purchaser are often not the same people anyway. Just like most of us have a car or housing loan, taking a loan doesn’t necessarily suggest how your company is doing, but how you might be expanding. Knowing that you have a financier supporting your business can also give them the confidence that you have access to funds to get the necessary equipment or to fund your payroll, ensuring the project’s success.

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While some may feel a stigma on receiving financing from a licensed moneylender, many popular and reputable fintech companies actually hold such licenses, in order to serve their customers that are sole proprietors or partnerships, as these are not considered as corporations but individuals in some legal aspects.

Moneylenders are included to ensure different types of credit profiles are well served - As different types of lenders tend to focus on serving different risk or SME profiles.

Another reason we do so is to ensure users get directed to licensed moneylenders instead of risk turning up at an unlicensed one. Licensed moneylenders also help ease the funding gap by at times offering lower loan amounts, faster processing times and relaxed eligibility criteria. Unlike unlicensed moneylenders or loan sharks, licensed moneylenders are heavily regulated by the law on various aspects of their dealing with you. In Singapore, there is a very comprehensive framework to protect borrowers. From a cap to how much fees and interest, they can legally charge, to explaining the terms of a loan to you in a language you can understand and providing you with a copy of the loan contract. Such laws are introduced to transform the industry and to allow them to play a role in the credit ecosystem. We will also with the feedback from our customers, make continuous adjustments to our list of Financing Partners, ensuring your experience using our platform will continue to be a fruitful one. To better understand how to differentiate between an unlicensed and licensed moneylender & their obligations, you can also visit the Ministry of Law’s website to find out more -https://rom.mlaw.gov.sg/information-for-borrowers/guide-to-borrowing-from-licensed-moneylenders-english/

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While integration with Singpass and accounting software such as Xero or QuickBooks may mean not having to upload your bank statements etc. Many lenders for KYC purposes may still prefer to see for example bank statements, a copy that is printed or downloaded and consists of all individual lines of the transaction, instead of just some summary numbers, to look for trends and discrepancies. Some lenders may have Singpass login during application but will still need to "original sight", photocopy, for example, your identity card along with the letter of offer being signed.

We will continue to strive to make FindTheLoan.com a simple and easy-to-use platform while being able to connect you to the many types of lenders we work with varying preferences, in one submission.

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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.

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