Starting a new business in Singapore and looking for a start-up business loan? You should be aware of the importance of small business financing to maintain in the business world.
Recession or global economic crisis could make the situation weird for business owners. You need to be prepared with a solid business plan to deal with finances if an unusual situation knocks on the door.
Thanks to Katong Credit online money lenders in Singapore, applying for a loan has become as easy as shopping online.
The company offers all types of personal loan, home loan, travel loan, car loan, student loan and tips for earning extra money and budgeting are also available on the website. So, get a laptop and check out this website to borrow money online for your business today.
Katong Credit is now expanding access to business loans in Singapore. They help businesses grow by providing financial support.
How to apply for a loan online?
Online money lenders offer a personalized plan for your business needs. You don’t have to settle for one package as you get a requirement based loan package.
To apply for an easy loan in Singapore, all you need to do is fill out a small application form with an amount of money you wish to borrow.
However, you must meet the criteria to obtain a loan. You must be a 21 year old citizen of Singapore. You don’t have to be bankrupt or on the verge of bankruptcy. For foreigners, you must have a passport and proof of employment to obtain a loan.
One advantage of applying for a loan online is that you don’t have to make an appointment during office hours. You can use the financial institution’s website to submit an application. Applying for a loan to start a business is possible even in the middle of the night. Once you have made an appointment at a preferable time and date, the rest of the process is a snap.
Loan application for small or medium business
The loan application process for the startup or mid-size business is similar to the one mentioned above. But when deciding on a loan amount, here are the things you need to consider:
A business plan: You must show your business objectives to lenders. What is your business idea? What skills do you have to turn this idea into a growing business? How many people work with you? A detailed business plan will easily lead you to obtaining a business start-up loan.
Current finances: Prepare a financial statement for your business. This will include your credit history as well as future numbers. Lenders would like to know how promising the numbers look over a period of at least 2 years or more.
Loan cost: You may have a rough idea of how much loan you need. From this approximate amount, try to figure out the interest rate and how much you will repay to lenders.
Purpose of loan amount: The amount of your loan must be adapted to the size of the company. Clearly state the purpose of the amount. You should have a clear idea of how you are going to use the loan amount.
The above points will help you decide how much to ask for a loan.
Even if you are confused about deciding an amount, don’t worry because Katong Credit will understand your needs before offering you a loan plan.
Katong Credit Loan Plans
Katong Credit develops easy loans for small businesses. They even finance the business with bad credit through quick cash loans. This means you can get fast financing for your business.
If you already have a business or want to start a new one, Katong Credit offers many packages to survive in a global economic crisis. Apart from business loans, Katong Credit offers the best home loans in Singapore, personal loans and many other types of loans. Katong Credit is able to meet all your financial needs.
All you need to do is fill out a short application form to access Katong Credit loan packages. As online loans are quick to process, your business will pick up the pace.