7 Ways To Finance Your Startup Dream In Singapore

If you’ve got your hands on the next big idea, make sure you have what it takes to see it through to completion. Going from nothing to a self-sufficient company takes time, energy and – most importantly – resources than many first-time entrepreneurs would think, and having too little of any can often mean the end of your fledgling business. So how to ensure that your company has the money needed to go from scrappy, hungry startup to a fully functional business? Read on to find out a few of the most common ways people have got their new company off the ground.

Friendship loans

The most common way entrepreneurs get their company started is through the generosity of their friends and family. From a few dollars here and there from multiple people to finding someone who believes in you enough to underwrite the cost of fulfilling your first order friendship loans take a variety of forms.

Credit cards

Less advisable but still equally common, using (and abusing) credit cards is another way many have got their business off the ground. The downside is that unlike friendship loans, your credit card company is much less inclined to offer you infinite extensions on repayment, so ensure you keep up in order to avoid losing all you’ve built.

Liquidate your assets

Not everyone has assets worth enough to finance a whole business, but for those who do, taking a hard look at what you have and what you need can mean shedding some things you can do without in order to make your dreams come true. From cars to houses to boats, commodities and shares, there’s a market for everything.

Outside investment

Singapore has a flourishing angel investment community, always hungry for bold new entrepreneurs who may have the next big idea. More suitable for businesses that have already passed the initial stages of their development, outside investment can help your business grow from the embryonic stage to a real player in the local and international market.

Crowdfunding

The newest innovation in business funding, crowdfunding gives you not only the money to begin your business, but a readymade fan-base hungry for more information about it. With numerous platforms including Kickstarter, GoFundMe and Indiegogo becoming bigger and bigger, it’s becoming a way for businesses to source the capital they need.

Bank loans

One of the most traditional ways of funding a business, getting a business loan from a bank relies on you being able to convince them of the merit behind the business idea, as well prove that you’re a responsible and reliable businessperson. The high minimum loan principal makes them inaccessible for many people.

Moneylender loans

Ideal for those looking for a quick injection of capital at a level that suits their needs, moneylenders are most often able to provide a smaller loan faster than banks, helping those with more modest needs get started in business.

Why Your Next Cash Loan Should Be from A Licensed Money Lender

Most people will at some point in their lives need a little bit of additional help at short notice. Whether it’s for medical or dental bills, car repairs or to replace a much-needed tool or piece of equipment, more likely than not everyone is going to need a bit of extra capital to get over a bump in the road or to jump at a once-in-a-while opportunity.

Fortunately, Singapore offers a huge number of choices for borrowers in search of a lender. While you could go to a bank, the majority of people are better served by the range of loan products on offer at a moneylender. The convenience, speed and adaptability of the loan process at a moneylender are tough to beat. Read on to find out why.

Simple application procedure

Moneylenders make it simple and easy for everyone to get the capital they need. By and large, the application process for a loan with a moneylender is going to faster, simpler and easier than that with a bank. You won’t be filling in multiple documents in triplicate just to have a discussion with a consultant. In many cases, the application process for a loan can be initiated online, then completed in person at the moneylender’s office.

Fast turnaround

After an offer for a loan has been made and you have accepted it, you won’t be waiting for weeks for your money. Being smaller organisations, moneylenders can deliver the kind of agility that people living in the 21st century can appreciate. Whether it’s a loan for a few hundred dollars or for several thousand, expect prompt delivery of your funds. In most cases, you’ll have the money within a couple of days, sometimes within 24 hours, meaning paying for time-sensitive things like getting your car ready for your next commute is simple and easy.

Flexible loan terms and conditions

In the same way, the small size and agility of the moneylender allows them to provide a tailored service to their clients. Borrowers will be able to work closely with the loan consultant on the terms and conditions of their loan, and may be able to get a loan product that better suits their goals and requirements.

Start a conversation with the loan consultants at Fast Money today and find out how our cash loans could support you. Let us help you make your financial dreams come true.

Have Your Cake & Eat It Too – Budgeting For Major Purchases

Whether it’s a new car, an updated kitchen, or that holiday away you have always been looking forward to, we can all do with a bit of help saving. Fortunately, with a bit of careful planning, you won’t have to survive on bread and water to make your dreams a reality. There are a lot of ways you can build up the capital needed to make a major purchase without it impacting your quality of life. Read on to find out how.

Keep your savings separate

In the same way a little kid puts coins in a jar to save up for something, you need to have a clear division between spending money and saving money. Whether this means opening up a new bank account with your current provider or finding some other institution that can offer you a high interest savings account, it’s a good idea to have separate places for different kinds of money.

Save a little, save early, save often

Once you have your separate account set up, it’s important to make saving a regular part of your budget. Make it as regular as paying your phone bill or setting aside money for coffee – a little bit each week or each pay cycle. Additionally, starting before you actually have your eye on anything means that you have the luxury of only putting away a small amount of each cycle. Make the decision now to start saving and you will be able to get away with putting aside as little as S$20 every cycle, rather than hundreds at a time.

Look for alternative sources of capital

Still don’t have enough to make your dreams come true? It might be time to look outside your budget. One way to ensure that you can still enjoy the same quality of life while saving for a big purchase is to consider taking out a loan for the value of the purchase. This is especially useful for large purchases such as vehicles or renovations where the average person is unlikely to have the full value of the product on hand at any one time. Many moneylenders offer loan products that can be perfectly tailored to your precise needs, ensuring you walk away with the exact amount you need, backed by favourable terms and conditions.

Start a conversation with the loan consultants at Fast Money and discover how we could help you.

The Four Major Differences Between Banks & Licensed Moneylenders

Whether you’re looking for a personal loan to help you achieve your own goals or are looking for the capital to help your business fulfil a major order, it’s important to be informed about your options. There are thousands of lenders in Singapore, so narrowing them down to a shortlist of acceptable vendors who offer products that align with your needs is crucial. The first question you need to ask yourself is what kind of lender you will be working with. In our city, your choices are banks and licensed moneylenders. Read on to find out a little bit about the differences between the two and make your first step on your journey to financial success an informed one.

The application process

How you go about applying for the loan also differs sharply between banks and moneylenders. Much of it hinges on the size of the operation; banks are enormous organisations, often spanning multiple countries and continents, and as such they are going to require a much more complex and lengthy application process. Moneylenders are highly localised operations with smaller, more tailored client lists. Thanks to this, you can expect the application process to go a lot faster with a moneylender.

Differing loan principal amounts

In general, banks institute a floor to their loan amounts, refusing to provide loans below a certain principal. This effectively locks a great deal of people out of the market. If you only require a small amount of money to get your car serviced or to make a small fix to your home, the banks may simply be unable to help you.

This is where moneylenders can be a great service. Many of them specialise in loans that are too small for the banks, putting the capital people need within reach.

Who can apply

Banks are extremely stringent with who they will lend to, and will aggressively screen potential lenders with credit ratings below a certain threshold. Largely as a result of that smaller loan principal amount, most moneylenders are more welcoming to individuals recovering from financial hardship or who have struggled to maintain a top-tier credit rating. If you’re working hard to build your financial future after past troubles or have a limited borrowing history because of age or recent immigration, a moneylender may be more willing to help you.

How quickly you will receive the money

A smaller operation means a more agile one, so where a large bank may take weeks to finalise payment of the loan amount, moneylenders can frequently make the payment within a day, or even within the hour. This makes them ideal for individuals who need capital to remedy a problem as quickly as possible, so if you’re trying to get your car fixed or pay a medical bill, a moneylender is the place to go.

How To Make A Line Of Credit Work For You

Flexible, simple and easy to use, a line of credit is a great asset for both individuals and businesses looking to augment their existing cash reserves. But how to ensure you’re getting the most of it? The most important thing is closely analysing your needs, then being rigorous about choosing a loan product that aligns with those needs. In this blog, we’ll help you discern which type of line of credit is most suitable for you, and will provide some tips on how to make it as effective as possible. Read on to learn more.

Different products for different purposes

You wouldn’t simply go into a lender and ask for a ‘loan’ – they would ask you to be specific. The same goes for lines of credit. You need to understand the differences between the various kinds of loan products available – who they’re for, what they do, and how long you can use them for.

The most basic line of credit is the personal line of credit. Offered in both secured and unsecured forms, this is a strong alternative to a personal credit card as it delivers lower interest rates with about the same level of flexibility. Personal lines of credit can come in all sizes to meet needs both big and small, so talk to your lender to find the most suitable one for you.

One of the most commonly stressed about things is home repairs. If you’re concerned about having the money to pay for repairs and replacements as they come up around your property, a home equity line of credit (HELOC) could be for you. These are intended to only be used for home improvements – think repairs, emergency fixes and other projects. Most often secured against the property itself, HELOCs generally come with very low interest rates, making them an accessible option for home-owners.

Even businesses can enjoy the flexibility that a line of credit offers. Business lines of credit are most frequently taken out to meet short-term financial needs such as buying inventory, managing operating expenses or purchasing new equipment. Most often secured against inventory or equipment, they offer a ready supply of cash that can be easily dipped in to in order to help you achieve your goals.

Tailored to your needs

Make the right choice for your financial future and start a discussion with the loan consultants at Fast Money today, and let us help you make an informed decision.

Where to Look for The Best Personal Loans In Singapore

If you’re hunting for a bit of extra capital to help you reach your financial goals, it can be a bit overwhelming to start looking. Singapore is one of the world’s most advanced and diverse economies, offering a staggering amount of choice for anyone looking for a lender. With so many options, it can be useful to have a somewhere to start your research from. We’ve prepared this blog to give you a rough guide to the lending landscape of our city, so read on and take the first step towards your financial goals today.

Look further than your local bank

When most people think ‘loan’, they think ‘bank’, but it’s important to catch yourself when you jump to conclusions that will affect your financial future. While the bank is the most obvious lender for personal loans, there are a wealth of other options that can and should be explored.

Why not a bank? For one thing, not everyone is eligible for a bank loan. Unfortunately, while most people have need for a bit of extra capital in their lives, a much smaller number of people can get that capital from a bank. Due to the way these organisations are structured and the amounts of money they play with, they generally have to be extremely discerning about who they lend to.

If you’ve experienced financial hardship in the past or a young person without any borrowing history, you can find yourself locked out of the bank’s lending market until you can meet their high standards. This can involve potentially years of working on your credit score to get it to a point that the bank recognises as respectable. In that time, your financial problems could deepen or spread to other parts of your life.

How a licensed moneylender can help

Fortunately, there is an alternative. A licensed moneylender is often able to provide the capital you need when and where you need it. Ideal for borrowers recovering from financial hardship, or for individuals who only need an amount of capital too small for banks to consider worthwhile, a moneylender offers the help you need. With a range of loan products offered with different payment schedules, conditions and principals, you’re sure to find something to suit your requirements.

Talk to the loan consultants at Fast Money and start charting the course to a better financial future.