6777 7775
Sim Lim Tower, 10 Jalan Besar Sim Lim Tower #01-01, 208787
Apply for a Short Term Loan in Singapore
A short term loan in Singapore is a financial aid package designed to provide short-term monetary relief to borrowers dealing with urgent expenses and unforeseen financial difficulties.
How Does It Work?
This type of financial credit is characterised by its somewhat flexible repayment periods, and it is typically utilised to cover emergency bills, urgent home repairs, or cash flow issues that could affect the monetary stability of the borrower.
If you are looking to get a short term loan in Singapore from a private lender, you will need to go through a couple of steps.
1)Submit Your Application
Submit a loan application either online, via our online platform, or in person at our agency’s headquarters. You will need to submit basic personal information that confirms your identity.
2)Talk To Our Representative
After the submission, your documentation will be professionally reviewed by a lending agent. You will also be asked to provide information about your income, current loan obligations, employment and the lending agent will perform a credit score check for you, via the Singaporean Credit Bureau.
3)Sign the Contract
The review for a short-term loan should take 24-48 hours. Once it is approved, you will receive a loan offer and be invited to sign a loan agreement that outlines the information of the provided financial package. After the contract is signed, the money will be disbursed to you on the spot.
When Can a Short Term Loan Help?
A short-term loan obtained from a licensed money lender in Singapore is a flexible financial solution for when you need funds quickly, and you are confident you can repay the money within an agreed timeframe.
Short-Term Expenses and Emergency Cash Needs
A short-term loan can be a solution to consider if you need urgent monetary assistance and you need a quick cash influx, with not that many questions asked and minimal documentation.
For Urgent Expenditures
Let’s say, for example, that your car broke down, or you noticed a roof leak that needs urgent fixing. A short term loan can be a way to pay for essential repairs that cannot be postponed and ensure that these expenses don’t escalate because of inaction
For Medical Expenses
Singapore has one of the best medical systems in Asia, but the costs of medical bills, especially if you were treated at a private hospital or received dental work, can be substantial. A short term loan in Singapore can cover energy treatments, hospital invoices and also help with prescription costs.
For Time-Dependent Business Opportunities
In the business world, some of the best deals you can ever find are, unfortunately, short-lived. Short-term loans can provide you with the monetary influx for fast-acting business decisions and the cash flow breathing room necessary for the continuation of business activities.
For Miscellaneous Monetary Shortages
Maybe you simply ran out of cash till the next paycheck. Or, you want to purchase a product/service, cover last-minute transportation costs, or pay for certifications and work-related expenses with positive ROI potential.
Benefits of Short Term Loans
Shorter Commitment and Flexible Repayment
Flexible short-term loans are characterised by their advantageous repayment periods, which can vary from a few weeks to around twelve months. When obtained from private lenders licensed to operate in Singapore, short term loan packages are characterised by competitive interest rates and a shorter repayment period compared to conventional banks, which can work in favour of the borrower.
Short term loans in Singapore are defined by a repayment framework that can vary depending on the loan type.
- For payday loans, this repayment period is typically up to a month.
- For personal unsecured loans, the repayment period can stretch to a year.
Accessible Eligibility Criteria
Moreover, short term loans are defined by their fast approval rates, lenient borrowing criteria, and the limits imposed on the applicable interest.
With short-term unsecured loans, borrowers may request up to 6 times their monthly income if earning more than $20,000/year, and the loan processing time can, in some cases, be as fast as 30 minutes. Plus, private lenders can often accept lower-income borrowers for short-term financial needs, and the loan eligibility criteria are tied to more than just the borrower’s credit score.
Clear and Transparent Terms
The 153 licensed moneylenders active in Singapore are bound by law to provide borrowers with loan agreements that clearly outline the specifics of the financial credit, leaving no room for interpretation. Private lenders, such as we are, follow the financial framework laid out in the Money Lenders Act, which imposes strict limits on the maximum interest applicable to commercialised credit packages.
Who is Eligible?
Eligibility Criteria
Applicants for short term loans must be:
- At least 21 years old
- Either a citizen, PR or foreigner working in Singapore with a valid work visa
- Present a regular source of income
- Meet the minimum income thresholds imposed by the Ministry of Law
Documents Needed
- Your NRIC
- Proof of your residence
- Your latest CPF contribution statement, TNA, or recent pay slips
- Bank statements
- Employment contract (if employment is newer than six months)
- Other documents assessed on a case-by-case basis
Short Term Loan Regulations in Singapore
Short-term loans in our country are regulated by the Singaporean government, which means lenders must comply with the financial framework laid out in the Moneylenders Act, and borrowers must benefit from the monthly financial income required for loan eligibility.
Interest Rates and Fees
- Lenders active in Singapore cannot charge an interest rate greater than 4% per month for their commercialised financial aid packages
- The late interest applicable to borrowers is capped at 4% on the overdue amount
- Loan administrative fees have a limit of 10% of the loan principal
- Late payment fees are capped at $60 per month for each month of late repayment
- Total charges cannot exceed the original loan principal
Loan Amounts
As for the wage thresholds applicable to SG citizens and PR, they are as follows. These limits only apply to unsecured loans:
- Anything under $20,000 per year: You can legally borrow up to $3,000.
- Salary above $20,000 per year: You can borrow six times your monthly wage.
If you plan to secure your loans with collateral, then the maximum sums you can borrow will be assessed differently. Likewise, although there is technically no minimum income required to secure $3,000, most lenders will require a minimum income of $20,000.
What To Check Before You Apply?
You will need to:
- Be aware of the total amount you’ll repay, including interest
- Understand the characteristics of the repayment schedule
- Borrow only a sum that you feel comfortable with
- Investigate whether the lender you’re applying to is genuine
- Check for the specifics of applicable late payment charges
Why Choose Monetium Credit for a Short Term Loan?
Our goal at Monetium is to make borrowing simple, affordable, secure, and flexible. Applying for the financial services provided by our agency is straightforward and the documentation we require is less complex than that of conventional banks. We know your time is precious, and we act accordingly.
We review your application typically in less than a day, and once the contract is signed and everything is agreed upon, the money will be disbursed into your account on the spot. We proudly serve clients all over Singapore. We are open to working with clients with less-than-ideal credit scores, and we aim to make the application process for our credit packages as simple and convenient as possible.
Frequently Asked Questions About Short Term Loans
What Can I Use a Short Term Loan for?
Short term loans are typically used to cover emergency expenses such as medical bills, unexpected repairs, cash flow issues, or miscellaneous expenditures that cannot be postponed. They are flexible financial solutions, characterised by varied repayment terms, that can be a solution if conventional credit lines are not available.
Can Foreigners Apply for a Short Term Loan in Our Country?
Yes, contrary to popular belief, there isn’t a legal framework that bars foreigners from contracting the financial services provided by private lenders. Applicants will need a valid passport, a work permit, and to pass the income thresholds required by the loan providers.
How Do I Apply for a Short-Term Loan?
The process is straightforward and begins with the submission of an initial application, which will receive a response, typically, in less than a day. If the documentation is in order, the borrower passes the minimum income thresholds imposed by the lender, and the contract is signed, the money will be disbursed to the loanee on the spot.
Other Loan Options That May Fit Your Needs
Whether you’re planning a wedding or a vacation, a personal loan in Singapore will help you achieve it. Our licensed moneylenders’ offerings can also be used to buy a new car, home furniture, or for other personal purposes.
If you need to cover unexpected expenses before your next pay check, this fast loan may be the right solution. These types of short-term fast cash loans are ideal in such situations.
This type of licensed moneylenders loan option can cover any expenses related to your everyday life, such as home improvements, travel, or education. It has low interest rates and early full settlement options.
This loan can provide the funds you need if you’re planning to renovate your home. From kitchen remodels to bathroom upgrades, it can help you create the home of your dreams.
If you have multiple debts with high-interest rates in Singapore, you need this licensed moneylender loan to simplify your finances and get a better interest rate and repayment plan.
Suppose you’re a small business owner in Singapore. In that case, this loan can help you expand your operations, purchase new equipment, or increase your inventory while developing flexible payment plan terms such as an early full settlement.
Have Any Questions About Our Short Term Loan? Ask Away!
Whatever information you need about our best loans, you can always message or call us at 6777 7775!
We are located just 2 minutes walking distance from Jalan Besar MRT
10 Jalan Besar Sim Lim Tower #01-01, 208787
Contact: 6777 7775
To serve you better, we are open for business as follows:
Monday-Sunday
Public Holidays
10:00 am to 7:30 pm
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Contact Monetium Credit’s Team of Professionals
If you’re unsure about how much cash you need or how long you’ll need to repay it, our friendly loan specialists are here to help. At Monetium Credit, we’ll guide you in choosing the loan that best fits your financial situation and repayment ability.
