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  • Writer's pictureintimeadvance

10 Common Problems when applying business loan in Singapore

1) The Company Is Newly Incorporated / Not Yet 1 Year Old

2) Loss-Making In The Last Financial Year

3) Low / Insufficient Revenue In The Last Financial Year

4) Too Many Existing Business Loans / Overleveraged

5) The Business Is In A Restricted Industry

6) Multiple Bounced Cheques In The Bank Account Statements

7) Directors Have No / Low Notice of Assessment

8) Directors Have Bad Personal Credit Records

9) Unhealthy 6 months bank transaction

10) Lack of clarity on the use of funds & Means of Repayment

5 Real reasons you should engage a Loan Consultant?

A) Maximize your approved loan amount

Consultants always have strong relationship with most the bankers, and they will submit your loan application to more than 1 bank con-currently in order to achieve the loan amount that required by your company.

B) Minimize your loan interest rate

Even though your company's financial statement is less sound, your company still very likely to entitled 5 - 8% interest per annum loan approval with consultant's expertise.

C) Minimal Paper work

You just need to prepare 6 months bank statement, 2 years financial reports and director CBs, the rest of the works just leave it to consultants.

D) Answering to Credit Query

They understand your business and able answer bank credit question without flaw.

E) Avoid try and error multiple submissions

Each time when you submit your loan application to the bank and if it failed, you will need to wait another 6 - 9 months to re-apply. Why don't just let the experts do the thing right.

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