While trying to find an ideal loan that will fit your business’ needs, one of the many top options that you will find is micro loan. In this article we will discuss why many opt for micro loan and its advantages. Check out the list below for the methods on how you can obtain a micro loan.

Look for a trustworthy lender

Before applying for a micro loan in Singapore, spend a lot of time researching about the most recommended lenders in the country and limit your options by studying online reviews. You could visit blog sites and forums to find an idea of which bank lender has got the best client feedback. Another choice you have is simply by asking some of your pals who already have micro loans. For your satisfaction, ask for their suggestions about which company lender to choose.

Prepare certain requirements

Provide the bank lender with the required information about your company in able to determine eligibility. One good advantage of acquiring a micro loan is they are available even for small enterprises that may not have solid collateral.

Micro Loan

Evaluate the payment terms

Ensure that the payment terms will likely be manageable. The payment period varies depending on the loan size and also terms agreed upon the signing of contract.

Check ways to use the loan

A lot of lenders will likely have specific requirement about the intended use of the micro loan. These types of requirements often restrict borrowers to only several potential uses. Some lenders do not let borrowers to use the micro loan to acquire land or property. In addition there are those who do not want it to be used for paying employee salaries and bonuses. Microloan borrowers may not pay off other bank loans using their micro loan.

For your reference, here are some of the purposes where you can use a micro loan:

  • For the inventory of supplies
  • As a working capital
  • For fixtures or for gear

Should you wish to learn more about micro loans, all you have to do is go to Capitalize. This company has a great understanding of your needs and can make your problems about micro loans go away.

Capitalize is a corporate loans specialist firm that helps Small Medium Enterprises (SMEs) and individuals to seek, source and obtain capital from across our established network of up to 30 banks, financial institutions, funding houses and alternative platforms. We are always committed to provide our clients with the most suitable loans according to their needs, from the lowest interest rates possible and at the quantum they require.

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