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Funding Societies FS Bolt Review

Get up to S$100,000 short-term working capital facility from the largest P2P lending platform in SEA.

  • You could get in-principle approval in just 2 hours and cash disbursal within 24 hours
  • Maximum on tenure is only 12 months, so it may not be suitable for SMEs looking for loans with longer durations

Offered by Funding Societies, the largest digital Peer-to-Peer Lending platform in Southeast Asia, FS Bolt is a financing product targetted at SMEs and sole proprietorships in Singapore and Malaysia.

Whether you’re looking to expand your business operations or tide through over dry periods, you can obtain working capital from S$3,000 to S$100,000 in under 2 working hours.

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How does FS Bolt work?

Designed with SMEs and sole proprietorship in mind, FS Bolt offers short-term, crowdfunded working capital loans up to S$100,000 that can be used for immediate cash flow needs or to take advantage of any business opportunities.

With minimal document submission, zero collateral and a hassle-free application process, FS Bolt is highly accessible to entities that might not qualify for traditional bank loans. Approval decision and cash disbursement are both typically provided within 24 hours, making it the fastest financing option in Singapore.

FS Bolt is available on both iOS and Android devices.

Name Product Interest Rate From Maximum Loan Amount Minimum Loan Term Maximum Loan Term Collateral-free
Funding Societies FS Bolt
1%
S$100,000
1 month
12 months
Yes
Low-interest working capital loan tailored for local SME and startups, with no collateral required.
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Features that come with FS Bolt financing

Before applying, it’s important to consider all the features to ensure it’s the right loan for you:

  • No collateral required. Obtain unsecured working capital between S$3,000 to S$100,000 depending on your business needs.
  • Low interest rates. Enjoy competitive interest rates ranging from 1% to 4% per month.
  • Fast fund disbursal. Receive the funds in your nominated business account as soon as 24 hours after approval.
  • No early repayment fees. With no prepayment penalties, you pay interest only on what you use. To maximise your savings, you’re encouraged to repay your loan as soon as your finances permit.
  • Short loan terms. Tenor range from 1 month to 12 months so you can take advantage of a quick cash injection and repay it without accumulating too much debt.

How much will the loan cost?

Here are some of FS Bolt’s rates and fees:

  • Origination fee. A service fee between 2% - 5% will apply upon the successful disbursement of your loan.
  • Late payment fees. There’s a 7-days grace period from the repayment due date, but if you’re unable to make the full repayment before the window closes, you’ll incur a late interest of 0.1% of the outstanding principal per day (from due date).

How to apply for FS Bolt financing

If you’ve compared your options and decide to apply for FS Bolt financing, you may apply conveniently from its mobile app (available on both the App Store and Google Play) or via their website.

The application process typically takes a couple of minutes and you’ll receive a tentative offer from Funding Societies within 24 hours. Once you’ve reviewed and e-signed the contract, the requested funds will be disbursed to your designated business bank account.

To ensure a seamless application, make sure that you’ve met the eligibility criteria and have all the necessary documentation ready.

Eligibility criteria

Make sure you meet the following requirements before applying for FS Bolt financing:

  • ACRA-registered business entities, including sole-proprietors
  • Operating history of at least 6 months
  • Applicant must have a minimum of 30% local shareholding

You’ll also need to send in the following documents to complete your application:

  • Latest 6 months’ corporate bank statements, or at least a 6 months’ personal bank statement for sole proprietorships
  • Credit Bureau Singapore (CBS) report of personal guarantor(s) with 30 days validity
  • Latest 2 years Notice of Assessment of personal guarantor(s)
  • A front and back photocopy of your NRIC

    Note: Funding Societies may request additional supporting documents based on your financing request.

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