If you are considering a payday loan from a moneylender you should read the “Notes for Borrowers” (PDF) from the Ministry of Law Singapore.
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HMS Credit Review
What you need to know about loans from HMS Credit.
If you’re looking for a personal loan or a loan for your business, you may want to consider HMS Credit. The licensed moneylender has more than 10 years of experience when it comes to finance. Read on to find out what you need to know about HMS credit.
How does a loan via HMS Credit work?
HMS Credit is a loan provider who offers a range of personal and business loans. There are four main types of loan to compare with this lender, which are matched to different needs. These are:
- Payday loan. These emergency loans could help if unexpected expenses crop up and you need money in a hurry. But be wary of the loan terms, high interest rates and high fees that payday loans attract.
- Short-term loan. This is a is a small loan that is designed to be repaid over a short period. Again, short term loans are expensive types of credit and cost more than traditional personal loans.
- Foreigner loan. As its name suggests, this loan type is available to those who aren’t permanent residents or Singaporean citizens. Expect to show additional documents during the application process, such as valid travel documents.
- Business loan. Businesses could get help with added cash flow via a loan of up to S$50,000.
Features of a HMS Credit loan
- Different loan amounts. HMS Credit offer various loan amounts that often depend on your monthly income.
- Straightforward application process. Start by completing a loan inquiry form via this lender’s website. You’ll then need to visit HMS Credit’s office and fill in some mandatory forms before your loan can be issued.
- Accessible credit option. You can still apply for a short term loan or a payday loan if you have a bad credit history or an outstanding loan. As long as you can afford to pay off the amount you apply for, you have a chance of being approved.
- Fees and charges. You should read the terms and conditions of your loan agreement with care so that you know the full cost of your borrowing, along with any charges of fees you might face. Payday loans in particular charge higher fees than most other personal loans. This can include establishment and monthly fees, plus, any penalties for late or missed payments. Keep in mind that payday loans are not a long-term solution and people should seek help from a financial adviser if they’re struggling financially.
Am I eligible?
The eligibility requirements will vary depending on the type of loan you want to take out with HMS Credit. The typical minimum requirements for a short-term loan or a payday loan are likely to include:
- You need to be at least 21 years of age
- You need to have to be employed, usually with a fixed monthly income
- You must be a Singaporean citizen, a permanent resident (PR) or be working in the country with a valid work permit.
As a minimum, you’ll need to present your Identification Card and payslips.
How to apply with HMS Credit
If you wish to apply for a loan with HMS Credit, there are a couple of different ways to start the process. You can do so via this lender’s website. Alternatively, you can call HMS Credit at (65) 6333 9061. Or you can visit HMS Credit in-person during the company’s operating hours (Mon-Fri 11AM-7PM; Sun 11AM-5PM).
Before making a full application, make sure that you meet the eligibility criteria and have any required documents ready.
And as always you should read the “Notes for Borrowers” (PDF) from the Ministry of Law Singapore if you are considering a payday loan.
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