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Minterest Corporate Loan Review

Take advantage of a crowdfunded loan with Minterest.

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If you’re looking for an affordable way to raise finance for your business, you might want to consider Minterest. Their crowdfunded loan platform is aimed at SMEs who are looking to drive growth in their companies.

Minterest is regulated by the Monetary Authority of Singapore, so you can feel assured you’re dealing with a reputable organisation. Find out more about Minterest Corporate Loan in this review.

Compare Minterest business loans

Name Product Interest Rate From Maximum Loan Amount Minimum Loan Term Maximum Loan Term Collateral-free
Minterest Corporate Loan
8%
2 months
12 months
No
Loan from S$50,000 to for your business expenses for up to 12 months.
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How does a crowdfunded loan with Minterest work?

If you’d like to apply for a fundraising campaign via Minterest, you can get your small business application started online. The eligibility criteria outlined below will need to be met before starting your application. Once you’ve submitted the relevant documents, Minterest will contact you within 48 working hours to set up a meeting with you at your company premises. If you’re accepted as a new client, you’ll be able to start a new crowdfunding campaign. You’ll typically need to pay back your loan within 12 months, plus interest.

Features of crowdfunded loan with Minterest

  • One year finance plans. The longest term you can borrow for is 12 months. So, this type of funding option is not likely to be suitable for more established businesses looking for longer loan terms.
  • Convenient application process. Minterest will arrange a visit to your company offices within two business days of your initial contact.
  • Referral bonus. You could get between S$1,000 and S$2,000 paid to you if a company you referred is successful in raising funds through Minterest’s platform.
  • Minimum loan amount. Typically the minimum you can borrow is S$50,000.
  • Invoice financing. Minterest can also help business that would like to monetise their invoices and get paid more quickly, instead of waiting for their customers to pay them after a period of time. Read about how invoice financing can be a comparatively low-risk option for commercial borrowing.

How much will it cost to borrow?

There may be a number of fees and charges to be aware of with a crowdfunded loan via Minterest. That’s why it’s important that you read and understand this platform’s terms and conditions before you apply for a loan.

Borrowers may expect to pay a typical interest rate of between 8% and 18% per annum. Minterest will charge a processing fee of at least 2%, which is paid up-front when the loan is settled. These loans do not carry any other hidden fees or charges which end up reducing the overall burden of the loan.

For invoice financing, a processing fee will be charged when putting in place the invoice financing facility. Plus, an administrative fee.

How to apply for a crowdfunded loan with Minterest

If you’re ready to apply a funding campaign, you can start by signing up as a ‘borrower’ on Minterest’s website. After you open a Client Account – which is subject to a credit review and approval – you can create a funding request, which is then posted on Minterest’s platform.

Eligibility criteria

Minterest reviews each applicant on its individual merits. However, the typical minimum criteria for being accepted for a funding campaign with Minterest may include:

  • You must be an ACRA-registered company or limited liability partnership
  • At least one director is a Singaporean / Permanent Resident, or a foreigner residing in Singapore
  • Applicants should have a strong business record
  • At Minterest’s discretion, businesses with foreign ownership may also be accepted

Required documents

  • ACRA Business Profile
  • Memorandum & Articles of Association
  • Last 2 years’ financial statements, or management accounts if applicable.

Note that additional details will be required if you are applying for invoice financing.

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