MoolahSense Business Loan Review
P2P financing platform offering various loan sizes, customisable interest and quick cash disbursement.
- Access loan amounts up to S$5,000,000
- Application fees from $500 to $750 applies
An alternative financing choice for SMEs, MoolahSense provides the largest loans from P2P platform to SMEs in Singapore. Comes in both secured and unsecured options, companies may apply up to S$5,000,000 and access the funds in as soon as 5 working days..
Find out more about a MoolahSense Business Loan in our review.
How does a MoolahSense Business Loan work?
MoolahSense is Singapore’s first digital lending platform and it offers the largest loan size of any crowdfunding platform to SMEs here. Companies requiring fast cash injection can request for amounts starting from S$50,000 to over S$5,000,000, which can be used to finance daily operations or partake a large scale project.
Loan tenor is available from 3 months to 24 months, making MoolahSense an excellent short to mid-term financing option.
Applying for financing from MoolahSense is comparatively less burdensome than banks due to minimal eligibility criteria and fewer supporting documentation. This means that loans from MoolahSense are more accessible to young companies that are unable to meet the stringent operational history and annual revenue requirements from a traditional bank loan.
Once your application is approved, the funding campaign for your loan will begin. When it’s successfully funded, you’ll receive the cash (net of the service fee) in your nominated corporate account within 5 working days, which as incredibly quick considering the sizable loan amount.
Features that come with a MoolahSense Business Loan
Here are the key features to consider:
- Sizable loan size. SMEs may obtain business loans ranging from S$50,000 to over S$5,000,000 in size.
- Fast cash disbursal. Once your loan request is fully funded, it’ll be transferred to your designated bank account within 3 business days.
- Secured and unsecured loan options. You may choose either a secured or unsecured loan option. For unsecured business loans, it is not pledged against any physical collateral so you’d most likely need to pay a higher interest rate. With secured loans, you’ll enjoy a lower interest rate since the loan is backed by your asset.
- Up to 24 months loan tenor. You may take up a loan tenor ranging from 3 months to 24 months for unsecured financing, and between 6 to 24 months for secured loans.
- Loan customisation. You have the flexibility to determine the interest type and rates for your loan before launching the funding campaign. Investors will then decide and bid it if they’re agreeable to the interest that they’ll receive.
- Lenient eligibility requirements. Companies unable to meet the stringent requirements for a traditional bank loan may be eligible to apply for a sizable loan from MoolahSense.
How much will the loan cost?
These are the rates and fees to take note of when you apply for a MoolahSense Business Loan:
- Application fee. There’s an application fee of $500 for an unsecured loan (non-HIPO) and $750 for a secured loan (HIPO)
- Funding success fee. Once your loan is successfully funded, a 3 to 5% service fee will be deducted from capital raised before being disbursed into your account. Take note that the fees charged are subjected to changes and may differ on a case-by-case basis.
- Late payment fees. If you fail to make repayments in time, you’ll incur a $500 one-time late payment fee or 3% of arrears, whichever is higher. In addition, you’ll incur a 30% p.a. late payment interest on the arrears starting from the first day you after the due date.
How to apply for a MoolahSense Business Loan
If you’re ready to take up a business term loan from MoolahSense, simply register for an account by clicking “Apply Now” on its website. The application process typically takes less than 5 minutes and is reviewed within 48 hours. After that, a representative from MoolahSense will get in touch and guide you through the process and submission of supporting documents.
Make sure that your company meets the eligibility criteria and have all the supporting documentation on hand before applying:
Make sure you meet the following requirements before applying for a business term loan:
- ACRA-registered Private Limited (Pte Ltd) or Limited Liability Partnership (LLP) business entities
- Incorporated for at least 3 years
- Minimum annual turnover of S$500,000
You’ll also need to submit these supporting documents to complete your application:
- Financial statements for the last 2 years (preferably audited)
- Latest 6 months’ corporate bank statements
- Latest ACRA Bizfile Business Profile Report
- Limited Liability Partnership Agreement/Memorandum; Articles of Association (M&A)
- Proof of identity of directors, partners or managing partner (e.g. front and back photocopy of NRIC or passport)
- Proof of residential address of all the authorised directors, partners or managing partner (e.g. utility bills or letters from government bodies)
- Proof of business address in Singapore (within the last six months)
- Loan declaration with existing financial institutions
- Monthly Accounts Receivables (AR) books (for secured loan applications only)
Note: MoolahSense may request additional supporting documents based on your financing request.Back to top