The 9 Best Places To Get A Small Business Loan Online (Singapore 2021)

March 2, 2021

If you run an SME, you’ve likely faced the need to apply for a small business loan. Traditional offline avenues of applying for a loan (e.g. via a bank) are often troublesome, with lots of restrictive requirements and paperwork. It’s much easier to get a small business loan online in Singapore. Managing cash flow, paying suppliers, making payroll, or expanding your business are some common reasons why small businesses apply for online loans. These digital lenders disburse funds as quick as within minutes, allowing SMEs to accelerate their growth or smooth cash flow management. We’ve compiled a comprehensive comparison table of Singapore’s best online business loans to help you on your business financing journey.

SME Term Loan Comparison in Singapore

CapitalMatch FundingSocieties Finaxar Uprise Minterest MoolahSense Validus Multiply
Max loan amount $200,000 $2,000,000 $200,000 $200,000 $3,000,000 $5,000,000 Contact MoolahSense for loans above $5,000,000 $250,000 $250,000
Interest rate 6-15%/annum Starts from 8%/annum Contact for quote Starts from 19.5%/annum (1.5%/month) 8%-20%/annum Starts from 18%/annum Starts from 19.5%/annum (1.5%/month) Starts from 19.5%/annum (1.5%/month)
Approval time Within a few days 5 days and longer Within a few days 24 hours and longer 10 working days 5 days or longer Within 48 hours Within 48 hours
Collateral requirement None (unsecured) None (unsecured) None (unsecured) None (unsecured) None (unsecured) None (unsecured) Secured loans available with lower interest rate None (unsecured) None (unsecured)
Repayment period Up to 12 months Up to 12 months Up to 6 months Up to 12 months Up to 12 months Up to 24 months Up to 12 months Up to 12 months
Eligibility Singapore-registered business 2 years trading history Min. 30% local shareholding by citizen/PR Min. $200,000 annual revenue Singapore-registered business 2 years trading history Min. 30% local shareholding by citizen/PR Min. $300,000 annual revenue Singapore-registered business 6-months verifiable sales and trading history Min. 30% local shareholding by citizen/PR Singapore-registered business Singapore-registered business 1 year trading history Min. $300,000 annual revenue Singapore-registered business 3 years verifiable sales and trading history Min. 30% local shareholding by citizen/PR Min. $300,000 annual revenue Singapore-registered business 3 years verifiable sales and trading history Min. 30% local shareholding by citizen/PR Min. $300,000 annual revenue Singapore-registered business 2 years verifiable sales and trading history Min. $500,000 annual revenue
Early repayment Allowed, no penalty Case by case Case by case Allowed, no penalty Case by case Case by case Case by case Case by case
Additional fees 4% origination fee (taken on loan amount) 2-5% origination fee (calculated on loan amount) 2-5% origination fee (calculated on loan amount) Contact for details 2% and up origination fee (calculated on loan amount) 2-5% origination fee (calculated on loan amount) 2% and upwards origination fee (calculated on loan amount) 2% and upwards origination fee (calculated on loan amount)
Here’s a list of the best companies in Singapore for entrepreneurs to get a small business loan online:

#1. Capital Match

Websitehttps://www.capital-match.com/en/
Address1 Changi Business Park Crescent, #02-17 Plaza 8 @ CBP, Podium C, Singapore 486025
Phone+65 9429 9471
Emailsupport@capital-match.com
Year Founded2014
Socials·       https://www.linkedin.com/company/capitalmatchsg
SME Financing Options

·       Term Financing

·       Invoice Financing

Capital Match is one of Singapore’s leading SME lenders. The firm has disbursed over SGD $200 million in small business loans since it was founded in 2014.

Option A: Term Financing

Maximum loan amount: Up to SGD $200,000

Interest rates: Between 6% to 15% annualised, generally. Contact CapitalMatch for more details.

Approval time: A few days

Repayment period: Up to 12-months repayment

Requirements: You must be a Singapore-registered Private Limited or LLP firm. You must have 1 year of accounts filed with ACRA, or 2 years of trading history. At least 1 director needs to be a Singaporean or PR. You must have at least $100,000 in annual revenue.

Early repayment: Allowed. No penalty for early full repayment of the loan.

 

Option B: Invoice Financing

How it works: CapitalMatch will loan you up to 90% of the value of your unpaid invoice. When your customer pays your invoice, CapitalMatch will collect the money, and the remaining 10% (less fees) will be sent to you.

Maximum loan amount: Up to SGD $2,000,000

Maximum loan percentage: 90% of invoice

Interest rates: Contact CapitalMatch for quotes.

Repayment period: Up to 4-months repayment

Requirements: Any B2B company incorporated in Singapore, with unpaid invoices.

#2. Funding Societies

Website https://fundingsocieties.com/
Address 112 Robinson Road, Level 8, Singapore 068902
Phone +65 6221 0958
Email info@fundingsocieties.com
Year Founded 2014
Socials ·       https://www.linkedin.com/company/funding-societies/  ·       https://www.facebook.com/fundingsocieties
SME Financing Options ·       Term Financing  ·       Invoice Financing ·       Micro Financing

Funding Societies is one of South-East Asia’s largest P2P small business lenders, focused on SMEs. The firm is headquartered in Singapore. Funding Societies has disbursed over $1.9 billion in funds across 3.7+ million financing deals. The firm has expanded its lending operations to Indonesia (where it called Modalku), Malaysia, and Thailand. Funding Societies boasts a 100% financing fulfilment rate, so as long as your business meet their financing requirements you won’t have to worry about not being able to successfully raise funds.

Option A: Term Financing

Maximum loan amount: Up to SGD $2,000,000

Interest rates: Starts from 0.8%/month and up

Approval time: 5 days or longer

Collateral: None required, unsecured loan

Repayment period: Up to 12-months repayment

Requirements: You must be a Singapore-registered business. You must have 2 years of trading history. You must have a minimum of 30% local shareholding by a citizen or PR. You must have at least $300,000 in annual revenue.

Additional fees: FundingSocieties charges a 2-5% fee, calculated on the loan amount

Late fees: Amount determined on case by case basis

 

Option B: Invoice Financing

How it works: FundingSocieties will allow you to cash out up to 80% of the value of your unpaid invoice. When your customer pays your invoice, CapitalMatch will collect the money, and the remaining 10% (less fees) will be sent to you.

Maximum loan amount: Up to SGD $100,000

Maximum loan percentage: 80% of invoice

Interest rates: Starts from 1%/month and upwards

Approval time: 24 hours or longer

Repayment period: Up to 120 days repayment (4 months)

Requirements: Singapore-registered company. Sole proprietors welcome. Must have 6 months minimum operating history, with minimum 30% local shareholding.

Early repayment: Allowed, no penalty charged

 

Option C: Micro Financing

Maximum loan amount: Up to SGD $100,000

Interest rates: 1-4%/month

Approval time: Within 24 hours, if all required documents are furnished

Collateral: May require personal guarantor(s)

Repayment period: Up to 12-months repayment

Requirements: Singapore-registered company. Sole proprietors welcome. Must have 6 months minimum operating history, with minimum 30% local shareholding.

Early repayment: Allowed, no penalty

Additional fees: FundingSocieties charges a 2-5% fee, calculated on the loan amount

Late fees: Amount determined on case by case basis

Aspire is a neo-bank headquartered in Singapore, focused on serving SME financing needs. Aspire has regional offices in Vietnam, Thailand, and Indonesia. Aspire is a balance sheet lender, meaning it lends to SMEs either from its own balance sheet or from funds committed by big financial institutions (e.g. banks). This is different from most of the other lenders in this list that are P2P lenders, meaning they connect retail investors to borrowers. Aspire is backed by more than US $40 million in venture capital funding.

Revolving Credit Line

Instead of offering term loans like other digital lenders, Aspire offers SMEs a revolving credit line. Companies can draw on this line whenever they want, and you only pay interest on what you use. Limits are relatively high at $300,000, so this is a useful tool for solving working capital needs, purchase orders, or smoothing cash flow.

Loans: Up to $300,000

Repayment term: Up to 6 months

Rates: 2-4% processing fee based on loan amount + 1-4% per month

 

Invoice Financing

Aspire will pay your issued invoices within 24 hours for approved invoices. You can offer your customers up to 60-day payment terms. Aspire will then collect your receivables. Transaction fees are only 2.9%. This is a particularly helpful service that really distinguishes Aspire from the other lenders in this list, which will often only buy your invoices at up to 80-90% of their value. With Aspire, you get almost 100% of your invoices paid nearly immediately.

#4. Finaxar

Website https://www.finaxar.com
Address 36 Carpenter St, #02-01, Singapore 059915
Phone +65 8241 0590
Email hello@finaxar.com
Year Founded 2016
Socials ·       https://www.linkedin.com/company/finaxar/  ·       https://www.facebook.com/finaxar
SME Financing Options ·       Credit Line Financing  ·       Invoice Financing

Finaxar is a Singapore-based digital lender focused on providing SME financing. Finaxar’s funds come primarily from partnered financial institutions. Unlike most other companies in this list, lots of key information (such as interest rates, repayment periods etc.) is not publicly available. If you’d like more information, contact Finaxar directly.

Option A: Credit Line Financing

How it works: Finaxar’s credit line is a revolving term loan. This means that your business can borrow from the credit line anytime, without having to apply for a new loan each time you need it. You only pay interest when you borrow from the credit line. This is more convenient for SME owners.

Take note that Finaxar charges a fee each time you draw on the credit line.

Maximum loan amount: Up to SGD $200,000

Interest rates: Contact Finaxar for a quote

Approval time: A few days

Collateral: None required, unsecured loan

Repayment period: Up to 6-months repayment

Requirements: You must be a Singapore-registered business. You must have 6 months of verifiable sales and trading history. You must have a minimum of 30% local shareholding by a citizen or PR.

Additional fees: Contact Finaxar for origination fee amounts

Late fees: Amount determined on case by case basis

 

Option B: Invoice Financing

How it works: FundingSocieties will allow you to cash out up to 80% of the value of your unpaid invoice. When your customer pays your invoice, CapitalMatch will collect the money, and the remaining 10% (less fees) will be sent to you.

Maximum loan amount: Up to SGD $1,000,000

Maximum loan percentage: Contact Finaxar

Interest rates: Contact Finaxar

Approval time: 24 hours or longer

Collateral: Secured on your invoice. Finaxar also requires a Personal Guarantee or a Joint/Several Personal Guarantees.

Repayment period: Up to 120 days repayment (4 months)

Requirements: Singapore-registered company. Must have 6 months minimum operating history, with minimum 30% local shareholding.

Early repayment: May be allowed on case by case basis

 

Option C: Purchase Financing

Maximum loan amount: Up to SGD $100,000

Interest rates: 1-4%/month

Approval time: Within 24 hours, if all required documents are furnished

Collateral: May require personal guarantor(s)

Repayment period: Up to 12-months repayment

Requirements: Singapore-registered company. Sole proprietors welcome. Must have 6 months minimum operating history, with minimum 30% local shareholding.

Early repayment: Allowed, no penalty

Additional fees: FundingSocieties charges a 2-5% fee, calculated on the loan amount

Late fees: Amount determined on case by case basis

#5. Uprise

Website https://uprise.sg/
Address 10 Anson Road #13-09, International Plaza, Singapore
Phone +65 3138 4088
Email enquiry@uprisecredit.com
Year Founded 2018
Socials ·       https://www.linkedin.com/company/uprise-credit/  ·       https://www.facebook.com/uprisecredit
SME Financing Options ·       Term Financing  ·       Growth Financing
 

Option A: Term Financing

Maximum loan amount: Up to SGD $200,000

Interest rates: From 1.5%/month and up

Approval time: 24 hours or longer

Collateral: None required, unsecured loan

Repayment period: Up to 12-months repayment

Requirements: You must be a Singapore-registered business

Early repayment: Allowed, no penalty

 

Option B: Growth Financing

Maximum loan amount: Up to SGD $200,000

Interest rates: Fixed % that is taken out from each sale you make. Contact Uprise for a quote.

Approval time: 24 hours or longer

Collateral: Secured on each sale you make

Repayment period: No fixed period

Requirements: Singapore-registered business. Sole proprietors, LLPs, and Pte Ltds qualify. You need to have at least 12 months of operating history.

Additional fees: No origination fee

Late fee: None

#6. Minterest

Website https://www.minterest.sg/
Address 1 Raffles Boulevard, Crescent 1, Level 2 Suntec City, Singapore 039593
Phone +65 6386 8623
Email jennifer@minterest.sg
Year Founded 2014
Socials ·       https://www.linkedin.com/company/minterest-private-limited  ·       https://www.facebook.com/minterest.sg/
SME Financing Options ·       Term Financing  ·       Invoice Financing

Minterest was founded in 2016. The firm has disbursed over $132 million since it began operations. Recently, ADA took a controlling stake in the firm. Minterest is now set on an ambitious expansion plan.

Option A: Term Financing

Maximum loan amount: Up to SGD $3,000,000

Interest rates: Between 8% to 20%/annum

Approval time: 10 working days

Collateral: None required, unsecured loan. You must provide a Personal Guarantee.

Repayment period: Up to 12-months repayment

Requirements: You must be a Singapore-registered business. You must have 12 months of verifiable sales and trading history. You must have a minimum of $500,000 annual revenue.

Additional fees: Origination fee that starts from 2%, based on loan amount

Late fees: Amount determined on case by case basis

Option B: Invoice Financing

How it works: Moolahsense will allow you to cash out up to 80% of the value of your unpaid invoice. Sign up and apply online. You’ll need to provide some documentation like your ACRA records, bank statements, personal guarantees, and audited financial statements.

Maximum loan amount: From $15,000 upwards

Maximum loan percentage: 80% of invoice

Interest rates: From 0.6%/month and up

Approval time: 10 working days or longer

Collateral: Secured on your invoice. Minterest also requires a Personal Guarantee or a Joint/Several Personal Guarantees.

Repayment period: Up to 90 days (3 months)

Requirements: You must be a Singapore-registered business. You must have at least 1 year of trading history. You must have at least 6 months of trading history with the customer whose invoice you’re financing. You must have at least $500,000 in annual revenue.

Additional fees: Origination fee that starts from 2%, based on loan amount. Fees are chargeable for each and every invoice that you wish to factor.

Late fees: 4% per month. Plus 2-6% of the outstanding loan amount, or $3,000-$6,000, whichever is higher.

#7. MoolahSense

Website https://www.moolahsense.com/
Address 150 Cecil St, #03-00, Singapore 069543
Phone +65 6871 8780
Email jennifer@minterest.sg
Year Founded 2015
Socials ·       https://www.linkedin.com/company/moolahsense-private-limited/  ·       https://www.facebook.com/MoolahSense/
SME Financing Options ·       Term Financing  ·       Invoice Financing

MoolahSense is a P2P lender that was founded in 2015. Since it began operating, MoolahSense has disbursed over $75 million in funds. MoolahSense basically matches a pool of investors with companies who wish to borrow funds. Investors contribute the funds, which are then matched to suitable borrowing SMEs through various underwriting criteria.

Option A: Term Financing

Maximum loan amount: Up to SGD $5 million. Loans above SGD $5 million are available on request.

Interest rates: From 18%/annum

Approval time: 5 days or longer

Collateral: None required, unsecured loan. Secured loans are also available, and may result in a lower interest rate.

Repayment period: Up to 24-months repayment

Requirements: You must be a Singapore-registered business. You must have 3 years of trading history. You must have a minimum of 30% local shareholding by a citizen or PR. You must have at least $500,000 in annual revenue.

Additional fees: Moolahsense charges a 2-5% fee, calculated on the loan amount

Late fees: Amount determined on case by case basis


Option B: Invoice Financing

How it works: Moolahsense will allow you to cash out up to 80% of the value of your unpaid invoice. Sign up and apply online. You’ll need to provide some documentation like your ACRA records, bank statements, personal guarantees, and audited financial statements.

Maximum loan amount: From $15,000 upwards

Maximum loan percentage: 80% of invoice

Interest rates: Contact Moolahsense

Approval time: 5 working days or longer

Collateral: Secured on your invoice. Moolahsense also requires a Personal Guarantee or a Joint/Several Personal Guarantees.

Repayment period: Up to 90 days (3 months)

Requirements: You must be a Singapore-registered business. You must have 3 years of trading history. You must have tax invoices with payment terms of 15-90 days with B2B companies. You must have at least $500,000 in annual revenue.

Early repayment: Contact Moolahsense

#8. Validus

Website https://www.validus.com/
Address 6 Shenton Way, #17-09 OUE Downtown 2, Singapore 068809
Phone +65 6100 0610
Email jennifer@validus.com
Year Founded 2015
Socials ·       https://www.linkedin.com/company/validus-capital  ·       https://www.facebook.com/smefinancing
SME Financing Options ·       Term Financing  ·       Invoice Financing

Validus is a marketplace lender that was founded in 2015. Since it began operating, Validus has disbursed over $600 million in funds. That’s an immense quantity of loans, considering the next closest lender (FundingSocieties) has disbursed about half that amount. Validus’ loans are financed both via P2P methods, and from institutional funding sources.

Option A: Term Financing

Maximum loan amount: Up to SGD $250,000

Interest rates: From 1.5%/month

Approval time: 48 hours

Collateral: None required, unsecured loan

Repayment period: Up to 12-months repayment

Requirements: You must be a Singapore-registered business. You must have 2 years of trading history. You must have at least $500,000 in annual revenue.

Additional fees: Validus charges a 2-5% fee, calculated on the loan amount

Late fees: Amount determined on case by case basis


Option B: Invoice Financing

Maximum loan amount: $500,000

Maximum loan percentage: 80% of invoice

Interest rates: From 1%/month and up

Approval time: 48 hours

Collateral: Secured on your invoice. Moolahsense also requires a Personal Guarantee or a Joint/Several Personal Guarantees.

Repayment period: Up to 90 days (3 months)

Requirements: You must be a Singapore-registered business. You must have 2 years of trading history. You must have tax invoices with payment terms of 30-120 days. You must have at least $500,000 in annual revenue.


Option C: Purchase Financing

How it works: Moolahsense will allow you to cash out up to 80% of the value of your unpaid invoice. Sign up and apply online. You’ll need to provide some documentation like your ACRA records, bank statements, personal guarantees, and audited financial statements.

Maximum loan amount: $500,000

Maximum loan percentage: 60% of Purchase Order invoice

Interest rates: From 1.5%/month

Approval time: 48 hours

Collateral: Secured on your invoice. Validus also requires a Personal Guarantee or a Joint/Several Personal Guarantees.

Repayment period: Up to 90 days (3 months)

Requirements: You must be a Singapore-registered business. You must have 2 years of trading history. You must have at least $500,000 in annual revenue.

#9. Multiply

Website https://www.multiply.com.sg/
Address 6 Shenton Way, #17-09 OUE Downtown 2, Singapore 068809
Phone +65 6100 0610
Email jennifer@minterest.sg
Year Founded 2019
Socials ·       https://www.linkedin.com/company/validus-capital  ·       https://www.facebook.com/smefinancing
SME Financing Options ·       Micro Financing  ·       Invoice Financing ·       Asset Financing

Multiply is a marketplace lender that was founded in 2015. Since it began operating, Validus has disbursed over $500 million in funds. That’s an immense quantity of loans, considering the next closest lender (FundingSocieties) has disbursed about half that amount. Validus’ loans are financed both via P2P methods, and from institutional funding sources.

Option A: Term Financing

Maximum loan amount: Up to SGD $250,000.

Interest rates: From 1.5%/month

Approval time: 48 hours

Collateral: None required, unsecured loan

Repayment period: Up to 12-months repayment

Requirements: You must be a Singapore-registered business. You must have 2 years of trading history. You must have at least $500,000 in annual revenue.

Additional fees: Moolahsense charges a 2-5% fee, calculated on the loan amount

Late fees: Amount determined on case by case basis


Option B: Invoice Financing

Maximum loan amount: $500,000

Maximum loan percentage: 80% of invoice

Interest rates: From 1%/month and up

Approval time: 48 hours

Collateral: Secured on your invoice. Moolahsense also requires a Personal Guarantee or a Joint/Several Personal Guarantees.

Repayment period: Up to 90 days (3 months)

Requirements: You must be a Singapore-registered business. You must have 2 years of trading history. You must have tax invoices with payment terms of 30-120 days. You must have at least $500,000 in annual revenue.

Option B: Asset Financing

Maximum loan amount: $500,000

Maximum loan percentage: 80% of invoice

Interest rates: From 1%/month and up

Approval time: A few days

Collateral: Secured on your property (residential, commercial, or industrial property welcome)

Repayment period: Up to 90 days (3 months)

Requirements: You must be a Singapore-registered business. You must have 2 years of trading history. You must have tax invoices with payment terms of 30-120 days. You must have at least $500,000 in annual revenue.

Ready to protect your business?

Don’t just focus on finding funds for your business. It’s just as important to make sure your business is fully protected against major risks like property damage and legal liability.

With Provide, you’ll save up to 25% on your premiums. Our overheads are lower thanks to our digital operating model, so we pass every dollar saved back to you.

Here are some popular covers that SME owners frequently purchase:
1. Business Insurance Package Deal: From $19/month

2. Public Liability Insurance: From $9/month

3. Workmen Compensation Insurance: From $5/month

4. Commercial Property Insurance: From $9/month

5. Business Interruption Insurance: From $9/month

Let us point you to the right direction

Schedule a consultation with our experts.

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