Licensed Money Lender Bukit Batok

Factors That Influence How Much You Can Borrow

• Your employment status
• Your monthly income
• Your income-to-debt ratio
• Your residency status in Singapore
• Your credit history and past loan behaviour

Frequently Asked Questions

What happens once my loan is approved?

When your loan is approved, our licensed money lenders will guide you through the disbursement and payback process so that you clearly understand the terms of your loan. To ensure that we remain completely transparent with our customers, we always adhere to the guidelines set out by the Ministry of Law (MinLaw).

1.  Loan Contract Signing: We will provide you with a contract for your loan that outlines exactly how much you have borrowed, your repayment terms, and the repayment schedule for your loan.
2. Loan Disbursement: Once you have signed your contract and our lenders have explained the terms of your loan, you will receive your loan amount – usually within one hour. The loan can be paid out using a variety of different methods including cash, bank transfer, PayNow, or as agreed by both parties.
3. Repayment Schedule: You will be provided with your repayment schedule and we will issue receipts for each of your loan payments.
4. Ongoing Communication: Our loan team will stay in touch with you throughout the term of your loan to ensure smooth repayment.
5. Loan Settlement: Once your final loan repayment has been settled, you will receive a settlement document that confirms that your debt has been completely paid and there will be no further payments.

As fast money lenders, we strive to create a transparent and simple loan application process so that you can get approved and funded as quickly as possible.

How do the monthly repayments work?

Your monthly loan repayments will cover part of the principal of the loan amount (this is the amount that you borrowed) and part of the interest (the amount that is charged on what you borrow). Your monthly repayment for the principal and the interest is bundled into one simple, easy-to-manage payment.

Our flexible payment terms and repayment periods are tailored to suit your unique financial situation. Our Money Lenders will work with you to understand your monthly debts and work out a monthly repayment schedule that works for you.

What interest rate do you charge on a loan?

The interest rates that we charge are subject to a range of different economic factors. Just like the banks, our interest rates will fluctuate based on market conditions.

Unlike other money lenders , we do not charge you the maximum 4% interest rate which is set out by the Ministry of Law. Instead, we work with you to secure you the best possible loan rates and terms to suit your unique circumstances. If you do happen to miss a monthly repayment, rest assured that any late fees that you are charged are capped by law and there will be no nasty hidden surprises waiting for you.

How can I track my loan repayments?

When you take out a loan with Accredit®, we will provide you with an easy-to-follow monthly repayment schedule where you can track your loan using our online portal or through our app. In your monthly portal you will find your upcoming payment dates, amounts, and the total balance of the loan so that you never miss a repayment, and you always stay on top of your loan.

Debt-to-Income or DTI simply refers to the percentage of your monthly income (before taxes) relative to the amount of money that goes towards paying off your monthly debt.

Money lenders will review your debt-to-income ratio to assess risks when determining how much you can borrow. Individuals with a good debt-to-income ratio are deemed to be lower risk by financial institutions and are therefore more likely to be approved for loans.