SME and start-ups owners will be familiar with the challenge. Your business is doing perfectly fine but you need a short-term loan or a credit facility to tide over some cashflow matters.
You turn to your regular banks but are not familiar with the loans they are offering. They are covenants you need to adhere to, collaterals you need to put up for them, an existing credit history and other business documents that you may or may not have.
It’s a hassle and you only have two choice. Comply or walk away.
FS Bolt To Provide Fast And Secure Loans For SMEs
Local FinTech Company Funding Societies aims to solve this common headache of SME owners and fellow entrepreneurs by launching an app that allow users to apply for loans in just 2 minutes, through their mobile phone.
The app, called FS Bolt, is now available on both iOS and Android devices.
FS Bolt uses an automated credit assessment process that enables it to approve or reject loan application in just two hours. Once a loan has been approved, money will be disbursed within 24 hours of the loan application. This makes FS Bolt one of, if not, the quickest source of working capital loans that SMEs can tap upon in Singapore.
Read Also: 8 Things To Ask Yourself Before Applying For A Business Loan
Keeping It Flexible For Singapore’s SMEs
To keep it simple and flexible for SMEs, FS Bolt also provides loan tenor flexibility. Borrowers can repay their loan anytime they wish without incurring penalty for early repayment. This is a feature that many loan products in the market do not have. Such a feature provides incentives for borrowers to repay their loans quickly, with borrowers only paying the interest during the time the money was borrowed.
Different Products For Different Needs
Funding Societies is of course no stranger to supporting SMEs in Singapore. The company’s flagship product is its peer-to-peer (P2P) lending platform that helps connect SMEs borrowers to a pool of willing lenders who lend them money in return for higher interest rates.
The company has a rigorous credit assessment process and also practices what it calls “skin in the game” by having its founders and team investing alongside lenders in every crowdfunding opportunity.
Read Also: Three Key Risks Of Peer-To-Peer Lending
Funding Societies is one of DollarsAndSense.sg Brand Connect partners. If you are interested to know them better, you can find out more on what they do on our DollarsAndSense Brand Connect Page
Lifestyle
Guide To Overseas Data Roaming Plans
