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Alternative lending in Singapore

Once upon a time it used to be apparent that if your request for a loan from any big bank was denied, you had no other alternative source of funds; meaning luck went against you. Today the growing technology has enabled many tech-savvy companies to fill this gap by offering various lending options to individuals and SMEs. It’s a completely new lending space that does not follow the traditional borrowing procedures by banks and other credit institutions.

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Once upon a time it used to be apparent that if your request for a loan from any big bank was denied, you had no other alternative source of funds; meaning luck went against you. Today the growing technology has enabled many tech-savvy companies to fill this gap by offering various lending options to individuals and SMEs. It’s a completely new lending space that does not follow the traditional borrowing procedures by banks and other credit institutions.

This global phenomenon, particularly in the SEA has over the past 5-10 years experienced explosive growth with mobile payments becoming a common currency. The adoption of savings accounts, credit cards and other credit histories are slowly losing ground.

In Singapore for instance, it’s a huge market for alternative lenders who apply alternative means to proof one’s creditworthiness before offering them the much needed financial support in form loans. Statistics show that the total alternative finance market activities in the entire SEA totaled up to $324.81m in 2017; out of which $190.62m were from Singapore. Today there are over 96 alternative lending businesses in Singapore. Here’s some of the alternative lending in Singapore.


The Alternative lending in Singapore

GoBear

This is a comparison portal mainly for financial products like credit cards, deposit accounts, personal loans and insurance products. The insurance products include car, travel, house etc. It was founded in 2014 and its funding is $80m. The investors are Aegon and Walvis Group.

FinAccel

FinAccel is a retail credit portal for online shopping with its loan product named Krevido. The users are allowed to take loans for a duration of 30 days with no interest. It was founded in 2015 by 16 investors including Square peg Capital, Singtel Innov8 and Mirae Asset. It’s funding totals up to $125m.

MoneSmart

MoneySmart is a personal finance platform helping its users compare credit cards, insurance as well as loans. Its educative blog provides users with financial product reviews, tips and commentary for smart investment. It’s founded in 2009 by 6 investors among them Golden gate ventures, SPH Ventures as well as kakaku.com. It has total funding of $12m.

CredoLab

This startup provides credit assessment and decision solutions for telecoms, banks, insurers, retailers and consumer finance companies. It creates a digital footprint by collecting variety of metadata to predictive scorecards. It also provides credit scoring solutions for companies called CredoMeter. It was founded in 2015 by Fintonia Group, Forum Capital and Walden International. It’s funding totals up to $2m.

Aspire

Aspire provides term loans for small and medium enterprises. To apply for the loan, the businesses must connect their accounts then submit the required documentation. After reviewing the connected accounts, Aspire then weighs the financial risks based on the available data. The company was founded in 2018 by 7 investors including Insignia Ventures, Hummingbird Ventures and Mark 2 Capital.


Licensed Moneylender nearby Town– Singa Credit Pte Ltd

Established in 1992 and previously known as Yong Seng Credit,
Singa Credit Pte Ltd is Licensed Moneylender in Singapore regularly updated with the latest regulations to be in line with the requirements set out by Registry of Moneylenders.

Please feel free to call 66946166 for more info on our lowest interest rate in Singapore or walk in our office 470 North Bridge Road #02-01 Bugis Cube Singapore 188735.