Money Lender Singapore: 5 Documents Required by Most Lenders

in #lenders5 years ago

When we talk about the requirements to obtain a commercial loan, what are the most common documents that your lender can request can you gather all these documents in advance and thus increase your chances of being approved?

Being approved for a loan is much more likely if you are prepared. That means collecting all the documents that you must provide to your Money lender Singapore.

You can create a folder and save paper copies of all important documents related to your company. But it is even better to have digital copies and save them to a disk in the cloud-like DropBox or Google Drive. So you can access your documents quickly, anytime and anywhere.

5 documents required by most lenders

Bank statements

This is one of the most important requirements for a loan. Your lender will want to know how much money you deposit in the bank each month and how you use it.

They will also look at the following:

• The name of your company in your bank statements. Your official business name must appear in the bank records.

• The rates you pay to your bank. For example, a lender will look at whether your balance falls below the minimum required that you must maintain. This sometimes entails a penalty in the form of a fee.

At Easy Credit Financial, the process to verify your bank statements is quick and easy. You do not need to visit your branch to get your account statements, or print or fax them. All you have to do is send an electronic authorization so we can download the last 6 months of your banking activity. You can rest easy: this process is completely secure and your information remains private.

Tax returns

You must provide your personal tax returns if your company is a sole proprietorship or a partnership. These are “transfer entities”, which allow the benefits of your company to be reflected in your personal tax return. In easy credit, we require your personal tax return for the last year (which should reflect your company's reported income). This is not necessary for our microloans (from $ 5,000 to $ 50,000).

Of course, if your company makes the tax return, you must also file this tax return for your company. Tax returns that show the company's benefit can positively affect the interest rate you receive

Proof of company registration

You will have to tell the lender how your company is structured or registered. Most small businesses belong to one of these four categories: sole proprietorship, partnership, limited liability company (LLC) or corporation.

Licenses and business permits

Keep a copy in the folder you prepare for your lender. If your company carries out activities regulated by a federal agency, you will need a federal license or permit. Certain business activities need a state, county or city license.

Make sure the licenses and permits you provide to your lender have not expired. If you need to renew any of these documents, do it as soon as possible.

Guarantee

You may need to provide a guarantee or guarantee in the form of real estate or other assets. Some lenders will only consider your loan application if you are able to present a guarantee of sufficient value. Traditional banks and lenders do not usually guarantee loans if there is no money-back guarantee