Official Online Loan Application – Another digital bank, Maribank, officially arrived in July. We are excited to see new players in the SME lending game join the ranks of ANEXT and Greenlink. Better late than never, right?
MariBank is a digital banking institution wholly owned by Sea Limited and authorized by the Monetary Authority of Singapore (MAS). Through the MariBank mobile application, customers can easily control their personal and business banking, integrating financial management into a simple platform.
Official Online Loan Application
It’s been three months since launch, so it’s time for an initial in-depth review of Marie Business Loan, a loan product for small and medium-sized businesses (got it?).
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0.5% fixed monthly interest rate (equivalent to 8.98% effective annual interest rate). Not the cheapest. Traditional banks can still provide working capital loans at an effective interest rate of 8.25% per annum. Also note that the effective interest rate is based on a 3-month loan term, so the effective interest rate will be higher for loan terms extended to 12 months. In comparison, ANEXT maintained an annual growth rate of 8.8%. Effective interest rate for a period of 5 years. So, even without the administrative burden, the overall cost is still high.
One good thing is that their interest calculations are based on simple interest, which makes the calculation relatively easy. For example, Mari Business Loans charges a simple interest rate of 0.5% per month on the loan amount, while a $100,000 loan would cost $500 per month. The repayment plan is 9 months and the total interest amount is S$4,500.
No upfront fees for 3, 6, 9 or 12 month payment terms. Unlike banks that charge up to 1.5% interest, this feature is useful for borrowers who want to pay off the loan early to reduce interest costs. However, since the first 12 month period is so short, I don’t think this is a huge advantage as most people don’t pay up front.
Note that this is still like a regular loan with a backup line, not a revolving loan, and if you’re late, they’ll keep an eye on you – 15% late payment notice.
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Like ANEXT, no documents are required if the loan amount is less than $30,000. This simplified process makes it easier for small and medium-sized businesses or street vendors who deal mainly in cash to get small loans without the need for prepared bank statements.
It becomes important for these borrowers to provide documents like CPF, NOA and solid credit score as their bank statements are not valued. However, some difficulties arose with Maribank’s system. They do not have a web-based application that requires borrowers to download their application to begin the loan application process. This has caused concern among some customers due to recent cases of app download scams.
However, the user interface of the app looks very user-friendly. It should be noted that Maribank currently accepts only directors and private entrepreneurs. They do not currently support multiple directors or complex business structures.
In addition, there is an option for Shopee businesses to link your account to the Mari Business app, which increases the credibility of your business profile.
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At least 6 months in business? Do you own at least 51% as a permanent resident or Singaporean? Then you are qualified! It should be noted that currently only directors and private entrepreneurs are accepted. 🙁
Marley Bank is for the little crooks who don’t play the games of the big banks. For larger companies, it may not be a game changer due to limited support, short credit terms and uncompetitive rates. Evaluation now? 7/10 But who knows, they might expand their market share soon. Stay tuned for the next episode in 6 months!
Disclaimer: Interesting comment, but remember that the world of finance can change faster than your morning cup of coffee.
Just use the MariBank application, choose your loan and enjoy your time: applications are processed immediately, usually within a day or two. We wish you much success in your shopping journey! 🚀✨
Why Apply For A Personal Loan Online? Best 8 Reasons You Should Know
The leading digital lending marketplace connects SMEs with its network of 45 lenders, including bank relationship managers, financial institutions and private and peer-to-peer lenders in Singapore. To help these SMEs overcome the overwhelming information asymmetry in financing, they are offered commercial term loans, real estate loans, income-based financing, lines of credit, working capital loans, bridging loans, invoices, etc. problems of lack of transparency. Financing etc.
Benjamin begins with experience in the SME industry. He previously worked as a commercial banker for Citi and has extensive experience in relationship management, credit risk, commercial operations and corporate currency sales; and understands the challenges SMEs face in the opaque world of SME financing. They noticed a new variant of credit fraud involving downloading a malicious application (app). Between July 1 and August 13, 2023, at least nine victims were affected and the total cost was at least $18,000.
In such cases, victims stumble upon ads offering loans on online platforms like Facebook or receive unwanted text messages through messaging apps like WhatsApp. If the victim expresses interest in such credit ads, the scammer sends the victim a Uniform Resource Locator (URL) link. As part of the loan request, the URL link asks the victim to download the Android Package Kit (APK) file, an application built for the Android operating system. See Appendix A for examples of malicious apps downloaded by victims.
This app is actually a malware that collects personal data from the victim’s phone and sends it to scammers. See Appendix B for the types of personal information collected by this malware.
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Fraudsters first trick victims into getting loans at attractive interest rates, but then demand that the applicant pay various “bets” in order to obtain the loan. If the victim refuses to pay the “fee” or tries to cancel the loan application, the scammer uses the victim’s personal data collected by the malware to blackmail the victim into paying the “fee”, for example by threatening to publish his picture and/or harassing employees on the contact list. After being scared, the victim transfers the money to a local bank account provided by the scammer
They want to warn the public about the dangers of downloading apps from third-party or dubious websites. This leads to the installation of malicious software on the victim’s mobile device, giving access to the victim’s personal information.
If you’ve downloaded and installed an app or suspect your phone is infected with malware, follow these steps:
If you have any information or questions about this crime, call the hotline at 1800-255-0000 or write online at /iwitness. All information is kept strictly confidential. If you need emergency help, dial ‘999’.
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For more information on the scam, the public can visit www.scamalert.sg or call the Scam Helpline at 1800-722-6688. Fighting fraud is a community effort. Together we can fight against scams and protect our community! When you live in one of the most expensive countries in the world, not having enough cash can be a problem for many people, especially when it comes to mortgages, utility bills, emergency car repairs, and more. hospital fees.
Many people can apply for a bank loan in these situations, but local banks have long terms and strict rules. For borrowers looking for instant cash loans, fast and reliable lenders in Singapore are the best option.
Licensed moneylenders in Singapore are regulated by the Ministry of Law and must comply with the Moneylenders Act when conducting business. Legitimate and licensed moneylenders in Singapore can always be found on the official list of the Registry of Licensed Moneylenders and will have a unique license number indicating their legitimacy.
With the rise of loan scams in Singapore, it is important to distinguish between illegal lenders in Singapore and reliable legitimate lenders. To avoid credit scams from lenders, it is recommended that you check the license of a local lender before applying for a loan. Here are some other ways to spot potential scams.
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Most of the time, the loan does not need to be paid in person, requiring a completely remote or online loan application process.
In order to better identify reliable and trustworthy moneylenders in Singapore to avoid fraud, it is important to know information about legitimate moneylenders, such as moneylender licensing requirements and prohibited behaviors that may be signs of an illegal moneylender. . At Galaxy Credit, we share our knowledge with our blog readers so they can make informed decisions when borrowing from licensed lenders. Take a look below.
Although it is always recommended to try to get a loan from a bank first, getting a personal loan from a legal lender in Singapore is also a reliable option that you should consider. Apart from the viable option, instant lenders can also do
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