What are micro loans?
Micro loans, also known as micro financing or micro credit, are flexible, short-term loans of smaller values. The full amount is loaned and repayments are made in installments over a period of time. With extra funding through micro loans, small businesses in Singapore will gain access to capital that can accelerate their growth.
What are the benefits of micro loans?
Micro loans are beneficial to SMEs which need urgent financing and are not able to receive small loans from banks. This is a viable solution that is swift with quick application and approval processes, and allows companies the capital to invest in their business. They can purchase equipment, hire more employees or rent offices. Through financing solutions like micro loans with attractive terms, Opal supports and spurs the growth of small businesses in Singapore.
Flexible loan amounts
Banks and other financial institutions are usually unwilling to loan businesses small amounts. Opal provides entities with flexible solutions, where you can borrow small amounts of S$3,000 or larger amounts, up to S$100,000, so you have the flexibility to decide on a budget that fits your company’s needs.
Favourable terms
We offer attractive interest rates from 1% onwards, keeping your expenditure low and your cost savings high. Some enticing short-term loan packages may come with 0% interest, but have hidden costs like a high processing fee. This could drain profits. Opal offers transparent terms, so you are well informed when taking a loan.
Quick, Easy Approval Process
The online application and approval process to obtain a micro loan is quick and easy. The application is completed within 2 minutes and approval is processed within 24 hours. Micro loans are especially useful for businesses in Singapore that find themselves in a tight spot and require quick financing solutions, allowing you to maintain a positive cash flow.
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Opal works with companies in Singapore, providing you with other financing solutions, like unsecured business term loans, which allow your business to thrive.