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ABout e-loan

Everything you need to know about e-loan.sg.

e-Loan is Singapore's latest personal loan and business matchmaker platform. Serving as a middle-man between you - the borrower - and lenders (License Financial Company in Singapore).  We help you get the best possible loan given your personal situation via a single application process. Our service is 100% free of charge, fully online, and takes no more than a few minutes.

No, eloan is not providing any loans itself. Instead, we are partnering with multiple license financial companies to offers the best loan available to you.

The main difference between eloan and other loan comparison services is that you receive personalized, pre-approved offers from lenders through eloan's single application. 

Our partner's network is constantly growing as we onboard new banks and money lenders every month. 

eloan.sg has a business license in Singapore and we operate according to Singapore business regulatory requirements.

When you accept an offer using our service, we get paid a small service fee from the lender. That is why our service is 100% free of charge for you as a customer.

the Loan Conditions

Everything you need to know about e-loan.sg conditions.

e-Loan is Singapore's latest personal loan and business matchmaker platform. Serving as a middle-man between you - the borrower - and lenders (License Financial Company in Singapore).  We help you get the best possible loan given your personal situation via a single application process. Our service is 100% free of charge, fully online, and takes no more than a few minutes.

No, eloan is not providing any loans itself. Instead, we are partnering with multiple license financial companies to offers the best loan available to you.

The main difference between eloan and other loan comparison services is that you receive personalized, pre-approved offers from lenders through eloan's single application. 

Our partner's network is constantly growing as we onboard new banks and money lenders every month. 

eloan.sg has a business license in Singapore and we operate according to Singapore business regulatory requirements.

When you accept an offer using our service, we get paid a small service fee from the lender. That is why our service is 100% free of charge for you as a customer.

The Application process

Everything you need to know about the application process.

This depends on your annual income. According to Singapore regulations, you can borrow up to 6 times your monthly income with licensed moneylenders and 8 times your monthly income with banks.

Your monthly loan cost will be depending on the loan amount that you are granted, the length of your repayment period (tenure), as well as your credit history.  In order to get a personalized monthly interest cost, you need to submit an application.

You will need to pay off the loan on a monthly basis to avoid any late fees. Most banks and lenders do allow early repayment as well.

Yes. Depending on how much debt you currently have, combined with your additional financial circumstances such as your monthly income, the lenders can offer you both unsecured loans and debt consolidation plans. Some lenders are more restrictive when it comes to offering loans to applicants with debt, and some lenders are specialising in this type of lending. The easiest way for you to see whether you are eligible for any offer is to apply on our website or contact us directly.

This depends on each lender's internal process. Although, once your application has been approved and you have accepted an offer, it normally takes less than a day before the money is in your bank account. In some cases, the disbursement happens immediately after approval.

The loan terms – such as interest rate, tenure, processing fee etc. – are based on your unique application and individual circumstances. Hence, before you have submitted your application, it is difficult to estimate the interest rate that you will be offered. Keep in mind that the interest rates can vary significantly between lenders and also differ based on the loan amount and tenure that is offered. Make sure to compare all offers given to you before choosing the one you prefer.

finance terminology

Everything you need to know about the common term used in the loan application.

You can repay your loan in portions, also known as installments. In general, you are required to make one installment every month (monthly installment). This installment is to pay off both interest and principal amount, for a specified amount of time until the loan is fully paid off.

The process of requesting a credit report to assess your financial situation is called a credit check. A credit provider must have a justifiable reason to carry out a credit check. 

An annuity loan refers to an arrangement where the borrower has to make identical installments every month. The combined loan principal and interest charges are divided by the number of payments to be made.

Our partnering lenders are able to return with so-called pre-approved offers (also called in-principle-approved offers) to the applicant. For final approval, the lender has to perform a credit check and obtain supporting documents. The pre-approved offer is still a strong indicator of how the final offer will look. After the credit check is done and the documents are submitted, you always have the opportunity to negotiate the pre-approved offer to get a larger loan amount or better terms or reject the offer altogether.

MLCB is a central repository of data on borrowers' loans and repayment records with all licensed moneylenders (LMLs) in Singapore. It will allow LMLs to assess the creditworthiness of borrowers and make informed decisions when granting loan applications. MLCB will also help borrowers to understand their loan information report so as to work towards achieving better financial health.

Credit Bureau Singapore has been designated by MinLaw as the operator of the Moneylenders Credit Bureau (MLCB) under Section 30D of the amended Moneylenders Act.

Credit Bureau Singapore Pte Ltd (CBS) is part of Credit Bureau Asia (CBA) Group of Companies and is Singapore's most comprehensive consumer credit bureau. CBS has full-industry uploads from all retail banks and major financial institutions. It is a joint venture between The Association of Banks in Singapore (ABS) and Infocredit Holdings Pte Ltd.

Since 2002, the Banking Act has allowed CBS members to obtain and disclose credit-related information to mitigate consumer credit risk through information pooling from CBS. CBS aggregates credit-related information amongst participating members and presents a more complete risk profile of a customer to credit providers. This helps credit providers to determine the likelihood of the customer repaying, thus enhancing their risk assessment capabilities.

Your credit report includes the following information:

 

Personal Information

This section details information such as your full name (as per NRIC/other official ID) and ID number as submitted by Licensed Moneylenders (LMLs).

 

Loan Summary

This section outlines the type of loans, your total principal amounts and total outstanding balance as submitted by LMLs.

 

Payment Status

This section details all active loans you have with LMLs and each loan's repayment status.

You can purchase a copy of your credit report at $0.50 (inclusive of GST).

* There will be no refund for all processed credit reports. For any technical issues during the transaction, kindly contact us for further assistance.

Buy My Credit Report, Click Here.

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