Looking for an instant answer to a question?
Whatever your reason for taking up a legal loan with a licensed moneylender in Singapore, it is always advisable to ask the right questions and clarify your doubts before committing. Compiled below are some frequently asked questions. Though not exhaustive, they should steer you in the right direction.
- What are the basic requirements to qualify for a loan?
– You need to be a Singaporean or a PR
– You need to be 21 years old or above
– Not an un-discharged bankrupt or pending bankruptcy
– Have a stable employment
* Foreigners please call us.
- What are the documents required to process my loan?
– Your original NRIC or Work Pass
– Latest 3 month pay slips
– Proof of address. E.g. Bank statements or government bills
– Having a business card, staff pass, employment contract, IRAS and CPF statement will expedite the application process
– For self-employed, bring along your latest ACRA, 6 months of company bank statements
– Other documents maybe requested if needed
* We do not accept police report.
- What are the types of loans we provide?
- What is the interest rate and other charges involved when taking a loan?
– Our interest is 3.92% per month
– There will be 10% admin fee* charged upfront
– If a borrower fails to repay the loan on time, the late interest charged is 3.92% per month for each month the loan is repaid late
* Admin Fee is per Government regulations.
- How much can I borrow?
The amount you can borrow will be greatly determined by your annual income.
– Annual income less then $20k : Up to $3k
– Annual income between $20k to $30k : Up to 2 times your monthly income
– Annual income between $30k to $120k : Up to 4 times your monthly income
– Annual income above $120k : Any amount
- Do I need a Guarantor to obtain a loan?
No. BUT having a guarantor will definitely help.
- How do I apply for a loan with AK Credit?
- How long does it take to approve my loan application? And how will I know if my loan is approved?
- Can I reject the loan after it is approved?
– YES. You are free to do as you please
– It is recommended that you clarify all doubts with our officers before accepting the loan. Our officers are obliged to answer all your questions
– Never sign on the contract if you are not comfortable for any reason
- What should I do after being granted a loan?
– Make sure the correct amount is given to you. The officer can only deduct 10% (admin fee) upfront. E.g. if your loan amount is $1,000, $100 will be deducted for your admin fee and $900 will be dispensed to you in hand
– A copy of the contract has to be given to you
– You will receive your statement of account every 6 months. Please take some time to verify the details. Contact us immediately if there are any discrepancies.
- How to do repayments?
– You may do your repayments at our office, bank transfer or bank deposit
– Make sure you receive a receipt from our officers if you are making a payment at our office. Likewise, please have a copy of your transfer or deposit advice for your reference