Has the bank turned down your business loan? With limited trading history or financial statements to show, you may need to bridge a cash-flow gap — and you want to know whether you can still be assessed on your own merit.
Looking for a Start-up Loan in Singapore?
Starting a business often requires capital for equipment, inventory, rental deposits and other start-up expenses.
While Friday Finance does not offer a dedicated business or start-up loan, a personal loan may be a suitable financing option for individuals looking to fund their business plans, subject to eligibility and assessment.
A startup loan from Friday Finance can give new business owners working capital — for inventory, payroll, refurbishment, rental deposits, or equipment — without requiring business financial statements, as it is assessed based on your personal risk profile. It is designed for founders who may have difficulty getting a business loan approved elsewhere.
A start-up loan generally refers to financing used to cover the initial costs of starting a business. Depending on the lender, this may take the form of a dedicated business loan or, in some cases, a personal loan.
Friday Finance provides personal loans, which some individuals may consider using for business start-up expenses. Loan approval is based on the applicant's personal financial profile and eligibility, rather than the financial performance of the business.
The way a start-up loan can be used depends on the type of financing and the lender's terms.
For individuals considering a personal loan to support start-up-related expenses, funds may generally be used for legitimate purposes such as:
• Procuring inventory
• Hiring new staff or covering payroll
• Facilitating refurbishments
• Meeting rental down payment requirements
• Acquiring equipment
Borrowers should always ensure the loan is used responsibly and that repayments remain affordable
Depending on individual circumstances, some borrowers choose to use a personal loan to fund business start-up expenses such as equipment, inventory or rental deposits. Borrowers should ensure they can comfortably meet the repayment obligations.
Taking up a personal loan does not automatically affect your credit profile negatively. However, timely repayments are important. Meeting repayment obligations helps maintain a positive repayment record, while missed or late payments may affect future borrowing.
It is not a requirement as our risk assessment is done on a personal risk profile. However, we may ask more details about your business for further clarification.
Friday Finance is a product of IFS Consumer Services Private Limited, a licensed moneylender regulated by the Registry of Moneylenders of the Ministry of Law in Singapore
