To qualify for our loan in Singapore, the following criteria must be fulfilled
* Be a citizen or permanent resident of Singapore and above 21 years of age, and is not an undischarged bankrupt, nor facing any bankruptcy proceeding.
* Be permanently employed (CPF contribution), for foreigners (valid work permit) or if you are self-employed, have all relevant documents such as income tax assessment, ACRA if any, vocational license if any, NEA license if any.
What is the interest rate for a loan?
The interest rate charge is 4% per month.
What are the fees that money lenders can charge?
* a fee not exceeding $60 for each month of late repayment;
* a fee not exceeding 10% of the principal of the loan when a loan is granted;
* legal costs ordered by the court for a successful claim for the recovery of the loan.
You can also check our guide on how to calculate your monthly loan payment.
What is the maximum loan amount I am eligible for?
For secured loans, there is no restriction. For unsecured loans, you can obtain:
* Up to $3,000, if your annual income is less than $20,000;
* Up to 2 months’ income, if your annual income is $20,000 or more but less than $30,000;
* Up to 4 months’ income, if your annual income is $30,000 or more but less than $120,000; and
* Any amount, if your annual income is $120,000 or more.
Do you need a Guarantor to obtain a loan?
No. You do not need a guarantor .
Can I still apply if i have existing loans with other banks or moneylenders?
Definitely yes. Our professional consultants will take pleasure in providing you with a structured loan plan based on your financial capacity.
Will I be still be granted a loan if my credit rating is poor?
Yes, we may still grant a loan. We will assess your financial health and discuss with you a manageable plan to both ensure responsible lending as well as borrowing.
We also have a guide on how to get car loans even with bad credit score. In most instances, the evaluation process applies to our different loan offers including auto loans.
When and where can i apply for a loan?
We are located at 277, Balestier Road (326729) Our operating hours are on Monday to Friday 11:00am – 7:30pm. On Saturday 11:00am – 6:00pm. Sunday/PH, We are close.
We also cater online loan applications should you decide to apply via Cash Mart websites.
How and when will I know if my loan is approve?
After submission of all necessary documents, loan approval and disbursement is made at our office in 277 Balestier Road. With our comprehensive CM compliance system, we ensure at every level, it creates a full report of all end points for approval within 7 minutes.
After approval, can I still reject the offer?
Yes. You should not be obligated at any point to proceed to take out any loan if it does not meet your requirements or for any reason it is deem to be unsatisfactory.
What should I do after approval of my loan?
* Ensure that you have receive the correct principal amount of the loan.
* Pay the loan instalments on time to avoid incurring late payment fees and late interest.
* Ensure you are issued a dated and signed receipt every time you repay your loan or pay any fees in cash, and check it for correctness (e.g. name, amount, date).
* Make sure you receive a statement of account for all your loan(s) at least once every 6 months, and check it for correctness (e.g. name, amount, date); and
* You should retain all statement of accounts and receipts of payments, as documentation and evidence of payments.
How do I make repayments of my loan?
You can make repayment of your loan installments through island wide ATM deposit or online transfer to any of our local bank accounts. Alternatively you can also make repayment in cash at our office.
Cash Mart’s Step-by-Step Process and Guide on How to Apply for a Loan