{"id":6503,"date":"2021-10-21T13:00:39","date_gmt":"2021-10-21T13:00:39","guid":{"rendered":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/?p=6503"},"modified":"2023-10-12T13:02:46","modified_gmt":"2023-10-12T05:02:46","slug":"what-are-the-4-common-misconceptions-about-getting-a-business-loan-in-singapore","status":"publish","type":"post","link":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/what-are-the-4-common-misconceptions-about-getting-a-business-loan-in-singapore\/","title":{"rendered":"Common Misconceptions about Business Loans In Singapore"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/what-are-the-4-common-misconceptions-about-getting-a-business-loan-in-singapore\/#Common_misconceptions_about_business_loans_in_Singapore\" >Common misconceptions about business loans in Singapore<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/what-are-the-4-common-misconceptions-about-getting-a-business-loan-in-singapore\/#1_Businesses_should_only_apply_for_loans_when_they_have_no_money\" >1. Businesses should only apply for loans when they have no money<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/what-are-the-4-common-misconceptions-about-getting-a-business-loan-in-singapore\/#2_Apply_loans_at_every_bank_possible\" >2. Apply loans at every bank possible<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/what-are-the-4-common-misconceptions-about-getting-a-business-loan-in-singapore\/#3Avoid_the_use_of_credit_cards\" >3.Avoid the use of credit cards<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/what-are-the-4-common-misconceptions-about-getting-a-business-loan-in-singapore\/#4Get_confused_about_the_roles_of_loan_brokers_with_that_of_loan_consultants\" >4.Get confused about the roles of loan brokers with that of loan consultants<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/what-are-the-4-common-misconceptions-about-getting-a-business-loan-in-singapore\/#5Looking_for_a_Loan_Consultant_Choose_Bizsquare_now\" >5.Looking for a Loan Consultant? Choose Bizsquare now!<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"Common_misconceptions_about_business_loans_in_Singapore\"><\/span>Common misconceptions about business loans in Singapore<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"592\" height=\"331\" src=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/wp-content\/uploads\/2021\/10\/bizsquare4.jpg\" alt=\"business loan\" loading=\"lazy\" srcset=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/wp-content\/uploads\/2021\/10\/bizsquare4.jpg 592w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/wp-content\/uploads\/2021\/10\/bizsquare4-300x168-1.jpg 300w\" sizes=\"auto, (max-width: 592px) 100vw, 592px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"1_Businesses_should_only_apply_for_loans_when_they_have_no_money\"><\/span>1. Businesses should only apply for loans when they have no money<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><b>\u00a0<\/b><\/p>\n<p><strong><u>Misconception<\/u><\/strong><\/p>\n<p>A common misconception is that businesses should only apply for a<a href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/\"> loan<\/a> when they do not have enough money.<\/p>\n<p>When they have sufficient finances, businesses do not apply for loans since they do not require it at the current moment.<\/p>\n<p><strong><u>Rationale <\/u><\/strong><\/p>\n<p>Businesses should plan ahead and prepare for the future when they do require a loan.<\/p>\n<p>When they have a good financial status, it is the BEST time for them to apply for a loan because they would stand a better chance to have their loan approved.<\/p>\n<p>This is because their credit standing and financial status is stronger at that moment.<\/p>\n<p>Conversely, when businesses have a poor financial status, banks and financial institutions would be less likely to approve the business loan since financial status is weak.<\/p>\n<p><strong><u>In a nutshell<\/u><\/strong><\/p>\n<p>Businesses should apply for loans when they have a good financial status and NOT when they lack cash.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"594\" height=\"334\" src=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/wp-content\/uploads\/2021\/10\/bizsquare5.jpg\" alt=\"business loan\" loading=\"lazy\" srcset=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/wp-content\/uploads\/2021\/10\/bizsquare5.jpg 594w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/wp-content\/uploads\/2021\/10\/bizsquare5-300x169-1.jpg 300w\" sizes=\"auto, (max-width: 594px) 100vw, 594px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"2_Apply_loans_at_every_bank_possible\"><\/span>2. Apply loans at every bank possible<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong><u>Misconception<\/u><\/strong><\/p>\n<p>Another misconception is to apply to many different banks for loans at the same time to increase their chances of getting at least one loan.<\/p>\n<p>This stems from the common saying, \u201cDon&#8217;t Put All your Eggs in One Basket\u201d.<\/p>\n<p>Many businesses believe that placing their bets in different banks when they are in need to get a loan is a right move.<\/p>\n<p><strong><u>Rationale<\/u><\/strong><\/p>\n<p>In fact, it is the wrong move!<\/p>\n<p>Business should not apply for many loans from many banks at the same time because this would tarnish their personal credit bureau record by increasing the number of searches whilst also increasing the search count for their ACRA for their Company.<\/p>\n<p>Therefore, business owner should also take precedence to the number of loan they should be applying at one time as it makes them look desperate when there are too many searches on acra on the same month for instance. \u00a0In addition, having too many searches on their credit bureau report will also bring down the credit bureau score of the person being search for.<\/p>\n<p><strong><u>In a nutshell<\/u><\/strong><\/p>\n<p>A great way to apply is to apply in a gradual manner to avoid the dropping of credit bureau score.<\/p>\n<p>For instance, applying to two banks, then followed by two to three banks again after some time. This would be the accurate and more efficient way to apply for bank loans.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"589\" height=\"331\" src=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/wp-content\/uploads\/2021\/10\/bizsquare6.jpg\" alt=\"business loan\" loading=\"lazy\" srcset=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/wp-content\/uploads\/2021\/10\/bizsquare6.jpg 589w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/wp-content\/uploads\/2021\/10\/bizsquare6-300x169-1.jpg 300w\" sizes=\"auto, (max-width: 589px) 100vw, 589px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"3Avoid_the_use_of_credit_cards\"><\/span>3.Avoid the use of credit cards<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong><u>Misconception<\/u><\/strong><\/p>\n<p>it is not unheard of that people would say, \u201cDon\u2019t get personal loans\u201d, \u201cDon\u2019t get any credit card or loan is bad and you shouldn\u2019t be taking any loan. \u201cAll of the above are the common saying that many parents have taught their kids when they are young.<\/p>\n<p>Therefore, in many times, some business owners avoid the use of credit cards all together and do not have a single credit card in their lifetime.<\/p>\n<p><strong><u>Rationale<\/u><\/strong><\/p>\n<p>Without personal use of credit cards, <a href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/\">personal loan<\/a>, housing loan or any banking facilities; there will be no credit record in your personal credit bureau.<\/p>\n<p>Lacking credit records means that there is no credit history for banks and financial institutions to analyse your personal credit profile, which will affect your credit rating. This give the banks a lot of uncertainties when they are deciding if they should trust you.<\/p>\n<p>This deters banks and financial institutions from approving future loan applications for your business as they do not have any historical record of you to gauge how is your payment conduct and how you behave.<\/p>\n<p><strong><u>In a nutshell<\/u><\/strong><\/p>\n<p>The best way to go about is to hold a few credit cards, utilize it and pay on time. This will build your credit record and allowing the bank to see that you are a good paymaster. Therefore, increasing chances of getting a business loan approval.<\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"587\" height=\"331\" src=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/wp-content\/uploads\/2021\/10\/bizsquare7.jpg\" alt=\"business loan\" loading=\"lazy\" srcset=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/wp-content\/uploads\/2021\/10\/bizsquare7.jpg 587w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/wp-content\/uploads\/2021\/10\/bizsquare7-300x169-1.jpg 300w\" sizes=\"auto, (max-width: 587px) 100vw, 587px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"4Get_confused_about_the_roles_of_loan_brokers_with_that_of_loan_consultants\"><\/span>4.Get confused about the roles of loan brokers with that of loan consultants<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong><u>Misconception<\/u><\/strong><\/p>\n<p>The last misconception when businesses are in the process of getting a business loan is that they might confuse the role of loan brokers with that of loan consultants.<\/p>\n<p><strong><u>Rationale<\/u><\/strong><\/p>\n<p>Loan brokers are typically intermediaries which focuses only on passing documents straight from clients to the bank or financial institution.<\/p>\n<p>On the other hand, loan consultants give advice and provide consultation services before facilitating the deal.<\/p>\n<p>As an advisor to the deal, loan consultants help improve and value-add to the loan application. They also seek to increase the chances of the approval of an application by advising the client on the right thing when applying for a loan. A good consultant will also help analyse and improve their business along the way.<\/p>\n<p><strong><u>In a nutshell<\/u><\/strong><\/p>\n<p>Businesses seeking advice on how to increase their chance of loan approval and improve their business should approach loan consultants as a good consultant can truly value-add the business in long-run.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"591\" height=\"336\" src=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/wp-content\/uploads\/2021\/10\/bizsquare8.jpg\" alt=\"business loan consulting\" loading=\"lazy\" srcset=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/wp-content\/uploads\/2021\/10\/bizsquare8.jpg 591w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/wp-content\/uploads\/2021\/10\/bizsquare8-300x171-1.jpg 300w\" sizes=\"auto, (max-width: 591px) 100vw, 591px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"5Looking_for_a_Loan_Consultant_Choose_Bizsquare_now\"><\/span>5.Looking for a Loan Consultant? Choose Bizsquare now!<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Categorised as the <a href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.sgsmeloans.com.sg\/\" target=\"_blank\" rel=\"noopener\">Best Business Loan Consultan<\/a>t in Singapore, Bizsquare is at the front of the game in terms of loan management and consultancy services.<\/p>\n<p>Without a doubt, we fight for you and your business needs. We seek to add value to your business and rest assured we would not charge fees if we do not add any value to your business.<\/p>\n<p>By practising a Business Credit Doctor concept, we strive on being your specialist by conducting a full credit check on your business to analyse where your problem is; and we provide recommendations and also able to solve it for you.<\/p>\n<p>In addition, customisation is one of our expertise and we ensure to cater to your needs. Bizsquare also ensure not to over-promise. You can count on us to give our honest and genuine opinion on your current financial situation and what you should be doing to get your desired loan.<\/p>\n<p><a href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/sgsmeloans.com.sg\/\" rel=\"nofollow noopener\" target=\"_blank\"><strong><em>BizSquare<\/em><\/strong><\/a><strong><em>\u00a0is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship.<\/em><\/strong><\/p>\n<p><strong><em>For more info, please visit Bizsquare Group at\u00a0<\/em><\/strong><strong><em><a href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/\">www.bizsquare.com.sg<\/a>\u00a0<\/em><\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"585\" height=\"332\" src=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/wp-content\/uploads\/2021\/10\/bizsquare9.jpg\" alt=\"business loan\" loading=\"lazy\" srcset=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/wp-content\/uploads\/2021\/10\/bizsquare9.jpg 585w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/wp-content\/uploads\/2021\/10\/bizsquare9-300x170-1.jpg 300w\" sizes=\"auto, (max-width: 585px) 100vw, 585px\" \/><\/p>\n<p><strong>Hesitate no longer and check out our socials!<\/strong><\/p>\n<p>Website: <a href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/\">https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg<\/a><\/p>\n<p>Website:&nbsp;<a href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.sgsmeloans.com.sg\" target=\"_blank\" rel=\"noopener\">https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.sgsmeloans.com.sg<\/a><\/p>\n<p>Facebook: <a href=\"https:\/\/www.facebook.com\/bizsquaremc\" target=\"_blank\" rel=\"noopener\">https:\/\/www.facebook.com\/bizsquaremc<\/a><\/p>\n<p>Instagram: <a href=\"https:\/\/www.instagram.com\/bizsquaremc\/\" target=\"_blank\" rel=\"noopener\">https:\/\/www.instagram.com\/bizsquaremc<\/a><\/p>\n<p>LinkedIn: <a href=\"https:\/\/www.linkedin.com\/company\/bizsquare-management-consultants-pte-ltd\" target=\"_blank\" rel=\"noopener\">https:\/\/www.linkedin.com\/company\/bizsquare-management-consultants-pte-ltd<\/a><\/p>\n<p><a href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/contact-us\/\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"100\" src=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/wp-content\/uploads\/2021\/09\/button-300x100-1.png\" alt=\"free consultation\" loading=\"lazy\" \/>\t\t\t\t\t\t\t\t<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Common misconceptions about business loans in Singapore 1. Businesses should only apply for loans when they have no money \u00a0 Misconception A common misconception is that businesses should only apply for a loan when they do not have enough money. When they have sufficient finances, businesses do not apply for loans since they do not require it at the current moment. Rationale Businesses should plan ahead and prepare for the future when they do require a loan. When they have a good financial status, it is the BEST time for them to apply for a loan because they would stand a better chance to have their loan approved. This is because their credit standing and financial status is stronger at that moment. Conversely, when businesses have a poor financial status, banks and financial institutions would be less likely to approve the business loan since financial status is weak. In a nutshell Businesses should apply for loans when they have a good financial status and NOT when they lack cash. 2. Apply loans at every bank possible Misconception Another misconception is to apply to many different banks for loans at the same time to increase their chances of getting at least one loan. This stems from the common saying, \u201cDon&#8217;t Put All your Eggs in One Basket\u201d. Many businesses believe that placing their bets in different banks when they are in need to get a loan is a right move. Rationale In fact, it is the wrong move! Business should not apply for many loans from many banks at the same time because this would tarnish their personal credit bureau record by increasing the number of searches whilst also increasing the search count for their ACRA for their Company. Therefore, business owner should also take precedence to the number of loan they should be applying at one time as it makes them look desperate when there are too many searches on acra on the same month for instance. \u00a0In addition, having too many searches on their credit bureau report will also bring down the credit bureau score of the person being search for. In a nutshell A great way to apply is to apply in a gradual manner to avoid the dropping of credit bureau score. For instance, applying to two banks, then followed by two to three banks again after some time. This would be the accurate and more efficient way to apply for bank loans. 3.Avoid the use of credit cards Misconception it is not unheard of that people would say, \u201cDon\u2019t get personal loans\u201d, \u201cDon\u2019t get any credit card or loan is bad and you shouldn\u2019t be taking any loan. \u201cAll of the above are the common saying that many parents have taught their kids when they are young. Therefore, in many times, some business owners avoid the use of credit cards all together and do not have a single credit card in their lifetime. Rationale Without personal use of credit cards, personal loan, housing loan or any banking facilities; there will be no credit record in your personal credit bureau. Lacking credit records means that there is no credit history for banks and financial institutions to analyse your personal credit profile, which will affect your credit rating. This give the banks a lot of uncertainties when they are deciding if they should trust you. This deters banks and financial institutions from approving future loan applications for your business as they do not have any historical record of you to gauge how is your payment conduct and how you behave. In a nutshell The best way to go about is to hold a few credit cards, utilize it and pay on time. This will build your credit record and allowing the bank to see that you are a good paymaster. Therefore, increasing chances of getting a business loan approval. \u00a0 4.Get confused about the roles of loan brokers with that of loan consultants Misconception The last misconception when businesses are in the process of getting a business loan is that they might confuse the role of loan brokers with that of loan consultants. Rationale Loan brokers are typically intermediaries which focuses only on passing documents straight from clients to the bank or financial institution. On the other hand, loan consultants give advice and provide consultation services before facilitating the deal. As an advisor to the deal, loan consultants help improve and value-add to the loan application. They also seek to increase the chances of the approval of an application by advising the client on the right thing when applying for a loan. A good consultant will also help analyse and improve their business along the way. In a nutshell Businesses seeking advice on how to increase their chance of loan approval and improve their business should approach loan consultants as a good consultant can truly value-add the business in long-run. 5.Looking for a Loan Consultant? Choose Bizsquare now! Categorised as the Best Business Loan Consultant in Singapore, Bizsquare is at the front of the game in terms of loan management and consultancy services. Without a doubt, we fight for you and your business needs. We seek to add value to your business and rest assured we would not charge fees if we do not add any value to your business. By practising a Business Credit Doctor concept, we strive on being your specialist by conducting a full credit check on your business to analyse where your problem is; and we provide recommendations and also able to solve it for you. In addition, customisation is one of our expertise and we ensure to cater to your needs. Bizsquare also ensure not to over-promise. You can count on us to give our honest and genuine opinion on your current financial situation and what you should be doing to get your desired loan. BizSquare\u00a0is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship. For more info,<\/p>\n","protected":false},"author":1,"featured_media":6520,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15],"tags":[213,219,207,209,208,216,232,217,218,211,212,210,215,214],"class_list":["post-6503","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-loan","tag-best-business-loan-singapore","tag-best-sme-loan-in-singapore","tag-business-loan-singapore","tag-business-loan-singapore-covid-19","tag-business-loan-singapore-requirements","tag-business-loanin-singapore","tag-getting-a-business-loan-in-singapore","tag-loan-consultant-in-singapore","tag-property-loan-in-singapore","tag-small-business-loan-singapore","tag-sme-business-loan-singapore","tag-startup-business-loan-singapore","tag-temporary-bridging-loan","tag-working-capital-loan"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.1 (Yoast SEO v28.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Common Misconceptions about Business Loans In Singapore - Bizsquare Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/what-are-the-4-common-misconceptions-about-getting-a-business-loan-in-singapore\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Common Misconceptions about Business Loans In Singapore\" \/>\n<meta property=\"og:description\" content=\"Common misconceptions about business loans in Singapore 1. Businesses should only apply for loans when they have no money \u00a0 Misconception A common misconception is that businesses should only apply for a loan when they do not have enough money. When they have sufficient finances, businesses do not apply for loans since they do not require it at the current moment. Rationale Businesses should plan ahead and prepare for the future when they do require a loan. When they have a good financial status, it is the BEST time for them to apply for a loan because they would stand a better chance to have their loan approved. This is because their credit standing and financial status is stronger at that moment. Conversely, when businesses have a poor financial status, banks and financial institutions would be less likely to approve the business loan since financial status is weak. In a nutshell Businesses should apply for loans when they have a good financial status and NOT when they lack cash. 2. Apply loans at every bank possible Misconception Another misconception is to apply to many different banks for loans at the same time to increase their chances of getting at least one loan. This stems from the common saying, \u201cDon&#8217;t Put All your Eggs in One Basket\u201d. Many businesses believe that placing their bets in different banks when they are in need to get a loan is a right move. Rationale In fact, it is the wrong move! Business should not apply for many loans from many banks at the same time because this would tarnish their personal credit bureau record by increasing the number of searches whilst also increasing the search count for their ACRA for their Company. Therefore, business owner should also take precedence to the number of loan they should be applying at one time as it makes them look desperate when there are too many searches on acra on the same month for instance. \u00a0In addition, having too many searches on their credit bureau report will also bring down the credit bureau score of the person being search for. In a nutshell A great way to apply is to apply in a gradual manner to avoid the dropping of credit bureau score. For instance, applying to two banks, then followed by two to three banks again after some time. This would be the accurate and more efficient way to apply for bank loans. 3.Avoid the use of credit cards Misconception it is not unheard of that people would say, \u201cDon\u2019t get personal loans\u201d, \u201cDon\u2019t get any credit card or loan is bad and you shouldn\u2019t be taking any loan. \u201cAll of the above are the common saying that many parents have taught their kids when they are young. Therefore, in many times, some business owners avoid the use of credit cards all together and do not have a single credit card in their lifetime. Rationale Without personal use of credit cards, personal loan, housing loan or any banking facilities; there will be no credit record in your personal credit bureau. Lacking credit records means that there is no credit history for banks and financial institutions to analyse your personal credit profile, which will affect your credit rating. This give the banks a lot of uncertainties when they are deciding if they should trust you. This deters banks and financial institutions from approving future loan applications for your business as they do not have any historical record of you to gauge how is your payment conduct and how you behave. In a nutshell The best way to go about is to hold a few credit cards, utilize it and pay on time. This will build your credit record and allowing the bank to see that you are a good paymaster. Therefore, increasing chances of getting a business loan approval. \u00a0 4.Get confused about the roles of loan brokers with that of loan consultants Misconception The last misconception when businesses are in the process of getting a business loan is that they might confuse the role of loan brokers with that of loan consultants. Rationale Loan brokers are typically intermediaries which focuses only on passing documents straight from clients to the bank or financial institution. On the other hand, loan consultants give advice and provide consultation services before facilitating the deal. As an advisor to the deal, loan consultants help improve and value-add to the loan application. They also seek to increase the chances of the approval of an application by advising the client on the right thing when applying for a loan. A good consultant will also help analyse and improve their business along the way. In a nutshell Businesses seeking advice on how to increase their chance of loan approval and improve their business should approach loan consultants as a good consultant can truly value-add the business in long-run. 5.Looking for a Loan Consultant? Choose Bizsquare now! Categorised as the Best Business Loan Consultant in Singapore, Bizsquare is at the front of the game in terms of loan management and consultancy services. Without a doubt, we fight for you and your business needs. We seek to add value to your business and rest assured we would not charge fees if we do not add any value to your business. By practising a Business Credit Doctor concept, we strive on being your specialist by conducting a full credit check on your business to analyse where your problem is; and we provide recommendations and also able to solve it for you. In addition, customisation is one of our expertise and we ensure to cater to your needs. Bizsquare also ensure not to over-promise. You can count on us to give our honest and genuine opinion on your current financial situation and what you should be doing to get your desired loan. BizSquare\u00a0is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship. For more info,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/what-are-the-4-common-misconceptions-about-getting-a-business-loan-in-singapore\/\" \/>\n<meta property=\"og:site_name\" content=\"Bizsquare Group\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-21T13:00:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-12T05:02:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/wp-content\/uploads\/2021\/10\/bizsquare-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"579\" \/>\n\t<meta property=\"og:image:height\" content=\"313\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Melvin Ho\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Melvin Ho\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/bizsquare.com.sg\\\/what-are-the-4-common-misconceptions-about-getting-a-business-loan-in-singapore\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/bizsquare.com.sg\\\/what-are-the-4-common-misconceptions-about-getting-a-business-loan-in-singapore\\\/\"},\"author\":{\"name\":\"Melvin Ho\",\"@id\":\"https:\\\/\\\/bizsquare.com.sg\\\/#\\\/schema\\\/person\\\/ecabdf5656eee10b5d88a5ad4c127f83\"},\"headline\":\"Common Misconceptions about Business Loans In Singapore\",\"datePublished\":\"2021-10-21T13:00:39+00:00\",\"dateModified\":\"2023-10-12T05:02:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/bizsquare.com.sg\\\/what-are-the-4-common-misconceptions-about-getting-a-business-loan-in-singapore\\\/\"},\"wordCount\":1055,\"publisher\":{\"@id\":\"https:\\\/\\\/bizsquare.com.sg\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/bizsquare.com.sg\\\/what-are-the-4-common-misconceptions-about-getting-a-business-loan-in-singapore\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/bizsquare.com.sg\\\/wp-content\\\/uploads\\\/2021\\\/10\\\/bizsquare-1.jpg\",\"keywords\":[\"best business loan singapore\",\"best sme loan in Singapore\",\"business loan singapore\",\"business loan singapore covid 19\",\"business loan singapore requirements\",\"Business loanin Singapore\",\"Getting A Business Loan In Singapore\",\"loan consultant in Singapore\",\"property loan in Singapore\",\"small business loan singapore\",\"sme business loan singapore\",\"startup business loan singapore\",\"Temporary Bridging Loan\",\"working capital loan\"],\"articleSection\":[\"Business Loan\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/bizsquare.com.sg\\\/what-are-the-4-common-misconceptions-about-getting-a-business-loan-in-singapore\\\/\",\"url\":\"https:\\\/\\\/bizsquare.com.sg\\\/what-are-the-4-common-misconceptions-about-getting-a-business-loan-in-singapore\\\/\",\"name\":\"Common Misconceptions about Business Loans In Singapore - 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Fun fact about Melvin is that he likes to drink fresh milk every morning and he loves to play squash!\",\"url\":\"https:\\\/\\\/bizsquare.com.sg\\\/author\\\/kqppaoyppt\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Common Misconceptions about Business Loans In Singapore - Bizsquare Group","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/what-are-the-4-common-misconceptions-about-getting-a-business-loan-in-singapore\/","og_locale":"en_US","og_type":"article","og_title":"Common Misconceptions about Business Loans In Singapore","og_description":"Common misconceptions about business loans in Singapore 1. Businesses should only apply for loans when they have no money \u00a0 Misconception A common misconception is that businesses should only apply for a loan when they do not have enough money. When they have sufficient finances, businesses do not apply for loans since they do not require it at the current moment. Rationale Businesses should plan ahead and prepare for the future when they do require a loan. When they have a good financial status, it is the BEST time for them to apply for a loan because they would stand a better chance to have their loan approved. This is because their credit standing and financial status is stronger at that moment. Conversely, when businesses have a poor financial status, banks and financial institutions would be less likely to approve the business loan since financial status is weak. In a nutshell Businesses should apply for loans when they have a good financial status and NOT when they lack cash. 2. Apply loans at every bank possible Misconception Another misconception is to apply to many different banks for loans at the same time to increase their chances of getting at least one loan. This stems from the common saying, \u201cDon&#8217;t Put All your Eggs in One Basket\u201d. Many businesses believe that placing their bets in different banks when they are in need to get a loan is a right move. Rationale In fact, it is the wrong move! Business should not apply for many loans from many banks at the same time because this would tarnish their personal credit bureau record by increasing the number of searches whilst also increasing the search count for their ACRA for their Company. Therefore, business owner should also take precedence to the number of loan they should be applying at one time as it makes them look desperate when there are too many searches on acra on the same month for instance. \u00a0In addition, having too many searches on their credit bureau report will also bring down the credit bureau score of the person being search for. In a nutshell A great way to apply is to apply in a gradual manner to avoid the dropping of credit bureau score. For instance, applying to two banks, then followed by two to three banks again after some time. This would be the accurate and more efficient way to apply for bank loans. 3.Avoid the use of credit cards Misconception it is not unheard of that people would say, \u201cDon\u2019t get personal loans\u201d, \u201cDon\u2019t get any credit card or loan is bad and you shouldn\u2019t be taking any loan. \u201cAll of the above are the common saying that many parents have taught their kids when they are young. Therefore, in many times, some business owners avoid the use of credit cards all together and do not have a single credit card in their lifetime. Rationale Without personal use of credit cards, personal loan, housing loan or any banking facilities; there will be no credit record in your personal credit bureau. Lacking credit records means that there is no credit history for banks and financial institutions to analyse your personal credit profile, which will affect your credit rating. This give the banks a lot of uncertainties when they are deciding if they should trust you. This deters banks and financial institutions from approving future loan applications for your business as they do not have any historical record of you to gauge how is your payment conduct and how you behave. In a nutshell The best way to go about is to hold a few credit cards, utilize it and pay on time. This will build your credit record and allowing the bank to see that you are a good paymaster. Therefore, increasing chances of getting a business loan approval. \u00a0 4.Get confused about the roles of loan brokers with that of loan consultants Misconception The last misconception when businesses are in the process of getting a business loan is that they might confuse the role of loan brokers with that of loan consultants. Rationale Loan brokers are typically intermediaries which focuses only on passing documents straight from clients to the bank or financial institution. On the other hand, loan consultants give advice and provide consultation services before facilitating the deal. As an advisor to the deal, loan consultants help improve and value-add to the loan application. They also seek to increase the chances of the approval of an application by advising the client on the right thing when applying for a loan. A good consultant will also help analyse and improve their business along the way. In a nutshell Businesses seeking advice on how to increase their chance of loan approval and improve their business should approach loan consultants as a good consultant can truly value-add the business in long-run. 5.Looking for a Loan Consultant? Choose Bizsquare now! Categorised as the Best Business Loan Consultant in Singapore, Bizsquare is at the front of the game in terms of loan management and consultancy services. Without a doubt, we fight for you and your business needs. We seek to add value to your business and rest assured we would not charge fees if we do not add any value to your business. By practising a Business Credit Doctor concept, we strive on being your specialist by conducting a full credit check on your business to analyse where your problem is; and we provide recommendations and also able to solve it for you. In addition, customisation is one of our expertise and we ensure to cater to your needs. Bizsquare also ensure not to over-promise. You can count on us to give our honest and genuine opinion on your current financial situation and what you should be doing to get your desired loan. BizSquare\u00a0is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship. 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