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Help & Support
Frequently Asked Questions
How do I apply, and how fast can I receive the money?
In the comfort of your home or office, from application to obtaining the maximum loan amount and loan tenure, our brand new 3-step flow via our online / mobile application will see you from start to finish. If you are satisfied with the terms, just simply set an appointment at your preferred branch, sign the contract and the money will be passed to you in cash or cheque on the spot.
Alternatively, you can also head down to any of our branches and speak directly to our friendly loan officers, whom you will be able to consult on your loan application.
I don’t have a fixed income. Can I still get a loan?
If you are an entrepreneur, taxi driver or is simply paid based on commission, do not worry. Lending Bee offers loans to you as well. All we need is your last two income tax returns so that we can calculate an average monthly earning amount which will help us determine the loan amount you qualify for.
What is the maximum loan amount that I can get?
For secured loans, you can obtain a loan of up to $2,000,000 SGD. For unsecured loans, you can obtain:
For Singapore Citizens and Permanent Residents (PR), you can loan:
- Up to $3,000, if your annual income is less than $20,000;
- Up to 6 times your monthly income, if your annual income is $20,000 and above.
For Foreigners residing in Singapore, you can loan:
- Up to $500, if your annual income is less than $10,000;
- Up to $3,000, if your annual income is at least $10,000, but less than $20,000;
- Up to 6 times your monthly income, if your annual income is $20,000 and above.
How does your monthly installment plans work?
Here are 4 examples to provide you a clearer picture of how the monthly installment plan is calculated:
|Total Amount Borrowed: $5,000 (12 months)|
|Total Amount Borrowed: $10,000 (12 months)|
|Total Amount Borrowed: $20,000 (24 months)|
|Total Amount Borrowed: $50,000 (24 months)|
What should I consider before taking up a loan?
You should keep these key points in mind:
- Before approaching a moneylender, consider other alternatives, such as the various financial assistance schemes offered by various Government agencies. You may contact the agencies to find out more about their schemes.
- You are legally obliged to fulfil any loan contract you enter into with a licensed moneylender.
- Consider whether you are able to abide by the contractual terms, bearing in mind your income and financial obligations. Borrow only what you need and are able to repay. Be mindful that if you are unable to meet the contractual terms, the late payment fees and interest payment will be a financial strain not just on yourself but also on your family.
- The law requires moneylenders to explain the terms of a loan to you in a language you understand and to provide you with a copy of the loan contract. Make sure you fully understand the terms of the contract, in particular, the repayment schedule, the interest rate charged and the fees applicable.
- Consider carefully before agreeing to any contractual term which allows a moneylender to lodge a caveat on the sale proceeds of your real estate property upon default of the loan repayment. When a caveat is lodged against your property, you will not be able to sell it without first repaying the moneylender in full. If the repayment is taken from the net proceeds from the sale of the property, it can wipe out all or a substantial portion of the proceeds.
- You should shop around different moneylenders for the most favourable terms. You should not rush into and commit yourself to a loan until you are satisfied with the terms and conditions.
What are the interest rates moneylenders can charge?
With effect from 1 October 2015, the maximum interest rate moneylenders can charge is 4% per month. This cap applies regardless of the borrower’s income and whether the loan is an unsecured or secured one. If a borrower fails to repay the loan on time, the maximum rate of late interest a moneylender can charge is 4% per month for each month the loan is repaid late.
The computation of interest charged on the loan must be based on the amount of principal remaining after deducting from the original principal the total payments made by or on behalf of the borrower which are appropriated to principal. [To illustrate, if X takes a loan of $10,000, and X has repaid $4,000, only the remaining $6,000 can be taken into account for the computation of interest.]
What are the fees that moneylenders can charge?
With effect from 1 October 2015, all moneylenders are only permitted to impose the following charges and expenses:
- 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; and
- legal costs ordered by the court for a successful claim by the moneylender for the recovery of the loan.
The total charges imposed by a moneylender on any loan, consisting of interest, late interest, upfront administrative and late fee also cannot exceed an amount equivalent to the principal of the loan. [To illustrate, if X takes a loan of $10,000, then the interest, late interest, 10% administrative fee and monthly $60 late fees cannot exceed $10,000.]
How do I know whether a moneylender is licensed or not?
Do not borrow from unlicensed moneylenders. Verify that a moneylender is licensed by checking the list of licensed moneylenders here.
Notwithstanding that the moneylenders are licensed, be mindful if they:
- Use abusive language, or behave in a threatening manner towards you.
- Ask for your SingPass user ID and/or password.
- Retain your NRIC card or any other personal ID documents (e.g. driver’s licence, passport, work permit, employment pass or ATM card).
- Ask you to sign on a blank or incomplete Note of Contract for the loan.
- Grant you a loan without giving you a copy of the Note of contract for the loan and/or without properly explaining to you all the terms and conditions.
- Grant you a loan without exercising due diligence (e.g. approving a loan over the phone, SMS or email before even receiving your loan application form and supporting documents, such as the income tax assessment and payslips).
- Withhold any part of your principal loan amount for any reason.
Such practices are not acceptable. If you encounter them, you should report the moneylender to the Registry of Moneylenders, with information such as the moneylender’s business name, licence and contact numbers.
How can I tell whether an advertisement is from a licensed moneylender or an unlicensed moneylender?
Under the advertising rules, which took effect on 1 November 2011, licensed moneylenders are permitted to advertise only through these three channels:
(a) business or consumer directories (in print or online media);
(b) websites belonging to the moneylender; and
(c) advertisements placed within or on the exterior of the moneylender’s business premises. All other channels are prohibited.
In this regard, the advertising rules can help you differentiate between licensed and unlicensed moneylenders. If you receive flyers, SMSes, emails or other forms of
advertisements which are not permitted under the rules, these would be from either licensed moneylenders operating in violation of the rules, or loansharks. Hence, you are
advised not to respond to such advertisements. Instead, you should report the advertisements to the Registry at 1800-2255-529 or by email at OneMinLaw@mlaw.gov.sg.
Errant licensed moneylenders will be investigated by the Registry and loansharks will be investigated by the Police.
Can I rely on the content of an advertisement to take up a loan from a moneylender?
You are advised to seek clarifications on specific terms of the loan contract before signing up with a licensed moneylender, and not to rely solely on the content of advertisements from the moneylender.
In the event that I am standing as a surety for a loan, what should I look out for?
You should ensure that:
- You understand your responsibilities as a surety;
- You receive a copy of the Note of Contract at the time that the loan is granted to the borrower;
- The moneylender has explained the terms in the Note of Contact in a language that you understand; and
- The moneylender does not keep your NRIC card or any other personal ID documents (e.g. driver’s licence, passport).
- The moneylender does not acquire any information that contains passwords to your user accounts (e.g. Singpass account, Internet banking account, email account).
What should I do after being granted a loan?
- Make sure the moneylender delivers to you the correct principal amount of the loan. The moneylender is only permitted an upfront deduction of a loan approval fee of up to 10% of the principal amount.
- Pay the loan instalments on time to avoid incurring late payment fees and late interest.
- Make sure the moneylender issues to you 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.
I have taken loans with other banks before and I have a poor credit score. Can I still get a loan?
Banks often turn away customers with poor credit scores. At Lending Bee, we do not reject you immediately because of a low credit score.
We will always evaluate each case individually and try to understand the applicant’s situation. If we find that your current financial situation has improved, we will still provide a loan to you. Unlike most banks and lending companies, Lending Bee aims to help as many people as possible.
I already have a loan with a bank, can I still apply for a new loan?
Over the past few years, more and more Singaporeans are taking up two or more loans. Statistics have shown that there was an increase of 78% of borrowers who have at least two mortgages and other loans. Most individuals have a home loan and a study loan. If you require more financial help, you can still apply for a loan.
At Lending Bee, we are always willing and ready to help our customers. However, that does not mean that we will be irresponsible and force clients to take up huge loans that are tough to repay and end up straining their wallets further.
Lending Bee evaluates customers’ situations responsibly and will only loan an amount that is suitable or affordable for the clients.
How do I know that this is not a scam?
Police records have shown that there has been an increase in e-commerce scams, internet love scams, government official impersonation scams and lastly, loan scams over the years. There were thousands of cases and millions of dollars of hard-earned money were cheated.
According to the Ministry of Law, licensed moneylenders are not allowed to offer loan services through SMS / Whatsapp / Emails or request money as a deposit. They are only allowed to promote their products in business or consumer directories, websites belonging to the moneylender and advertisements placed within and on the exterior of the moneylender’s physical shop.
Lending Bee strictly adheres to the rules set by the Ministry of Law and does not promote our products through any unauthorised platforms. We are also responsible borrowers who do not force customers to take on loans that they cannot afford.
How do I lodge a complaint against a moneylender against unfair practices and/or contract?
You can contact the Registry at 1800-2255-529 or via e-mail at OneMinLaw@mlaw.gov.sg. Rest assured that the Registry will not disclose your details to the moneylender without your consent. To facilitate the Registry to investigate your complaint, you may need to attend an interview with our officers and provide us with all relevant information and documents related to your loan transactions and circumstances of your dealings with the moneylender. The Registry views complaints against moneylenders seriously and will investigate them thoroughly. Errant moneylenders will be taken to task.
If a moneylender has engaged in an unfair practice towards you, you can pursue the matter through the Small Claims Tribunal or the Court under the Consumer Protection (Fair Trading) Act. The Court also has the power to set aside loan transactions that are exorbitant or substantially unfair.
Borrow With Confidence.