A Monthly Loan Money Lender Offering the Best Monthly Loans
Paying one lump sum is never easy, but with a monthly instalment loan, you can rest easy. As a monthly money lender, we offer monthly loans in Singapore with quick access to funds and easy monthly repayments.
Ready to apply for your monthly loan? Get your application going in just seconds
Why Should MM Credit Be Your Monthly Loan Money Lender?
Swift and Seamless Applications
Applying for a monthly loan in Singapore with us takes only four steps. Our approval process is equally fast and smooth.
Licensed and Trusted
MM Credit is a licensed monthly loan money lender regulated by Singapore’s Ministry of Law, with more than a decade in the industry.
Zero Collateral Requirements
You don’t have to pledge any collateral for your monthly loan in Singapore to be approved, unless you require larger amounts.
Affordable monthly instalments
Benefit from interest rates 4% a month and below, ensuring your monthly instalment can always be repaid comfortably.
Customised to your needs
Our monthly repayment loans are fully personalised — be it accommodating a longer tenure or possible lower rates.
Quality and objective guidance
We’re always ready to lend a hand — whether it’s clarifying any terms in the monthly loan’s offer or providing different loan solutions.
What is a monthly loan in Singapore?
Monthly loans are unsecured loans with a fixed tenure and preset repayment amount every month. You select your monthly instalment loan’s tenure and principal amount during the application process. The repayment you then need to make for your monthly instalment includes the loan’s interest rate as well.
How does a monthly loan in Singapore work?
Upon applying for a monthly instalment loan in Singapore, you’ll receive the entire loan sum upfront. The monthly loan is repaid in equal monthly instalments with interest over a set period. A monthly loan money lender is open to customising the loan according to your specific needs as well — be it loan tenure, loan sum or interest rates.
With a fixed monthly instalment amount right from the first repayment, it’s much easier for you to plan your budget every month. Furthermore, your loan’s monthly instalment deadlines are fixed too, so you won’t have to keep second-guessing when you’ll need to repay it.
The multiple uses of a monthly instalment loan
1. Business use
Having sufficient capital is necessary for any business. This is where a monthly instalment loan comes in to provide financing so you can fund all kinds of business needs — be it getting more inventory or expanding your space.
2. Consolidating debts
It is never easy to juggle numerous debts at one go. A monthly loan money lender in Singapore can offer solutions to combine all your debts into a single loan. This will make way for better interest rates and easier monthly repayments in the long run.
3. Special occasions
Whether it’s for quick getaway or a special day, monthly loans in Singapore can give the cash you need to unwind. Using one lump sum from your savings can take a toll on you financially, but with a monthly repayment loan, you can get both the sum and enjoyment; without all the stress.
4. Emergencies
Life is full of uncertainties, and emergencies may happen when one least expects them. With a monthly instalment loan, you can avoid being in a financial bind by having adequate financing.
5. Improve credit score
If getting extra cash and boosting your credit are both of your goals, you’ll be happy to know that a monthly loan checks these two off your list. It’s as simple as repaying your monthly loan on time, without any delay, for each monthly instalment you need to make.
Apply for a monthly loan in 3 straightforward steps
1. Submit your monthly loan application form
You can apply for a monthly repayment loan in Singapore online or in-person at MM Credit’s office and bring along your supporting documents.
2. Review application status
Receive an update of your monthly loan application status in just 30 minutes.
3. Retrieve quick cash
Head over to MM Credit’s office to review the loan offer, sign the loan contract, and we’ll disburse the cash to you instantly. Kickstart your monthly loan application with MM Credit here!
Get the funds you need without any financial burden, along with easy monthly repayments
Frequently asked questions: Monthly loan in Singapore
Q1. What can I use a monthly loan for?
Because a monthly loan in Singapore is an unsecured personal loan, you can use the funds for any purpose. From solving a personal emergency to acting on a business opportunity, we do not impose restrictions on how you use the monthly loan’s funds. However, do keep in mind to borrow only what you need to prevent yourself from falling into a debt spiral.
Q2. How do I know if I’m eligible for a monthly loan in Singapore?
To be eligible for a monthly loan from a monthly money lender, you need to be:
- At least 18 years old
- A Singapore Citizen, Permanent Resident, or Foreigner employed in Singapore
- Earning a steady income every month
- Owning or renting a house in Singapore
Q3. What are the documents required to apply for monthly instalment loans?
As mentioned earlier, a monthly money lender needs the following supporting documents when you make your application:
- Your NRIC or passport. If you’re a foreigner, you need to provide a valid employment pass or S Pass. Alternatively, you can provide your employment contract. (Serving as proof of identity)
- Payslips or CPF statements for the past three months, or your Income Tax Notice of Assessment (Serving as proof of income)
- A tenancy agreement, most recent utility bill, or most recent telco bill (Serving as proof of residence)
Q4. How much am I permitted to borrow for a monthly repayment loan?
The limit for monthly instalment loans in Singapore depends on your annual income. This handy table provides you with a full overview:
Annual Income | Borrowing Limits for Singapore Citizens and Permanent Residents | Borrowing Limits for Foreigners Employed in Singapore |
S$1 – S$9,999 | S$3,000 | S$500 |
S$10,000 – S$19,999 | S$3,000 | S$3,000 |
S$20,000 and above | Six times your monthly income | Six times your monthly income |
Q5. What happens if I’m not able to repay my instalment loan on time?
If you can’t punctually repay any monthly instalment, late interest charges and late repayment fees will be applied, depending on the terms of your monthly loan’s contract. For monthly instalment loans in Singapore, these are the fees we generally apply to late repayments:
- Up to 4% for each month an instalment is repaid late. This is also known as the late interest charge.
- Up to S$60 per month that you repay an instalment late. This is also known as the late repayment fee.
Q6. How do I boost my chances of getting a monthly repayment loan in Singapore?
There are several ways to improve the chances of getting your instalment loan approved.
- Don’t exceed the instalment loan’s borrowing limit (which is based on your income).
- You can put down collateral for your monthly repayment loan in Singapore to turn it into a secured loan while boosting your approval chances.
- Having a guarantor for your instalment loan improves the odds of it getting approved as well. With a guarantor, it provides additional certainty that your loan will be repaid and that it will not be defaulted on.
Q7. What’s the processing time for monthly instalment loan applications?
Whether you’re applying for your monthly loan online or in-person, the processing time can be as fast as 30 minutes. To expedite your instalment loan application, make sure all the details in your form are accurate. Also, remember to include clear copies of every supporting document.
Finally, if you have other supporting documents which strengthen your application, such as your credit report (if you have a good or excellent score), do submit those too.
Q8. I’m keen on applying for monthly instalment loans in Singapore. Where do I begin?
To apply for an instalment loan, simply submit your loan application with us. Alternatively, you can contact us first should you have any queries about our monthly loans or any other loans we offer. We’ll get back to you as soon as we can regarding your query.
