Who is Friday Finance?

Friday Finance is a licensed moneylender in Singapore. It is the brand operated under the IFS Consumer Services Private Limited which is a subsidiary of SGX-listed firm IFS Capital Limited. The firm is registered with the Registrar of Moneylenders in the country. IFS Capital Limited was established in 1987 where it provides financial services to micro, small and medium enterprises or MSMEs in Singapore.

How big is the IFS Capital Group?

IFS Capital Group has subsidiaries across the region including Indonesia, Malaysia and Thailand. Each year, they process over SGD$1.5 billion worth of loans for its customers that cover both secure and unsecured products.

What does it mean to be a licensed moneylender?

Moneylending has often been associated with loan sharks. In order to provide more regulated services within a controlled ecosystem, the Ministry of Law in Singapore keeps close supervision of this industry. The Ministry of Law has since imposed caps on administrative fees, interest rates and other fees since 2015 while other additional fees are no longer allowed. As a licensed moneylender, Friday Finance complies by these regulations, making it safe and confident for customers.

What are the benefits of borrowing from Friday Finance?

If you borrow funds from Friday Finance, you will enjoy:

• Repayment terms – This is where you can propose the best and most flexible time for repayment. The main idea behind this is to ensure that you are comfortable and able to service the loan without falling into bad debts.
• Prompt repayment – If you are prompt in your repayment without defaults, Friday Finance will give you back 50% of the administrative fees. This means you save on your total repayment amount.
• Insurance – There are certain provisions that will cover your outstanding loan amount in case of unfortunate events or accidents. This ensures that should anything unwanted happen to you, the financial burden will not affect your loved ones.

What can I use for the Friday Finance Business Loan?

You can apply for the business loan for:

• Working capital – This could be useful to help you get your business idea off the ground. Since you are starting out, you might need additional funds for cash flow or to sustain.
• Expansion – You might be running your business for a few years and because of cash flow issues, you might need additional funds to expand your operations. This loan can help you do just that without having to compromise on your other expenses.

Who is eligible for the Friday Finance business loan?

This loan is available for Singaporeans and Permanent Residents in Singapore. Each case will be treated individually and you can discuss your situation and terms with the firm. In most cases, once your application is received, the approval process will take only a few hours. A meeting will be set up through SMS after that where the face-to-face meeting will take place for verification. After that, you should receive the funds within the same working day.