Category Fun Contains 2 Posts
The lockdowns may have affected foot traffic for retail stores but their online counterparts have seen a corresponding boom in business. A collateral-free business loan is one of the many unsecured business loans that you can use to piggyback on this lucrative trend. Traditional brick-and-mortar stores have been using fast business loans to tap into this market but new…

The lockdowns may have affected foot traffic for retail stores but their online counterparts have seen a corresponding boom in business. A collateral-free business loan is one of the many unsecured business loans that you can use to piggyback on this lucrative trend.

Traditional brick-and-mortar stores have been using fast business loans to tap into this market but new online-only businesses and hybrids are doing so as well. Licensed money lenders have reported a sharp increase in applications for new business loans as more people look to use a start up business loan in Singapore.


Create a business plan

A business plan is exactly that – a plan to run your business. It includes essential variables such as:

  • A clear outline of the products and/or services the business deals in
  • Why the owner(s) and operator(s) are qualified to run the business
  • The target audience
  • The market size for the products and/or services offered
  • The growth potential of that market
  • The current and/or expected running costs and expenses
  • The setup costs (for new business loans)


Practical Covid considerations

Many businesses, even well-known ones, have been devastated during the coronavirus pandemic. That is especially likely to happen to stores that have been associated with active Covid clusters.

Any feasible business plan today must also incorporate expectations of, and contingencies for further lockdowns. No lender will be comfortable giving you a collateral-free business loan without a clear, cogent and practical pathway to revenue through online sales.

Apart from the outline for the loan, you will have to plan exactly how you will fight against infection at your business. This applies to online-only businesses, too, because they still have to send out their products via couriers or the post office, and handle returns as well.

You can use fast business loans to stock up on essential supplies such as:

  • Hand sanitiser
  • Masks, gloves, and other PPE (personal protection equipment)
  • Cleaning supplies (for wiping down regularly)

These costs can further skyrocket for online businesses that handle a large number of deliveries because of the increased contact between couriers and staff members. You will also have to consider whether social distancing guidelines will affect how many staff can be in your office at one time.

  • Will they be required to work in shifts?
  • What resources (internet connection, computer screen, furniture, etc.) will they need to work from home?

These factors impact sales turnaround times and, thus, revenue. A start up business loan in Singapore may be your best option if you are setting up a new operation, while there are several unsecured business loans for established businesses.


Getting Funding

There are two chief ways that you can get funding for your business: traditional lenders such as the big banks, and private licensed moneylenders. There are advantages and disadvantages to each option.

Major Lenders

In light of the economic downturn from the pandemic, the Singapore government has created two special business loans that are available only through major lenders. They are the SME Working Capital Loan and the Temporary Bridging Loan.

These unsecured business loans are backed by the government for 90% of their value. It has made it significantly easier for smaller businesses to get approval. Applicants may get funding of as much as $5 million but the selection process is extremely competitive. You will have to have a solid business plan to succeed.


Private Moneylenders in Singapore

If you want fast business loans, you may have better luck with a private moneylender. They have stringent requirements for identity proof but are less restrictive with their financial criteria.

If you have bad credit, have previously been declared bankrupt, or have an irregular work history, a private lender is more likely to approve your application for new business loans. However, the loan principal is usually considerably less – most lenders will loan no more than $30,000 to a new client.


Alternative Business Models

It is unlikely that the traditional store will become redundant anytime soon. However, an online-only store or the option of online shopping is virtually essential if you want to survive in this business environment.

Online shopping sites such as Lazada, Shopee, and Amazon are helping local businesses sell their wares to customers around the world. A start up business loan in Singapore can help you get a foothold in the market against major companies that have been operating for years.

Who knows, with the help of a collateral-free business loan for digital marketing, you may become the next Amazon yourself.

After a rollercoaster over the past 18 months, the world is moving towards some semblance of normalcy. With that comes a return to the great outdoors, travel, and all the things that make life worth living.

If you have been raring to seize life with both hands, here are some of the most exciting ways to reinvigorate your soul. If they seem out of reach, an easy personal loan from LoanHere can help bridge the gap. Here are six exotic hobbies you can try.



Horses are majestic creatures that have been instrumental to many of mankind’s greatest adventures and accomplishments. Tap into that shared history by getting into the saddle at a local riding club. It is an elite hobby, and you may want to find the lowest interest rate personal loan to start.

A beginner’s riding course costs about $850 for a series of lessons. To continue riding, you will need to purchase a membership. It costs around $2,000 per year (or upwards of $8,500 for lifetime membership). This is in addition to monthly fees that range from $120 to $150.

Sports Shooting

Didn’t get enough firearms during NS? This is the only way to handle a gun legally outside of uniform in Singapore and it does not come cheap.

Full membership of a shooting club costs about $3,000 for adults. However, the real reason that sports shooting is so expensive is the recurring cost of ammunition. Naturally, this depends on how much you practice. In general, shooters spend between $200 and $600 a month on ammo.

Fortunately, low personal loan interest rates will let you keep shooting without breaking the bank.


Open dive/Scuba

Want a close-up view of exotic marine life or a chance to discover actual sunken treasures? The oceans await! Prices start at around $600 for a basic open watercourse. An easy personal loan is the perfect answer.

The first step to certification is 5-6 hours of theory lessons (currently online only). Next, there is a confined session (in a pool or calm lagoon for basic underwater practical) and, finally, open water sessions.

The entire process takes 4 to 5 days. Most dive courses in Singapore include a trip to a scenic diving location in Malaysia or Indonesia. It is a great way to incorporate learning a new, exciting skill with a holiday and an underwater experience unmatched by local sites.

Water-ski or wakeboard

Prefer to skim the surface before you dive into the deep blue? Water-skiing and wakeboarding are ideal because you don’t need any formal certification or qualification to indulge. Still, the equipment and facilities rental does not come cheap.

A one-hour session will cost you between $50 and $85 per person, per hour. The average beginner will need about 10 hours of instruction to become self-sufficient. A private personal loan will help you find your feet on the water and cover a few additional weekends of fun.



Unless you were fortunate enough to get paid to jump out of planes during your Army days, skydiving can be quite an expensive hobby. The high cost of plane rental, pilot hire, specialised equipment, and adhering to strict safety standards adds up to put skydiving out of the reach of most people.

With LoanHere’s personal loan interest rates as low as they are today, though, you could be taking in a bird’s eye view of the world in a few days.

Beginners who want to get a feel of skydiving before a real jump should consider indoor tunnel skydiving at iFly on Sentosa. Prices start at about $85 for a 10-minute session. A real freefall package and airborne certification will set you back around $5,000 for 10 jumps.

Fly a plane

Why jump out of a plane when you can pilot one instead? A Private Pilot License (PPL) puts you in control of a light aircraft, possibly even with a babble of skydivers in the back. Learning to fly is certainly not cheap in Singapore but the cost can be covered with a private personal loan.

Student pilot costs include flying club registration and membership ($3,000-$5,500 per year), flying with an instructor ($550 per hour), and airport landing fees ($7,500-$11,250) for 200-300 landings. In total, a PPL will cost upwards of $20,000.

Fortunately, most of this consists of monthly or periodic fees, not a lump sum. With some of the lowest interest rate personal loans from LoanHere, you can pay as you earn from your regular job.

None of these hobbies is cheap but an easy personal loan makes it much easier to afford. If you are not sure whether a loan is right for you, check out the Dos and Don’ts for first-timers applying for a personal loan. It will be worth the invaluable memories from your new exotic hobby!