How do I apply?
For a detailed walkthrough on the application process, contact our bankers at firstname.lastname@example.org
or have a chat with any of our preferred partners.
What are the eligibility criteria I must meet to have my application considered?
Some of the factors we look at are as follows:
- A Singapore company with business operations in Singapore;
- Minimum of one (1) Singaporean director; and
- At least one (1) year of credit history/records prior to your credit application.
Without sufficient historical credit records, we might not be able to adequately assess your credit risk and this could result in a rejection of your application. That being said, these factors are not exhaustive and we might consider other criteria not listed above.
What is Early Payment Discounting?
Early Payment Discounting (“EPD”) allows a company to obtain a discount on a supplier’s invoice in exchange for paying the supplier early. In other words, a company pays less than the full amount due while the supplier receives payment earlier than they would under standard payment terms.
What is Working Capital Financing backed by Invoice?
Working Capital Financing backed by Invoice is a type of factoring that allows a company to borrow against invoices (in whole or in part) due from customers to unlock working capital. Invoice financing helps businesses improve cash flow, pay employees and suppliers, and reinvest in operations and growth earlier than they could if they had to wait until their customers paid their balances in full.
Invoice financing can either be a notified arrangement (where customers are made aware of the transaction) or a non-notified arrangement (where customers remain unaware of the transaction).
Will third parties be notified of my request for factoring?
No third party will receive notice of your request for factoring unless you instruct us to do so otherwise.
What is Working Capital Facility for the purpose of Procurement Financing?
A Working Capital Facility for the purpose of Procurement Financing is a loan that is taken to finance a company’s everyday operations, specifically, its purchases.
What is Working Capital Advance on Security Deposits?
A Working Capital Advance on Security Deposits allows a company to unlock up to 80% of its security deposits (that would otherwise have been idle with the landlord) into payments to be amortised monthly.
Can I apply for multiple products?
You may apply for multiple products offered by Lyte Finance. However, each new application will have to be put through the credit approval process again. We will take into account all outstanding loan obligations, including any previous products that you have taken up with us.
How do you determine interest rates I need to pay?
Once you provide us with the requisite documents, our proprietary credit scoring system will calculate the interest rates associated with your application, taking into account the risk of default.
How is interest calculated?
Interest is calculated on a daily basis.
Interest Per Annum: 12%
Interest Per Month: 12%/12 months = 1%
Interest Per Day: 1%/30 days = 0.0333%
What documents do I need to provide? Are they securely stored and kept confidential?
Following standard client due diligence processes, we will require the following documents from you:
- Your financial statements from the past two (2) years (audited statements preferred);
- Your bank statements from the past six (6) months;
- Your latest Accounts Receivables Aging; and
- Your latest Accounts Payables Aging.
Once your application has been approved, all we need afterwards are just your invoices!
Will my business information and financials be made public?
For the purposes of our credit analysis, our business and financial information will only be made available to our risk assessment team, insurance company, and the credit bureaus on a need-to-know basis.
What is the maximum loan quantum which I can borrow?
The maximum loan quantum we currently offer is S$2 million.
Is a security required?
We require personal guarantees from a minimum of two directors as security. In certain cases, we may also require a security deed, which is a charge over receivables and accounts.
How quickly can my application be approved, and the funds get disbursed to me?
Here at Lyte Finance, we work quickly. Upon receiving all the requisite documents, it will take us only twenty-four (24) hours to approve your application (if successful). Once approval is granted, the funds will be disbursed to you within the next twenty-four (24) hours.
Is there an early repayment penalty?
We do not disallow early repayments on our products. However, Invoice Financing and Procurement Financing are subjected to a minimum tenure of one (1) month while LyteLease is subjected to a minimum tenure of three (3) months.
How do I make repayments?
You may make repayments using any mode of payment you are comfortable or familiar with
Will I be reminded or informed of any late payments?
Yes, our automated systems will provide you with gentle reminders whenever upcoming payments are due.
What happens if I miss my payment?
It is important to keep up-to-date with your repayment schedule or you might be charged a late fee if you miss a payment. We will also provide you with regular reminders whenever upcoming payments are due.
What happens if I fail to repay?
If you fail to make payments, Lyte Finance will initiate enforcement actions that could include legal summons, debt collection services or even bankruptcy.
Is Lyte Finance regulated?
Lyte Finance does not currently require a license or be registered with the Monetary Authority of Singapore as it does not carry out any of the regulated activities set out in the Securities and Futures Act (Cap. 289) or the Moneylenders Act (Cap. 188).
Lyte Ventures respects, and is compliant with, all applicable laws. The company consults with regulators, and keeps up to date with government-issued guidelines, regulations, and legislation in all jurisdictions it operates in. Following the enactment of the Payment Services Act (No. 2 of 2019) , Lyte Ventures will seek to be licensed as a payment service provider.