Minterest SME Loan Review: A Good Choice for Startups?

Minterest SME Loan Review: A Good Choice for Startups?

Minterest offers competitive short-term business loans.

Good for

  • Startups seeking business loans.

Bad for

  • SMEs seeking financing for longer than one year.

Analyst's Rating


Minterest's crowdfunded business financing options are among the best available in Singapore. In particular, the lender combines competitive SME loan rates with flexible eligibility requirements. Therefore, Minterest is a great fit for startups seeking affordable business loans.

Summary of Minterest's Small Business Loans
Competitive Interest Rates: 8-18% p.a.
Flexible Eligibility Requirements
Business Loans of S$10,000 to S$3 million

Table of Contents

What Makes Minterest Stand Out to SMEs

Minterest is one of the best small business lenders in Singapore. The crowdfunding platform has flexible eligibility requirements and reviews each loan applicant's qualifications individually. This can be especially helpful for startups and other businesses with short operational histories. For instance, most lenders require that businesses have at least 2 years of operational history and a certain amount of annual revenue. It also offers a wide range of funding amounts (S$10,000 to S$3 million).

Highlights of Minterest SME Loans

Small Business LoanInvoice Financing
Interest Rates8-18% p.a.8-18% p.a.
Processing Fee2-6%2%
Administrative FeeN/AUnknown

Some drawbacks of Minterest's platform include that it does not offer business loans of longer than one year and it does not disburse cash as quickly as other lenders. However, its competitive business term loan interest rates (8-18% p.a.) make it worth considering.

Other Charges and Fees

Minterest charges a processing fee of 2-6% of the total approved loan amount. This is similar to other business lenders in Singapore, though 6% is higher than most of its competitors. For invoice financing, Minterest charges a processing fee and an administrative fee, although it does not publish these rates on its website.

Who Can Borrow: Eligibility Criteria

Minterest has some of the most flexible requirements for small business loan applicants. The lender assesses each entity on a case-by-case basis, which makes it a great option for startups and other relatively new businesses that find it difficult to obtain SME loans from other lenders. Additionally, Minterest will even consider borrowers with foreign ownership, which is rare among business lenders in Singapore. However, Minterest does require that prospective borrowers have a personal guarantor and are registered with ACRA as companies or limited liability partnerships. Also, those seeking invoice financing must have at least S$250,000 in annual revenue.

Minterest SME Loans - Small Business Financing Requirements

Small Business LoanInvoice Financing
Business RequirementACRA Company or LLPACRA Company of LLP
Operational RequirementN/A1 year of operation, 6 months with invoiced customer
GuarantorPersonal GuarantorN/A

How to Apply: Application Process

Consider this if your new business requires a large business loan

Max Financing S$50,000-S$3,000,000
Fees 2 - 6 % of the amount raised
Interest Rate 8% - 18% p.a.
Eligibility ACRA registered and at least 1 director is a Singaporean PR/citizen

To apply for small business financing from Minterest, click on "Learn More" on this page. Following its brief application process, Minterest sets up meetings with loan applicants at their business location. Qualified applicants can receive funds as soon as 10 days after applying.

Minterest SME Loans - Required Documents

  • ACRA Business Profile
  • Memorandum & Articles of Association
  • Last 2 years Financial Statements (Management Accounts if applicable)
William Hofmann

William is a Product Manager at ValueChampion Singapore, helping consumers and SMEs find the best banking products through comprehensive analysis of data. He previously was an Economic Consultant at Industrial Economics Inc, where he conducted a variety of research and economic analyses. He graduated from University of Vermont with degrees in Economics and Psychology. His work has been featured on a variety of major media such as the Straits Times, the Business Times, the Edge, DailySocial, the Entrepreneur and more.

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