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Aspire SME Loan Review: What Can this Lender Offer Your Small Business?

Aspire offers small business lending products to SMEs in Singapore.

Aspire SME Loan Review: What Can this Lender Offer Your Small Business?

Aspire offers small business lending products to SMEs in Singapore.


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  • Flexible financing options
  • Quick financing


  • Not the best for large business loans

Aspire offers industry best invoice financing and business line of credit products, making it a great option for SMEs looking for a working capital financing options. Not only that, the platform has limited eligibility requirements, cash disbursement within 24 hours and discounted interest rates to those that repay their line of credit early. The platform also offers a somewhat less competitive invoice financing option.

Summary of Aspire's Small Business Lending Products
Line of credit interest rates from 1-3.9% per month, with discounts for early repayment
Invoice financing: 2.9% free per invoice transaction
Seamless integration with Lazada, Shopify, Shopee and Xero
Limited operational history or financial requirements
Discounted interest rates for early repayment
Cash disbursement in under 24 hours

Table of Contents

What Makes Aspire Stand Out to SMEs

Aspire is worth considering for those small businesses and startups that require working capital and other short-term financing. The lender offers a competitive revolving line of credit (of up to S$150,000) to businesses with an interest rate of 1-3.9% per month, and offers significant discounts to those that repay their loan early. It also has very limited eligibility requirements, with no specific operational or financial requirements, making it especially attractive to startups.

Aspire's loans are particularly attractive for those that can take advantage of its discounts for early repayment on its small business line of credit. This product comes with a 6-month term loan for each withdrawal and works similarly to a credit card, meaning that borrowers are only charged interest on the amount that they actually borrow (i.e. not all S$150,000). Aspire's progressive discount applies on the remaining interest fees, pro-rated for the term loan's tenure. If the borrower repays the loan one month early, it receives a 20% discount on remaining interest charges. If it repays two months early it receives a 30% discount, and so on.

Highlights of Aspire SME Loans

Loan Type

Max. PrincipalCostMax. Tenure
Credit LimitS$150,0001-3.9% monthly interest7 months
Invoice FinancingS$150,0002.9% processing fee60 days

Additionally, Aspire's invoice financing product is one of the most competitive, as it only charges a transaction fee of 2.9%. It also integrates directly with Lazada, Shopify, Shopee and Xero, making it a good option for e-commerce businesses. It's only drawback is that it only offers invoice financing up to S$150,000, while its competitors offer much higher invoice financing amounts.

Consider this if you seek short-term invoice financing

Other Charges and Fees

Aspire does not charge sign-up or maintenance fees, aside from the 2.9% processing fee associated with its invoice financing product. This helps keep its costs relatively low for SMEs compared to those of other lenders.

Who Can Borrow: Eligibility Criteria

One of Aspire's advantages to startups and other relatively new businesses, is that it does not have strict eligibility requirements. To sign up for an AspireAccount, applicants must be registered with ACRA and have a corporate bank account that has been active for at least 3 months. To be eligible for the Credit Limit product, prospective borrowers must have active corporate bank statements (at least 6 months) and be a PTE LTD, LLC or LLP registered company with ACRA and have Singaporean or Permanent Resident director with at least 30% shareholdings.

Aspire Eligibility Requirements

  • ACRA-registered business (PTE LTD., LLC or LLP for Credit Limit)
  • Corporate bank account
  • Singaporean or PR director with more than 30% shareholdings (for Credit Limit)

How to Apply: Application Process

Consider this if your small business seeks flexible, short-term financing
  • Max Financing
    • S$300,000
    • Fees
      • 1 - 4% p.m.
      • Interest Rate
        • 1% to 3.9% p.m.
        • Eligibility
          • Corporate bank account (min 3-6 month history)

          Aspire's registration process is free and takes just 5 minutes. Prospective borrowers must provide their full name, mobile phone number, professional title, Business Registration Number and desired loan. To get started, click the "Learn More" button on this page.

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          Stephen Lee

          Stephen Lee is a Senior Research Analyst at ValueChampion, specializing in insurance. He holds a Bachelor of Arts degree in International Studies from the University of Washington, and his prior work experience include risk management and underwriting for professional liability and specialty insurance at Victor Insurance. Additionally, Stephen is a former US Peace Corps Volunteer in Myanmar (serving between 2018-2020), where he continues to provide business development consulting services to HR companies in Asia Pacific.