FAQ

x-Invoice

Is x-Invoice a business loan?

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x-Invoice is not a business loan. It is a sale of your outstanding invoice to receive an advanced payment. This will not add on debt to your balance sheet.

Do I have to pledge any collateral or provide Personal Guarantees?

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No. x-Invoice does not require personal guarantees or collaterals.

Can any business sell their invoices to Multiply?

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We accept invoices from businesses registered in Singapore which have been in business for at least six (6) months.

What type of invoices I can sell?

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Multiply can accept invoices for services or goods already delivered and accepted. The buyer cannot be a related party.

Can I sell more than 1 invoice and take multiple cash advances?

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Yes, if each application is supported by separate and unrelated invoices.

Will my customer know about my transaction with Multiply?

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Yes. Your customer will be notified in writing to verify the invoice details, to confirm that they are satisfied with your product or service, and to confirm that they will pay Multiply when the invoice is due.

Will using x-Invoice look bad on me?

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No. Multiply is not a distressed lender. We conduct proper due diligence and will only purchase legitimate invoices from deserving businesses.

What documents do I need to submit in order to make an application?

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We will need
- Original invoice
- Original contract/purchase order
- 3-month operating bank statements
- Latest month company utility/telecom bill
- Copy of NRIC/passport of key company personnel (CEO and major shareholders)

How does Multiply protect my information? Is it stored securely?

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All confidential information submitted is stored on secure servers. Protections include data encryption and anti-DDoS measures. Your data is safe with us

Will you conduct a background check on me during the application process?

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Yes, we will evaluate each application based on the strength of your company as well as your customer.

Can I sell a portion of my invoice only?

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Yes, you may select a lesser amount than the full invoice, depending on your business needs. Multiply will refund you the remaining amount once we receive payment from your customer.

Will Multiply collect payments for me?

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Yes, Multiply will collect outstanding invoice payments from your customer. You do not need to get involved in the process.

What happens if my Customer does not pay?

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Multiply will handle any late and/or defaulted payments. We have a professional team that is experienced in payment collection. We have standard collection processes if a Customer does not pay. However, If your customer raises a legitimate dispute, and your business has failed to deliver the product or service as agreed in the contract, Multiply will demand the remaining sum from your business.

Where are your funds from?

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Multiply uses funds from our own capital base. We are not a peer-to-peer lending platform. We are careful in selecting our clients, and look to grow our relationships with them.

How will the funds be disbursed to me?

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The funds will be disbursed directly to the company’s operating bank account.

x-Loan

Who will qualify for an x-Loan?

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Any Singapore-incorporated companies who have been in business for at least 06 months.

Is my company able to take up a loan if I have existing loans with the bank/financial institution?

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Yes you are still eligible. Our team will evaluate your ability to repay, taking into consideration all of your company financial obligations.

What are the loan tenors like?

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Our loan tenor is flexible and can be adjusted to fit the your companyr’s existing financial obligation. (Capped at 12 Months).

How long does the loan application process take and how soon will I receive the loan amount after loan application?

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Approval of loan will take 1-2 working days upon receiving the application. We will meet you to collect your physical signature for GIRO form, and request you to e-sign our contract. The loan amount will be disbursed to you the next working day.

Why was my loan application declined?

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We are sorry to hear that your application was declined. Every loan applications are subjected to our internal credit assessment, and we are unable to provide you with the reason for declining your application.

How do I make my repayment?

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Our repayment methods are bank transfer and GIRO, for weekly or monthly repayment.

What happens if I’m not able to repay my loan?

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Write in to us and we will help you. We encourage frank discussion with borrower to understand his/her situation to tailor a plan for the repayment of their loan.

What documents do I need to submit in order to make an application?

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We will need
- 6-month monthly Bank Statements
- CBS and NOA (2 years) of 2 PGs
- Photocopy of Directors/Owners NRIC (Passport for PRs / foreigners)
- M&A: Accept Original, CTC and Scanned copy.

My company is making losses, am I still eligible for the loan?

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At Multiply, we take current and future earning capacity into account for the credit assessment, so you still stand a chance if your business is promising.

How do I know if Multiply’s business is legit?

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Multiply is a product of IFS Capital Limited, a regional financial institution listed on the Singapore Exchange since 1987.

How can I check my outstanding loan amount if I intend to repay the loan early?

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You can call/ SMS/Whatsapp us at +65 8775 0069 to check on the amount.

Am I able to repay more than the required amount stated in the loan schedule?

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You are welcome to pay more than the stated amount. The amount in excess will be deducted from your principal on your next monthly repayment.

Still have questions? Call/SMS/Whatsapp us at +65 8775 0069 or email us at sales@multiply.com.sg