FAQs - Magnus Credit
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FAQs

Magnus Credit Pte Ltd is here to help you with all of your loaning needs and concerns. Below are some of our Frequently Asked Questions that came from most of our clients. If you cannot find the question that you are looking for, do not hesitate to contact us

Where can I apply my loan at?
You can apply your loan via our application form in the website or you can drop by our office.

May I know why my loan was not approved?
At Magnus Credit Pte Ltd, we have the right to not disclose any information regarding loan approvals.

Will Magnus Credit Pte Ltd grant me a loan if I have poor or bad credit status?
This is subjected to case-by-case basis. However, we will try our best to customize your loan package according to your repayment ability.

May I take another loan if I already have an existing one in Magnus Credit Pte Ltd?
Yes, we can grant you another loan provided that you are eligible according to The Moneylenders Act and its regulations. 

Upon payment of my loan, am I able to request for another one?
Yes, we can grant you another loan provided that you are eligible according to The Moneylenders Act and its regulations.

How do I make my repayment?
Payments are made through GIRO by default. You can also pay through bank transfer to our designated accounts or cash in our office.

Are there any fees if I would like to make an early redemption?
No, there will not be any additional fees. In fact, there is even an interest rebate if you pay early in fill. The earlier you make that payment, the more interest your will save on.

Upon the approval of my loan application, can I still reject it?
YES, you should not be pressured to take out any loans if it is not what you are looking for in terms of any clauses or personal reasons.

What are the compulsory requirements needed for any loans?
• You must be at least 21 years old and above to apply.
• Applicants must be either a Singapore Citizen or a Permanent Citizen status.
• Must not be declared undischarged bankrupt nor any bankruptcy that is ongoing.
• Permanently employed contributing monthly CPF
• Foreigners and expats must have a valid work permit or valid passport
• Self-employed applicants must have their income tax assessment, ACRA, or vocational license.

What is the maximum amount of loan that I can take out
Secured Loans:
• No restrictions to any amounts

Unsecured Loans
• If your annual income is less than $20,000: Up to $3,000
• If your annual income $20,000 or more but below $30,000: Up to 2x your monthly income
• If your annual income $30,000 or more but below $120,000: Up to 4x your monthly income
• If your annual income exceed than $120,000: Any amount that you need

What should I do after my loan has become successful?
• Double check on the loan amount to make sure that it is correct.
• Make prompt repayments to avoid penalties, interests, or late payment fees.
• Every time a repayment is made, be sure that you are being issued a date and signed receipt, especially if it is in cash.
• Check your name, amount, and date, and the correctness of every detail.
• Double check that you are being issued a statement of account for all loans at least every six months.
• Retain and file up all physical copy of proofs as documentation and evidence of payments.

Magnus Credit Pte Ltd has the right to amend any of the Terms and Conditions without prior notice.

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