Frequently Asked Questions – LytePay

How do I sign up for LytePay?

Visit https://www.lytepay.co/register and sign-up for free using your email address.

Is LytePay licensed?

LytePay does not carry out any of the regulated activities set out in the Securities and Futures Act (Cap. 289) of Singapore.

LytePay is seeking licensing by the Monetary Authority of Singapore to provide the services of account issuance, domestic money transfers, and foreign money transfers. Please note that this does not mean you will be able to recover all the money you paid to if LytePay’s business fails.

Is LytePay a loan?

No, LytePay is not a loan. It is simply an advance on your earned income. There are no interest charges to your advance requests.

How do I make a request for an advance on my commission or other income? What is the process for making a request?

The company whom you provided your service to must be a LytePay client before you are able to apply for an advance.

You can register for free at LytePay, after we verify your identity, you will be able to request for instant payment (i.e. commission advance). Your request will then be reviewed within 1-3 business days.

Even after the approval process, you may still choose to accept or decline the commission advance. Should you choose to proceed, you will receive your commission advance within 1-3 business days of acceptance.

If I am a property agent whose agency is a client of LytePay, how much of my commission can I choose to advance?

In most instances of project sales, you may request up to 80% of your net commission. This varies from agency to agency.

What is the processing fee for such a service?

We charge a one-time fee that is dynamically calculated. The fee will be clearly displayed on your request form before you submit your request and will be displayed once again before you choose to accept the request.

Version 6
Last updated on 28 May 2020