Eligibility
Eligibility & Requirements
Below are the general requirements when applying for a loan with a licensed moneylender in Singapore.
Requirements for Personal Loan and Pay Day Loan
| • Singapore Citizen, Permanent Resident, or valid Work Pass holder (S Pass / Work Permit) |
| • Minimum age: 21 years old |
| • Currently employed or self-employed |
| • Not an undischarged bankrupt or under bankruptcy proceedings |
| • Original NRIC (for identification) |
| • Latest payslip or proof of income |
| • CPF contribution or income tax statement |
| • Utility or phone bill (proof of residential address) |
| • Applicants with Singpass may retrieve required documents securely at our office |
Requirements for Foreigner Loan
| • Valid passport |
| • Valid work pass (Employment Pass, S Pass, Work Permit, or LTVP) |
| • Latest payslip or proof of income |
| • Tenancy agreement (proof of residence) |
| • Employment or appointment letter |
| • Latest bank statement showing salary credited |
| • Utility or phone bill (proof of address) |
Requirements for Business Loan
| • Singapore-incorporated firm or corporation |
| • Minimum 1 year of business operation |
| • Latest ACRA business profile |
| • NRIC / Passport / Work Pass of shareholders or directors |
| • Tenancy agreement for business premises |
| • Latest 6 months’ corporate bank statements |
| • Balance sheet and profit & loss statement |
| • Company stamp or seal |
| • Title deeds or proof of assets (for secured loans) |
The maximum amount you can borrow from all licensed moneylenders combined for unsecured loans is:
| Borrower’s Annual Income | Singapore Citizens & PRs | Foreigners in Singapore |
|---|---|---|
| Less than $10,000 | $3,000 | $500 |
| $10,000 to below $20,000 | $3,000 | $3,000 |
| $20,000 and above | 6× monthly income | 6× monthly income |
Borrowing limits apply across all licensed moneylenders combined and are subject to eligibility and verification.
If you’re unsure which documents to prepare, our team will guide you through the process and ensure compliance with the Moneylenders Act and Rules under the Ministry of Law, Singapore.
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