Before Taking Up A Loan

Taking a payday loan, personal loan, foreigner loan or business loan is a big responsibility. Therefore before approaching a moneylender, you should consider other alternatives, such as the financial assistance schemes offered by various government agencies. You may contact the agencies to find out more about their schemes.

Once you enter into a loan contract with a licensed moneylender, you are legally obliged to fulfill the terms and conditions as stated in the contract. However, before doing so, consider whether you will be able to abide by the contractual terms, bearing in mind your income and financial obligations. Borrow only what you need and would be able to repay within the stipulated time. Before going for the loan, make sure that you are in a position to meet the contractual terms and conditions. Unable to abide by the contractual terms and conditions, you will be forced to pay late payment fees and interest payment, making the loan nothing less than a burden for you.

The Singapore laws requires moneylenders to explain the terms and conditions of a loan to you in a language that you understand and to provide you with a copy of the loan contract. So make sure you fully understand the terms of the contract, in particular, the repayment schedule, the interest rate charged and the fees applicable on the loan. Also, consider carefully before agreeing to any contractual term which allows a moneylender to lodge a caveat on the sale proceeds of your real estate property upon default of the loan repayment. When a caveat is lodged against your property, you will not be able to sell it without first paying the moneylender in full. If the repayment is taken from the net proceeds from the sale of the property, it can wipe out a substantial portion of the proceeds.

It is always advised to visit various moneylenders before choosing one. Compare the different financial products and the repayment options offered by different moneylenders. Make sure you have a clear understanding of the terms and conditions pertaining to the loan. Never rush and commit yourself to a financial contract, which you will regret later.


Make sure you borrow within your means and able to service the monthly repayment installments. Before you commit to a loan, consider any other monthly payment obligations you have, such as housing or car repayment. Make up a list of all your expenses and then decide if you will be able to meet the cost of repaying a loan. This is extremely important as it will provide you an indication of your financial ability to meet your obligations.

Please read carefully and understand all the Terms & Conditions stated on your Loan documents before signing them. Do not hesitate to ask any question coming in your mind to clear your queries before committing to the loan. Also, read the Fee Schedule & Charges on your loan contract carefully. The fee schedule & charges shows you all the applicable fee and charges for your loan.

Things to do after being granted a loan

Firstly, ensure that the moneylender delivers you the full principal amount of the loan as stipulated in the Note of Contract. There should not be any installments or fees deducted upfront, which was not stated in the contract.

Do pay your loan installments on time to avoid late penalty and interest charges. We provide fast cash loans to you whenever you need it but you are also required to pay your monthly installments promptly to avoid late penalty and interest charges. You should always keep a track of the repayment dates to ensure that repayment is done on time. A GIRO plan is recommended so that payment is made on time. Also avoid taking multiple loans as it will increase your financial commitments and you will be overloaded with loans that you would not be able to manage.

Make sure the moneylender issues to you a dated and signed receipt every time you repay your loan or pay any fees in cash, and check it as well for correctness (e.g. name, amount, date). Also, ensure that you receive a statement of account for all your loan(s) at least once in every 6 months, and check it for information correctness. Also, you should retain all statement of accounts and receipts of payments, as documentation and evidence of payments which you have made.


  • Singaporean, Permanent Residents, S-Pass holder and Work permit holder
  • Minimum age: 21
  • Original NRIC
  • Currently employed
  • Employment payslip
  • All income range welcome
  • CPF contribution statement
  • Income tax statement
  • Not applicable to undischarged bankruptcy or pending bankruptcy
  • Utilities bill or hand phone bill that indicate the place of residence
  • Singaporeans with Singpass can print required documents at our office. Your Singpass will not be revealed.
  • Passport
  • Work Pass (S-Pass or employment pass)
  • Employment payslip
  • Employment Letter or Appointment Letter
  • Bank statement showing salary credited
  • Utilities bill or hand phone bill that indicate the place of residence
  • Tenancy Agreement (Rented Unit)
  • Singapore incorporated firm / corporation
  • Latest ACRA
  • NRIC/Passport/work pass of shareholder/director/partners
  • Company stamp/seal
  • Tenancy agreement for place of business
  • Title deeds or proof of assets for secured loan
  • Corporate bank statement
  • Profit and loss statement
  • Balance sheet.