Frequently Asked Questions



AM I ELIGIBLE FOR A LOAN?

You need to be a minimum of 18 years old and earning at least $1,500 per month. You will need to provide your latest 2 months payslip or your most recent CPF statement during your application.

If you are self employed, you will need to provide the latest 2 years of your IRAS statement and a copy of your ACRA business profile. Taxi drivers must provide taxi driver vocational driving license and a copy of their taxi driver identification label.



WHAT MUST I BRING TO APPLY FOR A LOAN?

If you are a Singaporean or a PR, you should bring the following documents:
1. NRIC
2. Singpass for logging in
3. Recent payslip
4. Bank statement reflecting the crediting of your salary

If you do not own a property, you will need to bring these additional documents:
1. Your current tenancy agreement
2. Recent Phone Bill or PUB Bill or Bank statement (from your letterbox)



HOW MUCH SHOULD I BORROW?

You should always borrow an amount that you will be able to pay off. A common rule of thumb is to use your monthly salary as the amount you can loan. Plus, it is important that you take into account of the interest rate before committing into taking the loan.



CAN I RE-LOAN?

You can apply to re-loan on the same day once you have paid up in full for your previous loan. This is also subjected to the approval by the loan officer.



CAN I BORROW IF I AM A FOREIGNER?

Yes, you can borrow even if you are foreigner and have a minimum income of $2000. You are required to provide the following documents:

1. Work Permit/S Pass/Employment Pass
2. Passport
3. Letter of Employment
4. Staff pass (if any)
5. Recent Phone/PUB Bill/Bank Statement (from your letterbox)
6. Tenancy Agreement
7. Bank statement reflecting the crediting of your salary






HOW DO I KNOW IF A MONEYLENDER IS LICENSED?

You can check with the Registry of Moneylenders (IPTO) to see if a particular moneylender is licensed. Licensed moneylenders will only approve loans exclusively within their premises. Often, illegal moneylenders will resort to prohibited tactics in getting customers. Here are some of the approaches they will take:

1. Cold calling and pretending to be a licensed moneylender.
2. Short Message Services (SMS) for advertisements.
3. Providing mobile services for customers.

It is important that you never take a loan from illegal sources and that you always borrow from a licensed moneylender to ensure that you will never be caught in an unending financial debt.