Requirements for getting a loan from a licensed moneylender
The borrower should submit a duly completed loan application form to the lender. The form must include your particulars including;
- Your full name
- Personal Identification Number
- Date of birth
- Contact information
- Residential address
- Email address
- The loan amount you applied for.
If a surety to the loan is necessary, you must provide the particulars of the surety in the application form. A surety is an individual who guarantees to pay back the loan in the event that the borrower is unable to pay.
You should also submit supporting documents to the lender to facilitate the processing of your loan application. Some of the necessary supporting documents include;
- Proof of the borrower’s total income preceding three months before the loan application
- Income tax statements
- Utility bills.
Foreign nationals residing in Singapore can also borrow from a licensed moneylender. These individuals may be required to provide extra documents such as;
- The borrower’s passport
- Bank statements
- A copy of their tenancy agreement
- Original employment pass (valid)
- Appointment letters from the borrower’s employer.