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For secured loans, you can obtain a loan of any amount. For unsecured loans, you can obtain:
For Singaporeans/Permanent Residents
- For annual income less than $10,000 a maximum of $3000
- For annual income at least $10,000 and less than $20000 a maximum of $3000
- For annual income of at least $20,000 a maximum of 6 times your monthly income.
For Foreigners
- For annual income less than $10,000 a maximum of $1,500
- For annual income at least $10,000 and less than $20000 a maximum of $3000
- For annual income of at least $20,000 a maximum of 6 times your monthly income.
Source: Ministry of Law
Note: The final approved loan amount is based on individual eligibility and case by case basis.
Loan approval can take within minutes. Licensed moneylenders are known for fast approvals or for quick loans. And, you can claim your loan within the day.
You will be informed by the licensed money lender via email or phone call and will arrange an appointment once your loan application is approved. You will be required to come down to the lender’s business address to endorse the agreement and you may receive your cash on the spot.
Moneylenders have a reputation also for allowing with bad credit to avail of a loan. They will lend you based on your ability to pay for now. Your bad credit history will not affect their decision to finance you. This is also determined on a case by case basis. They will provide a custom-loan plan that will suit your ability to pay.
Absolutely can, there is no obligation if you changed your mind.
For Singaporeans/PR:
- 21 years old and above
- National Registration Identity Card (NRIC)
- Latest 3 months payslips
- Proof of tenancy e.g. billing statements
- Past 15 months CPF Contribution Statements
- Income Tax Statements
For Foreigners:
- Passport
- Proof of Employment/Employment Contract/ Appointment Letter
- Recent 3 months payslip
- Work Permit or Employment Pass
- Tenancy Agreement for rented property
- Bank statement showing salary crediting
- Work Pass (S-Pass or Employment Pass)