Your Guide Towards Finding The Right Personal Loan

Sometimes, people find themselves strapped for cash during unexpected situations. As such, one may need to resort to financing solutions to help with the current situation.

Hence, one option for Singaporeans would be to apply for a personal loan from a licensed moneylender nearby. Through these reputable agencies, one can apply for the general personal loan or, if they have more specific needs, other types are available as well, such as bridging loans, business loans, debt consolidation loans, and more.

For first-time loan applicants, here are a few important things to note when it comes to personal loan eligibility in banks and licensed moneylenders.

General criteria

When applying for instant cash loans in Singapore, an applicant’s age, citizenship, and annual income are the general criterion considered, with different agencies having varying specifics for the latter two.


Licensed moneylenders release loans that are lesser in amount compared to banks. As such, they’re able to provide personal loans for applicants of all income levels.

When an applicant’s income level does not reach a moneylender’s specified baseline annual income, they’ll be limited to a small amount for their personal loan. But if their income is equal or exceeds that which they’ve specified, then they can loan for an amount greater than what they earn, typically capped at six times their monthly income.

Documents required for a personal loan

Both banks and licensed moneylenders will need applicants to submit several documents related to the criteria covered. These documents, depending on the agency, usually includes the following.

1. National Registration Identity Card

This card is used to verify the applicant’s citizenship (and age).

2. Proof of Income

The latest original payslips or commission statements are a must, with the former often requiring the company’s mark, such as their letterhead, stamp, and signature. How recent these documents must be will depend on the agency,

3. Proof of Address

These documents state the applicant’s address, and come in various forms, with utility bills being a primary example.

4. CPF Contribution History

It is mainly required only for salaried employees. A printed copy of the contributions is often required by some banks and moneylenders.


Personal loans can undoubtedly be a lifesaver under the right circumstances. But before applying for one, don’t skip on doing proper research for a reputable licensed moneylender.

By making sure to rely on a trusted agency, everything will be transparent and explained, from the loan contract itself along with the flat and effective interest rates, loan period, and processing fees (if there are any) of the chosen loan plan.

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