Loan from Money Lenders Requirements: Dancing to the Art of Securing a Loan in Singapore

You don’t have to become a professional dancer to understand that dancing requires comprehending the moves. For this dance lesson, the step you have to learn is to understand who and what a loan from money lenders requirements are. 

You must know the step-by-step specifics on moneylending and lenders in Singapore, and the next step would be uncovering the loan requirements, process, and more! 

Step 1: Singapore’s Money Lender You Must Trust

No one wants to have any entanglement with money issues. It’s a problem that must have a quick resolution with an influential choreographer, or your financial future will be in jeopardy.

The most common and trusted method to relieve such a dilemma is to apply for a loan, whether a personal loan or other financial products. Traditional banks are the usual choices, but you’ll meet lenders in Singapore for today’s financial lesson.

The lenders in Singapore come in two distinguished flavours. There’s the one you can trust, while the other is the flavour that’s not even worth trying at all, and they are:

  • Licensed Money Lenders:

Do you prefer to dance with a partner who’s wearing a tuxedo? 

If you do, then a licensed money lender is the primary partner you must choose. These legal lenders are professionals like Accredit. How?

They strictly follow the regulations of the Ministry of Law under the Moneylenders Act. As licensed moneylenders adhere to the Act, you can trust they honour the rules regarding proper business practices delivering fair interest rates and fees.

  • Unlicensed Money Lenders:

The lawless dancer. These ‘Ah Long’ perform their illegal lending activities beyond the Act’s regulations, which causes borrowers to have excessively high rates and dishonest approaches. 

Loan sharks often promise the best, but it’s all too good to be true. They’re only targeting Singaporean and non-Singaporean borrowers to scam big money, threaten, and cause extreme stress to the victims.

They don’t fit your needs.

From the brief details, you already know which lender to choose.

As you may make these choices when applying for loans in Singapore. One dancer is better than the other.  Be clever and wise, and avoid unlicensed moneylenders or loan sharks.

So, which loan do you need?

Step 2: Swinging to a Licensed Money Lender’s Loan Offerings

A licensed money lender is a tremendous one-stop-loan shop for Singaporean and non-Singaporean borrowers. Each person has diverse monetary needs too, and with every financial requirement, there are different types of loan you may swing with:

Personal Loans: If personal loans are a dance, these will be the freestyle dance – use it for any purpose that fits you best.

Payday Loans: Quick, short, like a jive. Payday loans are small, short-term, unsecured loans that will save your day!

Foreigner Loans:

It’s the loan that has a design to assist non-Singaporean residents ideally.

Business Loans:

For entrepreneurs who like to dance to their SME dreams, business loans will help you responsibly grow or maintain your enterprise. 

Step 3: The Loan from Money Lenders Requirements: The Prerequisite Salsa

Your financial dreams can come true with a licensed money lender. But you must follow specific loan from money lenders requirements before anything else. Keep in mind; the prerequisites differ, so be sure you know the exact details when you apply for a loan, including:

For Singaporean Citizens (SC) and Permanent Residents (PR)

  • Identification cards
  • Proof of residency (a letter addressed to you, utility bill, bank statements, etc.)
  • SingPass (to log into IRAS’ website)

For Foreigners:

  • Work Permit / E Pass / S Pass
  • Passport
  • Proof of employment (recent payslips, employment letter)
  • Proof of residency (utility bill, tenancy agreement, etc.)

When you’ve prepared all these, it’s time to proceed to the next steps.

Step 4: Mastering the Loan from Money Lenders Requirements Application Process

Like the structured choreography of the tango, the loan application process follows a distinctive set of patterns. 


It’s like stretching and warming up before the dance. Fill out the application form from your chosen licensed moneylender, providing all the crucial documents. 


Your potential money lender will examine your moves, specifically, credit score and history, income, etc. So, be sure you’re presenting your best actions, but a licensed moneylender is always open to discussing essential lending matters like these.


If licensed moneylenders like your dance style, you’ll receive an offer stating the loan amount, fair interest rate maximum of 4% per month, and terms.


When you and your favoured licensed moneylender agree on the dance steps, you may proceed to accept the loan offer. Be sure that you understand every detail stated in the contract.

Discuss with the licensed lender if you need clarification or have other concerns. A dependable and trustworthy legal lender will divulge your money lending information.


With everything in place, the lending music starts to play smoothly and gets you into the groove. Within the same day or a few days, the funds you’ve applied for a loan from money lenders requirements will transfer to your bank account.

Step 5: The Syncopation of Loan from Money Lenders Interest Rates and Terms

Every loan you apply for from a money lender has specific interest rates and repayment terms. Licensed money lenders in Singapore may charge a maximum interest rate of 4% monthly.

What about the repayment terms? 

The terms are well and reliable. All of it is as flexible as a seasoned professional dancer. You may pay the loan weekly, fortnightly, or monthly; these selections are according to your financial stability and capacity.

The beat of such a financial phase must align with your capabilities, and a legal lender will help you with each careful step.

Step 6: Graceful Transition to Possible Challenges

Tripping is another possibility that could happen in any financial dance. You could trip; you could even miss a beat.

Monetary difficulties, job changes, and sudden expenses – may affect your loan repayment. Regardless of these shifts, you must continue getting up and keeping up with your responsibilities.

Communicate with your money lender or Accredit – they’re not monsters but business entities that will grant you the best solutions, such as debt consolidation, credit counselling, loan restructuring or refinancing.

Step 7: The Loan from Money Lenders Requirements Final Bow

Finally, as the financial beat begins to fade, you approach the final step of your monetary dance – repaying the loan. Depending on your agreement, this could be a simple, graceful dip or a complex, acrobatic leap.

Most licensed money lenders provide various repayment methods, like cash payments, bank transfers, or cheque payments. For the loan from money lenders requirements, complete each and select a process that allows you to smoothly glide across the money lending floor until the final note.

Dancing to securing a loan from licensed money lenders may appear challenging, as the steps may be intricate, yet with swift movements. Upon understanding the financial laws, and the right licensed moneylender like Accredit, you can accomplish even the most complex lending routines with dignity and precision. 

Thus, with your comprehensive understanding and insight into the lending industry and requirements, you can face financial troubles and dance to your financial success!

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