9. What should I do after being granted a loan?

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9. What should I do after being granted a loan?

  • Make sure the moneylender delivers to you the correct principal amount of the loan. The moneylender is only permitted an upfront deduction of a loan approval fee of up to 10% of the principal amount.


  • Pay the loan instalments on time to avoid incurring late payment fees and late interest.


  • Make sure the moneylender issues to you a dated and signed receipt every time you repay your loan or pay any fees in cash, and check it for correctness (e.g. name, amount, date).  


  • Make sure you receive a statement of account for all your loan(s) at least once every 6 months, and check it for correctness (e.g. name, amount, date); and


  • You should retain all statement of accounts and receipts of payments, as documentation and evidence of payments.



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you need to be minimum of 18 years old and above and must be employed. You will need to provide the latest 2 months payslip or your most recent CPF statement.

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03 August 2017


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