Frequently Asked Questions About Singapore Moneylending
In order to qualify for a cash loan in Singapore, all the following criteria must be fulfilled:
- Be a citizen or permanent resident of Singapore, or for foreigners, have a passport and employment pass.
- Be above 21 years of age, and is not an undischarged bankrupt, nor facing any bankruptcy proceeding.
- Be permanently employed, have a valid work permit (for foreigners) or if you are self-employed, have clear records of your cash flow to prove ability to repay the loan amount.
How much can I loan with Credit Matters?
Based on Singapore Government’s ruling:
- If your annual income is less then 20K, the max loan amount is 3K.
- If your annual income is less then 30K but greater than or equal to 20K, the max loan amount is 2 times of your salary.
- If your annual income is less then 120K but greater than or equal to 30K, the max loan amount is 4 times of your salary.
- If your annual income is greater than or equal to 120K, then there is no limit to the amount of loan.
