What is the process of personal loan?

The process of the application is fast and easy, as fast as instant approval. In order for the application to be instant and swift, it is highly recommended that one must have their income proof with them when getting a loan. One must also have their Singpass ready to log in to print
the other necessary documents for the loan application.

Before you commit to getting a loan in Singapore, a loan application has to be filled up with your personal information. (Please take note that any platform that offers you a loan without coming by to their office is not a licensed moneylender.)

REQUIREMENTS

• Singapore Citizen or Permanent Resident of Singapore, you may borrow up to 6 times your monthly salary. If your annual income is less than $20,000, you will only be able to borrow $3000 and if your annual income is at least $20,000, then you will be able to borrow 6 times of your monthly salary for any purpose.
• The minimum age to qualify for the personal loan is 21 years of age and the loan tenure goes up to 40 months.
• Minimum salary required for Singaporeans need to be earning at least $1500 per month and Foreigners need to be earning at least $2000 per month.
• Documents are required for loan submission

For locals, we require:

1. National ID Card (NRIC)
2. Proof of residency: Any official mail received at the borrower’s residence
3. Latest pay slip or other proof of income
4. Latest bank statement of the account where pay is deposited (borrowers may log
   into iBanking at our office)
5. Borrowers must know their Singpass login details to access their CPF, HDB or
   IRAS statements*

*As a prerequisite of applying for a loan, borrowers will need to log in with their Singpass to
CPF/HDB/IRAS for verification purposes. However, they are not to give any moneylender
their Singpass password as this is governed by the Ministry of Law.

For Foreigners, we require:

1. S Pass, Employment Pass (EP) or Work Permit (WP)
2. Passport
3. Employment contract
4. Most recent three months of pay slips
5. Tenancy agreement
6. Proof of residency: Any official mail received at the borrowers residence
7. Most recent three months of bank statements for the account where pay is
   credited

For businesses, we require: (min. 2 years of operations)

1. ACRA Business Profile
2. Audited P&L statement
3. ACRA Income Tax Reporting Summary
4. Proof of incoming funds
5. Most recent six months of business bank statement

How can we help?

Have questions? Give us a call! We strive to be in constant communication with our customers.

Wah Leong Finance

339 Jalan Besar

Singapore, S208984

(65) 96986200

Operation Hours

Monday – Friday: 9:30am – 5pm
Saturday – Sunday: Closed