Start with the official list

Check the Registry of Moneylenders website for its current list of licensed moneylenders. Compare the business name, approved address and listed website with the provider you are considering.

Watch for impersonation

A familiar name or copied logo does not establish that a contact is genuine. The Registry warns about impersonators soliciting loans through messages and requesting transfers before disbursement. Do not rely on a link supplied in an unsolicited message to verify the sender.

Understand the verification step

Licensed moneylenders must meet borrowers at the approved place of business for physical, face-to-face identity verification before granting a loan. Starting an enquiry online is not the same as completing that verification. Check the official list again if any details do not match.

Further reading

Read the official guidance.

Write down the key figures

Identify the principal, interest calculation, permitted fees and repayment schedule. Note the amount and date of each payment. Ask the provider to explain anything you cannot follow before agreeing.

Check what happens if a payment is late

Review the conditions for late charges and the consequences of missing a payment. For licensed moneylenders, consult the Registry’s borrower guide for the applicable limits. This checklist does not replace the actual contract or official guidance.

Keep your records together

The Registry says borrowers should receive a copy of the Note of Contract when the loan is granted. Retain it alongside the repayment schedule and payment receipts so you can compare later statements against the agreed terms. Do not sign until the terms are clear to you.

Further reading

Read the official guidance.

1. Start with your loan and contact details

The first step asks for your desired loan amount, purpose and preferred repayment period. It also asks for a mobile number and email address, with an optional home number.

Have your preferred figures ready so you can enter them consistently. The amount and period you enter are preferences, rather than confirmed loan terms.

2. Keep your personal information together

The second step covers information such as your name, identification details, residency and address. Some follow-up fields depend on your answers, including details for HDB owners.

The form does not submit or store your details, so you can explore the fields without making an application.

3. Gather your financial figures

The third step asks about your employment, income and outstanding bank and licensed moneylender loans. Employment selections can reveal additional fields, such as your company and designation.

The form also includes optional document fields for an ACRA record, Notice of Assessment and CPF contribution history. They accept PDF, Word, Excel, JPG or PNG files up to 15 MB each. There is no need to attach documents; selected files are not uploaded or stored.

4. Leave time for a final review

Choose up to two convenient lender locations, then read through the summary. Use the Edit buttons to revisit an earlier step and correct a detail before finishing.

The final button completes the review only. It does not send your information to Loanova or a lender, and it does not generate an offer or approval. Details are held on the page while you explore it; do not rely on them being available after a refresh.

Know which rate you are reading

A flat rate calculates interest using the original loan amount. With a reducing-balance calculation, interest is based on the amount still outstanding. The same headline percentage can therefore produce different borrowing costs.

The effective interest rate (EIR) helps express the cost in a way that supports comparison. Ask the lender to explain both the quoted rate and EIR.

Read the repayment schedule

Look at the monthly payment and the total payable over the full term. A longer tenure can make instalments smaller while increasing the overall interest bill.

Check processing charges and other applicable fees too. Ask what happens if you miss a payment or settle early, as terms vary between products and providers.

Make your comparison consistent

• Use the same loan amount and repayment period.
• Record the cash you receive after any deductions.
• Compare the full repayment amount, including fees.
• Check that each instalment fits your budget.

Use Loanova’s calculator to explore estimates, then compare the actual lender offers.

Common questions