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Personal Loan 101: 7 Must-Pass Qualifications to Get Approved

Ever wonder why some loan applications get declined? It’s due to a lack of eligibility. Learn the qualifications to get approved. 

Some Singaporeans are so confident that their loan applications will be approved. But they end up getting rejected for some unfathomable reason. Was it just a bad joke? Did the loan manager wake up on the wrong side of the bed?

Moneylenders and their loan officers are not individuals who approve or decline loan applications out of sudden mood swings. After all, lending is still a business. So parameters have to be put up to decrease lending risk to delinquent clients.

Personal loans are the usual lifelines for most people in the city-state. It is heart-breaking to get rejected when you need it the most. How can you increase your chance of getting approved?

Here are 7 Qualifications to Get Approved

7 Must-Pass Qualifications to Get Approved



The age range is the first thing you will usually see on any eligibility list. Moneylenders lend to income-generating borrowers. Therefore, most moneylenders would give a loan to at least 21 years old up to 65.

Borrowers younger than 21 usually do not have enough credit history. In addition, they just started to earn their first salaries. Also, they are on their first credit cards.

Furthermore, some lenders admit that younger clients sometimes lack a sense of financial responsibility.


Most banks will only approve a personal loan to a Singapore citizen or a Permanent Resident. However, licensed moneylenders offer personal loans to foreigners. What matters is they provide the needed requirements. However, personal loans for foreigners in Singapore have some additional qualifications.


Let’s face the truth. No lender will lend money to someone who has no source of income. How will a person prove that he/she can repay the loan? Take note that there is interest involved. Lenders will question your capability if there is no way to earn enough money. Plus, there are daily necessities to prioritise. If unemployed, expect most financial institutions to decline your loan application.

Most banks and moneylenders require a minimum income. It must be around $20,000 to $30,000 annually. Of course, this range may increase for earning borrowers. However, it depends if you are a foreigner, self-employed, or commission-based.

Credit Score

The Credit score takes a long time to rebuild. It is the history of handling trust from your previous lenders. Some people may wonder why they declined despite the high salary and high rank in their company.

Before you go hysterical, you must understand the qualification to get approved. First, banks and moneylenders tap the Credit Bureau to check your credit score. From there, they see your previous and current loans. Also, it shows your behaviour during the repayment period. So reflect on this question: “How did you handle your past loans and credit card bills?”

Put yourself in the shoes of the moneylenders. A stranger asked to borrow some money. But then, you get to see that he ended the previous loan in default. Will you trust that person’s ability to pay?


Aside from the credit score, the moneylenders are also particular about the borrowers’ current financial status. Do you have a couple of loans? Tracking them at the same time might be difficult. If you have existing loans, it is still best, to tell the truth. Why? Because they are most likely to find it out. It is one of the common mistakes some borrowers still make nowadays.

Moneylenders may lend to someone with loans such as a car or home loan. However, you have to prove how to handle all your repayments.

Employment duration

For most financial institutions, you must have at least three (3) or four (4) months of employment in your current company. Of course, some financial institutions may not specify the minimum period of employment they require. But it indeed affects their loan decision. So consider these qualifications to get approved. 

Co-borrower Details

Usually, a co-borrower must be a Singapore citizen or a Permanent Resident. Most banks require the co-borrower to be a relative of the borrower. What if you do not have anybody willing to risk their necks for you?

Fortunately, some licensed moneylenders do not require a co-borrower.

Online Personal Loans Requirements

Online personal loans are loans you process online. But still, have to go to the moneylender’s office to sign the loan contract.

This type of loan has a quick turnaround. It takes at least an hour up to 24 hours. Why? The loan managers instantly review the loan application.

Most licensed moneylenders who offer online personal loans also require minimum qualifications:

  • The loan applicant must be aged 21 years and above
  • Singapore Citizen or Permanent Resident
  • Identification Card (NRIC) and SingPass Login
  • The latest proof of billing
  • Latest 3-month original payslip or CPF contribution
  • Letter of employment

Take Note:

  • With this list of qualifications to get approved, you can self-assess which part is your weakness as a loan applicant. Before you apply for a loan, make sure to check the eligibility and requirements of the financial institutions. Also, it helps to know if you have a chance to get approved.
  • If you think you have a bad credit score, find a moneylender who caters to those with low credit scores. Or nourishes it first before applying.
  • Provide complete required documents to assure faster process. Also, make sure that all copies are clear. Plus, all details are consistent.

Being a borrower, it is your responsibility to prove that you are creditworthy. The best way to do this is to be diligent in all your loans.

If you need an online personal loan from a moneylender with personalised loan solutions, you can get it from Cash Mart today.