FAQs for Borrowers

For secured loans, you can obtain a loan of any amount. For unsecured loans, you can obtain:

  • Up to $3,000, if your annual income is less than $20,000;
  • Up to 2 months’ income, if your annual income is $20,000 or more but less than $30,000;
  • Up to 4 months’ income, if your annual income is $30,000 or more but less than $120,000; and
  • Any amount, if your annual income is $120,000 or more.

Source: IPTO
Note: The final approved loan amount is based on individual eligibility and case by case basis.

You will be informed by email, phone call to arrange an appointment once your loan application is approved. You will be required to go down to lender’s office to endorse on the agreement and receive your cash on the spot.
You may arrange this with your lender and let them know when is a convenient time for you and some of them will try their best to cater to your timing.
Some lenders will lend you money based on your ability to pay them. Some time your bad credit history will not affect their decision to finance you. This is also determined on a case by case basis, but usually they will do their best to customise a loan plan to suit your needs and within your ability.
Absolutely can, there is no obligation you must take up any approved loan if you changed your mind.
Some lenders will not disclose the reason, and lender reserves the rights not to disclose any information in any regard.
Yes, they may grant you another loan as long as you meet their eligibility criteria at time of application and subjecting to The Moneylenders Act.
In most cases, payment are made through GIRO by default. But some lenders may prefer you to opt for bank transfer or alternatively pay by Cash at their office.
No, there will not be any additional fee. In fact, you may get an interest rebate from some lender for full early repayment. So earlier full repayment is made more interest you will save on.
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