Key takeaways
- Lenders typically ask for financial statements, recent bank statements, tax assessments for directors, and business registration details. [21][25][26]
- Most of these can be pulled together in advance from ACRA, IRAS and your bank. [17][20]
- Never pay a fee to "release" or "secure" a loan. Upfront fees and unsolicited loan offers are classic scam signs. [11][12]
- Never share your Singpass login or one-time passwords. [13][14]
- Check who you are dealing with: the MAS directory for banks and finance companies, and the Registry of Moneylenders list for licensed moneylenders. [15][16]
Key facts
- The Singapore Police Force reported at least 375 loan scam cases between January and May 2025, with at least S$2.4 million lost. [11]
- Licensed moneylenders may advertise only in business directories, on their own websites and at their premises, and may not solicit by SMS, calls or social media. [11][14]
Key terms
- ACRA business profile
- A document from ACRA's Bizfile portal that shows a business's UEN, registration date and officers. A Business Profile costs S$5.50; a basic search is free. [17] In the glossary
- Notice of Assessment (NOA)
- An IRAS income tax assessment. Lenders often ask for directors' or guarantors' NOAs for the latest 2 years; you can view them on myTax Portal for up to 4 years. [20][21] In the glossary
- Licensed moneylender
- A non-bank lender licensed to lend to the public. The Registry of Moneylenders publishes the list of licensed moneylenders. [15] In the glossary
Why preparing helps
The Association of Banks in Singapore says the most important consideration for banks is your ability to pay. [21] Clear, up-to-date documents make that easier to show, and they let you compare offers on your own timeline rather than under pressure.
What documents do lenders usually ask for?
Requirements vary by lender, product and loan size. These are the documents most often mentioned:
| Document | Where to get it | Notes |
|---|---|---|
| ACRA business profile | Bizfile, ACRA's portal | Shows your UEN, registration date and officers. A Business Profile costs S$5.50; a basic search is free. [17] |
| Financial statements, latest 2 years | Your accountant or company records | The ABS says at least one year should be audited for private limited companies. [21] Many small companies are exempt from audit. [19] VERIFY [45] What lenders accept in place of audited accounts varies, so ask each lender. |
| Recent management accounts | Your bookkeeping system | Useful if your last financial statements are several months old. [21] |
| Business bank statements | Your bank | Often the latest 3 to 6 months. [21][25][26] |
| Notices of Assessment (NOA) for directors or guarantors | IRAS myTax Portal | Usually the latest 2 years. [21][26] |
| Business plan or cash flow projections | You | The ABS lists a business plan for startups, and cash flow projections among the criteria banks weigh. [21] |
| Company constitution and director profiles | Company records | The ABS lists the Memorandum & Articles of Association (now the constitution) and director profiles. [21] |
| Personal bank statements (sole proprietors and partners) | Your bank | The ABS lists the latest 3 months. [21] |
Getting your NOA. IRAS lets you view your Notices of Assessment on myTax Portal for up to 4 years. Older copies, up to 7 years, can be requested via Live Chat for a fee. [20]
Annual returns. Companies must file annual returns with ACRA. Non-listed companies have 7 months after their financial year end. [18] Make sure yours are up to date, since lenders often check public records.
Myinfo Business. Some banks let you retrieve company information from government records with your consent when you apply online. [26]
Meeting the lender. The ABS notes that a bank may sometimes ask to meet you in person. [21] It also encourages being open about your plans and commitments, so the bank can structure suitable facilities. [21] Surprises found later, such as an undisclosed loan, tend to slow things down.
Sole proprietors and partnerships. Lenders often look more closely at the owners' own finances, since the business and the owner are not legally separate. That is why personal bank statements and Notices of Assessment appear on the list. [21] LEGAL REVIEW
Also worth having ready
These are not formal requirements, but they help you answer the questions lenders usually ask:
- what you need the money for, how much and for how long
- a list of who owes you money and for how long (aged receivables), which also shows whether invoice financing could be an option
- a list of your existing loans and repayments
- an explanation of anything unusual in your accounts, such as a one-off loss
How do I spot a business loan scam?
The clearest signs of a business loan scam are an offer you did not ask for, a request for a fee before the loan is released, and a request for your Singpass or bank login. [11][12][13] Loan scams are common in Singapore. The Police reported at least 375 loan scam cases between January and May 2025, with at least S$2.4 million lost. [11]
Warning signs
- Unsolicited offers. ScamShield says any unsolicited loan offer is a scam. [12] Licensed moneylenders may only advertise in business directories, on their own websites and at their premises. They may not solicit by SMS, calls or social media. [11][14]
- Upfront fees. Scammers ask for "administrative fees", "account clearance", "lawyer fees" or "insurance" before releasing a loan. [11] Never pay money as a condition for receiving a loan. [12] For licensed moneylenders, any permitted admin fee is deducted from the loan, not paid upfront. [11]
- No face-to-face check. Licensed moneylenders must verify a borrower's identity in person at their approved business premises. A loan approved entirely online or by message is a red flag. [11][13] LEGAL REVIEW
- Requests for Singpass, NRIC or bank logins. Never share your Singpass details, OTPs or banking credentials. [13][14] A licensed moneylender may not keep your NRIC. [14]
- Blank or unexplained contracts. A licensed moneylender must explain the terms and give you a copy of the contract. Never sign a blank one. [14]
- Pressure and impersonation. Being rushed to decide or pay is a warning sign: ScamShield advises you to take your time and not let anyone rush you. [43][44] Scammers often pose as staff or partners of licensed moneylenders. [11]
LEGAL REVIEW
How to check who you are dealing with
- Banks and finance companies: search the MAS Financial Institutions Directory. [16]
- Moneylenders: check the Registry of Moneylenders' list of licensed moneylenders. [15]
- Unsure about a call or message: call the ScamShield Helpline on 1799. [11]
- To report unlicensed moneylending: call the Police on 1800-255-0000, or 999 in an emergency. [13]
Not every business lender is a bank or a licensed moneylender. The Moneylenders Act excludes some lenders, for example those that lend only to companies and LLPs, and the Ministry of Law does not regulate excluded moneylenders. [32][33] Ask any provider how it is regulated and verify the answer. Our guide to types of business lenders explains the categories. LEGAL REVIEW
What to check before you agree
- Have I confirmed the lender is listed with MAS or the Registry of Moneylenders? [15][16]
- Did they contact me first? If so, be very cautious. [12]
- Has anyone asked me to pay before the loan is released? Stop if so. [11][12]
- Has anyone asked for my Singpass, OTP or bank login? Never share them. [13]
- Do I have the full contract, EIR, fees and repayment schedule in writing? [10][14]
- Am I being rushed? Take time and compare. [11]
Frequently asked questions
What documents are required for a business loan in Singapore?
Requirements vary by lender and loan size. The documents most often mentioned are an ACRA business profile, the latest 2 years of financial statements, recent business bank statements (often 3 to 6 months), and Notices of Assessment for directors or guarantors.
Can I apply for a business loan with unaudited financial statements?
It depends on the lender. The Association of Banks in Singapore says at least one year should be audited for private limited companies, but many small companies are exempt from audit. Ask each lender what it accepts in place of audited accounts.
Should I pay a fee before a business loan is disbursed?
No. Never pay money as a condition for receiving a loan. Requests for administrative fees, account clearance, lawyer fees or insurance before a loan is released are classic scam signs. For licensed moneylenders, any permitted admin fee is deducted from the loan, not paid upfront.
Disclaimer. This guide gives general information only. It is not financial, legal or tax advice, and it is not a recommendation of any product or provider. Riverell is not a lender and does not arrange loans. Figures and scheme details were checked against the sources listed on 25 Oct 2026 and can change. Always confirm terms directly with the provider, and get independent professional advice if you are unsure. LEGAL REVIEW
Sources
- [10]MAS MoneySense - Costs of borrowing: flat rate, monthly rest and effective interest rate (last updated 22 Apr 2026). https://www.moneysense.gov.sg/costs-of-borrowing-flat-rate-monthly-rest-and-effective-interest-rate/ (accessed 25 Oct 2026)
- [11]Singapore Police Force - Police advisory on loan scams (16 Jul 2025). https://www.police.gov.sg/media-hub/news/2025/07/20250716_police_advisory_on_loan_scams (accessed 25 Oct 2026)
- [12]ScamShield - Loan scams (updated 28 May 2026). https://www.scamshield.gov.sg/i-want-protection-from-scams/learn-to-recognise-scams/loan-scams/ (accessed 25 Oct 2026)
- [13]Singapore Police Force - Unlicensed moneylending advisory. https://www.police.gov.sg/advisories/unlicensed-moneylending (accessed 25 Oct 2026)
- [14]MinLaw Registry of Moneylenders - Guide to borrowing from licensed moneylenders. https://rom.mlaw.gov.sg/information-for-borrowers/guide-to-borrowing-from-licensed-moneylenders-english/ (accessed 25 Oct 2026)
- [15]MinLaw Registry of Moneylenders - List of licensed moneylenders in Singapore. https://rom.mlaw.gov.sg/information-for-borrowers/list-of-licensed-moneylenders-in-singapore/ (accessed 25 Oct 2026)
- [16]MAS - Financial Institutions Directory. https://eservices.mas.gov.sg/fid (accessed 25 Oct 2026)
- [17]ACRA - Types of ACRA information products (updated 4 Feb 2026). https://www.acra.gov.sg/resources/buying-business-information/types-of-acra-information-products/ (accessed 25 Oct 2026)
- [18]ACRA - Annual return filing deadlines and requirements for companies (updated 14 May 2026). https://www.acra.gov.sg/manage/companies/legal-requirements-common-offences/filing-annual-returns-companies/deadline-requirements/ (accessed 25 Oct 2026)
- [19]ACRA - Audit exemptions (updated 3 Feb 2026). https://www.acra.gov.sg/manage/companies/legal-requirements-common-offences/preparing-financial-statements/audit-exemptions/ (accessed 25 Oct 2026)
- [20]IRAS - Getting my tax assessment (Notice of Assessment). https://www.iras.gov.sg/taxes/individual-income-tax/basics-of-individual-income-tax/receive-tax-bill-pay-tax-check-refunds/getting-my-tax-assessment (accessed 25 Oct 2026)
- [21]The Association of Banks in Singapore - SME FAQs (older page, no date, footer (c) 2022; still names pre-2018 SPRING-era schemes). https://abs.org.sg/sme/faqs (accessed 25 Oct 2026)
- [25]DBS - Business loans for SMEs (product description only). https://www.dbs.com.sg/sme/business-loan.page (accessed 25 Oct 2026)
- [26]OCBC - Business Term Loan (product description only). https://www.ocbc.com/business-banking/smes/loans/business-term-loan (accessed 25 Oct 2026)
- [32]Singapore Statutes Online - Moneylenders Act 2008, section 2 (interpretation). https://sso.agc.gov.sg/Act/MA2008?ProvIds=pr2-#pr2- (accessed 25 Oct 2026)
- [33]Ministry of Law - Oral answer to PQ on cash advance and exempt moneylenders (1 Mar 2023). https://www.mlaw.gov.sg/news/parliamentary-speeches/oral-answer-sps-rahayu-mahzam-pq-cash-advance-exempt-moneylenders/ (accessed 25 Oct 2026)
- [43]ScamShield - Why do people fall prey to scams (last updated 30 Jun 2026). https://www.scamshield.gov.sg/i-want-protection-from-scams/why-do-people-fall-prey-to-scams/ (accessed 25 Oct 2026)
- [44]Ask Gov - ScamShield answer on being rushed. https://ask.gov.sg/scamshield/questions/cmojwgfda00cp4d01vo9xo645 (accessed 25 Oct 2026)
- [45]ACRA - Review of the audit exemption framework (announced 26 Feb 2026; consultation open). https://www.acra.gov.sg/news-events/news-announcements/reducing-compliance-costs-for-small-companies--review-of-audit-exemption-framework/ (accessed 25 Oct 2026)