Whether you’re planning a major purchase, consolidating debt, or managing an emergency, a personal loan can be an effective financial solution. However, getting your loan application approved isn’t always guaranteed — especially if you're unsure what lenders are really looking for.
At Friday Finance, we believe in transparency and empowerment. In this guide, we’ll walk you through the key steps you can take to significantly improve your chances of getting your personal loan approved in Singapore, especially with licensed moneylenders who are committed to ethical lending practices.
Before diving into the application process, it helps to know what lenders evaluate:
Your credit report tells lenders how reliable you are when it comes to repaying debt. Even with less-than-perfect credit, licensed moneylenders like Friday Finance assess your overall financial profile rather than relying solely on a credit score.
A steady source of income reassures lenders that you can meet your repayment obligations. Most lenders require proof of income to determine your eligibility.
This refers to how much of your monthly income goes toward repaying existing debts. A lower DSR shows that you have enough room to take on new loans.
Before applying, review your credit history from the Credit Bureau Singapore (CBS). Ensure all details are accurate and take steps to pay down outstanding debts where possible.
Tip: Avoid multiple loan applications at once — they can negatively impact your credit profile.
Not all lenders have the same approval criteria. Licensed moneylenders like Friday Finance offer more accessible loans compared to traditional banks, especially for those with moderate credit or unconventional income sources.
Make sure you fulfill these standard requirements before applying:
*Note: Friday Finance currently does not offer loans to foreigners.
Submitting complete and accurate documents can speed up approval and reduce back-and-forth with the lender. Commonly required items include:
Use trusted systems like MyInfo for a seamless and secure application. With Friday Finance, your data is safely retrieved and verified instantly, which speeds up the approval process.
Only apply for what you need and what you can comfortably repay. Borrowing beyond your means raises red flags with lenders and increases your rejection risk.
If traditional banks have rejected your application, don’t be discouraged. Licensed moneylenders like Friday Finance are regulated by Singapore’s Ministry of Law and offer flexible terms, quick processing, and loans tailored to various credit profiles.
At Friday Finance, we go beyond basic approvals. Our mission is to support borrowers at every stage of their financial journey. Here’s how we make approvals faster and smarter:
Apply online and receive a preliminary loan offer immediately — no guesswork.
Custom repayment schedules based on your income cycle, so you can repay comfortably without stress.
Starting from 1.8% per month, our rates are among the most affordable among licensed moneylenders in Singapore.
Enjoy peace of mind with complimentary insurance covering accidental death or total permanent disability.
Repay on time and get half of your admin fees back — a feature designed to reward responsible borrowing.
Getting your personal loan approved doesn’t have to be complicated. With the right preparation, complete documentation, and a trusted lender like Friday Finance, you can secure fast and transparent financial support when you need it most.
Take control of your financial journey with Friday Finance — one of Singapore’s most trusted licensed moneylenders.
Apply Now and get an instant offer with our hassle-free digital application process.
