What Is a Moneylender Statement of Account and How Do You Check It?

Yannie Woon 07 August 2026

Key Takeaways

• A moneylender statement of account records your loan transactions, payments, charges and outstanding amounts for a specified period.
• For an active loan, a licensed moneylender must provide a statement at least once every half-year, covering the periods ending 30 June and 31 December.
• The half-yearly statement must be provided without charge and no later than 21 days after the end of the relevant period.
• Check every payment against your receipts and bank records, including how each payment was allocated to principal, interest, late interest and permitted fees.
• Keep the statement, loan contract and all repayment receipts as evidence in case a transaction is missing or disputed.

A loan balance can change whenever you make a repayment, incur interest or receive a permitted fee. Without accurate records, it may be difficult to understand how much principal remains or why a particular charge appears.

A moneylender statement of account Singapore borrowers receive provides a structured record of these transactions. It helps you compare the lender’s records with your loan contract, repayment receipts and bank statements.

Checking the statement promptly allows you to raise missing payments, incorrect dates or unexplained charges before they become harder to investigate.

What Is a Moneylender Statement of Account?

A moneylender statement of account is a document showing the activity and outstanding amounts for a loan during a defined statement period. It is issued by the licensed moneylender that granted the loan.

Depending on the activity during the period, the statement should show:

• The original principal or credit limit
• The applicable nominal interest rate
• Amounts outstanding at the beginning of the period
• Interest, late interest and permitted fees charged
• Payments received and their dates
• How each payment was allocated
• Amounts outstanding at the end of the period

The statement is not a new loan agreement. It records how an existing loan account has changed and helps the borrower understand the figures that make up the current balance.

When Should You Receive the Statement?

Under the Moneylenders Act, a licensed moneylender must supply a statement at least once every half-year while the loan contract remains active.

The statutory half-yearly statement must be provided without charge. It may be sent by prepaid post to the Singapore address specified by the borrower or electronically to the email address provided by the borrower.

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This is why the Registry of Moneylenders advises borrowers to make sure they receive statements for all their active loans at least once every January and July.

What Information Should the Statement Show?

The prescribed particulars are set out in the Moneylenders Rules. Although the presentation may differ between lenders, a compliant statement should allow the borrower to identify the lender, loan and account activity.

Moneylender and Loan Details

Check that the statement identifies:

• The licensed moneylender’s business name
• The relevant approved place of business or principal business address
• The moneylender’s telephone number
• The date on which the loan was granted
• The original principal or approved credit limit
• The nominal interest rate
• The amount of interest charged

Compare these details with your signed Note of Contract. A different business name, principal amount or interest rate should be queried immediately.

Opening Amounts

The statement should show the principal, interest, late interest and permitted fees due and outstanding at the beginning of the statement period. These opening amounts should generally correspond with the previous statement’s closing figures.

If they do not match, check whether a payment, adjustment or charge was processed between the two statement periods.

Charges During the Period

The statement should list each item of interest, late interest and permitted fees payable during the period. It should identify the amount and date on which each item became payable.

This separation matters because principal, regular interest, late interest and fees are different components of the account. A single unexplained balance does not give you enough information to verify how the total was calculated.

Payments and Their Allocation

Every payment received for the loan should be recorded with its date. The statement should also show how the payment was allocated between:

• Principal
• Interest
• Late interest
• Permitted fees

For example, a S$500 payment may not reduce the principal by the full S$500 if part of it was allocated to interest or a valid outstanding fee. The allocation shown must still be consistent with the contract and applicable rules.

Closing Amounts

The statement should show the principal, interest, late interest and permitted fees due and outstanding at the end of the period. These figures provide the starting point for checking the next statement.

Do not assume that “principal outstanding” and “total outstanding” mean the same thing. Total outstanding may include unpaid interest, late interest or permitted fees in addition to the remaining principal.

How to Check a Moneylender Statement of Account

Review the statement methodically instead of looking only at the final balance.

1. Confirm the lender and loan details. Match the business name, address, loan date, original principal and interest rate with the signed contract.
2. Check the statement period. Make sure there are no unexplained gaps between this statement and the previous one.
3. Compare the opening balance. It should correspond with the previous closing balance, subject to any properly recorded intervening activity.
4. Match every repayment. Compare payment dates and amounts with your receipts, bank transfers, GIRO records or other payment evidence.
5. Review the allocation. Check how much of each payment was applied to principal, interest, late interest and fees.
6. Inspect every charge. Look for duplicated, unexplained or incorrectly dated items.
7. Reconcile the closing balance. Confirm that the figures follow logically from the opening amounts, new charges and payments.
8. Save a copy. Keep the statement together with the contract, receipts and relevant correspondence.

Checking Interest and Fees

For a standard personal loan from a licensed moneylender, compare the statement with Singapore’s statutory limits:

• Interest must not exceed 4% per month.
• Late interest must not exceed 4% per month and may be charged only on the amount that is overdue.
• The administrative fee charged when the loan is granted must not exceed 10% of the principal.
• Late repayment fees must not exceed S$60 for each month in which late repayment occurs.
• Total interest, late interest, administrative fees and late fees must not exceed the original principal.

These are maximum legal limits, not compulsory charges. Your contract may provide for lower rates or fees.

For example, if an instalment of S$400 is overdue, late interest should be calculated on that overdue S$400, not on future instalments that have not yet fallen due.

Read the Money Kinetics guide to licensed moneylender interest rates for a fuller explanation of these limits.

Statement of Account vs Receipt vs Loan Contract

Keep all three documents. A statement provides an account summary, but your receipts and payment records help you prove that individual repayments were made.

Can You Request Another Statement?

A borrower, former borrower, surety or former surety may submit a written request for a statement relating to a relevant loan. Subject to the statutory conditions, the applicant may specify an accounting period within the duration of the loan that is not earlier than five years before the statement is prepared.

A processing fee of S$10 may apply to this requested statement. The licensed moneylender must generally supply it within 21 days after receiving the written application and payment.

This requested statement is different from the routine half-yearly statement, which must be supplied to an active borrower without charge.

What If a Payment or Charge Is Wrong?

If you find a discrepancy, contact the licensed moneylender in writing. Clearly identify:

• Your loan account or contract reference
• The statement period
• The disputed payment or charge
• The amount and date involved
• Why you believe the entry is incorrect
• The correction or explanation you are requesting

Attach copies of relevant receipts or payment records, but retain the originals. Ask the moneylender to provide a written explanation and a corrected statement if an error is confirmed.

A disputed entry does not automatically suspend your repayment obligations. Continue following the agreed repayment terms unless the moneylender confirms an adjustment or you receive appropriate legal advice.

What If You Do Not Receive a Statement?

First, check whether your postal and email details are current. Review your email spam folder and ask the licensed moneylender when and how the statement was sent.

If the statement was not supplied, request it in writing and keep a copy of your request. If the lender does not resolve the matter, you may report it through the Registry of Moneylenders.

Provide documentary evidence such as your contract, receipts, bank records, previous statements and correspondence. If debt collection involves threats, harassment or damage to property, make a police report in addition to informing the Registry.

For a broader explanation of your protections, read the guide to borrower rights in Singapore.

How to Keep Reliable Loan Records

Create a folder for each loan and retain:

• The signed Note of Contract
• The repayment schedule
• Every statement of account
• All repayment receipts
• Bank transfer or GIRO records
• Written correspondence with the lender
• Any revised repayment arrangement

Check each receipt immediately for the correct name, amount and date. Do not wait until the half-yearly statement arrives to identify a repayment error.

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Final Thoughts

A moneylender statement of account in Singapore helps you understand how payments and charges have affected your loan. Check the lender’s details, opening amounts, every payment, the allocation of repayments and the closing balance.

Compare the statement with your signed contract, receipts and bank records. If anything is missing or unclear, raise it promptly in writing and keep evidence of your correspondence.

Good record-keeping does not remove the cost of borrowing, but it helps you identify errors and understand exactly what remains payable.

Related Guides

• Best Moneylenders Singapore
• Borrower Rights in Singapore
• Licensed Moneylender Interest Rates in Singapore
• What Documents Do Moneylenders Require?
• What Happens If You Miss a Loan Repayment?
• How to Choose a Licensed Moneylender

Yannie Woon

Starting out as a freelance writer, Yannie quickly realised she had a gift for explaining money matters in a way that didn't make people want to tear their hair out. When she's not cracking jokes about compound interest, Yannie enjoys attending industry seminars, engaging with financial experts on social media, and volunteering her time and expertise to help those in need.