As users have shared feedback that our forms are tedious, we’d like to take a moment to explain why. Our forms are designed based on consultations with dozens of lenders and mirror what you would typically be asked if you applied directly on their websites. Websites that don’t request your NOA at all may be relying on simplified underwriting — meaning they’re making loan decisions based on limited data, which often results in higher interest rates.
In Singapore, shareholders and directors usually serve as guarantors for business loans. They form the second line of recourse if the company cannot repay — unless it's a secured loan, where lenders can recover outstanding amounts using pledged collateral.
At the enquiry or offer stage, submission of documents may not always be mandatory. Larger lenders, due to high enquiry volume, need only shortlist companies with strong P&Ls — where shareholders and directors serve only as added assurance.
Smaller lenders are often more flexible. They may be willing to evaluate companies with moderate financials and rely more heavily on the personal financial strength of shareholders and directors to assess creditworthiness.
Whether the NOA (Notice of Assessment) is compulsory during the enquiry stage varies by lender. Still, it’s advisable to submit it, instead of skipping, as providing more financial assurance could help secure better rates or loan sizes. Many lenders will request it before signing the letter of offer — but by then, they usually won't revise the rates or loan quantum, as it will incur costs for them.
The same logic applies to credit reports — your NOA helps lenders assess income, your credit report provides insight into your existing debts, and some lenders use both to assess your financial repayment ability.