There is still certain criteria to be meet before the moneylenders could give you a loan. Of course, there are some people who tried to flout the rules and provide misleading information to moneylenders in order for a loan. In Singapore, the law not only protects the person borrowing money, but they also protects moneylenders in the event that borrowers recklessky furnish false or misleading information to the Registar or an authorised officer.
Any person who knowingly or recklessly furnish false or misleading information to the Registrar or an authorised officer could face a fine up to S$ 30,000 and/or an imprisonment term of up to 12 months upon conviction.