Short answer: Tell your lender as soon as you know you cannot make the agreed payment. Explain what has changed, work out an amount you can afford, and ask to discuss a revised repayment schedule. Loan repayments can be restructured if you and the lender agree; approval is not automatic.[1]
If your lender cannot offer a workable plan, PickMeALoan can help you explore other licensed lenders and compare their repayment options. Tell us what you can realistically pay and when. We can help you consider available options against your needs, without promising approval or changing your existing loan.[5][6]
Talk to PickMeALoan about your options. If another loan would be unaffordable, seek debt-support help instead.[3]
What should I do first if I cannot pay?
Start the conversation with your current lender. If you can see a payment problem coming, raise it before the due date. If you have already missed a payment, explain the situation now rather than waiting until you have the full amount.
MoneySense recommends contacting your financial institution promptly when you cannot keep up with repayments. For licensed moneylender loans, the Ministry of Law confirms that borrowers and lenders can agree to restructure repayments.[1][3]
Be clear about whether the problem is temporary, such as a delayed salary, or likely to continue, such as a lasting reduction in income. That helps you explain the arrangement you are asking for.
Step by step
A practical way forward
- Work out your budget. Decide what you can realistically pay and when.
- Speak to your lender. Explain the shortfall and propose a schedule.
- Check the full terms. Ask about interest, fees and the total remaining repayment.
- Confirm the outcome. Get any agreed changes in writing. If negotiations fail, contact PickMeALoan about other lender options or seek help with the existing debt.
How can PickMeALoan help if I cannot pay my current lender?
PickMeALoan helps you compare other licensed lender options instead of relying on one lender’s terms. Our matching process considers your profile, requested loan amount and preferred repayment period against lenders’ criteria.[5]
Where PickMeALoan can help
- Explore options that fit your circumstances. Share your income, existing commitments and preferred repayment period. Available offers remain subject to eligibility and lender assessment.[5]
- Compare more than the monthly payment. Review interest, fees, estimated instalments and total repayment together. A smaller payment is only useful if the overall arrangement is manageable.[5][7]
- Decide without a platform fee or obligation to borrow. PickMeALoan is free for borrowers, and you do not have to accept an offer. The lender’s loan interest and permitted charges are separate.[6][2]
Read how PickMeALoan works, or contact us to explain the amount and payment dates you can manage. Confirm any proposed due date directly with the lender; a preferred date is not a guaranteed offer term.
Ask PickMeALoan about other lender options.
PickMeALoan is a comparison platform, not a lender or a service that renegotiates your existing contract. A new loan does not automatically settle the old one, and approval and final terms remain with the lender.[5][6]
What information should I prepare before speaking to the lender?
Write down your income and essential expenses before proposing a payment. MoneySense recommends budgeting around your actual income and family expenses, especially if your income has fallen.[3]
Preparation checklist
Prepare a short summary with:
- Your current loan agreement, repayment schedule and latest balance statement.
- The payment you cannot meet, its due date, and any amount already overdue.
- What changed in your finances and whether you expect it to improve.
- Your income and pay dates, essential expenses, and other debt commitments.
- The amount and dates you believe you can maintain.
These are useful discussion materials, not a universal list of documents every lender requires. Ask your lender what evidence it needs to assess your request.
Leave room for essentials such as housing, food and transport. Propose an amount you can maintain, rather than a higher figure you are unlikely to be able to pay.
Can I negotiate a different repayment schedule?
Yes, you can ask. The Ministry of Law says restructuring is subject to mutual agreement and can include extending the loan tenure to reduce each remaining instalment. This does not give a borrower an automatic right to a particular arrangement.[1]
Use the problem you are facing to make a specific request:
| Your difficulty | What you could ask about | What to check before agreeing |
|---|---|---|
| The payment falls before payday | Moving the due date closer to your income date | When the change starts and whether any additional interest applies |
| Your income has temporarily dropped | A temporary reduction, followed by a review | Whether later payments increase and how the unpaid amount will be handled |
| The regular instalment is no longer affordable | A longer repayment period with smaller instalments | The new end date and total amount you will repay |
| You have arrears as well as the next instalment | A written schedule covering both | How each payment will be allocated and which charges continue |
These are requests to discuss, not guaranteed lender products or schemes. Do not assume that sending a proposal, or making a smaller payment, changes your agreement. Ask the lender to confirm what it accepts.
A message you can adapt
Hi [lender name], I am contacting you about my payment due on [date]. Because [brief explanation], I cannot pay the full amount as scheduled. After reviewing my income and essential expenses, I can propose [amount] on [date], followed by [amount and frequency]. Could we discuss a revised schedule? Please confirm the remaining balance, any interest or fees, and the total repayment under any arrangement you offer.
Replace the placeholders with your own figures. Do not promise an improvement in income unless you have a reasonable basis for expecting it.
Will there be fees or extra interest?
Ask which costs remain and whether the lender will reduce or waive any. The Registry’s borrower FAQ explains the permitted interest, fees and expenses:[2]
| Charge | Limit or condition |
|---|---|
| Interest | Up to 4% per month on the remaining principal |
| Late interest | Up to 4% per month on overdue amounts, not future instalments |
| Late fee | Up to S$60 for each month of late repayment |
| Loan-granting fee | Up to 10% of the principal when a loan is granted |
| Legal costs | Court-ordered costs following a successful loan-recovery claim |
Interest, late interest, upfront administrative fees and late fees combined cannot exceed that loan’s principal. Court-ordered legal costs are excluded from this cap. A separate negotiation or rescheduling fee is not on the FAQ’s list of permitted charges.[2]
Ask for an itemised breakdown before agreeing. The Registry directs fee and negotiation enquiries to the Credit Association of Singapore; its Other Services page also provides a route to report other matters to the Registry.[4]
What should a workable payment plan include?
Written schedule checklist
Ask for a written schedule that answers these questions:
- What is the remaining balance, including any existing arrears?
- How much is each payment, and on what exact date is it due?
- Is the arrangement temporary or for the rest of the loan?
- What interest and fees apply, and what happens to any agreed waiver if a payment is missed?
- What is the final payment date and total remaining repayment?
Compare the proposed plan with your budget. A smaller instalment can help with cash flow, but a longer repayment period can increase the total cost. Our guide to comparing loan fees and total repayment explains what to check.[7]
Keep a copy of the agreement, correspondence and payment records. If the written terms do not match what you discussed, ask the lender to clarify them before accepting.
What if my lender will not agree to a workable plan?
You can seek help with the existing loan as well as explore other lender options. The Credit Association of Singapore handles enquiries about negotiations on existing licensed-moneylender loans.[4] You can also contact Credit Counselling Singapore for debt advice; ask what assistance fits your circumstances rather than assuming eligibility for a particular programme.[3]
If you want to explore other lenders through PickMeALoan, be upfront about your existing loan and any overdue payments. Explain what you can realistically repay and the dates that fit your income.
Changing your existing agreement alters how you repay that lender. A new loan is a separate contract with its own interest and possible loan-granting fee. Your old balance remains owed until it is settled.[1][2]
Before accepting another lender’s offer, check:
- The amount required to settle the existing loan and any applicable settlement terms.
- How much cash the new loan provides after fees, and whether it covers the intended settlement.
- The new instalment, payment dates and total repayment.
- Whether any old balance will remain and how it will be paid.
MoneySense advises comparing interest and fees before borrowing elsewhere to repay a debt.[3] Do not choose a new loan only because its monthly instalment looks smaller.
For unsecured loans, borrowing limits apply across licensed moneylenders, so your existing borrowing can limit a new offer.[2]
If no repayment arrangement is affordable, seek debt-support help rather than taking on another unaffordable loan. MoneySense lists Credit Counselling Singapore as a source of debt advice.[3]
Report threats or harassment to the police and notify the Registry.[2]
Frequently asked questions
How can PickMeALoan help if I cannot repay my moneylender?
PickMeALoan can help you explore other licensed lenders and compare available repayment options against your needs. Tell us about your existing commitments, budget and preferred payment dates. We help with comparison and matching; lenders decide approval and final terms. Your existing debt does not disappear.[5][6]
Can PickMeALoan negotiate my existing loan for me?
No. PickMeALoan helps you compare other lenders; it does not change your current loan agreement. Ask your existing lender about a revised schedule. The Credit Association of Singapore also handles enquiries about existing-loan negotiations.[4][6]
Can I contact PickMeALoan if I have already missed a payment?
Yes, you can contact PickMeALoan to discuss exploring other lender options. Disclose overdue payments and existing debts. Contacting us is not an approval or a promise of a suitable offer; any new loan must pass the lender’s assessment and be affordable.[5][6]
Do I have to pay PickMeALoan or accept a loan offer?
No. PickMeALoan is free for borrowers, and you are not obliged to accept an offer. Interest and permitted charges on a loan are separate, so review the lender’s full terms before proceeding.[6]
Can I ask my moneylender for smaller instalments?
Yes. Borrowers and licensed moneylenders can restructure repayments by mutual agreement. A longer tenure may reduce each remaining instalment, but the lender must agree. Check the total cost and get the revised schedule in writing.[1]
Is there a standard fee for negotiating repayments?
A separate negotiation or rescheduling fee is not on the Registry’s permitted-charge list. Interest and permitted late charges may still apply. Ask for an itemised explanation of the proposed arrangement.[2]
What if I cannot afford another loan either?
Do not take a new loan simply to postpone the same payment problem. Continue seeking help with the existing debt. The Credit Association of Singapore handles existing-loan negotiation enquiries, and Credit Counselling Singapore provides debt advice; programme eligibility varies.[3][4]
Speak to PickMeALoan about your next step
If your current lender cannot offer a workable schedule, tell us what you need from another lender. We can help you explore options and compare the costs before you decide. There is no obligation to accept an offer, and the lender decides approval and final terms.[5][6]
Ask PickMeALoan about other lender options.
General information, not a personalised repayment recommendation or a guarantee of approval. Check your loan agreement and any revised terms. Regulatory sources and PMAL service information checked on 21 October 2026.
Sources
- Written Answer by Minister for Law K Shanmugam to PQ on Regulation of Licensed Moneylenders’ Loan Repayment Terms for Low-income Borrowers
- FAQs on Borrowing From Licensed Moneylenders
- Managing debt: What can you do?
- Other Services
- How It Works — Get Loan Offers Fast
- Contact Us | Loan Support & Help
- Which personal loan offer is cheaper after fees and monthly repayment?
