Can a licensed moneylender keep your NRIC, ATM card or Singpass?
The short answer is no. A licensed moneylender in Singapore may verify your identity, but it cannot hold on to your NRIC, ATM card or other documents — and it must never ask for your Singpass password. If a lender does, that is a serious warning sign.
Published 24 July 2026 · Last updated 24 July 2026 · Reviewed by a licensed loan officer, Advance Cash Credit · General information, not a loan offer
Handing over your identity card or bank card can feel normal when you are borrowing money — but in Singapore the rules are clear, and they exist to protect you. Below is exactly what a licensed moneylender is and is not allowed to do with your personal documents, why the rules matter, and what to do if a lender crosses the line.
What a licensed moneylender is NOT allowed to do
The Registry of Moneylenders lists these as unacceptable practices. A licensed moneylender must not:
- Retain your NRIC card or any other personal identity document — including your driver’s licence, passport, work permit or employment pass.
- Keep your ATM card (or any bank card).
- Ask for your Singpass user ID and/or password.
- Collect any of your account passwords — for example your Singpass, internet banking or email accounts.
If a moneylender does any of these, it is not following the rules, and you should report it (see below).
What a licensed moneylender CAN do
Verifying who you are is a legitimate and necessary part of lending. So a licensed moneylender may:
- View and check your NRIC or FIN in person to confirm your identity — and then return it to you.
- Retrieve your verified particulars through Singpass Myinfo, with your consent. In this official flow you log in to Singpass yourself; the lender never sees your password, and the data comes straight from government records. It is the safe, modern alternative to handing over documents.
- Record the details it is required to keep for a proper loan contract and its statutory record-keeping — without holding your physical cards.
In other words: a licensed lender confirms your identity and gives your documents back. It never keeps your cards or your passwords.
Why these rules exist
Holding a borrower’s NRIC or ATM card is a classic loan-shark tactic — it is used to control and pressure people, and to withdraw money directly. Asking for a Singpass password is even more dangerous, because it can hand over access to your identity and government services. The rules against these practices are there precisely because illegal lenders rely on them. A genuine licensed moneylender has no need for any of it.
Red flags to watch for
Stop and reconsider if a “lender” asks to:
- keep your NRIC, passport, work pass or ATM card as “security”;
- know your Singpass ID and password, or log in to Singpass on your behalf;
- get your internet-banking or email passwords, or a one-time password (OTP);
- approve a loan entirely over SMS or WhatsApp with no in-person visit.
Any one of these is a strong sign you are dealing with an unlicensed lender or a scam. For the full checklist, see our guide on how to check if a moneylender is licensed.
What to do if a lender asks
If a moneylender asks to keep your ID or bank card, or asks for a password, do not comply. You can:
- Report it to the Registry of Moneylenders at 1800-2255-529, with the business name, licence and contact numbers.
- If there is harassment, threat or an unsolicited loan offer, lodge a Police report via i-Witness, or call the anti-loan-shark X-Ah Long hotline at 1800-924 5664.
- If you or someone else is in danger, call 999.
How Advance Cash Credit handles your identity
Advance Cash Credit Pte. Ltd. (Licence No. 79/2026) verifies your identity the safe way — wherever possible through Singpass Myinfo, where you log in yourself and we never see your password. We do not keep your NRIC, passport, work pass or ATM card, and we will never ask for your Singpass or banking passwords. Every loan is completed in person, with all terms in writing. If you would like to understand your options, you can apply online, send an enquiry, or call us at 6737 5737.
Sources: Ministry of Law, Registry of Moneylenders — FAQs on Borrowing From Licensed Moneylenders and Notes to Borrowers. This article is general information based on the rules in force at the time of writing and does not constitute a loan offer or financial advice. All loans are subject to assessment under the Moneylenders Act, and Advance Cash completes every loan in person at our office. Please borrow responsibly.