Civil Law Act (Cap. 43): Primary legislation governing contract formation and enforcement in Singapore, including provisions for written contracts and interest rate regulations
Moneylenders Act (Cap. 188): While personal loans between friends are generally exempt, this act sets important boundaries to ensure the transaction doesn't classify the lender as an unlicensed moneylender, including interest rate restrictions
Singapore Contract Law: Common law principles governing valid contract formation, including requirements for offer, acceptance, consideration, and intention to create legal relations
Limitation Act (Cap. 163): Establishes time limits for legal action to recover debts, specifically a 6-year limitation period for contractual claims
Consumer Protection (Fair Trading) Act: While not directly applicable to private loans, provides guidelines for fair trading practices and consumer protection principles
Contract Writing Requirement: Best practice requirement that the loan agreement should be documented in writing with clear terms and conditions
Interest Rate Documentation: Requirement for clear and reasonable interest rate specifications in the loan agreement
Repayment Terms: Requirement for specific and unambiguous repayment terms including amount, schedule, and method
Party Information: Requirement for complete details and signatures of all parties involved in the loan agreement
Default Provisions: Clear stipulations regarding what constitutes default and consequences of default
Dispute Resolution: Mechanisms for handling disagreements or disputes related to the loan agreement
