The syndicated loan market has a centralised nature dominated by intermediaries. Such a structure not only requires manual labour and back-office workloads, but it is also prone to human error and fraud. Distributed ledger technology (DLT) and smart contracts are promising tools to overcome the factors which adversely affect the efficiency of the current and classical business model in the primary and secondary market of syndicated loans. DLT eliminates the need for intermediaries; provides transparency, accuracy, and authenticity; lowers transaction costs; makes it easier to comply with Know Your Customer obligations; and provides efficiency in the secondary market for syndicated loans. However, existing legal rules and institutions fail to create a predictable and legally safe environment for the spread of DLT in the syndicated loans market. Therefore, proper regulation is required for the widespread use of DLT technology in the syndicated loan market.