Licensed Moneylender & Loan Company in Singapore for Legal Monthly Loans

A legal and authorised money lender in Singapore carries out the business of money lending under certain ministry regulations and laws.

Even though legitimate money lenders work independently and are not tied to public financial institutions, all authorised money lenders in Singapore have to be registered with a licence number under the Registry of Moneylenders. The registered money lenders are regulated by the Ministry of Law; they must also adhere to the laws and rules in the Moneylenders Act or risk losing their licence.

You need to be at least 21 years old in order to be borrowing from a licensed money lender. Apart from your age, we also consider other factors, including your employment status and credit rating. Get in touch with our friendly loan consultants at 6848 0033 for more information regarding your loan eligibility from a legal money lender in Singapore.

As one of the top licensed money lenders in Singapore, we strive to do our best to assist our customers regardless of what financial situation they’re in. It is always our practice to customise legal loan packages with an amount and repayment schedule that best suits your needs.

Our registered money lender office’s business hours are from 11.30am to 7.30pm on weekdays, and 11.30am to 7.00pm on Saturdays. If you aren’t able to visit our local money lender office during business hours, don’t hesitate to speak to us — we will try our best to accommodate your schedule.

You can repay your money lender loan via bank transfer, GIRO, or cash at our office. Please indicate your preferred mode of payment when your loan is approved.

Yes! We do not discriminate against anyone who’s borrowing from licensed money lenders — you can still take up a legal loan from us as long as you’ve been discharged from bankruptcy. Rest assured that we will perform an assessment prior to approving your loan.

To avoid falling into scams, it’s important to differentiate between licensed money lenders and unauthorised private money lenders. Here’s how to tell the difference between licensed and illegal private money lenders in Singapore:

1. If the local money lender you are approaching is not on the list of authorised money lenders, they are likely illegal. You should always check the money lender’s licence number and enquire with the authorities if you have any doubts.
2. If you receive advertisements through unsolicited emails, SMS, calls, social media ads, and door-to-door flyers, the money lender is unauthorised and should be reported to the police.
3. Illegal money lenders usually push for full online transactions. If a local money lender promises quick loan payouts without meeting at a registered business address, be wary and report them to the authorities.
4. Legalised money lenders in Singapore have their own rules and regulations on debt collection, and they are strictly prohibited from harassing their borrowers with threats and violence.

Local money lenders and banks have their pros and cons. Here’s a breakdown of the differences between banks and legalised reliable money lenders in Singapore:

If you’ve decided to go ahead with an authorised money lender in Singapore, there are a few things you should look out for before diving in:

1. Interest rates and fees
When you’re shopping around, you definitely want to find quick money lenders with low interest rates. Don’t settle for the first online money lender in Singapore you approach as you can negotiate and reduce your fees if you search well enough.

2. Loan terms
When you receive your loan contract from the money lender, it’s extremely important to go through it thoroughly before signing to ensure you don’t experience any penalties and land yourself in bigger debt.

3. Reputation and reviews
If a money lender has disproportionately larger one and two-star reviews on Google, it’s best to stay away from them. Reliable money lenders in Singapore are usually licensed, flexible, and rated highly with many positive reviews.

When applying for a loan with licensed money lenders, it’s important to know the possible fees you could be charged:

1. Interest rate
You can use a loan charge calculator to get an accurate amount. The 4% monthly cap on interest rates is applicable regardless of the borrower’s income and loan type.

2. Late interest
Licensed money lenders in Singapore can also charge you late interest fees on top of your negotiated monthly interest rate if you don’t pay your instalments on time. Late interest rates are capped at 4%.

3. Late repayment fee
If you do not pay your loan on time, your money lender can also charge an additional fee for each late payment. This fee cannot exceed $60 for every month of late repayment.

4. Loan processing fee
Money lenders usually charge a processing or administrative fee when you apply for a loan. This processing fee cannot exceed 10% of the principal loan amount.

Important: Under the Moneylender’s Act, the total amount that legal money lenders can charge (including the monthly interest, late interest, late repayment fee, and administrative fee) cannot exceed the principal loan amount.

Having a favourable credit score can increase your chances of getting a loan approved when borrowing from licensed money lenders.

Also, borrowers have a loan limit across all money lenders in Singapore. If that limit is hit, they will not be approved for any more loans. Thirdly, borrowers with multiple existing loans usually have a higher chance of defaulting. Therefore, money lenders will usually reject a borrower’s loan application if they have multiple loans.

Licensed money lenders prefer borrowers with a stable income stream as this means they will likely be able to make their repayments on time. This income can come from full-time employment or part-time work, as well as other means, such as property rental, monthly CPF payouts, or spousal maintenance.

Once you’ve received your loan from the licensed money lender, it’s important to take down your repayment dates and follow them religiously using a repayment schedule. To ensure you pay on time, budget your monthly expenses.

Additionally, before signing a contract, make sure you agree to all the terms stated by your legalised money lender in Singapore. Make sure to keep a copy of the contract as well. Otherwise, your loan could be considered fraudulent.

If you’re struggling to get your loan approved from a private money lender in Singapore, you can consider getting a guarantor for a higher chance of approval.

To pay off your loan from a money lender on time and diligently, here are some tips:

1. Try to pay off loans with the highest interest rates as early as possible. You can do this by increasing the payment amount but remember to strike a balance if you have other loans from money lenders to pay off.
2. Taking on loans from money lenders comes with the responsibility of being organised. Whenever you make a payment to your money lender, keep the transaction receipt as proof.
3. The best way to stay in control of repayment is to reduce any unnecessary expenses. By cutting down on luxury or unnecessary purchases, you can save on cash and put it towards your repayment amount.

If you are unable to pay your money lender, you can:

1. Negotiate repayment terms or opt for a refinancing plan
Most licensed, trusted money lenders in Singapore are willing to offer flexible terms for loan repayment, which may include negotiating an extension or refinancing the loan. If you opt for a refinancing plan, you can change the loan tenure or consider a debt consolidation loan to consolidate multiple loans with money lenders.

2. Approach social service agencies
For loan repayment advice when borrowing from licensed money lenders, social service agencies provide credit counselling and assistance for loan repayments to those who are struggling.

If you are not able to pay off your loan, approach any of these agencies for financial aid and assistance: Credit Counselling Singapore, Arise2Care Community Services, Blessed Grace Social Services, One Hope Centre, Adullam Life Counselling, Silver Lining Community Services, Association of Muslim Professionals (AMP).

3. Apply for the Debt Repayment Scheme
If you exhausted all your options and are planning to file for bankruptcy, look into the Debt Repayment Scheme (DRS). The DRS lets you repay your loans as all your ongoing interest charges will be frozen and your money lender will not be able to file for litigation against you.

While legitimate licensed money lenders have the authority to retrieve your loan through legal means, they are also regulated under strict laws. This forbids them from resorting to harassment tactics.

If your money lender is pressuring you with threats and aggression, you can take action by making a police report and/or filing a complaint to the Ministry of Law, Credit Association of Singapore, or social service agencies.

Here’s a quick look at what’s accepted and not accepted as reasonable behaviours.