How to spot blacklisted moneylenders in Singapore?

Penning down blacklisted money lenders in Singapore in a notebook and a picture of judge gravel, calculator and coins.

Recent statistics have shown that more Singaporeans are taking up fast approval personal loans to sustain their lifestyles. It’s no secret that the cost of living in Singapore is on the uptrend and your monthly paycheck is not sufficient anymore. Taking a personal loan from the approved list of licensed money lenders in Singapore can be a viable option. But finding the best money lender will not be easy as the market is saturated. Borrowers need to be cautious of blacklisted money lenders in Singapore when doing so.

Licensed Money lenders and compliance with the law

Licensed money lenders are just like any other legitimate business owners in Singapore. One of the best money lenders in Singapore is Elite Investment & Credit Pte Ltd, which provides fast approval of personal loans, freelance loans and SME loans at competitive interest rates with flexible repayment schedules.

Borrowers should always view the list of licensed money lenders in Singapore which is available under the Registry of Moneylenders before taking up any loans. Always verify their original business registration certificate details against this list for peace of mind. This list is updated on a monthly basis. If you are unable to find them in the registry, they are either unlicensed or blacklisted money lenders in Singapore. Recently, there has been an increase in the number of complaints against blacklisted money lenders in Singapore impersonating licensed money lenders.

Who are blacklisted money lenders in Singapore?

Blacklisted money lenders in Singapore are generally errant licensed money lenders who have flaunted the rules under the Moneylenders Act. Thereafter, they are suspended and finally blacklisted under the Registry of Moneylenders. You can find the list of suspended licensed money lenders here.

Keys differences between licensed and unlicensed money lenders

In reality, it is difficult to distinguish licensed money lenders from unlicensed ones at one glance. Here are some key pointers to look out for.

1) Debt Collection Methods

Licensed money lenders, unlike unlicensed ones, would not harass, intimidate, threaten, vandalise or blackmail their clients in the event of default payments. Instead, they will work together with you to re-negotiate a revised repayment schedule based on your financial capability.

Find out what could happen if you are unable to pay moneylenders in Singapore and what you can do.

2) Interest Rate Charges

Licensed money lenders can only charge the legal maximum interest rate of 48% per annum. Do your due diligence research on various money lenders and their lending rates before signing on the dotted lines.

Unlicensed money lenders will, on the other hand, charge exorbitant interest rates, which makes it impossible for borrowers to fully repay the loan. Since they are not bound by the law, they will never disclose the real terms and conditions of the loan agreement.

3) Contract documents

Licensed money lenders will go through the loan contract with you patiently at their business premises and give you ample time to digest and verify all the information. Do ask as many questions as possible at this point. Upon acceptance of the terms and conditions, you may then proceed to sign the contract.

Most unlicensed money lenders do not operate from business premises and will request personal information such as ATM passwords, bank login details, and Singpass passwords, which is illegal.

4) Marketing Methods

Licensed money lenders are only allowed to advertise via their corporate website, business directories (online or in print), and banners displayed at their business premises. All other modes of marketing will be considered illegal, which are commonly used by unlicensed money lenders.

5) Loan Quantum

For licensed money lenders, the general rule of the thumb for fast approval personal loans is that you can borrow up to 6 times your monthly salary if your annual income is above $20,000 (subject to documents submitted). For unlicensed money lenders, there is no limit to how much you can borrow.

How to report against unfair practices

Lodge your complaint with the registry and they will investigate your case thoroughly and take the errant money lender to the task. If the money lender was engaged in unscrupulous activities, you may pursue the matter with the Small Claims Tribunal. Under the Consumer Protection Act, the Court will only step in if the loan transactions are of high value.


To find the best money lender, it is advisable to look up customers’ reviews from trusted sources and ensure that they have a good reputation in the market. If you are looking for fast approval of personal loans, look no further as Elite Investment & Credit Pte Ltd is your trusted choice. Apply from us today!


The information contained on this website is not intended as a substitute for advice from a licensed professional. We do not guarantee the accuracy, completeness, suitability, or validity of any information provided on this website. We will not be responsible for any errors or omissions on the site nor will we be liable for any loss or damage caused by reliance on any information obtained through this website.

See Our Blog Posts