With so many amazing lenders on the market, finding the best licensed Singapore money lender to suit you can be difficult. This dilemma is the last thing you need during a stressful situation, which is why Moneylender Review is here to help.
Let’s take a look at the top licensed money lenders in Singapore and what they offer to businesses and individuals looking for that perfect instant loan.
Keep reading to find out more, explore our site to browse our expert articles and reviews or check out Moneylender Review’s quick and easy loan application form today.
Our Picks and Reviews of Best Licensed Money Lenders in Singapore
A1 Credit SG Pte Ltd
License No: 24/2021
What we like: A1 Credit is a great option for fast, friendly customer service – especially if you need quick personal loan disbursement, too. Personal loans can be also used for debt consolidation. What’s more, the moneylender has been in business since 2009, which means it has an excellent reputation as one of the top licensed moneylenders in Singapore.
Good to know:
365 Credit Solutions Pte Ltd
License No: 20/2021
What we like: If convenience is important to you, 365 Credit Solutions might just be your perfect match. The company is open 7 days a week and you can drop by anytime. The licensed moneylender also prides itself on offering “the easiest business loan in Singapore” – making it a great choice for busy businesses in need of a quick emergency cash flow boost.
Good to know:
Bugis Credit Pte Ltd
License No: 26/2021
What we like: If you value professional and efficient customer service, Bugis Credit is hard to beat – just look at its excellent online ratings and honest reviews written by real borrowers. Bugis Credit is widely praised for its reliability, its personal loan is super straight-forward and the lender’s staff has an amazing reputation across the industry.
Good to know:
GM Creditz Pte Ltd
License No: 101/2021
What we like: GM Creditz offers generous loan tenors to business and personal borrowers. Traditional banks also offers repeat borrowers more flexible policies, as well as a better interest rate. However, GM Creditz is perfect for new borrowers and those with poor credit scores too. Speak to their helpful staff and you’ll almost certainly find a solution.
Good to know:
Raffles Credit Pte Ltd
License No: 55/2021
What we like: The Raffles name is virtually synonymous with Singapore itself and this long-established licensed moneylender is widely considered one of the top licensed moneylenders in Singapore. We love Raffles Credit’s fully customizable personal loan, other loan options and its attractive interest rate. What’s more, its prestigious reputation is one of the best in town.
Good to know:
Fortune Credit Pte Ltd
License No: 31/2021
What we like: Fortune Credit’s strategic Bugis Cube location and hands-on approach to customer service make it a great choice for first-time personal borrowers or businesses who want to be discreet when you encounter financial difficulties. It also allows business and personal borrowers to flexibly customize their monthly installments loans and tenors.
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How Does Moneylender Review Assist You with Loan Applications?
Here at Moneylender Review, we scour the internet in search of the best licensed moneylenders in Singapore. We then offer honest, unbiased reviews and borrowing advice, as well as tips on the latest Singapore laws governing money lending.
In short, we equip you with all the knowledge and know-how you need in order to borrow money more effectively.
But that’s not all – on top of all this completely free information, we provide borrowers with a quick and easy loan application form and comparison service right here on our website. Simply enter your name and phone number, and Moneylender Review will do the rest!
Confused? Find out more about how to apply here.
How to Apply for a Loan with Moneylender Review
Applying for a fast cash loan with Moneylender Review couldn’t be easier. Simply fill in a loan application form , then sit back and let Moneylender Review work its magic.
Once your form has been submitted, we’ll automatically match up your unique requirements with the best loans currently available from licensed moneylenders in Singapore.
This enables you to determine eligibility with several reputable licensed moneylenders all at once and make an informed decision on which is best. What’s more, you’ll only have to go through the loan application process once, rather than applying individually with each licensed moneylender.
Once you’ve decided which of our quotes best meets your needs, all you have to do is book an appointment with one of our friendly advisors to give us your signature and finalize the deal.
It really is as easy as 1, 2, 3!
1 – Submit a loan application form
2 – Receive your personalized loan quotes
3 – Visit the Licensed Moneylender office to sign the papers and secure your loan!
What Are the Latest Money Lender Guidelines in Singapore?
You might think that money lending guidelines in Singapore will differ depending on which licensed money lender you decide to approach for a quote, but this isn’t actually the case. In fact, borrowing funds in Singapore is much more straightforward than you might expect.
All licensed moneylenders in Singapore follow a select few specific guidelines as laid out by the Ministry of Law. This means you’ll never be charged an interest rate of more than 4% per month no matter which provider you choose, but there’s a number of other things to remember too. Here’s everything you need to know:
Money Lender Guidelines in Singapore Explained
- Lenders cannot charge interest rates higher than 4% per month for personal loans.
- Legal moneylenders are forbidden from charging late payment fees in excess of $60. The maximum late interest rate that a moneylender can charge is 4% per month for each month the loan is repaid late.
- Total fees (including admin fees, late payment fees and interest) must never exceed the principal sum of the loan itself.
- A loan application cannot charge an administrative fee of more than 10%. Such fees can only be charged once after a loan has been approved.
- All interest rates must be calculated on a ‘reducing balance’ basis (i.e. compound interest rates are not allowed).
Applying for a loan is easy, as long as you know exactly what you’re looking for and precisely what the latest money lending laws are. Stick to the best licensed money lenders Singapore has to offer and we don’t think you can go too far wrong.
Things You Should Take Note Of When Choosing The Best Money Lender
When you require some fast cash to pay medical bills, unexpected vehicle breakdown, or any other unexpected expenses, it’s necessary to find a trustworthy money lender in Singapore. Always bear the below pointers in mind as you choose the right money lenders in Singapore:
The Licensed Money Lender Reputation
Ensure you look for a moneylender in Singapore who has a professional approach in their dealings with their customers. The licensed money lender you work with needs to have a focus on transparency and integrity even as they provide you with the financial assistance you urgently need.
Before deciding on a licensed loan provider, it’s suggested that you determine the lender’s company reputation among their previous and current clients. You can get this information by reading through money lender reviews and feedback offered online by their clients.
Loan Request and Approval
Choose a money lending Singapore who can offer you efficient, trustworthy, and fast services for all your financial troubles. Fast loan processing needs to be another important criterion to look at when choosing a legal money lender. The lending company needs to be able to address your needs correctly and offer you a solution together with fast processing.
A trustworthy money lender will not carry out extensive background checks and for them to approve your request for a personal loan when you hold a bad credit record. There are licensed and trustworthy moneylenders available in Singapore that give considerations to those borrowers who have bad credit.
They trust that these borrowers are able to improve their credit score when offered the chance. Therefore, ensure you do your research thoroughly and choose moneylenders who have less strict policies. This you can conclude by browsing through the loan application requirements and procedures of the particular lender you intend to work with.
The Money Lender Credibility
It is advisable for you to pick a licensed moneylender who has a strong lending background and uses a research-backed approach in all their financial products. The best moneylenders should be able to offer client-oriented services to help meet all their financial needs.
Take time to verify their licenses, for you to be sure that the moneylenders are allowed to operate their lending business legally. Their license needs to be valid and issued by the Registry of Moneylenders. All licensed money lenders need to comply with Moneylenders Act and Rules. Interviews and online research will help you locate the ideal consultant who will give you pointers to help you make an informed decision before applying for a personal loan.
In addition, you need to choose money lenders that have been in the business for several years. This is because the duration of time in any business serves to reflect on their good reputation and performance.
It is important for you to recognize that legal moneylenders provide an interest rate that might differ from one another. It is for this reason that you have to compare the interest rate before making your final decision. Confirm that there are no hidden charges and some other essential details that are pointed out in the loan contract’s fine print before signing anything.
Additionally, you need to be cautious of money lenders who offer you very low rates that appear too unbelievable. Always take your time when deciding on the right one for you. Make sure you carry out thorough research before making any commitment to a particular company.
Flexible Loan Repayment Plan
You need to discuss with your licensed money/loan provider the choice of repayment plan as well. This is because it could affect you being able to repay the loans fully. Even then, you might end up coming across more problems after you get a lender who will provide you the loan amount you require, but the repayment conditions are sadly non-negotiable.
Opt for a licensed moneylender that takes time to talk with you about every topic that may affect your choice of getting a loan. This could include interest rates, repayment terms, loan amount, as well as other issues related to receiving the ideal loan package.
Loan Services and Products
It’s best to choose a licensed moneylender from Moneylender Review who can give you personalized and best deals as well as rates to match the loans you are looking for. Once you have reviewed the money lender’s reputation, credibility, interest rates, and their approval process, you need to take a look at their services and products.
It’s better to go for a loan provider that will provide you with a range of loan services and products. This is because you will not have to look further each time you need multiple loans from the same moneylender in the future. Some of the popular loan packages that most lending companies provide include payday loans, personal loans, unsecured loans, foreigner loans, bridging loans, and renovation loans just to name a few.
Without a doubt, money transactions are the most crucial. For that reason, it’s of the highest importance to pick a lending company that endeavors to uphold the integrity and transparency of their key priorities. Overall, do consider the fairness of all the services they offer to their clients.
Frequently Asked Questions (FAQs)
Our expert team at Moneylender Review have compiled a list of helpful FAQs for those of you who might still be unsure about money lender guidelines in Singapore, or how to apply for a loan.
If you have any further questions, please do not hesitate to contact our helpful team today.