Best Licensed Money
Lender in Singapore 2024

  • Lowest Interest Rate
  • Valid Licenses and Listed on the Registry of Moneylenders
  • Highest Rated Legal Money Lenders

APPLY FOR A LOAN NOW!

"*" indicates required fields

With so many amazing moneylenders on the market, finding the best licensed moneylenders in Singapore to suit you can be difficult. This dilema 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 moneylenders in Singapore and what they offer to businessses and individuals looking for that perfect instant loan.

Best for flexible payment plans

Best fast loan application in Singapore

Highly rated for efficient customer service

Best for new borrowers – amazing perks

Best fully customizable loans

Best hands-on approach to customer service

Our Top 6 Picks and Reviews of

The Best Licensed Moneylenders in Singapore

01

A1 Credit SG Pte Ltd

A1 Credit homepage

Website: https://www.a1credit.sg/

Licensed No: 13/2024

Phone: 6336 0833

Address: 2 Havelock Road #02-08 Havelock II Singapore 059763

Operational Hours: Open every day including Saturdays & Sundays. Closed on Public Holidays.

What we like

A1 Credit is a great moneylender option for fast, friendly customer service – especially if you need quick personal loan disbursement. 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.

Special features:

  • Flexible payment plans
  • Highly rated for customer service
  • Great location near Clarke Quay
  • Excellent short-term loan options available

Good to know:

  • Borrowers with bad credit ratings can still apply
  • For business loans, the company must be operated for at least 1 year.

02

365 Credit Solutions Pte Ltd

Website: https://www.365credit.com.sg/

Licensed No: 17/2024

Phone: 6222 5500

Address: 14, Scotts Road, #03-63, Far East Plaza, Singapore 228213

Operational Hours: Open every day including Saturdays & Sundays. Closed on Public Holidays.

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.

Special features:

  • Applications can take less than one hour
  • Unsecured personal loans
  • Great for businesses that are short on time
  • Attractive rates up to 4% per month

Good to know:

  • Personal applicants must be over 21 and have a minimum monthly income of $2,000
  • Businesses need a minimum turnover of $60k to apply for business loan

03

Bugis Credit Pte Ltd

Bugis Credit Homepage

Website: https://www.bugiscredit.sg/

Licensed No: 25/2024

Phone: 6345 9123

Address: 470 North Bridge Road #02-12 Bugis Cube Singapore 188735

Operational Hours: Open every day including Saturdays & Sundays; closed on Public Holidays.

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 straightforward and the lender’s staff has an amazing reputation across the industry.

Special features:

  • A good choice for personal, unsecured loans
  • Attentive staff and professional service
  • Fast and hassle-free approval procedures
  • Fees are clearly documented and explained

Good to know:

  • You must be 21 years old above with a minimum income of $2,000 per month
  • An in-person meeting at their Bugis Cube office is required

04

1 Fullerton Credit Formerly Known As GM Credit

1 fullerton credit homepage 2022

Website: https://1fullertoncredit.com.sg/

Licensed No: 100/2023

Phone: 6588 1886

Address: 110A Telok Ayer Street Singapore 068579

Operational Hours: Mon – Fri: 10:30am – 8:00pm
Sat – Sun: 10:30am – 5:00pm (Closed on Public Holidays)

What we like

1 Fullerton Credit provides flexible loan tenors for both business and personal borrowers, making it an ideal choice for individuals who are new to borrowing or have poor credit scores. The company’s friendly and knowledgeable staff are always ready to assist you, ensuring that you’ll find a suitable solution for your financial needs.

Special features:

  • Superb location
  • Loans available for customers with lower credit scores
  • Open 7 days a week
  • Amazing perks for returning borrowers

Good to know:

  • Personal borrowers must be 21 years old and earning $2,000 per month
  • Borrowers need to meet with 1 Fullerton Credit in person before their loan is approved

05

Raffles Credit Pte Ltd

Raffles Credit Homepage

Website: https://www.rafflescredit.com.sg/

Licensed No: 40/2024

Phone: 6235 1788

Address: 17A Circular Road Singapore 049373

Operational Hours: Open every day including Saturdays & Sundays; closed on Public Holidays.

What we like

The Raffles name is virtually synonymous with Singapore itself and this long-established legal 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.

Special features:

  • Convenient Raffles Place location
  • Fully customizable loans available
  • Excellent interest rate across the whole product range
  • Amazing reviews from honest borrowers

Good to know:

  • Personal borrowers can only apply for loans up to 6x their monthly income
  • Business loans are only available to companies earning at least $60k

06

Fortune Credit Pte Ltd

Fortune Credit Homepage

Website: https://www.fortunecredit.com.sg/

Licensed No: 46/2024

Phone: 6777 1887

Address: 67 Beach Rd #01-01 Bulkhaul House, Singapore 189688

Operational Hours: Open every day including Saturdays & Sundays. Closed on Public Holidays.

What we like

What we like: Fortune Credit’s strategic Bugis Cube location and hands-on approach to customer service make it a great moneylender 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 installment loans and tenors.

Special features:

  • Diverse loan portfolio on offer
  • Flexible approach to borrowing
  • Competitive interest rate on all loans
  • Attentive customer service as proven in customer reviews

Good to know:

  • Businesses must be earning at least $60k in order to apply for business loan
  • Personal borrowers must be earning at least $2,000 per month and be over 21 years old

How Does Moneylender Review

Assist You with Loan Applications?

Here at Moneylender Review, we take the hassle out of comparing moneylenders. We curate the best licensed moneylenders in Singapore. Plus, our unbiased moneylender review directory will help you find the most competitive rates and reliable services to meet your financial needs.

We equip you with all the information and know-how you need to borrow money more effectively. On top of this completely free information, we also make loan applications fast and easy.

3 Steps To Apply:

Step 1 : Simply fill in a loan application form. Provide your name, phone number, and Moneylender Review will take care of the rest.

Step 2 : Receive your personalized loan quotes. We will match up your unique needs with the best loans currently available from licensed money lenders in Singapore.

Step 3 : Visit the licensed moneylender office to sign the papers and secure your loan.

01

Submit a loan
application form

02

Receive your personalized
loan quotes

03

Visit the Licensed Moneylender
office to sign the papers and
secure your loan!

It just takes 5 minutes to complete the form to get FREE loan quote!

5
:
00

Things You Must Know

How to Choose The Best Moneylender

When you need fast cash to pay for emergencies, unexpected car repairs, or other expenses, it’s necessary to trust only a credible licensed moneylender in Singapore. Here are ways to find the best moneylenders:

Check the Registry of Moneylenders

Verify their license and credibility by checking whether they are listed on the Registry of Moneylenders. You can find the complete list of licensed lenders on the Ministry of Law’s website.

The Licensed Moneylender Reputation

Aside from being a licensed lender, the loan provider must also have a strong lending background. Choose a lending company with years of experience in the industry. Additionally, take your time in reading reviews and feedback of current borrowers.

Loan Request and Approval

Aside from comparing loan plans, you must also consider how fast the moneylender can process your loan application. The lending company must be able to provide you with the best deal with fast processing.

Interest Rates

Interest rates may vary between legal moneylenders. That said, you need to compare the interest rates before making a decision. Here at Moneylender Review, we offer up to three loan quotes for free so you will not have to inquire from one lender to another.

Flexible Loan Repayment Plan

You need to discuss with your loan provider the repayment terms. This may affect your ability to repay the loans fully. Some lenders may offer negotiable repayment conditions. So take your time and talk to your lender of choice.

Loan Services and Products

Some licensed moneylenders can give you personalized and best deals as well as rates to suit your financial needs. Once you’ve reviewed their license, reputation, credibility, and terms and conditions, take a look at their products and services.

7 Responsible Borrowing Pratices

  • Research Wisely: Choose a reputable licensed moneylender in Singapore after comparing their rates, fees, and reputation. Make sure to check the moneylender’s physical address to avoid scam.
  • Borrow Only What’s Needed: Assess your actual financial needs before borrowing. Resist the urge to borrow from a moneylender more than necessary to avoid unnecessary debt.
  • Understand the Agreement: Read and comprehend all terms and conditions of the moneylender before signing a loan agreement. Be aware of interest rates, repayment schedules, and hidden costs.
  • Timely Repayments: Always make loan payments on time to the moneylender to avoid late fees and damage to your credit score. Late payments can lead to higher interest rates.
  • Budget Smartly: Include loan repayments in your monthly budget to prevent defaults and financial stress. Ensure it aligns with your overall financial plan.
  • Build Good Credit: Maintain a strong credit score by making timely payments to the moneylender and managing your credit utilization. Good credit opens up better borrowing opportunities.
  • Manage Debt Actively: Stay proactive in managing and repaying debt. Create a repayment plan and reach out to your moneylender if you encounter financial difficulties.

5 Reasons Why Your Loan Application Was Rejected

Facing rejection on a personal loan application can be disheartening experience. Understanding why your personal loan application was denied by the moneylender is the first steps towards improving your chances in the future.

In this section, we will delve into five common reasons behind loan rejections, shedding light on what went wrong and how to rectify these issues for a sucessful application in the future.

  • Unstable Employment: Frequent job changes or a perceived lack of job stability may deter moneylenders. Try to maintain stable employment or explore alternative income sources.
  • Insufficient Income: This is crucial for moneylenders. Ensure your monthly or annual income comfortably covers the loan repayments. Consider waiting until your income improves if it’s currently insufficient.
  • Incomplete Documents: Before submitting your application to the moneylender,review all the documents to ensure nothing is missing or incomplete. This includes signatures, dates, and supporting materials.
  • Poor or Bad Credit History: A history of late payments, defaulted loans, or legal actions can negatively impact your creditworthiness. Work on rectifying past financial issues and demonstrating better repayment behavior to make a good impression to the moneylender..
  • Insufficient Credit Information: Limited or nonexistent credit history can make it challenging for moneylenders to assess your risk. Start by building a credit history through responsible credit card use or small loans.

What Can You Use Moneylender Loans For?

Fast and easy to obtain moneylender loans can be used for a wide range of purpose, depending on the type of loan and your specific financial needs. Here are some common uses for moneylender loans:

  • Property purchase: Bridging or personal loans can be used to buy, renovate or upgrade your property.
  • Education: Personal loans can be used to cover the costs of education, including tuition, books, and living expenses.
  • Vehicle Purchase: Personal loans can also be used to buy cars, trucks, or motorcycles. Like mortgages, these loans are often repaid over several years.
  • Emergency Expenses: To cover unexpected expenses like medical bills or car repairs.
  • Starting or Expanding a Business: Small business loans are available for entrepreneurs looking to start or grow their businesses.
  • Vacation or Travel: Some people take out payday or personal loans to fund vacations or travel experiences.
  • Weddings: Personal loans for wedding can help cover the costs of a wedding ceremony and reception.
  • Investments: Some individuals use loans to invest in stocks, real estate, or other income-generating assets.
  • Medical Expenses: Personal loans can cover the costs of medical treatments and procedures not fully covered by insurance.
  • Home Appliances and Electronics: For purchasing appliances, electronics, or other big-ticket items.
  • Moving Expenses: If you’re relocating for a job or other reasons, you can use a loan to cover moving costs.

Testimonials

Recent Customer Reviews

Latest Money Lender

Guidelines in
Singapore 2024

All licensed moneylenders in Singapore are regulated by the Registry of Moneylenders. They meet the terms and regulations laid down by the Moneylenders Rules. That said, accredited and credible lenders follow a set of fixed moneylending guidelines in Singapore.

Guidelines for Maximum Loan Amount

Licensed moneylenders in Singapore can offer any loan amount for secured loans. For unsecured loans, the total maximum loan amount borrowers may obtain will depend on their annual income.

Singapore citizens and permanent residents with an annual income of at least S$10,000 but less than S$20,000 can borrow up to S$3,000. Those with an annual income that exceeds S$20,000 may borrow up to six times their monthly income.

On the other hand, foreigners residing in Singapore with an annual income of less than S$10,000 may borrow up to S$500 while those earning at least S$10,000 annually can borrow up to S$3,000 foreigner loans. However, those earning at least S$20,000 yearly can borrow up to six times their monthly income.

Guidelines for Interest Rates

As of 1 October 2015, licensed money lenders are only allowed to charge a maximum interest rate of 4% per month. This cap applies regardless of the borrower’s income and whether it is a secured or unsecured loan. The interest charged on the loan must be based on the outstanding balance.

Additionally, the maximum rate of late interest a legal lender can charge is 4% per month for each month the loan is repaid late. The late interest can only be charged on the amount that is repaid late. This means the lender cannot charge on amounts that are outstanding but not yet due to be repaid.

Guidelines for Fees and Charges

Effective 1 October 2015, all licensed money lenders are only permitted to impose the following fees and charges:

  • An administrative fee not exceeding 10% of the principal loan amount when the loan is granted.
  • A late fee of not more than S$60 for each month the loan is repaid late.
  • Legal costs ordered by the court for a successful claim by the moneylender for the recovery of the loan.

It is important to note that the total fees must never exceed the principal sum of the loan.

Guidelines for Advertisements

Effective on 1 November 2011, the advertising rules state that licensed money lenders are permitted to advertise only through these channels:

  • Business or consumer directories – both in print or online media
  • Official business websites belonging to the moneylender
  • Advertisements placed within or on the exterior of the moneylender’s place of business

All other channels are prohibited.

That said, if you receive flyers, SMS, emails, or other forms of advertisements that are not permitted under the advertising rules, these are from unlicensed moneylenders or lenders operating in violation of the rules.

Guidelines for Successful Loan Aplication

  • Unstable Employment: Frequent job changes or a perceived lack of job stability may deter moneylenders. Try to maintain stable employment or explore alternative income sources.
  • Insufficient Income: This is crucial for moneylenders. Ensure your monthly or annual income comfortably covers the loan repayments. Consider waiting until your income improves if it’s currently insufficient.
  • Incomplete Documents: Before submitting your application to the moneylender,review all the documents to ensure nothing is missing or incomplete. This includes signatures, dates, and supporting materials.
  • Poor or Bad Credit History: A history of late payments, defaulted loans, or legal actions can negatively impact your creditworthiness. Work on rectifying past financial issues and demonstrating better repayment behavior to make a good impression to the moneylender..
  • Insufficient Credit Information: Limited or nonexistent credit history can make it challenging for moneylenders to assess your risk. Start by building a credit history through responsible credit card use or small loans.

FAQ

Frequently Asked Questions

What Other Things Should I Consider Before Applying for a Loan with a Moneylender?

Before approaching a moneylender, it is important to keep these factors in mind:

  • The total amount you need: Just because you’re eligible for the maximum loan amount doesn’t mean you should take up that much debt.
  • The maximum interest rate that you can afford: Before making a decision, make sure to compare different loan plans and find the best interest rate that suits you
  • When do you need the money? This is important when comparing moneylenders. Some legal lenders may be able to disburse cash within 30 minutes while others may take a few days.
  • The credibility of the lender: Don’t forget to read reviews and feedback from current borrowers. This will help you in making an informed choice.
  • Are there any hidden fees and additional charges? Before signing the loan contract, it’s best to ask your moneylender what other charges are there.

What Is the Purpose of Applying for a Loan?

There are many reasons businesses and individuals might need to apply for a loan. Maybe you are experiencing short-term financial difficulties and need some extra cash in order to bridge a gap in your finances? Or perhaps you want to grow your business, but lack the working capital you need to achieve your goals? 

Whatever your needs, applying for a loan with a moneylender is a fast and effective way of boosting your cash flow and helping you through those challenging times. Apply for a loan with Moneylender Review today through our online loan application portal.

How Much Can I Borrow From Licensed Moneylenders? 

How much money you are able to borrow will depend on a number of important factors, ranging from which licensed moneylender you wish to borrow from, the bank’s own limitations, your personal credit history, and more. However, there are a few general guidelines to keep in mind when borrowing money in Singapore.

Singaporean citizens and permanent residents earning $20,000 or less per year can borrow up to $3,000, while anyone earning more than $20,000 per year can typically borrow up to six times of their monthly earnings. This means that, for example, if you earn $48,000 per year, you can potentially borrow up to $24,000 from different licensed moneylenders in Singapore.

For foreigners residing in Singapore earning $10,000 or less per year will be subject to a borrowing cap of $500. However, those earning between $10,000 and $20,000 per year may still borrow up to $3,000, while foreigners earning more than $20,000 per year are still entitled to apply for loans up to a value of six times of their monthly income, just as a standard resident would.

What Should I Look Into When Comparing Loans?

  • Reasonable interest rates 
  • Repayment period
  • Late repayment fees and other hidden charges
  • The moneylender’s reputation and reviews

Use these four key criteria to compare moneylenders and you can’t really go too far wrong.

Will Borrowing from a Moneylender Impact My Credit Score?

Borrowing money will have an impact on your credit score. The more debt you incur, the worse it will be for your credit score. Additionally, the number of loan applications within a short period will also negatively impact your score.

That said, we recommend keeping the amount you choose to borrow within a reasonable amount. Best of all, shop around for the best deals before committing to any loan package.

Can I Pay Off My Loan with a Moneylender Early?

Yes, you can. Depending on your moneylender, you may possibly get a goodwill discount. Contact your lender for further details.

How Do I Know If the Moneylender Is Licensed?

The Singapore Ministry of Law website lists all of the licensed moneylenders in Singapore. The site also closely documents any moneylenders that may have been suspended, if ever you are unsure.

How Do I Avoid Applying For Loans With Unlicensed Moneylenders?

Fortunately, it’s easy to determine whether a moneylender is licensed or not. You can verify the credibility of a licensed money lender by checking out the complete list of legal moneylenders on the Ministry of Law’s website.

Moreover, moneylenders are only permitted to advertise through business and consumer directories, official websites belonging to the moneylender, and advertisements placed within or on the exterior of their office.

That said, if you received flyers, SMS, emails, or other forms of advertisements, they are from unlicensed moneylenders or lenders operating in violation of the rules.

Additionally, you must be mindful of the following:

  • Use threatening language or behave in an abusive manner
  • Asking for your Singpass ID/password
  • Retaining your NRIC card or any personal identification documents, such as passport, work permit, or ATM card
  • Ask you to sign a blank or incomplete loan contract
  • Not giving you a copy of the note of contract for the loan after granting you the loan
  • Approving the loan over the phone or SMS
  • Withholding any part of the principal loan without any reason or explanation

If you encounter any of these practices, immediately lodge a complaint to the Registry of Moneylender.

What Is the Requirement To Apply for a Loan From Licensed Moneylenders?

The documents required to apply for a loan may vary from lender to lender. However, here are the basic documents you need to prepare:

  • A copy of your NRIC or passport
  • Proof of residences or a copy of your tenancy agreement
  • Proof of income and bank statements

How Long Do Loans Take To Approve?

This will depend on the licensed moneylender you are borrowing from. Typically, approval times can range between 30 minutes and several days. Additionally, you are also required to have an in-person appointment for face-to-face verification and signing of the loan contract.

What Should I Do After Being Granted a Loan?

  • Make sure that you receive the correct principal amount of the loan. The moneylender can only charge an upfront administrative fee of up to 10% of the principal amount of the loan.
  • Pay the loan installments on time. Doing so will keep you from incurring late payment fees and late interest.
  • Make sure to ask your moneylender a receipt every time you make any repayment towards the loan. Check all the details to ensure that they are correct.
  • Make sure to receive a statement of account for all your loan(s) at least once every January and July.
  • Keep all the statements of accounts and payment receipts to serve as documentation and evidence of payments.

What Is My Affordability In Repaying The Loan?

One of the key factors you need to consider when taking out a loan is affordability. When you talk to a loan advisor, your monthly income, outstanding loan, and credit score will determine your affordability.

Some licensed moneylenders have an online loan calculator on their website which will help you find out the total cost of the loan. Aside from that, you must also consider your financial situation. Avoid borrowing more than what you can pay off.

Can I Rely on the Content of an Advertisement To Take Up a Loan From a Moneylender?

We recommend that you seek clarifications on specific terms of the loan contract before dealing with any licensed moneylender. Moneylenders in Singapore are required to properly and thoroughly explain the terms and conditions of the loan in a language you understand. That said, do not rely solely on the content of advertisements.

How To Lodge a Complaint Against a Moneylender Against Unfair Practices and/or Contract?

To lodge a complaint, immediately contact the Registry at 1800-2255-529.

You may need to provide all important information and documents related to your loan transactions. Plus, you may also be asked to attend an interview with the Registry’s officers. However, do not worry about having your personal information disclosed to the moneylender. The registry will not disclose any details without your consent. They will then investigate your complaint.

Is It Safe To Borrow From Licensed Moneylenders In Singapore?

Yes. Borrowing from licensed moneylenders in Singapore is legal and safe option. Singapore’s government has established strict regulations to govern licensed moneylenders, which aim to protect borrowers from unscrupulous lending practices. Key considerations include interest rate caps, clear loan terms, no hidden charges, responsible borrowing, and verifying a moneylender’s licensing status as discussed above.

In the Event That I Am Standing as a Surety for a Loan, What Should I Look Out For?

  • Make sure you understand your responsibilities as a surety
  • The moneylender must explain the terms in the Note of Contract in a language you understand
  • Get a copy of the Note of Contract at the time the loan is granted to the borrower
  • The moneylender should not keep your NRIC card or any other personal identification documents, such as driver’s license or passport
  • The moneylender must not ask for information that contains passwords to your user accounts, such as Singpass account, Internet banking, or email account.