Borrowing money from moneyender

Learn How to Borrow Money in Singapore With This Guide

There is no need to rely on an ‘x ah long’ to ease financial troubles because a Singaporean, permanent resident, or even a foreigner can borrow from banks, financial companies, or licensed moneylenders

Factors to Consider When Choosing a Loan Provider

When you apply for a loan, there are factors of considerations that you have to know and think about to make sure that you get nothing but the best loan offer from the right loan provider.

1. License

Make sure that the moneylender you are in transaction with has a license to operate as a legal moneylender in Singapore. Such license is proof that the moneylender is operating according to the laws of Singapore particularly those mandated by the Ministry of Law. Licensed moneylenders as compared to unlicensed moneylenders will charge you proper interest rate.

2. Interest rate

The Ministry of Law of Singapore ensures that every moneylender strictly complies with all its rules and regulations including the compliance with the interest rate cap of 4% per month. This means that a licensed money lender can no longer opt for any compound interest rate because all moneylenders in Singapore are mandated to follow a reducing balance interest rate.

A reducing balance interest rate means that licensed moneylenders may choose to set the interest rate at either 4% per month or any rate that is lesser than that. The maximum interest rate is 4%.

3. Charges and other fees

Licensed moneylenders in Singapore are restricted to charging only administrative fees on loans. Any other charges and fees are illegal charges that should be reported immediately to proper authorities. These administrative fees cannot be more than 10% of the principal loan amount. These fees must also be settled by borrowing clients once the loan application has been approved.

While the general rule is that moneylenders cannot charge you any other fees than administrative fees, when borrowers default in their monthly payment, late payment fees may be charged per month. Take note that the late payment fee should not exceed S$60. Moreover, a late payment interest rate of 4% percent may also be charged so make sure to repay the loan, especially installment obligations, on time.

Payment of interest rate is only applicable on repayments that remain unpaid or those that paid late. There can be no way that interest will be charged on payments that are already made. In other words, moneylenders may not apply such charges to outstanding loan balances that are not yet due.

In the example where you secure a loan of S$10,000, but fail to repay the initial instalment of S$2,000, the moneylender may assess a late interest charge for the S$2,000 that would be due for repayment, but not for the outstanding loan balance of S$8,000, as the latter amount would not be due as yet.

Best Personal Loan 2021

Top banks in Singapore (Comparison table)

Standard Chartered CashOneS$10,0003.48%3 to 5 Years
DBSS$10,0003.88%3 to 5 Years
HL BankS$10,0003.88%3 to 5 Years
POSBS$10,0003.88%3 to 5 Years
HSBCS$10,0003.7%3 to 7 Years
UOBS$10,0003.68%3 to 5 Years
Citi(New Loan Customers)S$10,0004.55%3 to 5 Years
OCBC Bank(Extra Cash Loan)S$10,0005.43%3 to 5 Years
Citi(Existing Loan Customers)S$10,0004.55%3 to 5 Years
OCBC Bank(Cash-on-Instalments)S$10,0004.7%3 to 5 Years

Finance Companies

Hong Leong Finance Limited

Hong Leong Finance Limited

Hong Leong Finance Limited has been serving the SME community for more than 50 years now. As such, the number of local businesses that it is able to help is continuously growing up to date.

Through customised financing solutions offered by Hong Leong Finance Limited, these local enterprises are able to operate and succeed in the competitive environment of the corporate world. It has launched in Business Current Account back in 2007 to further help these businesses achieve efficiency.

It is worthy to note that it pioneered the Local Enterprise Finance Scheme (which is administered by the Spring Singapore who is the exclusive finance company in Singapore that has full scholarship status for the SGX Catalist Board) that enables Hong Leong Finance Limited to raise, generate and provide funding to several SMEs that aim to be listed on the Catalist.

Sing Investments & Finance Limited

Sing Investments & Finance Limited

Sing Investments & Finance Limited provides loans and credit services to individuals and businesses. It offers deposit, mortgage lending, hire purchase financing, stock and share financing, trade and inventory financing, equipment leasing, and nominee services.

Singapura Finance LTD

Singapura Finance LTD

Singapura Finance Pte. Ltd. is committed into bringing customised loan packages that will truly help borrowers achieve their unique and personal goals. For this reason, the types of loans that it offers are wide ranging. They are meant to finance either your needs or your lavish lifestyle. It has housing loans, car loans, construction loans, wise share loans, pleasure craft loan (like luxury yacht loan), and other loans.

It has also exerted an effort in devising business loan packages in such a way that would finance various business needs. There are equipment loans, dealership financing, vessels financing, vehicle financing, among others.

With Singapura Finance Pte. Ltd, the wildest of your dreams, be it personal or business, is now possible.

Top Personal Loan Licensed Moneylenders in Singapore

Years of service entail mastery or expertise in the money lending industry such that licensed moneylenders with 8 years or more of operations definitely have the knowledge and the know-how which they can rely on and use in putting up their various loan packages together. 

Clients are assured that the personal loans, home loans, renovation loans, cash loans, and other types of  secured loans and unsecured loans that these moneylenders offer are formed in such a way that took into account varying needs and the changing trends in the market.

Hence, among the top picks moneylenders in Singapore are licensed, have at least 8 years of experience in the financial industry, and are continuously getting good reviews from clients. Know more about them below.

A1 Credit

A1 Credit

A1 Credit was established in 2009. It aims to provide responsible solutions for the everyday financial needs. It focuses on optimizing plans to offer better short-term loans for clients. 

More importantly, A1 Credit promotes and practices responsible lending by improving its lending criteria. It adopted stricter protocol for assessing individual and business portfolio risk in order to prevent overborrowing and minimize the instances of default. 

Another way that A1 Credit makes sure that it persistently provide timely and quality services to clients is to develop its human capital by letting its loan specialists and staff attend monthly training programs. This will help them determine the changing needs of clients as well as potential solutions for problems that may go along the way.

Services. A1 Credit SG Pte. Ltd. provides personal loans, business loans, foreigner loans, payday loans in Havelock II, Singapore. They offer loans for Singaporeans whose minimum monthly income is $2,000 and for foreigners whose minimum monthly income is $3,000.

Review. A1 Credit Reviews are genuine. They were personally written by  customers that had first-hand experience with it. The reviews are published not only from a single but from multiple channels like Google Review,, and Singapore Business Listings. It has 207 reviews on Google Review with 4.9 stars, and 163 reviews on LoanAdvisor garnering 5 stars.

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

Telephone: 6336 0833



365 Credit Solutions

365 Credit

365 Credit Solutions was established in 2010. Its ultimate goal is to provide customers with a simpler, quicker, and more understandable loan application process to ensure that they will be able to ease urgent financial needs. It prides itself on offering “the easy business loan in Singapore” – making it a great choice for busy businesses in need of a quick cash flow boost.

Other great features which 365 Credit Solutions possesses include quick approvals and knowledgeable team of loan officers.

Services. 365 Credit Solutions Pte. Ltd. offers different types of loans including personal loan, payday loan, foreigner loan, and business loan. It has a fantastic and diverse portfolio of loans which you can choose from. It has competitive rates of up to 1 percent per month with loans processed within one hour.

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

Review. It has 288 reviews on Google Review with a 5.0 stars. Some reviews commend how the applications can take less than one hour. The company is open 7 days a week and you can drop by anytime.

Address: 14, Scotts Road, #03-64, Far East Plaza, Singapore 228213

Telephone: 6222 5500



Fortune Credit

Fortune Credit

Fortune Credit Pte Ltd is a licensed moneylending company with branches in Bugis, and Bras Basah, Singapore. 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 about a difficult financial situation. It also allows business and personal borrowers to flexibly customize their personal loans and tenors. Moneylender Singapore like Fortune Credit pte ltd is the best-licensed money lender you can depend on. 

Services. It offers personal loans, business loans, foreigner loans, wedding loans, renovation loans, payday loans etc. The moneylender provides free consultation and quotes and low interest rates from 1% to 4%. It also offers unsecured loans and flexible repayment options.

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

Review. All feedback on Fortune Credit, Loan Advisor, and Google are reviewed by verified clients.  Received excellent 4.9 stars from verified clients on Google Reviews. Commended as “friendly, efficient, and accommodating” licensed moneylender by customers on Loan Advisor. Included in the list of top-performing licensed money lenders in Singapore by Top Brands.

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

Telephone: 6777 1887



Bugis Credit

Bugis Credit

It was established in 2007. Some of its special features include being a good choice for personal, unsecured and collateral-free loans, attentive staff and professional service, fast and hassle-free approval procedures, and all fees and other charges are clearly recorded and elaborated with clients.

Services. Bugis Credit Pte Ltd is a licensed money lending company that offers personal loan, payday loan, business loan, and foreigner loan in Bugis Cube, Singapore.

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.

Review. 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.

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

Telephone: 6345 9123



1 Fullerton Credit Formerly Known As GM Creditz

1 Fullerton Credit 200x150

It was established in 2009. It has created an excellent reputation for itself as a professional, efficient, and customer-oriented loan agency. It has superb location on North Bridge Road, loans are available for customers with lower credit scores and it has amazing perks for returning borrowers.

1 Fullerton Credit offers a considerate repayment schedule to both business and personal borrowers. It also gives repeat borrowers more accommodating policies and better terms and conditions of the loan like a better interest rate.

1 Fullerton Credit is perfect for new borrowers and those with poor credit scores. It has developed products that are appropriate for them.

Services. 1 Fullerton Credit Pte Ltd. is a licensed moneylender that offers a wide array of loans such as foreigner loans, monthly loans, payday loans, business loans, and personal loans in City Hall, Singapore. This licensed moneylender charges no hidden fees. Moreover, it offers flexible repayment plans and 30-minute preliminary loan approval process for online applicants.

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

Reviews. It has garnered 5-star and 4.9- star ratings from Google Reviews and Loan Advisor, respectively, from more than 550 verified clients.

Address: 110 Telok Ayer St, #110-A, Singapore 068579

Telephone: 6588 1886



Raffles Credit

Raffles Credit

 Raffles Credit is a long-established licensed money lender in Singapore. It has been operating since 2011. Many commend on Raffles Credit’s fully customizable personal loan, other loan options and its attractive interest rate.

Services. They provide personal, business, payday and foreigner loan. They claim to approve any application within 1 hour of submission. They charge up to 4% of the rate of interest on any loan provided.

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

Review. Raffles Credit is recorded as among the top 10 best money lenders 2020 on Loan Advisor.

Address: 17A Circular Road Singapore 049373

Telephone: 6235 1788



Other Things You Should Know

The following guidelines apply to Singaporean citizens and also permanent residents, which include resident foreigners:

Singaporean citizens and permanent residents who earn less than S$20,000 annually may borrow up to S$3,000. This is regardless of the number of moneylenders they contact or borrow from.

Singaporeans and permanent residents earning more than S$20,000 are entitled to borrow up to six times their average monthly earning. This implies that any person who earns S$48,000 or so every year may borrow up to S$24,000 from different lenders.

Foreigners with an annual income below S$10,000 are subject to a lower cumulative borrowing cap of S$1,500 while foreigners with annual incomes from S$10,000 up to S$20,000 are entitled to borrow up to S$3,000.

Resident foreigners with yearly incomes of S$20,000 or more may borrow up to six times their average earnings per month.


There are many reliable licensed moneylenders in Singapore especially those listed by the Registry of Moneylenders. To help you choose which money lender in Singapore to select, you can visit Moneylender Review.

You will instantly get to compare loan products of various moneylenders because Moneylender Review generates all necessary information for you. You may immediately know the cost of the loan when you indicate the desired principal of the loan.

Moneylender Review will let you know the interest rates, the loan tenure, the loan approval fee and all that moneylenders can charge against you once the loan application form is submitted and accepted. The more information you know, the better the legal money lender you get to choose.

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