Top 6 Legal Money Lenders in Singapore

Top 6 Legal Money Lenders in Singapore
Licensed Moneylender

Singapore has one of the most vigorous financial industries in the region. It is no surprise that the country abounds with money lenders that offer various financial and loan services. 

However, not all of the hundreds of licensed money lenders in Singapore offer the same level of quality of services. This is why, we decided to list down the top six licensed moneylenders so that people who are looking into availing a personal loan or any other kinds of loan for that matter can make easier choices.

In choosing the top licensed moneylenders in Singapore, we considered three major considerations. 

First is the license, second is its business longevity i.e. they should be in operation for at least eight years, and lastly they should have stellar reviews coming from their past clients. 

Top 6 Money Lenders

A1 Credit

A1 Credit

About: A1 Credit was established in 2009. It was licensed and regulated by the Ministry of Law and works in compliance in Singapore’s Moneylender’s Act. A1 Credit focuses on the short-term loan services. 

Services: A1 Credit provides a wide array of services that include personal loan, payday loan, bridging loan, business loan, and foreigner loan.

Reviews: The competence of A1 Credit is most apparent in the glowing reviews that clients had to say about their experience with the company. LoanAdvisor records a 5-star review for A1 Credit. Google Review Rating gives A1 Credit 4.9 stars out of 5. Reviewers particularly liked the quality of their customer service. They appreciated how cordial and friendly the staff is and how they clearly explain everything to the clients. They also commended the smoothness and the speed of the transaction and the reliability.

365 Credit Solutions

365 Credit

About: 365 Credit Solutions Pte Ltd has been in operation since 2010. It was formerly known as FLS Credit or Fu Lou Shu Credit and is licensed and registered with Singapore’s Ministry of Law since the beginning. 365 Credit Solutions characterizes itself as a “customer-centric” lender. This is expressed in the way that they tailored their processes to be simple, understandable, and quick. 

One of the most remarkable practices of 365 Credit Solutions is ensuring that their clients are well-educated and informed about their rights when getting a loan. This gives clients a level of assurance that they are being provided with competent and honest service.

Services: The services that they offer include personal loans, bridge loans, business loans, payday loans, and foreigner loans. 

They have a very quick process and simple eligibility requirements. Businesses who are short on time find relief in their business loans offer. They became popular among businesses who want a quick boost in their cash flow. 

Reviews: The stellar reviews for the company is testament to the level of their quality. Moneylender Review picks 365 Credit Solutions as one of the best money lenders in Singapore. Loan Advisor and Google Review both give 365 Credit Solutions 5 out 0f 5 stars. Clients are particularly happy about the professionalism of the staff, the honesty and transparency of the company in terms of the loan details, and the thoroughness of the personnel.

Bugis Credit

Bugis Credit

About: Bugis Credit Pte Ltd is a licensed money lender in Singapore that has been registered with the Ministry of Law since 2007. The length of Bugis Credit’s existence in the industry is one of the key reasons for its good reputation. 

With the strict enforcement of laws in Singapore, the company’s longevity is testament to their perpetual compliance to the Moneylenders Act. Bugis Credit’s main selling point is its comprehensive offerings of unsecured loans that requires neither the use of assets and properties as collateral nor a guarantor.

Services: Its services also include personal loans, business loans, foreigner loans, payday loans, and monthly loans. Perhaps because of its long experience in the industry, Bugis Credit’s efficiency is something that is hard to compete with. It boasts a 30-minute loan application process and it is often commended for the straight-forward manner of its staff. Bugis Credit hits the sweet spot of professionalism and warmth of customer service.

Reviews: Moneylender Review, Loan Advisor, and Google Review give Bugis Credit 5 out of 5 stars. People were particularly impressed with the ease of the loan application and minimal eligibility criteria and requirements. 

What sets Bugis Credit’s services apart is how they customize interest rate, payment schedule, and principal loan amount, depending on the needs and capacity of their individual clients. The tailor-fit character of their loans are achieved through a personal consultation in their office. It is in this consultation that clients witness the level of professionalism of the staff.

GM Creditz

GM Creditz

About: GM Creditz Pte Ltd was established and registered in the list of licensed moneylenders in Singapore in the year 2009. GM Creditz motto is simple: “borrowing money made easy.” GM Creditz is often praised for its low interest rates. In fact, they have the confidence to claim that they offer the lowest possible interest rate in Singapore. 

Services: Such low interest rates apply to the wide array of the services that they offer including foreigner loan, business loan, monthly loan, payday loan, and personal loan. As a money lender, GM Creditz makes the most out of its advantage to banks and other lending institutions. 

In these more conservative financial institutions, borrowers are often hampered from getting a loan because of different reasons like lack of guarantor and collateral, or a bad credit history. GM Creditz is committed to assessing their applicants with utmost consideration. They swear by a fair assessment of everyone, even those who have a history of bad credit.

Despite this, they remain transparent on the details, charges, and terms and conditions of their loans. Their loan officers are especially trained to communicate the contract, interest rate, payment schedule, and payment terms of each loan. The efficiency and the flexibility of GM Creditz made them one of the most popular legal and licensed money lenders in Singapore. 

Reviews: This is proven with the reviews of their clients as posted in various websites like Loan Advisor, Moneylender Reviews, and Google Reviews. Customers simply saw in GM Creditz the quality people look for in a licensed moneylender like trustworthiness, cordiality, and professionalism. 

Customers also liked how GM Creditz incentivize them with discounts if they settled their loans earlier than scheduled. This speaks of the flexibility that GM Creditz Pte Ltd has been known for more than a decade now.

Raffles Credit

Raffles Credit

About: Raffles Credit Pte Ltd was established in 2011. It is a company that has been listed in the registry of moneylenders under Singapore’s Ministry of Laws. Raffles Credit is driven by their mission: to give everyone easy access to all the financial help they will ever need, anytime, anywhere. 

This simple mission guided the character and manner of the products and services that they offer. Their loans are fully customizable, their interest rates are highly attractive, and the principal loan amount of the personal loan that customers can avail can be as high as 6 times their monthly income.

Services: Their services include the usual loans such as personal loan, payday loan, foreigner loan, business loan, and monthly loan. 

What really sets them apart is their flexibility and customizability. The competitiveness of their services is maximized by their competent and friendly staff. Their people are trained to give the most detailed and transparent explanation for each loan that would give the customers information pertinent on the loan products like interest rate, administrative fee, payment fees, and loan contract. 

Raffles Credit wanted to erase the stigma attached to moneylending businesses perpetrated by illegal moneylenders and loan sharks who abuse and harass clients.

Reviews: Indeed, Raffles Credit’s prestigious reputation is highlighted in the consistently perfect scores that it gets from different websites like Loan Advisor, Google Reviews, and Moneylender Reviews. It is through companies like Raffles Credit that the moneylending industry in Singapore is given a good name among residents who are in need of these services.

Fortune Credit

Fortune Credit

About: Fortune Credit Pte Ltd has been in the registry of moneylenders under Singapore’s Ministry of Laws since 2010. Its tagline “Feel Free to Borrow Anytime” speaks of the way that Fortune Credit intends to make loan application a pleasant experience for its clients. 

Fortune Credit sets itself apart from other moneylenders in Singapore through its reputation as being warm, caring, and thoughtful. They understand that people who decide to avail any kind of loan are not only in dire need of money. They should also be met with understanding and sympathy.

Services: The services that they offer include personal loan, foreigner loan, payday loan, and business loan. 

Fortune Credit has very competitive interest rates on all of these loans. Their interest rates range from 1% to 4%. This makes them a very good alternative to banks and other lending institutions that, due their high interest rates, create more problems that they ought to solve. 

Reviews: Fortune Credit also has a superb customer service as seen in the Google Reviews and Loan Advisor where it got a rating of 4.9 stars out of 5 and 5 out of 5 stars respectively. Clients particularly liked how Fortune Credit’s staff are efficient, thorough, and reliable. 

The staff is also often described as patient and prompt. These characteristics are important for loan officers because it eases the anxiety of people who may not be comfortable seeking the services of moneylenders.

Are All Licensed Moneylenders Offering the Same Loan Plan?

Moneylenders offer different loan plans. This means that different loans can have different interest rates or different payment fees and terms depending on the type of loan and principal loan amount. Some may also have a fixed interest rate or fixed schedule of payment, while others can be more flexible. Nevertheless, the Moneylenders Act and rules in Singapore prescribe a monthly cap of 4% monthly interest rate. This maximum interest rate ensures that Singaporean citizens and foreign residents are not being usurped and overcharged by moneylenders.

This is why it is important to only get loans from a licensed moneylender because this is the kind of company who would comply with rules set by the Ministry of Law that protect the rights of the borrowers. They would not risk the revocation of their license because it would be bad for business. Even if they get it back, their reputation will be tarnished.

In order to find out which moneylender offers the best and the most competitive rates, you may visit Moneylender Review. They are a loan comparison site that provides comprehensive comparisons among the products offered by licensed moneylenders in Singapore.

How to Apply?

The requirement for loan application in Singapore is standardized by its Ministry of Law. Applicants who are Singaporean citizens and permanent residents including residents should follow these guidelines


The following guidelines apply to Singaporean citizens and foreign residents in terms of the amount of loan that they are eligible to apply for according to Singaporean laws:

  1. Singaporean citizens and permanent residents earning below S$20,000 every year may borrow up to S$3,000, regardless of how many or which lenders they approach.
  2. Singaporeans and permanent residents earning beyond this level may borrow up to six times their average earnings per month. This implies that any person who earns S$48,000 or so every year may borrow up to S$24,000 from different lenders.
  3. Foreigners are subject to a lower cumulative borrowing cap of S$1,500, which is only imposed on those with yearly incomes below S$10,000.
  4. Foreigners with yearly incomes from S$10,000 up to S$20,000 may borrow up to S$3,000.
  5. Resident foreigners with yearly incomes of S$20,000 or more may borrow up to six times their average earnings per month.


Below are the most common requirements asked by licensed moneylenders:

  1. Identity card
  2. Proof of residence (utility bill, a letter addressed to you, and or tenancy agreement)
  3. Proof of employment (employment letter if your job is less than 3 months)
  4. Recent 3 months payslip or any proof of income
  5. SingPass (to log into CPF, HDB, IRAS website)

For foreigners, the following documents are usually asked for:

  1. Passport
  2. Work Permit / S-Pass / Employment Pass
  3. Proof of residence (utility bill or tenancy agreement)
  4. Proof of employment (employment letter if your job is less than 3 months)
  5. Recent 3 months payslip
  6. Proof of income (bank or account statement)
  7. SingPass (to log into IRAS website)

Make sure that you have all of these requirements ready so that your application would proceed smoothly and without delay. Also, do not forget to visit the website of your chosen money lender since some companies may ask for specific requirements that were not reflected in this list. It may also help to give them a call regarding requirement inquiries.

Steps to apply:

Applicants are usually asked to to the following:

  1. Start the application online or via phone by calling or visiting the website of your chosen moneylenders
  2. Fill up the application form. Some money lenders in Singapore allow you to fill out an application form online.
  3. Visit their office for a personal consultation and to submit the requirements.
  4. Claiming of the loan amount

Assuming that everything goes well and the requirements are complete, then the process is completed in 30 minutes to two hours. 

How Do I Check if a Lender Is Licensed in Singapore?

This should not be hard. Licensed money lenders in Singapore would usually display their license number on their website. That is a good indicator that they have a license to operate. 

However, some may always invent a fake license number and post it on their websites. To be sure, you may always inquire at the Ministry of Laws. Their website provides a list of licensed money lenders and other pertinent information regarding loans. 

That you should get loans only from legal and licensed moneylenders is a reminder that cannot be overemphasized. Vigilance is important. You do not want to run into a problem that is bigger than the one that you are trying to solve by getting a loan. There are a lot of licensed money lenders who are willing to help you in the most desperate situations so there is definitely no need for you to fall into the trap of loan sharks.

How to Spot a Loan Shark?

  • The most obvious telltale sign of a loan shark is the excessive interest rate that they charge. Loan sharks prey upon people who are in a very tight situation. They know the level of the urgency of your needs and they would pound on it until you find yourself backed against the wall and accepting a deal that would cause you a lot of headache in the future.
  • Loan sharks also usually do not have a legitimate office address. Their approach is personal and not professional, unlike most of the licensed money lenders there are. 
  • Aside from the excessive interest rates, loan sharks also ask for a high administrative fee and ask for hidden charges. These are not permitted by the Ministry of Law but loan sharks would do this because they do not operate under the regulation of the law.


Singapore is a city-state hustling and bustling with financial activities. In times when you find yourself in need of cash, do not fall victim to shady lenders and always make sure that you seek only the services of a licensed moneylender. 

After all, the money that you will use in repaying the loan would come from your listless hours of working. Do not let your money go to waste just because you decided to get loans via text messages instead of doing a thorough research.In this day and age, information is widely available anywhere. Start making the right decisions and make informed choices.