reliable money lenders in singapore

Top Reliable Money Lenders in Singapore 2023

With so many money lenders on the market offering low interest rate deals and attractive loan packages, finding the right loan to suit you in Singapore can be a challenge – especially if you’re unsure which lenders are 100% reliable and legitimate.

Before you submit a loan application with the first money lender whose friendly staff promise fast cash and the best interest rate, it’s important to consider the Moneylenders Act and rules regulating the industry. When you’re looking at borrowing money in Singapore, it’s always wise to stick strictly to licensed moneylenders only, and to familiarize yourself with how to spot reliable lenders before starting your loan search. Using a trusted  site like Moneylender Review to compare loans can also help you avoid shady loan sharks and unlicensed providers.

Let’s explore each of the key things you should consider and what criteria you should think about when trying to find the best licensed moneylenders in Singapore to meet your unique loan needs. 

Our Top Picks of Licensed Moneylenders in Singapore

Here at Moneylender Review, we pride ourselves on offering unbiased, honest advice on borrowing money from licensed lenders in Singapore. 

Below, we’ve listed our top 6 picks from our latest list of trusted lenders, but you can find more in-depth reviews and analysis of each lender on our reviews page here.

1. A1 Credit 

A1 Credit

License No: 17/2022
Established 2009


  • Business loan
  • Personal loan
  • Foreigners’ loans

Known for: 

  • Flexible payment plans
  • Top notch customer service
  • Superb short-term loans with flexible terms

2. 365 Credit Solutions

365 credit

License No: 19/2022

Established 2010


  • Business loan
  • Personal loan
  • Payday loan

Known for:

  • 60-minute loan applications
  • Diverse loan portfolio
  • Excellent short term loans with low rates

3. Bugis Credit Pte Ltd

Bugis Credit

License No: 27/2022

Established 2007


  • Personal loan
  • Business loan
  • Foreigners’ loans

Known for:

  • Fast, hassle-free application processes
  • Transparent fee structure
  • Attentive customer service and amazing reviews

4. 1 Fullerton Credit Pte Ltd formerly known as GM Creditz

1 Fullerton Credit 200x150

License No: 101/2022

Established 2009


  • Fast loans for people with bad credit
  • Personal, business and foreigner loans all available 
  • Payday loans, debt consolidation loans and more also on offer

Known for:

  • Convenient North Bridge Road location
  • Good loan selection for customers with bad credit
  • Excellent perks available to repeat clients

5. Raffles Credit Pte Ltd

Raffles Credit

License No: 58/2022

Established 2010


  • Fully customizable loans
  • Personal loans, business loans
  • Low interest rate loans

Known for:

  • Prestigious reputation
  • Handy business address over at Raffles Place
  • Friendly staff and awesome customer service

6. Fortune Credit Pte Ltd

fortune credit

License Number: 33/2022

Established 2010


  • Diverse loan portfolio
  • Flexible loan packages for all needs
  • Competitive rates

Known for:

  • Attentive customer service
  • Amazing reviews about friendly staff and great service 
  • Has received impressive awards and accolades

Good to Know

What to consider before taking out a loan in Singapore

From time to time, we all need some fast cash to get us through those difficult times, whether that be via a personal loan, payday loan, foreigner loans or a business loan application. But before all else, it’s important to consider that cash loans, while useful, might not always be the best option for everyone.

Regardless of whether you’re a long-term Singapore resident or a foreigner, it’s always wise to consider sensible alternatives to money lending before you start approaching money lenders and banks to compare loan packages. Some viable alternatives might include the likes of:

If you’re interested in business loans as opposed to personal loans, a business overdraft, invoice financing or venture debt financing might also be worth considering. As with any financial decision, it’s all about what works best for you, so it’s important to explore all conceivable options available to suit someone in your unique financial situation.

What if I decide that a loan is right for me?

Once all avenues have been considered and explored, you should know exactly where you stand. If it turns out you do decide that getting a loan from a licensed money lender is right for you, then you’ll need to start thinking about:

  • What loan principal and loan tenure (or length) you require
  • What kind of interest rates would work for you 
  • How quickly you need your loan to be approved
  • Your credit score and credit history 

You’ll also need to determine whether moneylenders – as opposed to banks – are most suitable for someone in your situation.

There are a number of reasons that licensed moneylenders in Singapore will usually be a better option for borrowers than banks – including quicker fast cash approval times on average, more flexibility and greater leniency towards people with poor credit histories. We’ll explore everything customers and clients need to know about legal money lender companies in the next section of this article.

What you should know about moneylenders in Singapore

Moneylenders in Singapore are growing increasingly popular and gaining more and more clients on account of their fast cash loan deals, attractive interest rates and flexible repayment plan options. 

Let’s briefly review the key things you need to know about money lenders in Singapore before you start shopping around for the best deals.

  • Licensing and regulation

If you’re trying to pin down one of the best money lenders in Singapore, it’s important to ensure you’re looking at legal money lender companies that are properly regulated by the Ministry of Law. You can view the official list of licensed money lenders in Singapore here.

All lenders listed on the Ministry of Law’s “registry of moneylenders” list are legally obliged to follow the rules set out by the Singaporean government and be fully compliant with the 2008 Act of Moneylenders, which offers important protections for clients and customers. 

You should think of the “licensed moneylender” name as a sort of seal of approval awarded to only the very best and most respected moneylenders in Singapore.

  • Maximum loan amount

The maximum loan principal you can borrow from a legal money lender will usually depend on your monthly or annual income. Naturally, the rules differ slightly for different loan types, too – so always check with your preferred moneylender for their full terms and conditions. If you are earning at least $20,000, you can borrow up to 6 times your monthly salary. 

  • Capped interest rate

The typical chargeable interest rate percentage among most money lenders ranges from just 1 to 4 per month – so you should be able to land low interest rates regardless of your credit and income situation. 

After all, that 4 per month percentage rate works as a kind of cap or maximum interest rate limit across all lenders, which no licensed money lender in Singapore is permitted to exceed. 

Nevertheless, we’d still recommend using online comparison tools like our own to help you find the best loan package to meet your needs. 

  • Permitted fees

These are capped at $60 per month for each month of late payment. Meanwhile, moneylenders cannot charge any more than 10% of the principal loan amount as a transaction or admin fee at the time your loan is originally granted.

The Frequently Asked Questions page on the Ministry of Law’s website is a good reference point if ever you are unsure what fees moneylenders should and should not be charging to their clients. 

Many customers get caught out by early repayment penalties if they wind up repaying their loans earlier than planned – so watch out for these kind of fees, too! This is especially important if you plan on repaying your loan quickly using a lump sum.

  • Flexible repayment

Moneylender companies are well known not just for offering low interest rates and fast cash deals, but for offering flexible repayment options on loan packages, too. By comparing the market to locate a reliable money lender that suits you, it can be real easy to find a loan with a low interest rate per month and easy-to-meet repayment requirements that slip right into your lifestyle.

Whether you’re a foreigner looking at cash loans or a long-term Singaporean resident interested in debt consolidation, there’s a strong chance that one of the many lenders in Singapore has the perfect loan available to suit you. It just takes some shopping around.

  • Fast approval of loan applications 

If you’re looking for a fast cash loan, any one of the popular lenders listed on the Ministry of Law’s “registry of moneylenders” list can probably grant you a loan approval within 30 to 60 minutes – or possibly even less. 

This is one of the key reasons that many Singaporeans opt to get their loans from licensed money lenders instead of traditional banks – the latter of which offer relatively slow approval processes in comparison.

More often than not, you can apply for a loan online with the simple click of a button after comparing the best loans with a trusted site like Moneylender Review. However, you will usually need to visit your lender in person to sign any necessary paperwork and provide your documents and ID as evidence before funds can be disbursed.

Criteria to Consider When Choosing the Best Moneylender in Singapore

So, now you know how the best licensed money lenders in Singapore operate, let’s take a look at what criteria you should judge them by when you start comparing the loan market. 

With so many superb lenders out there offering attractive loans with affordable per month payments on personal loan, payday loan and business loan products, the market is certainly flooded with choice – but here’s what you should look for if you want to pin down only the very best, most exceptional deals.

  • Reputation/years in business 

If you’re looking for a reliable lender, you should check how long a company has been in business and what its reputation looks like compared to its competitors. Look for companies that have been in the business for several years.

While examining the “registry of moneylenders” list and comparing the market are good places to start when looking for a loan, you should also keep an eye out for lenders that have that all-important “Pte Ltd” at the end of their name. You can usually rest assured that large, well-regulated companies like these are trustworthy and key players in the money lending sector.

  • Principal loan amount

While reputation and trustworthiness are vital when choosing the right lenders in Singapore to suit you, it’s even more important to ensure that your lender is willing to grant you the right amount of money you need when you come to apply for a loan. You’ll need to consider whether you want a secured or unsecured loan, whether your annual income enables you to borrow the loan principal you need and what your repayment capability might look like.

Using affordability checkers and loan comparison services can help you figure out many of these things for yourself before you apply for a loan. This puts you in a position of greater power to be able to assess exactly what principal loan amount each moneylender will offer to clients and customers in your position, enabling you to make an informed decision on which legal money lender is right for you.

  • Low interest rates 

Now, we mentioned earlier that licensed money lenders in Singapore cannot charge a per month interest rate of more than 4%. This maximum interest rate cap is great news for clients and customers who are looking for a bargain. However, depending on your individual needs, credit and debt situation, you might be able to secure interest rates as low as 1% if you shop around.

Whether you’re an everyday citizen who wants to buy a new car, you need a bridging loan to help with your house move, or you’re looking for some corporate finance to help your business branch out to a new business address or premises, lenders in Singapore will always have special deals on offer for clients and customers with various needs. 

In fact, the market itself can often seem overwhelming. Fortunately, by comparing what’s available with Moneylender Review, you can pin down the best interest rates available before you even apply – and look only at loans that are 100% relevant to you.

  • Customer service and online reviews

Past clients and customers of the best licensed money lenders on the market are often keen to shout about their positive experiences online – so be sure to check out Google Reviews, and other consumer reviews websites to find out which licensed moneylender has the best online ratings.

At the other end of the spectrum, you should take note of any negative reviews from customers whose borrowing situation is similar to your own, and steer well clear of any moneylenders in Singapore that are consistently rated poorly for their customer service. Luckily, problem lenders are very rare if you’re looking at genuine companies. With most licensed and reliable lenders, customer service will be top notch and the online reviews will speak for themselves.

How Do I Apply?

When applying for any type of cash loan, you can either approach your desired moneylender directly or compare the market using Moneylender Review to find the best deal first, then simply apply via our website.

Either way, there are certain terms and conditions that you will need to meet in terms of basic eligibility. Naturally, each legal money lender will set its own rules, but here are some basic criteria that generally apply across all licensed money lenders in Singapore:

Licensed moneylender eligibility requirements in Singapore

If you are applying for a personal loan, you will ordinarily need to be:

  • Either a salaried or self-employed individual
  • A minimum of 21 years old
  • A Singaporean citizen or permanent resident (e.g., a foreigner with a valid work permit)

Singaporeans seeking a personal loan will usually require a minimum monthly income of $2,000, while foreigners might be expected to have a minimum monthly income of $3,000 and provide evidence of an Employment Pass with 12 month’s validity if they would like a foreigner-specific personal loan. 

If you are employed, most lenders will request proof that you hold steady employment. If you are self-employed, however, you may need to provide additional information regarding your income and financial situation. 

If you are enquiring about business loans instead of personal financial products, you will typically need to:

  • Own a business that is legally registered at a business address here in Singapore
  • Your business must have been in operation for a minimum of 1 year
  • It must also have a minimum annual turnover of at least $60,000

Naturally, basic requirements and terms and conditions will always vary from lender to lender. For example, there may be upper limits or caps on loan amounts and the documentation you will need to present to get your money could differ slightly. With this in mind, it is always hugely important to double and triple-check your preferred moneylender’s individual terms and conditions directly before applying for a loan that only appears to meet your needs.

What are the steps to apply for licensed money lenders’ loans?

If you are applying via a lender directly, simply visit their website and follow the instructions on screen. Application processes can differ greatly, with some money lenders making it much more difficult than others, which is why we recommend applying through Moneylender Review.

Our tried and tested website offers future loan clients and customers the chance to compare the very best loans on the market from licensed money lenders and narrow down the best money lending options to suit their needs.

With Moneylender Review Singapore, you can compare and apply for your perfect loan in three quick, completely hassle-free steps. This works as follows:

  • Visit our loan comparison page and tell us all your loan requirements and needs
  • Click “Submit Loan Application” and receive the 3 best loan quotes in Singapore in minutes
  • Select the best moneylender loan to suit you – then simply apply online!

Moneylender Review is one of the best ways to find a perfect loan in Singapore – and our application process really is as simple as that. 

Find the best moneylenders and money lending deals in Singapore and compare the top loan offers to suit your needs today with Moneylender Review.

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