List of Licensed Money Lenders in Singapore 2025

Yes, you can. Depending on your loan provider, you may also get a goodwill discount. That said, it is best to talk to your moneylender for further details.

Banks, on the other hand, may charge early repayment fees. Make sure to talk to the loan officer about fees you may possibly incur for paying off your bank loan early.

The repayment period will vary depending on the amount you borrowed, as well as the licensed moneylender you're borrowing from. Some legal money lender websites have a loan repayment period calculator which you can use to compute how long it will take to repay the loan.

Typically, licensed moneylenders in Singapore offer a maximum repayment period of up to 12 months for a personal loan. However, this is subject to the terms and conditions of the loan agreement.  Banks, on the other hand, can offer a loan tenure of up to 5 or 7 years.

There are plenty of financing options in Singapore. On top of that, there are a number of legal moneylenders that offer great loan deals.
At Moneylender Review, we encourage customers to consider the following categories when comparing loan offers from legal lenders:

• Reasonable interest rates. The maximum interest rate that legal moneylenders can charge is 4% per month.
• Repayment period. There are moneylenders that offer flexible repayment terms.
• Late repayment fees and other hidden charges
• The moneylender's reputation and reviews.

Licensed moneylenders in Singapore are only allowed to charge up to 4% interest rate per month. This cap is applicable for both secured and unsecured loans, regardless of the borrower's income.

The maximum rate of late interest a legal moneylender can charge is 4% per month for every month the loan is repaid late.

For a secured personal loan, there is no limit to the amount you can loan. However, for unsecured personal loans in Singapore, please refer below for the maximum loan amount that you may borrow:

Singapore Citizens and Permanent Residents

The loan amount you can borrow will depend on your annual income. If your annual income is less than S$10,000 or at least S$10,000 but less than S$20,000, you can borrow up to S$3,000.

If your annual income amounts to at least S$20,000 or higher, you can borrow up to 6x your monthly income.

Foreigners Residing in Singapore

Foreigners residing in Singapore will need to abide by different eligibility criteria. If your annual income is less than S$10,000, you can only borrow up to S$500. If it is at least S$10,000 but less than S$20,000, you can borrow up to S$3,000.

Lastly, if your annual income amounts to at least S$20,000 or higher, you can borrow up to 6x your monthly salary.

• Make sure that you receive the correct principal amount of the loan. The legal lender 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 for 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.

Licensed money lenders in Singapore are only allowed to charge the following fees:

• An administrative fee of not more than 10% of the principal loan amount when the loan is granted
• A late repayment fee 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 legal money lender for the recovery of the loan.

The total charges, including interest, late interest, upfront administrative fee, and late repayment fees, must not exceed the principal amount of the loan.

All licensed moneylenders in Singapore are governed by the Ministry of Law Singapore. You can verify the credibility of a licensed moneylender by checking out the complete list of legal moneylenders on the Ministry of Law's website.

Here are other things to consider:

• Licensed moneylenders are required by law to thoroughly explain to you the terms and conditions of the loan. Plus, they are obligated to provide you with a loan contract where the complete loan details are listed.
• Licensed moneylenders are only allowed to charge a maximum interest rate of 4% per month. Unlicensed moneylenders charge ridiculously high interest and late interest rates.

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.