Best Licensed Money Lender in Singapore - Our Top 6 Recommendations

(Updated June 2021)

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Getting a loan from a bank isn’t easy. The entire lending process from loan application to disbursement may take more than a couple of days or weeks. 

What if you need emergency cash now and can’t afford to wait that long? 

Luckily, you have another option! Licensed money lenders are well known for providing instant loans with quick approval.

However, not all licensed money lender operates the same way and that is why our Loan Advisor team compiled a list of the top licensed moneylenders in Singapore.

Reviews of the Top 6 Licensed Money Lenders in Singapore

Best in City Hall: GM Creditz

GM Creditz Moneylender

License No:102/2020

Years in business: Since 2010

Phone Number: 6588 1886

Address: 111 North Bridge Road #01-41 Peninsula Plaza Singapore 179098

Open every day including Saturdays & Sundays

https://www.gmcreditz.com.sg/

Fantastic For
  • Quick cash! Fast approval of eligible applicants in as fast as an hour
  • Applicants with a poor credit score are welcome to apply
  • Excellent customer service
Mindful Tips
  • You can take up to 6x your monthly salary for personal loan
  • You must be at least 18 years of age to apply
  • Conveniently located next to City Hall MRT station
Loan Advisor’s Review

GM Creditz has built its reputation throughout the years through its fair and transparent policies offered to its customers alongside excellent customer service by their front-facing customer service personnel. 

Most of their customers are repeat customers, returning frequently over the years for their accommodating policies, friendly service and knowledge of the loan application processes, making it easy for anyone to apply for a fast cash loan, regardless of their financial status or credit scores.

Best in Bugis: Bugis Credit

Bugis Credit Moneylender

License No: 26/2021
Years in business: Since 2007

Phone Number: 6345 9123

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

Open on weekends and selected public holidays

 

https://www.bugiscredit.sg/

Fantastic For
  • Efficient and discrete services 
  • Offers unsecured loans without collateral
  • Easy online and phone application processes
Mindful Tips
  • Business loans are only available for businesses that have been in operation for 1 year or more
  • You must be at least 18 years of age to apply
  • A short walk away from Bugis MRT station
Loan Advisor’s Review

As one of the longest-running money lenders in Singapore reviewed by us, Bugis Credit has made a name for itself for efficient service and their staff’s ability to anticipate their customer’s needs.

Loans are approved quickly without hassle and their customer service team has been praised online and offline for their in-depth knowledge and patience with new and repeat customers.

Best in Raffles Place: Raffles Credit

Raffles Credit Moneylender

License No: 55/2021
Years in business: Since 2010

Phone Number: 6235 1788

Address: 17A Circular Road Singapore 049373

Open on weekends and selected public holidays

 

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

Fantastic For
  • Wide variety of loan options 
  • Personalized loan options and repayment plans 
  • Excellent customer service
Mindful Tips
  • Personal loan borrowers with an annual income of less than S$20,000 can only borrow up to a maximum of S$3,000
  • You must be at least 18 years of age to apply
  • Very near to Raffles Place and Clarke Quay MRT
Loan Advisor’s Review

Located in Raffles Place, Raffles Credit has many different loan options to offer Singaporean, foreigners and PR borrowers. The loans are also tailored to each individual and their ability to repay their loans while following guidelines set forth by the Singaporean Ministry of Law.

Open 7 days a week, they have also made excellent customer service and satisfaction their priority, making them one of the most reputable and trustworthy money lenders around Raffles Place.

Best in Chinatown: A1 Credit

A1 Credit Moneylender

License No: 24/2021
Years in business: Since 2009

Phone Number: 6336 0833

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

Open every day including Saturdays & Sundays

 

https://www.a1credit.sg/

Fantastic For
  • Amazing customer service  
  • Specializes in offering personalized short-term loans
  • Very quick disbursement of loans
Mindful Tips
  • Personal loan borrowers can only borrow up to a maximum of S$50,000 depending on their yearly salary
  • You must be at least 18 years of age to apply
  • Very near to Clarke Quay MRT
Loan Advisor’s Review

With 4.9 out of 5 stars out of 188 reviews on Google reviews, A1 credit is a money lending company that takes customer service to a whole new level. Popular loan officers like Steven and Tracy are often mentioned on Google Reviews that gush over the officers going out of their way to lend a listening ear and perfect their loan application with suitable short-term loans for them.

Best in Bugis: Fortune Credit

Fortune Credit Moneylender

License no: 31/2021
Years in business: Since 2010

Phone Number: 6777 1887

Address: 470 North Bridge Road #02-01A Bugis Cube Singapore 188735

Open every day including Saturdays & Sundays

 

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

Fantastic For
  • Personalized loan amounts and repayment schedule
  • No high credit report required
  • Quick disbursement of loans
Mindful Tips
  • Business loans are only available for businesses that have been in operation for 1 year or more
  • You must be at least 18 years of age to apply
  • Discreetly located in Bugis Cube
Loan Advisor’s Review

Well known for their friendly staff that oftentimes go above and beyond to help out local Singaporeans and foreigners alike, Fortune Credit has earned itself as one of the most reputable licensed moneylenders for unsecured loans (such as foreigner loan) in Singapore’s Bugis area. 

With years of experience, loan officers Dan, Albee, and Eric are often mentioned as some of the best advisors who deeply understand their clients and for coming up with the best-customized repayment plans to suit their financial needs.

Best in Orchard: 365 Credit Solutions

365 Credit Solutions Moneylender

License No: 20/2021
Years in business: Since 2010

Phone Number: 6222 5500

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

Open every day including Saturdays & Sundays

 

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

Fantastic For
  • Quick cash! Instant loan disbursal upon contract signing
  • Borrowers may also borrow amounts from $1,000 to $100,000 without the use of collateral
  • Reasonable interest rate (1-4%); affordable monthly installments
Mindful Tips
  • You can only take payday loans up to a 1-month salary 
  • You must be at least 18 years of age to apply
  • Located near the Orchard MRT station
Loan Advisor’s Review

What sets 365 Credit Solutions apart from other lenders is its ability to offer repayment terms and conditions that are much more favorable to borrowers than other licensed moneylenders. 

Borrowers can obtain interest rebates without early repayment penalties that will ensure their customers repay their loans on time. In addition, a high credit score is not required to obtain low-interest rate repayment plans and loan amounts without the use of collateral.

How We Select the Top Licensed Money Lenders

With more than 150 licensed money lenders in Singapore and a large number of loan sharks impersonating as legally licensed money lenders, it can be tough to find a reliable lender when you are desperately in need of a fast cash loan.

That’s why Loan Advisor carefully selected the list of licensed moneylenders and has come up with the Top 6 Best Licensed Money Lenders above.

We’ve come up with several criteria to ensure that the best licensed moneylender has the following qualities.

Here are the criteria the money lenders have to pass to make it to our 6 Best Money Lender:

Learn More About Loan Advisor

Singapore’s Loan Advisor is a loan comparison website that boosts the borrowers’ chance of approval from personal to business loans, among others. 

We offer free, unbiased, and up-to-date information on the best loan plans from the country’s top licensed moneylenders. 

Striving to help Singaporeans make smarter financial decisions, we also provide how-to guides on topics ranging from saving and debt management to finding the best financial plans.

Licensed Money Lender Guidelines

The guidelines are in place to protect you and your interests, and any licensed money lender that doesn’t follow these guidelines is not a legal money lender and should be reported.

  • Maximum Interest Rate: The maximum interest a lender can charge is only up to 4% per month. This cap applies regardless of the borrower’s income and whether the loan is an unsecured or secured one.
  • Loan Amount: For secured loans, you can obtain a loan of any amount. For unsecured loans, you can loan up to 6x your monthly salary
  • Late Repayment Fees: If a borrower fails to repay the loan on time, the maximum rate of late interest a moneylender can charge is 4% per month for each month the loan is repaid late.
  • Other Charges and Fees: A fee not exceeding $60 for each month of late repayment; a fee not exceeding 10% of the principal of the loan when a loan is granted, and legal costs ordered by the court for a successful claim by the moneylender for the recovery of the loan.

How To Choose the Right Licensed Money Lender?

To find the right licensed money lender, there are several factors that you need to consider. These include:

  • License and accreditation

Ensure that your money lender has the required licenses and accreditation. A licensed money lender will not solicit for loans via text messages, social media platforms, or phone calls. They must conduct some form of verification face-to-face.

You should visit the Ministry of Law’s website for more information. Take a look at their list of licensed and accredited moneylenders before choosing one

  • Verified Reviews

The reputation of a money lender matters too. You should go through those offered by Loan Advisor and Google Reviews to determine which ones have the best reviews and long-term experience. Check the ratings and read what people are saying before deciding on the right licensed money lender for your needs.

  • Customized Loan Packages

An excellent lender provides a loan package suitable to the borrowers’ unique needs — one that is tailored to your capacity to repay. We also recommend a lender that makes sure that you get an ideal time period to avoid delayed payments.

How to Differentiate Licensed Money Lender vs Illegal Money Lender

To easily spot ah longs and loan sharks, you must know the rules and regulations. Licensed moneylenders can:

  • Only advertise via directories, own websites, and within or on their business premises
  • Can let you borrow up to 6x your monthly income for unsecured loans if you are earning at least $20,000.
  • Impose an administrative fee of not more than 10% of the loan amount when the loan is granted.
  • Charge a 4% interest rate per month cap regardless of loan amount and income
  • Thoroughly explains the terms and conditions of the loan and will give you a clear loan contract
 

Licensed or legal lenders cannot

  • Ask for your SingPass user ID and password (Do not share!)
  • Ask you to sign a Note of Contract for a loan that is blank. This is a super shady tactic.
  • Give you a contract without explaining the terms to you, or not handing you the Note of Contract copy.
  • Advertise their service by calling or SMS you.
  • Automatically approve you for credit over the phone or SMS before even having time to properly go over or receiving your loan application.
  • Pay attention to these and avoid lenders who do any of them.

Applying for personal credit can be daunting. But there is an easier way, one that is designed specifically for this purpose.

Frequently Asked Questions

Are you looking for a loan for personal projects like a wedding or travel? Then a personal loan is probably the best.

Furthermore, personal loans can be used for debt consolidation. With debt consolidation, you can combine multiple loans into one fixed monthly payment to lower your monthly interest rates.

If you are looking for a loan to help you survive until the next paycheque comes, then a payday loan is a better option. A renovation loan can help you remodel your home. And a business loan can help you run or expand your business successfully.

Borrower’s annual incomeSingapore Citizens and Permanent ResidentsForeigners residing in Singapore
Less than $10,000$3,000$500
At least $10,000
and less than $20,000
$3,000
At least $20,0006 times monthly income6 times monthly income

Can you afford the loan you want to take? Or will the loan repayments make you bankrupt? Mortgage payments are quite tricky because they usually involve a huge loan.

The maximum interest rate licensed money lenders can charge per month is 4% according to Minlaw. But it may still overwhelm you if you borrow a huge loan that you end up failing to pay. Think very carefully about your long-term ability to pay back what you owe before you borrow.

When comparing loans you need to look into several issues. These include:

Interest rates

The lower a loan’s interest rate, the more money you will save in the end after paying the loan. A secured loan that involves your collateral and one that involves a guarantor usually have lower interest rates. That’s because there is less of a financial risk to the licensed moneylender.

Repayment term

The repayment period is the length of time that you have to pay back your loan plus interest. Usually, the larger the loan is the longer your repayment period. And the smaller the loan is, the shorter your repayment term. Ensure you find a comfortable repayment term that will allow you to pay off your debts comfortably.

Principal loan amount fee – late payment and charges

When you enter into a contract with a licensed moneylender to get a loan, you must fulfill your part. If you don’t, then you may be needed to pay late payment fees and charges. The more you delay paying off your loan, the higher these fees and charges will be.

You should get a loan from a licensed and accredited money lender who has good reviews and offers low-interest rates and reasonable repayment terms.

The process of selecting the right licensed money lender is not one of the factors that affect your credit score. But your credit score does affect the terms and conditions of the loan you get from money lenders in Singapore.

Negotiate with your loan provider to extend your tenure. Another option is to check if you can work out a new repayment plan, but note that it might incur additional costs like late interests and late fees.

Customers are not allowed to overpay but are allowed to pay off loans early. A licensed moneylender is not allowed to charge any fee for early settlement. 

The total charges imposed by a moneylender on any loan, consisting of reasonable interest rates, late interest, upfront administrative, and late fee also cannot exceed an amount equivalent to the principal of the loan.

You can verify the status of the licensed at Minlaw’s list of licensed moneylenders.

Also, licensed money lenders in Singapore can only advertise on their official website.

The advertisement techniques deployed by unlicensed moneylenders are everywhere. I.e., on social media platforms, through a private SMS, newspapers, and sometimes they even invite you to take a loan before applying.

There are limits to fees that licensed moneylenders can charge. For instance, one cannot charge a late fee of more than $60 per month.

Secondly, moneylenders can only charge a one-time administrative fee for not more than 10% of the loan principal.

Lastly, the sum of all charges imposed on you by the money lender, inclusive of interests, initial administrative fee, late interest, and late penalty charges cannot exceed the amount of the initial loan principal.

The official rate is currently up to 4% per month. This means that it now costs you less to borrow from moneylenders. This is the standard rate. It doesn’t matter whether the loan is secured or not or even the borrower’s income.

Failure to repay your loan on time allows the lender to charge you a 4% per month for the additional time. The interest is calculated from the amount of principal remaining after deducting the total payments made from the original principal. In simpler terms, interest accrued is calculated from the balance you are supposed to pay.

For Singaporean & PR

  • Identity card
  • Recent 3 Months Payslip
  • Proof of residence (if you don’t own the property, you will need to bring an utility bill, a letter addressed to you, and or tenancy agreement)
  • Know your SingPass (password to log into CPF, HDB, IRAS website)
 

For Foreigners working in Singapore

  • Passport
  • Work Permit, S Pass or E Pass
  • Recent 3 Months Payslip
  • Recent salary crediting bank statement
  • Proof of residence (utility bill or tenancy agreement)
  • Know your SingPass (password to login IRAS website)

Usually, loans get approved within 1 hour; each money lender has its guidelines to approve loans. Check with the company to find out more.

Yes. Most money lenders in Singapore provide monthly loans for up to 12 months, subject to the terms and conditions of the agreement.

Remember to always refer to the list of licensed money lenders at https://rom.mlaw.gov.sg/information-for-borrowers/list-of-licensed-moneylenders-in-singapore/

Licensed moneylenders DO NOT:

  • Offer you a blank or incomplete contract
  • Retain your personal documents such as passport etc. or NRIC card
  • Threaten or insult you
  • Ask for your SingPass user ID or password
  • Offer you a loan without following the set protocol guidelines

To protect yourself and your financial interests, it would be wise for you to borrow money only from legal moneylenders.

At Loan Advisor, we do the research and narrow down legal moneylenders so you don’t have to go through the hassle by visiting agency after agency to search for the right one for you.

We understand the frustration as well as the urgency of solving your issues when you encounter financial difficulties. That’s why we take it upon ourselves to deliver the latest information and reviews so that you are able to locate a suitable moneylender within the comfort and privacy of your own home.

No, you cannot solely rely on the advertisement. You are advised to seek clarifications on specific terms of the loan contract before signing up with a licensed moneylender.

Allowed

  • Legal lenders are only allowed to advertise through these three channels:
  • business or consumer directories (in print or online media)
  • websites belonging to the moneylender; and
  • advertisements placed within or on the exterior of the moneylender’s business premises. All other channels are prohibited.
 

Not allowed:

  • Send flyers, SMSes, emails or other forms of advertisements

 

How to report unlawful lenders:

Report the advertisements to the Registry at 1800-2255-529 or via their website. Errant licensed moneylenders will be investigated by the Registry and unlicensed moneylenders will be investigated by the Police.

You should ensure that:

  • You understand your responsibilities
  • You receive a copy of the Note of Contract at the time that the loan is granted
  • The moneylender has explained the terms in the Note of Contract
  • The moneylender does not keep your NRIC card or any other personal ID documents (e.g. driver’s licence, passport).
  • The moneylender does not acquire any information that contains passwords to your user accounts (e.g. Singpass account, Internet banking account, email account).
  • Make sure the moneylender delivers to you the correct principal amount of the loan.
  • Pay the loan installments on time to avoid incurring late payment fees and late interest.
  • Make sure the moneylender issues you a receipt every time you make any repayment towards your loan, and check it for correctness (e.g. name, amount, date).
  • Make sure you receive a statement of account for all your loan(s) at least once every January and July, and check it for correctness (e.g. name, amount, date); and
  • You should retain all statements of accounts and receipts of payments, as documentation and evidence of payments.