Best Licensed Money Lenders
in Singapore

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

What happens when you can’t afford to wait that long? 

Luckily, you have another option; licensed moneylenders, and they are well known for providing instant loans with a quick approval process.

Often people will relate Moneylenders to Loan Sharks but rest assured that the Licensed Money Lenders are currently monitored and regulated by Singapore Ministry of Law (MinLaw). Any lender violating the law and regulation will risk their license being revoked.

But not all Licensed moneylender operates the same way and that is why our Loan Advisor team have done the research and listed down the best options below.

How We Select The Top Licensed Money Lenders In Singapore

With more than 150 licensed money lenders in Singapore and a large number of loan sharks impersonating as licensed money lenders, it can be tough to find a reliable lender when you are desperately in need of a fast cash loan. Singapore readers, don’t fret, we at Loan Advisor have trawled through the list of licensed money lenders by Minlaw and have come up with the Top Best Licensed Money Lenders below.

To come up with the title, we’ve come up with several criteria to ensure that the best moneylender has the following qualities

Criteria the money lenders have to pass to make it to our best list:

  • The number of positive reviews across major review websites.
  • Relatively low reviews found online (forums, directories, Google reviews, moneylender review sites)
  • License not revoked on Ministry of Law (Registry of Moneylenders)
  • With Licensed money lending experience with more than 8 years

Remember, if you need to get a personal loan, get it from a licensed lender. It is also important to note that not all money lenders have the same terms and conditions. Not all of them may have terms, so it is wise to check out several money lenders to know their policies, repayment terms, and conditions before selecting one to get your fast cash loan from.

Summary of Top Legal Money Lenders of May 2020

Fortune Credit

Offers : Personal loan, Payday loan, Business loan, Foreigner loan 

A1 Credit

Offers : Personal loan, Payday loan, Business loan, Foreigner loan, Bridging loan 

365 Credit Solutions

Offers : Personal loan, Payday loan, Business loan, Foreigner loan, Bridging loan

Raffles Credit

Offers : Personal loan, Payday loan, Business loan, Foreigner loan, Bridging loan 

GM Creditz

Offers : Personal loan, Payday loan, Business loan, Foreigner loan 

Bugis Credit

Offers : Personal loan, Payday loan, Business loan, Foreigner loan 

Our Picks and Reviews of Best Licensed Money Lenders in Singapore

Best in Bugis: Fortune Credit

License no: 33/2020
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

  • Key Features
    • Discreetly Located in Bugis Cube
    • Open 7 days a week
  • Types of loans
    • Personal loan
    • Payday loan
    • Business loan
    • Foreigner loan
    • Renovation loan
  • Fantastic…
    • Personalized loan amounts and repayment schedule
    • Excellent customer service
    • Flexible Monthly Repayments
  • 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
    • Minimum Salary of $18,000 per Annum 

What We Like

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 money lenders for personal loans 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.

Loan Details
Citizenship Status: Singaporean/PR and Foreigner with Valid Work Pass
Minimum Annual Income: S$18,000
Maximum Loan Tenure: 6 Months

Repayment summaryPrincipal Loan Amount: S$15,000
Loan Tenure: 6 Months
Interest Rate per Month: 3.92%

Repayment Schedule:

InstalmentPrincipal ($)Interest ($)Total ($)
12266.17587.502853.67
22354.93498.742853.67
32447.16406.512853.67
42543.01310.662853.67
52642.61211.062853.67
62746.12107.562853.68
Total150002122.0317122.03

Best in Chinatown: A1 Credit

License No: 23/2020
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

  • Key Features
    • Very near to Clarke Quay MRT
    • Open 7 days a week
  • Types of loans
    • Personal loan
    • Payday loan
    • Business loan
    • Foreigner loan
    • Bridging loan
    • Renovation loan
  • Fantastic…
    • 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 6 times monthly income
    • You must be at least 18 years of age to apply

What We Like

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 applications with suitable short-term loans for them.

Loan Details
Citizenship Status: Singaporean/PR and Foreigner with Valid Work Pass
Minimum Annual Income: S$18,000
Maximum Loan Tenure: 6 Months

Repayment summary
Principal Loan Amount: S$15,000
Loan Tenure: 6 Months
Interest Rate per Month: 3.92%

Repayment Schedule:

InstalmentPrincipal ($)Interest ($)Total ($)
12266.17587.502853.67
22354.93498.742853.67
32447.16406.512853.67
42543.01310.662853.67
52642.61211.062853.67
62746.12107.562853.68
Total150002122.0317122.03

Best in Orchard: 365 Credit Solutions

License No: 12/2020
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

  • Key Features
    • Near to Orchard MRT
    • Open 7 days a week
  • Types of loans
    • Personal loan
    • Payday loan
    • Business loan
    • Foreigner loan
    • Bridging Loan
    • Renovation loan
  • Fantastic…
    • Low interest rate repayment plans
    • Borrowers may also borrow amounts from $1,000 to $100,000 without the use of collateral
    • Flexible monthly repayment terms
  • Mindful tips…
    • Maximum loan of 6x month salary
    • You must be at least 18 years of age to apply

What We Like

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

Borrowers can obtain interest rebates without early repayment penalties that will ensure their customers repay their loan amount on time. In addition, anyone with good credit scores is able to obtain low interest rate repayment plans and loan amounts without the use of collateral.

Loan Details
Citizenship Status: Singaporean/PR and Foreigner with Valid Work Pass
Minimum Annual Income: S$18,000
Maximum Loan Tenure: 6 Months

Repayment summary
Principal Loan Amount: S$15,000
Loan Tenure: 6 Months
Interest Rate per Month: 3.92%

Repayment Schedule:

InstalmentPrincipal ($)Interest ($)Total ($)
12266.17587.502853.67
22354.93498.742853.67
32447.16406.512853.67
42543.01310.662853.67
52642.61211.062853.67
62746.12107.562853.68
Total150002122.0317122.03

Best in Raffles Place: Raffles Credit

License No: 31/2020
Years in business: Since 2010

Phone Number: 6235 1788

Address: 17A Circular Road Singapore 049373

Open on weekends and selected public holidays

  • Key Features
    • Very near to Raffles Place and Clarke Quay MRT
    • Open 7 days a week
  • Types of loans
    • Personal loan
    • Payday loan
    • Business loan
    • Foreigner loan
    • Bridging loan
    • Renovation loan
  • Fantastic…
    • Wide variety of loan options
    • Personalized loan options and repayment plans
    • Excellent customer service
  • Mindful tips…
    • Personal loan borrowers with an annual income of more than S$20,000 can borrow up 6 times monthly income
    • You must be at least 18 years of age to apply

What We Like

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. 

Loan Details Citizenship Status: Singaporean/PR and Foreigner with Valid Work Pass Minimum Annual Income: S$18,000 Maximum Loan Tenure: 6 Months
Repayment summary Principal Loan Amount: S$15,000 Loan Tenure: 3 Months Interest Rate per Month: 3.92%
Repayment Schedule:
Instalment Principal ($) Interest ($) Total ($)
1 2266.17 587.50 2853.67
2 2354.93 498.74 2853.67
3 2447.16 406.51 2853.67
4 2543.01 310.66 2853.67
5 2642.61 211.06 2853.67
6 2746.12 107.56 2853.68
Total 15000 2122.03 17122.03

Best in City Hall: GM Creditz

License No:115/2019

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

  • Key Features
    • Near to City Hall MRT
    • Open 7 days a week
  • Types of loans
    • Personal loan
    • Payday loan
    • Business loan
    • Foreigner loan
    • Bridging loan
    • Renovation loan
  • Fantastic…
    • High approval rate
    • 30 mins personal loan approval
    • Returning customers enjoy better accommodating policies
    • Excellent customer service
  • Mindful tips…
    • You must be at least 18 years of age to apply

What We Like

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.

Loan Details
Citizenship Status: Singaporean/PR and Foreigner with Valid Work Pass
Minimum Annual Income: S$18,000
Maximum Loan Tenure: 6 Months

Repayment summary
Principal Loan Amount: S$15,000
Loan Tenure: 6 Months
Interest Rate per Month: 3.92%

Repayment Schedule:

InstalmentPrincipal ($)Interest ($)Total ($)
12266.17587.502853.67
22354.93498.742853.67
32447.16406.512853.67
42543.01310.662853.67
52642.61211.062853.67
62746.12107.562853.68
Total150002122.0317122.03

Best in Bugis: Bugis Credit

License No: 30/2020
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

  • Key Features
    • A short walk away from Bugis MRT station
    • Open 7 days a week
  • Types of loans
    • Personal loan
    • Payday loan
    • Business loan
    • Foreigner loan
    • Bridging loan
    • Renovation loan
  • Fantastic…
    • 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

What We Like

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.

Loan Details
Citizenship Status: Singaporean/PR and Foreigner with Valid Work Pass

Minimum Annual Income: S$18,000

Maximum Loan Tenure: 6 Months

Repayment summary
Principal Loan Amount: S$15,000

Loan Tenure: 6 Months

Interest Rate per Month: 3.92%

Repayment Schedule:

InstalmentPrincipal ($)Interest ($)Total ($)
12266.17587.502853.67
22354.93498.742853.67
32447.16406.512853.67
42543.01310.662853.67
52642.61211.062853.67
62746.12107.562853.68
Total150002122.0317122.03

Things You Should Know Before Getting A Loan
From A Licensed Money Lender.

You can confirm from the Minlaw’s list of licensed moneylenders.

Also, licensed moneylenders 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 moneylender, inclusive of interests, initial administrative fee, late interest, and late penalty charges cannot exceed the amount of the initial loan principal.

From 1 October 2015, the interest rates offered by licensed moneylenders changed. The official rate is currently at 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)

Yes. Most Moneylenders provide monthly loans up to 6 months of the repayment plan

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

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

Remember always to visit the list of licensed moneylenders 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