Best Licensed Money Lender in Singapore - Our 6 Recommendations

(Updated March 2021)

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Getting a 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.

But not all Licensed money Lender operates the same way and that is why our Loan Advisor team complied a list of the top licensed money lenders in Singapore below.

How We Select The Best Licensed Money Lenders In Singapore

With more than 150 licensed money lenders in Singapore and a large number of loan sharks impersonating as legal 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.

Each licensed money lender have meet these criteria to be in our best list:

Remember, if you need to get a loan from a licensed money lender, it is also important to note that not all legal 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 filling up that loan application.

Reviews of the Best Licensed Money Lenders in Singapore

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

What We Like

  • Personalized loan amounts and repayment schedule
  • Excellent customer service
  • Quick disbursement of loans
  • Discreetly located in Bugis Cube
  • Open 7 days a week

Customer Review

Our 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 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.

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

What We Like

  • Amazing customer service
  • Specializes in offering personalized short-term loans
  • Very quick disbursement of loans
  • Very near to Clarke Quay MRT
  • Open 7 days a week

Customer Review

Our 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 applications with suitable short-term loans for them.

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

What We Like

  • Low interest rates repayment plans
  • Borrowers may also borrow amounts from $1,000 to $100,000 without the use of collateral
  • Flexible monthly repayment terms
  • Near to Orchard MRT
  • Open 7 days a week

Customer Review

Our Review

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 rates repayment plans and loan amounts without the use of collateral.

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

What We Like

  • Wide variety of loan options
  • Personalized loan options and repayment plans
  • Excellent customer service
  • Very near to Raffles Place and Clarke Quay MRT
  • Open 7 days a week

Customer Review

Our 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 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

What We Like

  • Policies that favor borrowers
  • Returning customers enjoy better accommodating policies
  • Excellent customer serviceservice
  • Near to City Hall MRT
  • Open 7 days a week

Customer Review

Our 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

What We Like

  • Efficient and discrete services
  • Offers unsecured loans without collateral
  • Easy online and phone application processes
  • A short walk away from Bugis MRT Station
  • Open 7 days a week

Customer Review

Our 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.

Licensed Money Lender Guidelines

Because of the fraudulent actions of moneylenders in Singapore, the Ministry of Law made several rules and regulations to govern the activities of moneylenders in the nation.

These rules had to be strictly enforced for them to be obeyed, and so the Ministry of Law created some guidelines to curb the high-interest rates and fees that moneylenders charge on loans.

As of October 2015, these laws and guidelines came into effect, and they have been made available to the public as well, so that you may be aware of what the law says about moneylending activities so that you don’t get defrauded by anyone.
These guidelines do not mean that it costs you more to borrow from moneylenders: it actually costs you less. The guidelines are in place to protect you and your interests, and any moneylender that doesn’t follow these guidelines is not a legal moneylender and should be reported.

These guidelines do not mean that it costs you more to borrow from moneylenders: it actually costs you less. The guidelines are in place to protect you and your interests, and any moneylender that doesn’t follow these guidelines is not a legal moneylender and should be reported.

  1. If you are granted a loan, and regardless of your annual income, your interest rate will be calculated at the Reducing Balance Interest Rate, which means that you will be charged a maximum interest rate of 4% per month. Prior to the setting of this guideline, moneylenders used the Simple Interest Rate to calculate interest, and could charge you interest rates of up to 20%, and even 40% per month.
  2. Licensed lenders are required to calculate interest on a reducing balance basis: that is, they are to calculate your interest rate at 4% or lower on the balance that remains on every monthly repayment that you make. Prior to this guideline, moneylenders calculated interest on a compound basis.
  3. The only fee a moneylender can charge you is 10% of the principal loan amount as an administrative fee, and this fee is paid immediately after you have been granted the loan.
  4. You can only be charged S$60 per month for every late repayment that you make on loan, and nothing more than that.
  5. The maximum interest rate on late repayments is 4% per month.
  6. The interest on late repayments can only be charged to those repayments that are still unpaid, or late: it cannot and should not be charged to the repayments you have made.
  7. The total cost of borrowing, including the administrative fee, interest rate charges, and late repayment fees, should not exceed the total principal loan amount that you received.

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.

Terms and conditions

Always read all the terms and conditions that Singapore money lenders set for borrowers. Knowing the terms and conditions enables you to qualify easily for a loan.

For example, there are different requirements in taking a personal loan for local and foreigner in terms of minimum salary or age. Understand the terms and conditions enable you to know if you are eligible to borrow a loan.


Usually, there is a standard administrative fee and interest rates for each loan. These will depend on the kind of loan that you take. But the basic rules and guidelines include the following:

  • With effect from October 2015, the maximum interest rate that lenders can charge per month is 4% per month regardless of the size of the loan or whether it’s secure or unsecured.
  • Moneylenders cannot charge an administrative fee exceeding 10% when they grant a loan to borrowers.
  • The late repayment fee should not exceed $60 for each month the borrower is late.

But you should compare money lenders based on the total amount of fees that you will need to pay for the kind of loan you want to take. Different money lenders offer loans charging different interest rates and fees to stay competitive. Then find one that offers you the best value for the money.


The reputation of a money lender matters too. You should go through those offered by Loan Advisor and Google Review 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.

Process of Getting a Loan From a Licensed Money Lender

  1. Submit enquiry form on lender’s website
  2. A loan officer will call or text you to ask a few questions and understand your requirements
  3. Offer a loan (in-principle) base on the information provided
  4. Visit the licensed moneylender registered address
  5. A loan officer will review the documents and finalize the loan details
  6. If the loan is accepted, the loan officer will process and explain the loan agreement in detail
  7. The loan will be disbursed in cash immediately after loan agreement is signed

How Borrowers Can Protect Themselves From Illegal Lenders

As a borrower, you can protect yourself from fraudulent private money lenders by first checking and confirming that they are licensed by the Ministry of Law. Proof of their license and registration is easily obtained by looking at the list of licensed money lenders. The list contains over 150 names of licensed moneylenders, which means there are many options to choose from, and any lender whose name isn’t on the list is not licensed. To be a licensed moneylender means that they have met all the requirements set by the Ministry for money lending businesses, and so you can trust them to treat you according to the guidelines set by the government.

Secondly, a legal lender will make sure that you get to read their terms and conditions and ensure that you understand them before getting involved in anything. The terms and conditions are the essentials of the contract you are going to sign with the lender, and it states how much you are eligible to borrow, the interest rates, the repayment plan, and the applicable fees. Make sure you understand the terms and conditions before you sign any contracts, for the contract is legally binding.

Thirdly, the only fee you are supposed to pay to a moneylender is 10% of the principal loan amount, which is paid once you get the loan. Also, legal money can only charge a late fee of $60 every month that you are late.

The reputation of a moneylender is important. Check the reviews that they have received from customers to know how good they are, and compare moneylenders before settling on one to do business with.

Also, when repaying your loan to the moneylender, ensure that for every transaction, you get a receipt that has been signed or stamped by the loan officer, and signed by you as well; duly dated, with the correct repaid amount written on it. Make sure that you save these receipts so that you will be able to reproduce them when necessary.

To protect you from illegal moneylenders, here are a few ways to help you identify them:

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

The next way to tell if a creditor is questionable is looking at how they advertise. Legally speaking, a licensed lender can only advertise their services in three different places. Those places are:

  1. The website belonging to the money lender
  2. Consumer or business directories (printed or online)
  3. Advertisements placed on the exterior or interior of the moneylender’s physical place of office.
  4. Avoid advertising schemes that come from flyers, email messages or SMS. If you get one of these solicitations, it is either from an unlicensed lender or a creditor that is breaching the advertising regulations for their services.

Find creditors from one of the three legitimate places mentioned above. Before signing anything, you should be aware of ALL contractual obligations. Once you have identified a good lender, pick apart how much you are going to owe them by the end of the loan’s life (i.e borrowed amount, interest fees, miscellaneous lending fees, etc.)

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

Frequently Asked Questions

What is your purpose for applying for a loan? Are you looking for a loan for personal projects like a wedding or travel? Then a personal loan is probably best.

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. Get the right loan for your needs.

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
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 rate

While the maximum monthly interest rate is set, that doesn’t mean all licensed money lenders will charge a similar amount. Some may charge less.

So, take time to compare the interest rate. 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 money lender.

Repayment term

The repayment term 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 term. 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.

Misc. fee – late payment and charges

When you enter into a contract with a licensed money lender to get a loan, you must fulfil 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.

If you think there is a small chance you will delay paying off what you owe, determine which money lenders have the lowest late payment fees and charges before selecting one.

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. Get a money lender who fulfils these conditions in the most suitable way possible in relation to your financial needs.

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.

If you have issues paying off your loans, share your difficulty with the loan officer. They are willing to listen to you. 

Another option is to check if you can workout 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. Licensed moneylender is not allowed to charge any fee for early settlement. 

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

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 money lender, 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)

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 provide monthly loans up to 6 months of the repayment plan

Remember always to visit the list of licensed money lenders at

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 do business with only legal moneylenders.

Over 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 fulfilling your financial emergency as soon as possible hence, 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.