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Best Licensed Money Lender in Singapore - Our Top 6 Recommendations

(Updated October 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 money lenders operate the same way and that is why our Loan Advisor team compiled a list of the top licensed money lenders in Singapore.

Table of Contents

Top 6 Licensed Money Lenders in Singapore

1. GM Creditz

Websitehttps://www.gmcreditz.com.sg/
Licensed No.101/2021
Phone6588 1886
Address111, #01-41 North Bridge Rd, Peninsula Plaza, Singapore 17909
Operation HoursOpen every day including Saturdays & Sundays
Review

GM Creditz is touted as the best loan provider in the City Hall since 2009. It provides a wide array of unsecured loan options, including personal loan, foreigner loan, business loan, monthly loan, and payday loans. You can also use the loan for debt consolidation plans.

Having been in the industry for 12 years, the institution has established an excellent reputation as a “professional, efficient, and customer-oriented” loan agency– positive affirmations that directly came from its very own clients’ verified reviews. 

True to its promise and tagline “borrowing money made easy,” the agency offers hassle-free, fast, and affordable loan plans specially created for every individual’s unique objective. 

2. Bugis Credit

Website https://www.bugiscredit.sg/
Licensed No. 26/2021
Phone 6345 9123
Address 470 North Bridge Rd, #02-12 Bugis Cube, Singapore 18873
Operation Hours Open on weekends and selected public holidays
Review

Bugis Credit is a top-notch financial institution that provides fast and efficient borrowing experiences to every customer. Since 2007, the years of experience has established an excellent reputation for being the go-to money lender in Bugis.

Whether you need a personal loan, foreigner loan, business loan, monthly loan, or payday loans, Bugis ensures that every client gets a customized loan contract that suits their budget and goals. 

On top of their excellent customer service, they are lauded for being a “reliable, efficient, and comfortable (to transact with)” money lender Singapore that you can count on every day.

3. Raffles Credit

Website https://www.rafflescredit.com.sg/
Licensed No. 55/2021
Phone 6235 1788
Address 17a Circular Rd. Singapore 049373
Operation Hours Open on weekends and selected public holidays
Review

Established in 2011, Raffles Credit has become one of the most well-known personal loan licensed money lenders in Raffles Place. They are frequently praised online for their professional staff and for going the extra mile to provide excellent customer service. 

Raffles Credit envisions a world where everyone has easy access to all the financial help they will ever need, anytime, anywhere. That’s why they are constantly improving their services faster and more efficiently for their clientele. 

As claimed by the customers, you can get your personal loan, payday loans, and other types of loans within an hour and be assured that your monthly repayment plan is the package you can truly afford. 

4. A1 Credit

Website https://www.a1credit.sg/
Licensed No. 24/2021
Phone 6336 0833
Address 2 Havelock Road #02-08 Havelock II Singapore 059763
Operation Hours Open every day including Saturdays & Sundays
Review

A1 Credit’s quality service is evident from the numerous excellent reviews, honors, and achievements they have received since 2011. 

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 contract with suitable short-term personal loan for them.

Moreover, A1 Credit guarantees that all customers— even those with bad financial history — receive immediate financing to resolve their needs quickly and properly, in the best way possible.

5. Fortune Credit

Website https://www.fortunecredit.com.sg/
Licensed No. 31/2021
Phone 6777 1887
Address 470 North Bridge Rd, #02-01A Bugis Cube, Singapore 188735
Operation Hours Open every day including Saturdays & Sundays
Review

Well known for their friendly staff that constantly 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 loans) in Singapore’s Bugis area. 

Since 2010, Fortune Credit has been commended for being a financial agency that offers a “comfortable, friendly, and efficient” borrowing experience to its clients. 

Friendly loan officers are often mentioned as some of the best loan advisors who deeply understand their clients and come up with the best-customized repayment plans to suit their financial needs.

6. 365 Credit Solutions

Website https://www.365credit.com.sg/
Licensed No. 20/2021
Phone 6222 5500
Address 14 Scotts Road #03-64 Far East Plaza Singapore 228213 (Next to Orchard MRT)
Operation Hours Open every day including Saturdays & Sundays
Review

Since 2010, together with 11 years of being in the service of Singaporeans and foreigners alike, 365 Credit Solutions has been known for its good relationship with customers and unparalleled customer-centric approach–“friendly, helpful, and patient.”

They specialize in providing personal loan, foreigner loan, payday loans, business loan, and bridging loan with the lowest possible interest rates.

365 Credit Solutions also makes a conscious effort to educate their clients on their rights as a borrower by thoroughly discussing the loan terms, such as the maximum interest rates moneylenders can charge, and other charges and processing fees.

In addition, 365 Credit Solutions welcomes borrowers even with a low credit score as long as their income is steady and meets the minimum requirements. 

Selecting 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 legally 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 money lenders and has come up with the Top 10 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 licensed money lenders have to pass to make it to our 10 Best Money Lenders:

Learn More About Loan Advisor

Singapore’s Loan Advisor is a loan comparison website that boosts the borrowers’ chance of approval from personal loan to business loan, 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 Lenders Guidelines

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

  • Maximum Interest Ratse: The maximum interest rates moneylenders 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 personal 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 is up to 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 loan amount when a loan is granted (loan approval fee), and legal costs ordered by the court for a successful claim by the moneylender for the recovery of the loan.

What Should I Consider When Taking a Loan from Licensed Money Lender?

To find the right 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. Licensed money lenders 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 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 Lenders vs Illegal Money Lenders

To easily spot ah longs and loan sharks, you must know the rules and regulations. Licensed money lenders 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 rates 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 loan be daunting. But there is an easier way, one that is designed specifically for this purpose.

Frequently Asked Questions

Borrower’s annual income Singapore Citizens and Permanent Residents Foreigners residing in Singapore
Less than $10,000 $3,000 $500
At least $10,000 and less than $20,000 $3,000
At least $20,000 6 times monthly income 6 times monthly income

All licensed money lending in Singapore required the borrower to visit the money lender’s office physically, together with the necessary documents, to sign a loan agreement and get loan disbursement.

If you have been approached for loan disbursement over the phone, sms, email or online, without face to face sign on the contract, you could be dealing with unlicensed moneylenders or loan sharks which will lead you to great debts and harassment. 

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 payment fees, upfront administrative, and late fee also cannot exceed an amount equivalent to the principal of the loan.

There are limits to fees that licensed money lenders 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 licensed money lender, inclusive of interest rates, initial administrative fees, late interest payment, and late penalty charges cannot exceed the amount of the initial loan principal.

The official interest 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 rates are calculated from the amount of principal remaining after deducting the total payments made from the original principal. In simpler terms, interest rates accrued is calculated from the balance you are supposed to pay.

For Singaporean & PR

  • Identity card / other personal ID documents
  • 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)

You can verify the status of the license at Minlaw’s list of licensed money lenders.

The law requires moneylenders to only advertise through certain media. See below what is allowed and prohibited: 

Allowed

  • Legal lenders are only allowed to advertise through advertise through 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.

Prohibited

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

The advertisement techniques deployed by illegal money lenders 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.

Should you see any unlawful lenders, you can report the advertisements to the Registry at 1800-2255-529 or via our website. Errant licensed money lenders will be investigated by the Registry and illegal money lenders will be investigated by the Police.

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 licensed money lenders 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.