List of Licensed Money Lenders in Singapore 2023
Licensed with the Ministry of Law (updated regularly directly from the Registry)
Reviewed by verified customers
Guaranteed safe and legal to borrow
Finding the best loan from over 150 licensed moneylenders in Singapore can be overwhelming. That’s why Loan Advisor is here– to help you save time and keep you updated on the complete list of legal lenders. See the full list below and check out the reviews by verified customers!
No. | Licensed Money Lender | Ratings | License No. | Landline Number | Address |
|---|---|---|---|---|---|
1 | 19/2022 | 62225500 | 14, SCOTTS ROAD, #03-63, FAR EAST PLAZA, SINGAPORE 228213 | ||
2 | | 33/2022 | 67771887 | 67 Beach Rd #01-01 Bulkhaul House, Singapore 189688 | |
3 | | 17/2022 | 63360833 | 2, HAVELOCK ROAD, #02-08, HAVELOCK2, SINGAPORE 059763 | |
4 | 58/2022 | 62351788 | 17A Circular Road, SINGAPORE 049373 | ||
5 | 27/2022 | 63459123 | 470, NORTH BRIDGE ROAD, #02-12, BUGIS CUBE, | ||
6 | 101/2022 | 65881886 | 110A Telok Ayer Street Singapore 068579 | ||
7 | 109/2020 | 65630321 | 1, GATEWAY DRIVE, #06-08, WESTGATE, SINGAPORE 608531 | ||
8 | 15/2021 | 65918860 | 371, BEACH ROAD, #01-03, CITY GATE, SINGAPORE 199597 | ||
9 | 121/2020 | 64662200 | 1094, LOWER DELTA ROAD, MOTORWAY BUILDING, SINGAPORE 169205 | ||
10 | 71/2021 | 64930160 | 1, PARK ROAD, #1-50, PEOPLE'S PARK | ||
11 | 30/2021 | 62381018 | 101, UPPER CROSS STREET, #01-24, PEOPLE'S PARK CENTRE, SINGAPORE 058357 | ||
12 | 119/2020 | 65561133 | 262, BALESTIER ROAD, #01-02, OKIO, SINGAPORE 329714 | ||
13 | 44/2021 | 65335335 | 10, ANSON ROAD, #01-38A, INTERNATIONAL PLAZA, SINGAPORE 079903 | ||
14 | 06/2021 | 67347700 | 304, ORCHARD ROAD, #04-1A/2, LUCKY PLAZA, SINGAPORE 238863 | ||
15 | 100/2021 | 62665422 | 149, ROCHOR ROAD, #01-07, FU LU SHOU COMPLEX, SINGAPORE 188425 | ||
16 | | 76/2021 | 62996654 | 16, KERBAU ROAD, #02-01, SINGAPORE | |
17 | 43/2021 | 62935851 | 302, UBI AVENUE 1, #01-31, SINGAPORE 400302 | ||
18 | 13/2021 | 63379719 | 185, TOA PAYOH CENTRAL, #01-320, SINGAPORE 310185 | ||
19 | 49/2021 | 62242224 | 13, NORTH BRIDGE ROAD, #01-3984, GOLDEN BEACH VISTA, SINGAPORE 190013 | ||
20 | 48/2021 | 67373392 | 1, PARK ROAD, | ||
21 | 72/2021 | 62192662 | I: | ||
22 | 78/2021 | 62500848 | 304, ORCHARD ROAD, #04-12/13, LUCKY PLAZA, SINGAPORE 238863 | ||
23 | 86/2021 | 68414355 | 810, GEYLANG ROAD, #02-59, CITY PLAZA, SINGAPORE 409286 | ||
24 | 146/2020 | 65359989 | 2, HAVELOCK ROAD, #01-16, HAVELOCK2, SINGAPORE 059763 | ||
25 | 47/2021 | 62386116 | 69, JALAN BESAR, SINGAPORE 208815 | ||
26 | 116/2020 | 65330300 | 133, NEW BRIDGE ROAD, #01-34, CHINATOWN POINT, SINGAPORE 059413 | ||
27 | 66/2021 | 67333081 | 449, CLEMENTI AVENUE 3, #01-265, SINGAPORE 120449 | ||
28 | 46/2021 | 69705602 | 50, TAGORE LANE, #04-11A2, ENTREPRENEUR CENTRE, SINGAPORE 787494 | ||
29 | 105/2021 | 64633302 | 465, NORTH BRIDGE ROAD, #01-5071, SINGAPORE 191465 | ||
30 | 45/2021 | 62922448 | 238A, SERANGOON ROAD, #02, SINGAPORE 218085 | ||
31 | 41/2021 | 68832017 | 185, TOA PAYOH CENTRAL, #01-344, SINGAPORE 310185 | ||
32 | 75/2021 | 67437701 | 705, ANG MO KIO AVENUE 8, #01-2563, SINGAPORE 560705 | ||
33 | 131/2020 | 62725538 | 372, BUKIT BATOK STREET 31, #01-374, (Level 2), SINGAPORE 650372 | ||
34 | 138/2020 | 63271334 | 11, COLLYER QUAY, #03-24, THE ARCADE, SINGAPORE 049317 | ||
35 | 140/2020 | 62991782 | 131, JURONG GATEWAY ROAD, #01-251, SINGAPORE 600131 | ||
36 | 99/2021 | 67487875 | 810, GEYLANG ROAD, #02-09, CITY PLAZA, SINGAPORE 409286 | ||
37 | 158/2020 | 62817736 | 65, UBI CRESCENT, #06-07, HOLA CENTRE, SINGAPORE 408559 | ||
38 | 120/2020 | 65381742 | 726, ANG MO KIO AVENUE 6, #01-4166, SINGAPORE 560726 | ||
39 | 92/2021 | 64930088 | 2, VENTURE DRIVE, #01-21, VISION EXCHANGE, SINGAPORE 608526 | ||
40 | 156/2020 | 63974111 | 277, BALESTIER ROAD, SINGAPORE 329726 | ||
41 | 74/2021 | 62215480 | 810, GEYLANG ROAD, #01-56, CITY PLAZA, SINGAPORE 409286 | ||
42 | 87/2021 | 67778080 | 1, NORTH BRIDGE ROAD, #01-35, HIGH STREET CENTRE, SINGAPORE 179094 | ||
43 | 62/2021 | 62211811 | 10, ANSON ROAD, #01-07, INTERNATIONAL PLAZA, SINGAPORE 079903 | ||
44 | 154/2020 | 63980909 | 200, JALAN SULTAN, #04-21B, TEXTILE CENTRE, SINGAPORE 199018 | ||
45 | 19/2021 | 65678869 | 101, UPPER CROSS STREET, #01-15, PEOPLE'S PARK CENTRE, SINGAPORE 058357 | ||
46 | 68/2021 | 69217300 | 31A, KEONG SAIK ROAD, SINGAPORE 089138 | ||
47 | 28/2021 | 67337018 | 1, PARK ROAD, #01-16, PEOPLE'S PARK COMPLEX, SINGAPORE 059108 | ||
48 | 114/2020 | 63370055 | 192, WATERLOO STREET, #6F-03-05, SKY LINE BUILDING, SINGAPORE 187966 | ||
49 | 134/2020 | 63385115 | 190, MIDDLE ROAD, #10-01A, FORTUNE CENTRE, SINGAPORE 188979 | ||
50 | 39/2021 | 62221788 | 101, UPPER CROSS STREET, #01-27, (PART)& #B1-49 PEOPLE'S PARK CENTRE, SINGAPORE 058357 | ||
51 | 84/2021 | 66363233 | 801, GEYLANG ROAD, #02-01, SINGAPORE 389681 | ||
52 | 1/2021 | 62922931 | 190, LORONG 6 TOA PAYOH, #01-548, SINGAPORE 310190 | ||
53 | 97/2021 | 63388829 | 101, UPPER CROSS STREET, #B1-69, PEOPLE'S PARK CENTRE, SINGAPORE 058357 | ||
54 | 35/2021 | 67481338 | 531, UPPER CROSS STREET, #01-04, HONG LIM COMPLEX, SINGAPORE 050531 | ||
55 | 141/2020 | 63966215 | 704, ANG MO KIO AVENUE 8, #01-2545, SINGAPORE 560704 | ||
56 | 81/2021 | 69707161 | 799, GEYLANG ROAD, #01-01, SINGAPORE 389680 | ||
57 | 34/2021 | 62591883 | 10, JALAN KILANG TIMOR, #3-01C, LTH BUILDING, SINGAPORE 159306 | ||
58 | 139/2020 | 62916868 | 200, JALAN SULTAN, #02-33, TEXTILE CENTRE, SINGAPORE 199018 | ||
59 | 8/2021 | 62202937 | BLK 449, CLEMENTI AVENUE 3, #01-241, (PLOT B), SINGAPORE 120449 | ||
60 | 17/2021 | 62222529 | I: | ||
61 | 18/2021 | 64400822 | 765, GEYLANG ROAD, SINGAPORE 389663 | ||
62 | 135/2020 | 62244749 | I: | ||
63 | 108/2020 | 64455022 | 129, BEDOK NORTH STREET 2, #01-42, SINGAPORE 460129 | ||
64 | 142/2020 | 64380113 | 807, YISHUN RING ROAD, #01-4197, SINGAPORE 760807 | ||
65 | 157/2020 | 62508811 | 709, ANG MO KIO AVENUE 8, #01-2595, SINGAPORE 560709 | ||
66 | 43/2020 | 63386956 | 1, ROCHOR CANAL ROAD, #01-03, SIM LIM SQUARE, SINGAPORE 188504 | ||
67 | 38/2020 | 62241300 | 101, UPPER CROSS STREET, #01-05F, PEOPLE'S PARK CENTRE, SINGAPORE 058357 | ||
68 | 133/2020 | 63840088 | I: | ||
69 | 3/2021 | 67428154 | 178, TOA PAYOH CENTRAL, #01-202, SINGAPORE 310178 | ||
70 | 110/2020 | 63450233 | 101, JOO CHIAT ROAD, GV BUILDING, SINGAPORE 427395 | ||
71 | 22/2021 | 62914312 | 465, NORTH BRIDGE ROAD, #01-5083, SINGAPORE 191465 | ||
72 | 122/2020 | 62722000 | 21, TAMPINES STREET 92, #05-00, H C DESIGN CENTRE, SINGAPORE 528891 | ||
73 | 16/2021 | 67321998 | 1, ROCHOR CANAL ROAD, #01-04, SIM LIM SQUARE, SINGAPORE 188504 | ||
74 | 91/2021 | 63339061 | 1, SOPHIA ROAD, #03-39,PEACE CENTRE, SINGAPORE 228149 | ||
75 | 7/2021 | 68442902 | 1, PARK ROAD, #01-15, PEOPLE'S PARK COMPLEX, SINGAPORE 059108 | ||
76 | 60/2021 | 63377611 | 3, COLEMAN STREET, #04-32, PENINSULA SHOPPING COMPLEX, SINGAPORE 179804 | ||
77 | 103/2021 | 62549441 | 1, ROCHOR CANAL ROAD, #01-01, SIM LIM SQUARE, SINGAPORE 188504 | ||
78 | 104/2021 | 62225222 | 82, LORONG 23 GEYLANG, #05-02, ATRIX, SINGAPORE 388409 | ||
79 | 85/2021 | 63030306 | 10, EUNOS ROAD 8, #09-04, SINGAPORE POST CENTRE, SINGAPORE 408600 | ||
80 | 70/2021 | 69777272 | 184, TOA PAYOHCENTRAL, #01-352, SINGAPORE 310184 | ||
81 | 82/2021 | 62228993 | 185, TOA PAYOH CENTRAL, #01-332, SINGAPORE 310185 | ||
82 | 36/2021 | 62927717 | 531, UPPER CROSS STREET, #01-38, HONG LIM COMPLEX, SINGAPORE 050531 | ||
83 | 115/2020 | 65155969 | 131, JURONG GATEWAY ROAD, #01-261, SINGAPORE 600131 | ||
84 | 59/2021 | 62821135 | 756, UPPER SERANGOON ROAD, #04-13, UPPER SERANGOON SHOPPING CENTRE, SINGAPORE 534626 | ||
85 | 37/2021 | 65541857 | 175A, BENCOOLEN STREET, #07-09, BURLINGTON SQUARE, SINGAPORE 189650 | ||
86 | 79/2021 | 62982511 | 5001, BEACH ROAD, #07-63, GOLDEN MILE COMPLEX, SINGAPORE 199588 | ||
87 | 32/2021 | 67373022 | 304, ORCHARD ROAD, #02-14, LUCKY PLAZA, SINGAPORE 238863 | ||
88 | 63/2021 | 62621813 | 111, NORTH BRIDGE ROAD, #05-15A, PENINSULA PLAZA, SINGAPORE 179098 | ||
89 | 65/2021 | 62918194 | 238, SERANGOON ROAD, SINGAPORE 218085 | ||
90 | 11/2021 | 62912210 | 304, ORCHARD ROAD, #02-30/31, LUCKY PLAZA, SINGAPORE 238863 | ||
91 | 130/2020 | 62556998 | 111, NORTH BRIDGE ROAD, #01-35, PENINSULA PLAZA, SINGAPORE 179098 | ||
92 | 136/2020 | 63921251 | 1, NORTH BRIDGE ROAD, #B1-03, HIGH STREET CENTRE, SINGAPORE 179094 | ||
93 | 96/2021 | 66360142 | 50, NORTH CANAL ROAD, #03-01, SINGAPORE 059304 | ||
94 | 147/2020 | 62925506 | 238A, SERANGOON ROAD, SINGAPORE 218085 | ||
95 | 89/2021 | 62555225 | 220, ORCHARD ROAD, #01-01, MIDPOINT ORCHARD, SINGAPORE 238852 | ||
96 | 73/2021 | 62191611 | I: | ||
97 | 126/2020 | 64683948 | 96, JALAN JURONG KECHIL, SINGAPORE 598599 | ||
98 | 23/2021 | 63389891 | 301, UBI AVENUE 1, #01-279, SINGAPORE 400301 | ||
99 | 5/2021 | 67772772 | 101, UPPER CROSS STREET, #01-26B/G, PEOPLE'S PARK CENTRE, SINGAPORE 058357 | ||
100 | 95/2021 | 63364144 | 1, SOPHIA ROAD, #02-05, PEACE CENTRE, SINGAPORE 228149 | ||
117 | 88/2021 | 63878623 | 3, TEMASEK BOULEVARD, #02-490, SUNTEC CITY MALL, SINGAPORE | ||
101 | 4/2021 | 62262207 | 217, BEDOK NORTH STREET 1, #01-61, SINGAPORE 460217 | ||
102 | 152/2020 | 67777775 | 10, JALAN BESAR, #01-01, SIM LIM TOWER, SINGAPORE 208787 | ||
103 | 127/2020 | 65572275 | 3, PHILLIP STREET, #13-01, ROYAL GROUP BUILDING, SINGAPORE 048693 | ||
104 | 90/2021 | 63458801 | 50, EAST COAST ROAD, #02-58, ROXY SQUARE, SINGAPORE 428769 | ||
105 | 64/2021 | 67771121 | 442, CLEMENTI AVENUE 3, #01-87, SINGAPORE 120442 | ||
106 | 25/2021 | 64459166 | BLK 210, NEW UPPER CHANGI ROAD, #01-731, (HALF PORTION ONLY), SINGAPORE 460210 | ||
107 | 77/2021 | 67482320 | 810, GEYLANG ROAD, #01-91, CITY PLAZA, SINGAPORE 409286 | ||
108 | 102/2021 | 62920119 | 135, JURONG GATEWAY ROAD, #01-323, SINGAPORE 600135 | ||
109 | 54/2021 | 66816494 | 77, HIGH STREET, #09-15, HIGH STREET PLAZA, SINGAPORE 179433 | ||
110 | 112/2020 | 65216858 | 250, NORTH BRIDGE ROAD, #06-00, RAFFLES CITY TOWER, SINGAPORE 179101 | ||
111 | 69/2021 | 62971909 | 200, JALAN SULTAN, #02-27A, TEXTILE CENTRE, SINGAPORE 199018 | ||
112 | 129/2020 | 63330888 | 1, COLEMAN STREET, #01-11, THE ADELPHI, SINGAPORE 179803 | ||
113 | 145/2020 | 62865389 | 1, TRAS LINK, #01-11, ORCHID HOTEL, SINGAPORE 078867 | ||
114 | 53/2021 | 63380807 | 77, HIGH STREET, #09-15, HIGH STREET PLAZA, SINGAPORE 179433 | ||
115 | 124/2020 | 67419292 | 61, UBI AVENUE 2, #01-03, AUTOMOBILE MEGAMART, SINGAPORE 408898 | ||
116 | 94/2021 | 62262320 | 186, TOA PAYOH CENTRAL, #01-420, SINGAPORE 310186 | ||
118 | 29/2021 | 68996188 | 2, JURONG EAST STREET 21, #04-01A, IMM BUILDING, SINGAPORE 609601 | ||
119 | 61/2021 | 62231788 | 10, ANSON ROAD, #01-15, INTERNATIONAL PLAZA, SINGAPORE 079903 | ||
120 | 83/2021 | 68357775 | 175A, BENCOOLEN STREET, #11-08, BURLINGTON SQUARE, SINGAPORE 189650 | ||
121 | 14/2021 | 66351595 | BLK 846, YISHUN RING ROAD, #01-3661, | ||
122 | 56/2021 | 63394022 | 77, HIGH STREET, #04-06, HIGH STREET PLAZA, SINGAPORE 179433 | ||
123 | 150/2020 | 62355335 | 2, HAVELOCK ROAD, #01-17, HAVELOCK2, SINGAPORE 059763 | ||
124 | 38/2021 | 63960676 | 29A, UPPER DICKSON ROAD, SINGAPORE 207488 | ||
125 | 93/2021 | 62615044 | 33D, BENOI ROAD, #03-00, PIONEER LOT, SINGAPORE 627788 | ||
126 | 57/2021 | 62916396 | 43A, CAMPBELL LANE, #02-00, SINGAPORE 209915 | ||
127 | 144/2020 | 67412386 | 7, CHANGI BUSINESS PARK VISTA,#01-02, SOOKEE HQ, SINGAPORE 486042 | ||
128 | 128/2020 | 62250268 | 513, BISHAN STREET 13, #01-514, SINGAPORE 570513 | ||
129 | 10/2021 | 64661157 | 133, JURONG GATEWAY ROAD, #01-299, SINGAPORE 600133 | ||
130 | 67/2021 | 62978574 | 10, JALAN BESAR, #13-05A, SIM LIM TOWER, SINGAPORE 208787 | ||
131 | 58/2021 | 69742118 | 18, HOWARD ROAD,#11M-02, NOVELTY BIZCENTR, SINGAPORE 369585 | ||
132 | 98/2021 | 62915665 | 13 , JALAN BESAR, (LEVEL 1 ONLY), SINGAPORE 208789 | ||
133 | 132/2020 | 66946166 | 470, NORTH BRIDGE ROAD, #02-01, BUGIS CUBE, SINGAPORE 188735 | ||
134 | 21/2021 | 63365148 | 185, TOA PAYOH CENTRAL, #01-334, SINGAPORE 310185 | ||
135 | 111/2020 | 62710023 | 5, JALAN KILANG BARAT, #07-02, PETRO CENTRE, SINGAPORE 159349 | ||
136 | 51/2021 | 62268860 | 1, Park Road, #1-21,People's Park Complex, SINGAPORE 059108 | ||
137 | 118/2020 | 66365644 | 175, BENCOOLEN STREET, #01-36, BURLINGTON SQUARE, SINGAPORE 189649 | ||
138 | 9/2021 | 63360766 | 709, ANG MO KIO AVENUE 8, #01-2583, SINGAPORE560709 | ||
139 | 143/2020 | 63830418 | 1, SOPHIA ROAD, #01-37, PEACE CENTRE, SINGAPORE 228149 | ||
140 | 153/2020 | 62500066 | 447, CLEMENTI AVENUE 3, #01-201, SINGAPORE 120447 | ||
141 | 12/2021 | 67866098 | 201D, TAMPINES STREET 21, #03-1155, SINGAPORE 524201 | ||
142 | 123/2020 | 68625254 | 7A, TECH PARK CRESCENT, SINGAPORE 637839 | ||
143 | 27/2021 | 62938523 | 43A, CAMPBELL LANE, #02-00, SINGAPORE 209915 | ||
144 | 137/2020 | 62831323 | 205, BEDOK NORTHSTREET 1, #01-371, SINGAPORE 460205 | ||
145 | 151/2020 | 65090111 | I: | ||
146 | 52/2021 | 62942219 | 5001, BEACH ROAD, #07-39, GOLDEN MILE COMPLEX, SINGAPORE 199588 | ||
147 | 155/2020 | 63371768 | 180, BENCOOLEN STREET, #01-19, THE BENCOOLEN, | ||
148 | 42/2021 | 64487448 | 210, NEW UPPER CHANGI ROAD, #01-723, SINGAPORE 460210 | ||
149 | 148/2020 | 63380690 | 35, SELEGIE ROAD, #10-27, PARKLANE SHOPPING MALL, SINGAPORE 188307 | ||
150 | 33/2021 | 69103483 | 7A, TRENGGANU STREET, SINGAPORE 058461 | ||
151 | 80/2021 | 62220227 | 275, THOMSON ROAD, | ||
152 | 149/2020 | 62994666 | 162, BUKIT MERAH CENTRAL, #01-3541, SINGAPORE 150162 | ||
153 | 117/2020 | 67411011 | 302, UBI AVENUE 1, #01-33B, SINGAPORE 400302 | ||
154 | 113/2020 | 64811788 | 261, WATERLOO STREET, #01-31, WATERLOO CENTRE, SINGAPORE 180261 | ||
155 | 2/2021 | 62970433 | 339, JALAN BESAR, SINGAPORE 208984 | ||
156 | 125/2020 | 62526696 | I: |
Recommended Licensed Money Lender Near You
Get started by checking out our recommended licensed money lenders near you!
How To Differentiate Between a Licensed Money Lender and Unlicensed Money Lender
1. Advertising Rules
Licensed Money Lender
A licensed money lender is permitted to advertise only through these 3 channels:
- Business or consumer directories – both in print and online media
- The money lender’s website
- Placing advertisements within or on the exterior of the money lender’s business premises
Unlicensed Money Lender
An unlicensed money lender, on the other hand, may reach out to unsuspecting individuals through flyers, SMS, emails, or other forms of advertisements that are not permitted by the law.
2. Requirements When Getting Loans
Licensed Money Lender
To apply for a loan from a licensed money lender, you’ll have to submit a loan application form. Additionally, they may require identification documents.
Here are some of the most common requirements that licensed money lenders may ask for:
- Identity card/Passport
- Work permit/ S Pass/ E Pass
- Proof of residence, such as utility bill or tenancy agreement
- Proof of employment
- Recent 3 months’ payslip
- SingPass to log into CPF, HDB, or IRAS website
Unlicensed Money Lender
Unlicensed money lenders will grant you the loan even without receiving your loan application. They will not perform due diligence through identification documents.
3. Caps on Loan Amount
Licensed Money Lender
For secured loans, you can borrow any loan amount. For unsecured personal loans, refer to the table below for the maximum loan amount you can borrow:
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 |
Here are the fees and charges that licensed money lenders can impose:
- Late Repayment Fees: Not more than S$60 for each month the loan is repaid late.
- Processing Fees: Not more than 10% of the principal loan amount when the loan is granted
- Legal costs ordered by the court for a successful claim by the moneylender for the recovery of the loan.
Unlicensed Money Lender
With an unlicensed money lender, you can borrow any amount. However, you will also be paying for sky-high interest rates, fees and charges. Plus, you’ll have to face the consequences of dealing with loan sharks. This is especially dangerous when they start collecting debt.
4. Debt Collection
Licensed Money Lender
Encouraged to follow the code of ethics laid down by the Credit Collection Association of Singapore and they are prohibited from resorting to threats, harassment, and violence to collect a debt.
Unlicensed Money Lender
Loan sharks are known to use abusive language and behave in a threatening manner during debt collection. Here are their most common harassment tactics:
- Stalking delinquent borrowers and their families
- Damaging properties
- Neighborhood disturbances
Borrow Wisely!
Key Takeaways:
- Before submitting a loan application, verify if the money lender is accredited and licensed.
- Understand the terms of the loan before signing a loan contract
- Be a responsible borrower. Take note of the repayment schedule as well as the late payment fees and charges.
Don’t submit a loan application to the first licensed money lender you find. Shop for a loan term that will suit your needs and your financial capacity.
Request up to three loan quotes through Loan Advisor to find the most suitable packages.
Duplicated (Testing purposes)
1. Advertising Rules
Licensed Money Lenders
A licensed money lender is permitted to advertise only through these 3 channels:
- Business or consumer directories – both in print and online media
- The money lender’s website
- Placing advertisements within or on the exterior of the money lender’s business premises
Unlicensed Money Lender
An unlicensed money lender, on the other hand, may reach out to unsuspecting individuals through flyers, SMS, emails, or other forms of advertisements that are not permitted by the law.
2. Requirements When Getting Loans
Licensed Money Lenders
To apply for a loan from a licensed money lender, you’ll have to submit a loan application form. Additionally, they may require identification documents.
Here are some of the most common requirements that licensed money lenders may ask for:
- Identity card/Passport
- Work permit/ S Pass/ E Pass
- Proof of residence, such as utility bill or tenancy agreement
- Proof of employment
- Recent 3 months’ payslip
- SingPass to log into CPF, HDB, or IRAS website
Unlicensed Money Lender
Unlicensed money lenders will grant you the loan even without receiving your loan application. They will not perform due diligence through identification documents.
3. Caps on Loan Costs
Licensed Money Lenders
Here are the fees and charges that licensed money lenders can impose:
- Late Repayment Fees: Not more than S$60 for each month the loan is repaid late.
- Processing Fees: Not more than 10% of the principal loan amount when the loan is granted
- Legal costs ordered by the court for a successful claim by the moneylender for the recovery of the loan.
Unlicensed Money Lender
Loan sharks may charge sky-high fees and charges. In fact, they may take out a certain percentage from the principal amount even before you receive it.
4. Caps on Loan Amount
Licensed Money Lenders
For secured loans, you can borrow any loan amount. For unsecured personal loans, refer to the table below for the maximum loan amount you can borrow:
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 |
Unlicensed Money Lender
With an unlicensed money lender, you can borrow any amount. However, you will also be paying for sky-high interest rates. Plus, you’ll have to face the consequences of dealing with loan sharks. This is especially dangerous when they start collecting debt.
5. Debt Collection
Licensed Money Lenders
Licensed money lenders are encouraged to follow the code of ethics laid down by the Credit Collection Association of Singapore.
They are prohibited from resorting to threats, harassment, and violence to collect a debt.
Unlicensed Money Lender
Loan sharks are known to use abusive language and behave in a threatening manner during debt collection. Here are their most common harassment tactics:
- Stalking delinquent borrowers and their families
- Damaging properties
- Neighborhood disturbances
Borrow Wisely!
Key Takeaways:
- Before submitting a loan application, verify if the money lender is accredited and licensed. Check the money lender list on the MinLaw website
- Understand the terms of the loan before signing a loan contract
- Be a responsible borrower. Take note of the repayment schedule as well as the late payment fees and charges.
Don’t submit a loan application to the first licensed money lender you find. Shop for a loan term that will suit your needs and your financial capacity.
Request up to three loan quotes through Loan Advisor to find the most suitable packages.
Protect Your Rights as a Borrower
There are certain requirements that licensed money lenders must meet before granting you a loan. They must:
- Thoroughly explain the terms and conditions of the loan in a language you understand.
- Provide a completely filled-in loan contract and then give you a copy of the signed contract. The contract must include the interest rate, tenure, and terms in writing.
- Give you a cautionary statement in writing for this particular transaction upon granting you the loan.
If you have an existing loan, the licensed money lender is required to:
- Issue a receipt for every repayment made towards the loan.
- Provide you with a statement of accounts at least once every half year in July or January. The statement of account must include the outstanding balance on your loan, interest accrued during the loan tenure, repayments made, and fees you’ve paid.
If you encounter any money lender breaking these rules, you must immediately lodge a complaint with the Registry of Moneylenders. You can visit the website or reach them at 1800-CALL-LAW (1800-2255-529). They are available from Mondays to Fridays, 8:30am to 5pm.
Other Questions You Might Still Be Looking for Answers
What Are the Important Things To Remember When Being Granted a Loan?
When taking out a loan you need to make sure that you follow the terms stated on the loan contract. Keep in mind your income and other financial obligations. Here are other important things to remember:
- Read and understand the fine print. A money lender might lodge a caveat on the sales proceeds of your real estate property in the event that you default on your loan. This can wipe out all your potential proceeds from the property sale to repay your loan.
- Understand all the fees and charges involved. Remember, money lenders are only permitted to impose the following charges:
- A late repayment fee of not more than S$60.
- An administrative fee of not more than 10% of the principal loan amount when the loan is granted.
- Legal costs ordered by the court for a successful claim for the recovery of the loan.
Make sure that you can follow the repayment schedule. On top of the interest charges, you will also pay late fees. This may result in a more expensive loan.
What Are Some Other Red Flags That I Should Take Note of When Finding a Licensed Money Lender?
Never borrow from unlicensed money lenders. The easiest way to check the lender’s credibility is to refer to the list found on the Ministry of Law’s website.
However, even when the money lender is licensed, you must still watch out for red flags that may indicate a violation of the law:
- Using abusive language or behaving in a threatening manner towards you.
- Asking for your SingPass user ID and/or password
- Refusing to return your NRIC card or any other personal ID documents, such as passport, work permit, employment pass, or ATM card.
- Asking you to sign a blank or incomplete loan contract.
- Failing to explain the terms and conditions of the loan
- Granting you a loan without doing due diligence or without providing a copy of the loan contract.
- Withholding any part of the principal loan amount.
These practices are prohibited. If you encounter money lenders that practice such behaviors, immediately lodge a complaint to the Registry of Moneylenders. You may need to provide details, such as the money lender’s business name, license, and contact numbers.
Who Should I Contact in Case I Encounter Unlicensed Money Lenders?
You can file a complaint against a money lender for unfair practices and/or contracts. You can contact the Registry at 1800-2255-529. It’s crucial to seek help before the problem escalates.
- Credit Counseling Singapore: 6225-5227 (www.ccs.org.sg)
- National Council on Problem Gambling: 1800-6-668-668 (www.ncpg.org.sg)
- ComCare: 1800-222-0000 (www.msf.gov.sg/comcare)
Do not get involved with any loan sharks and don’t work or assist them in any way.
What Should I Do After Being Granted a Loan?
1. Make Sure You Receive The Correct Principal Loan Amount
The licensed money lender must give you the correct principal loan amount. Check if the lender charges you the correct amount of administrative fee. The licensed lender can only charge up to 10% of the principal amount for administrative fees.
2. Keep Important Documents
- A copy of the loan contract
- Receipts for every repayment you’ve made towards your loan
- A statement of account for all your loans
- Copies of all accounts, receipts, and other relevant documents
3. Follow the Repayment Schedule
Ensure that you are paying each loan installment on or before the due date.
Late repayments can lead to late fees and late interest. Remember, licensed money lenders can charge up to 4% late interest. If this continues, these fees will start to accumulate causing your debt to snowball, making it harder to pay off.
How Do I Choose the Right Licensed Money Lender in Singapore?
Are They on the List?
The first thing you need to do is check whether the money lender is on the list published on the Ministry of Law’s website. Doing this from the very start will save you a lot of potential problems.
Do a Background Check
Determine how long the licensed money lender has been in business. Check what kind of loan packages they are offering, their eligibility requirements, and their loan application process. Be sure to check for reviews on Google Reviews and other popular review websites, forums, and directories to read what previous clients have to say. It’s also a good idea to understand their debt collection process.
Compare Rates and Terms
Do not immediately go for the first licensed money lender you find. It’s best to compare rates and terms to find the best deals that will suit your financial needs.
You may want to choose a licensed lender that offers great terms to go with affordable rates. Find a money lender that offers custom loan plans that fit your specific financial situation at reasonable terms.
What Are the Important Things To Remember When Being Granted a Loan?
When taking out a loan you need to make sure that you follow the terms stated on the loan contract. Keep in mind your income and other financial obligations. Here are other important things to remember:
- Read and understand the fine print. A money lender might lodge a caveat on the sales proceeds of your real estate property in the event that you default on your loan. This can wipe out all your potential proceeds from the property sale to repay your loan.
- Understand all the fees and charges involved. Remember, money lenders are only permitted to impose the following charges:
- A late repayment fee of not more than S$60.
- An administrative fee of not more than 10% of the principal loan amount when the loan is granted.
- Legal costs ordered by the court for a successful claim for the recovery of the loan.
Make sure that you can follow the repayment schedule. On top of the interest charges, you will also pay late fees. This may result in a more expensive loan.
What Are Some Other Red Flags That I Should Take Note of When Finding a Licensed Money Lender?
Never borrow from unlicensed money lenders. The easiest way to check the lender’s credibility is to refer to the list found on the Ministry of Law’s website.
However, even when the money lender is licensed, you must still watch out for red flags that may indicate a violation of the law:
- Using abusive language or behaving in a threatening manner towards you.
- Asking for your SingPass user ID and/or password
- Refusing to return your NRIC card or any other personal ID documents, such as passport, work permit, employment pass, or ATM card.
- Asking you to sign a blank or incomplete loan contract.
- Failing to explain the terms and conditions of the loan
- Granting you a loan without doing due diligence or without providing a copy of the loan contract.
- Withholding any part of the principal loan amount.
These practices are prohibited. If you encounter money lenders that practice such behaviors, immediately lodge a complaint to the Registry of Moneylenders. You may need to provide details, such as the money lender’s business name, license, and contact numbers.
Who Should I Contact in Case I Encounter Unlicensed Money Lenders?
You can file a complaint against a money lender for unfair practices and/or contracts. You can contact the Registry at 1800-2255-529. It’s crucial to seek help before the problem escalates.
- Credit Counseling Singapore: 6225-5227 (www.ccs.org.sg)
- National Council on Problem Gambling: 1800-6-668-668 (www.ncpg.org.sg)
- ComCare: 1800-222-0000 (www.msf.gov.sg/comcare)
Do not get involved with any loan sharks and don’t work or assist them in any way.
What Should I Do After Being Granted a Loan?
1. Make Sure You Receive The Correct Principal Loan Amount
The licensed money lender must give you the correct principal loan amount. Check if the lender charges you the correct amount of administrative fee. The licensed lender can only charge up to 10% of the principal amount for administrative fees.
2. Keep Important Documents
- A copy of the loan contract
- Receipts for every repayment you’ve made towards your loan
- A statement of account for all your loans
- Copies of all accounts, receipts, and other relevant documents
3. Follow the Repayment Schedule
Ensure that you are paying each loan installment on or before the due date.
Late repayments can lead to late fees and late interest. Remember, licensed money lenders can charge up to 4% late interest. If this continues, these fees will start to accumulate causing your debt to snowball, making it harder to pay off.
How Do I Choose the Right Licensed Money Lender in Singapore?
Are They on the List?
The first thing you need to do is check whether the money lender is on the list published on the Ministry of Law’s website. Doing this from the very start will save you a lot of potential problems.
Do a Background Check
Determine how long the licensed money lender has been in business. Check what kind of loan packages they are offering, their eligibility requirements, and their loan application process. It’s also a good idea to understand their debt collection process.
Check for Reviews
Visit the money lender’s website, Google Reviews, and other popular review websites, forums, and directories. Read what previous clients have to say about the money lending company. Customer reviews are a good factor to consider in determining a business’ legitimacy and reliability.
Compare Rates and Terms
Do not immediately go for the first licensed money lender you find. It’s best to compare rates and terms to find the best deals that will suit your financial needs.
You may want to choose a licensed lender that offers great terms to go with affordable rates. Find a money lender that offers custom loan plans that fit your specific financial situation at reasonable terms.
Borrow Wisely!
Key Takeaways:
- Before submitting a loan application, verify if the money lender is accredited and licensed.
- Understand the terms of the loan before signing a loan contract
- Be a responsible borrower. Take note of the repayment schedule as well as the late payment fees and charges.
Don’t submit a loan application to the first licensed money lender you find. Shop for a loan term that will suit your needs and your financial capacity.
Request up to three loan quotes through Loan Advisor to find the most suitable packages.