We have sourced a list of licensed money lenders in Singapore that are highly reviewed and trusted by many satisfied customers - all of which are registered with the Ministry of Law, Singapore. You can check the registry of money lenders for the full list of active licensed money lenders in Singapore. The list is periodically updated to include any recently suspended money lenders in the country.
|Loan Type||Personal Loan||Business Loan||Micro Loan (Short-Term)||Debt Consolidation Loan||Credit Cards Consolidation Loan||Renovation Loan||Medical Loan||Private Hire/Taxi Loan|
You can fill out an online form right here on our website to get a quote. To best suit your needs, the form will reach our selected licensed money lenders in Singapore within minutes. The licensed money lender(s) will contact you shortly, as fast as 5 minutes!
It’s important to choose a suitable licensed money lender in Singapore and the quote offered to you. Compare their interest rates and payment terms with other options on your hand. Companies with high reviews and testimonials are often a good sign that their clients trust the licensed money lender.
Schedule an interview with your chosen licensed money lender. Before you can receive a loan, you’ll need to be interviewed by a loan officer. The purpose of this interview is to assess your financial situation and to determine a loan that is suitable to your needs.
Finalise your loan amount and terms in the money lender’s office in Singapore. The loan officer will take this time to brief you on the contract. This is a good time to inquire about any other miscellaneous charges such as late repayment fees.
Finally, once your loan is approved, you will be able to receive your loan in cash on the spot of your visit.
CompareSing lets loan seekers search and compare loans from licensed money lenders in Singapore. Free to use for a limited time period, our platform brings you some of the best loan rates from legal and SG-registered money lenders. In a nutshell, CompareSing compiles the interest rates, processing fees and other important information pertaining to loans from various licensed money lenders in the Singapore market for you to compare and make an informed decision that best addresses your needs. We make it hassle-free for CompareSing users to find for themselves the right money lender. As we do not receive any monetary exchange from any licensed money lender in Singapore, we remain completely unbiased in our results.
Our goal is to help you simplify your search. We hunt and search for the best licensed money lender for you. With our variety of loan providers, we can provide a more diverse range of loans for our users. These include anything from personal and credit card loans to debt consolidation loans. Do note that when you use our site to compare loans, we will provide you results from both financial institutions like banks as well as licensed money lenders.
Since these legal money lenders are legitimate and highly-reviewed loan providers in Singapore, verified by our team of loan experts, you can trust that all results provided for your comparison are as straightforward as they can be. There are no hidden fees or gimmicks. However, money lender quotes received are not finalised, as users will have to make an appointment to visit the money lender for credit assessments to get an accurate quote.
You can use our platform to find a legal loan provider near your residential location or business address easily via our locations tab!
It is advisable to know how much money you are in need of before you visit a money lender in Singapore. We also recommend only sourcing for loans that you need, nothing more. As loans become a personal responsibility, it would be a financial liability if you take up a loan larger than what you’re comfortable repaying.
CompareSing is not affiliated to nor do we receive compensation from any of the brands shown on this website. CompareSing is neither a licensed money lender nor bank, or associated in any way with the money lenders or banks found on this website.
CompareSing is a free-to-use platform. Personal details submitted through this website are handled with strict confidentiality.
A licensed money lender is a private entity providing financial assistance to those seeking alternatives from bank loans, mortgage loans, or credit card loans. Unlike most bank loans, licensed money lenders in Singapore offer unsecured loans, which allows them to disburse loans as low as $200 whereas the minimum amount for a bank loan is $10,000.
The maximum interest rate a licensed money lender in Singapore can charge is 4% per month, based on the reducing principal balance calculation method. However, if payment is delayed, a maximum of 4% late interest fee per month will be incurred.
All SG-licensed money lenders are permitted to impose the following charges:
According to the ministry guidelines, the credit limit for a Singaporean or PR borrower to loan across all licensed money lenders in Singapore is capped at a total of 6 times of the borrower’s monthly income who earns a total $20,000 or more a year. For annual income below $20,000, they can only loan up to $3000. Usually, loan officers will offer loans of 1 to 3 times of the borrower’s monthly income. Depending on the borrower’s preference, loan amounts can also range from as low as $200 to as high as $50,000.
Licensed money lenders in Singapore offer a variety of term plans from weekly loans to monthly loans. Repayment duration of each loan will vary between 1 month to 12 months. Repayment plans are available depending on the borrower’s trade or preference: i.e. Jamie takes a personal loan of $3000 on 5th August with a 3-month repayment plan. She will pay for her loan on the 5th of every month for the next 3 months. Her payment schedule will fall on 5th September, 5th October and 5th November.
Upon receiving your loans, your loan officer will provide you with a name card with a bank account number printed on it. You can transfer payments through online banking or deposit your payment straight into the account provided. Alternatively, you may make your payments in cash at the office during office hours.
If you’re having troubles meeting your payments, you can inform your money lender and notify them of the earliest that you can make your payments. Please note that late fees, late interest and compound interests will be incurred in the event of a late repayment.
Some basic requirements include:
You will need to bring these following documents:
Fill out an application and select one or more companies from our list of recommended licensed money lenders in Singapore. You can expect replies within 30 minutes to schedule an appointment for an interview and loan processing. Alternatively, you can visit a licensed money lender of your choice and fill out an application on the spot in their respective loan office.
It usually takes less than 30 minutes to get a personal loan in Singapore from a licensed money lender. The process starts with the application and an interview with a loan officer. During the interview, the loan officer will conduct a credit assessment and come up with a personal loan catered to your financial needs. Once the loan officer approves your loan application,, your loan will be disbursed to you in cash, on the same day of your visit.
Legal money lenders in Singapore offer various types of unsecured loans such as Personal Loans, Payday Loans, Micro Loans, Business Loans, Foreigner Loans, Bridging Loans, and Debt Consolidation Loans.
Your repayment dates will be stated in the contract that will be briefed to you by your respective loan officer before you receive your personal loans. Additionally, the loan office will send you reminders before your payment dues so that you’ll never miss them.
In the event where the borrower becomes uncontactable, the money lender will send a debt recovery team to the borrower’s residential address. The lender will resort to taking legal action against the borrower if the borrower refuses to adhere to the debt recovery team. All licensed money lenders in Singapore are advised to follow The Professional Handbook on all aspects of money lending and debt recovery.