Where To Find 24-Hour Money Lenders In Singapore

Where To Find 24-Hour Money Lenders In Singapore
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Where To Find 24-Hour Money Lenders In Singapore

checking blog post using mobile
Where To Find 24-Hour Money Lenders In Singapore



Whenever you’re in a financial pickle, you may start to get frantic and find ways to get out of such a dreary financial situation. Without warning, you may suddenly need cash urgently, and sometimes your rainy day funds are just not enough to cover the cost of an emergency.

In times like these, searching for quick cash from a 24-hour money lender in Singapore is the answer to your financial woes and busy schedule. With the majority of Singaporeans working during office hours (e.g. 9am – 6pm) on weekdays, it can be difficult to visit banks or financial institutions during their operating hours. This is precisely why many are seeking loans from 24-hour money lenders in Singapore or money lenders open on Sunday to apply for loans at their convenience.

Below, we will share further insights on 24-hour money lenders in Singapore, where to get speedy loans, how to differentiate between licensed and unlicensed money lenders, and what a loan application entails.

What does a licensed lender do?

A legalised money lender in Singapore is a registered lender, officially approved by the Ministry of Law (MinLaw). These licensed lenders are allowed to offer loans to Singaporeans, Permanent Residents (PRs), and foreign workers with valid Work Passes. They are fully legal lenders who adhere to the rules and guidelines set by the Ministry of Law and are registered with the Singapore government.

Licensed lenders can be an excellent alternative to banks or other financial institutions when it comes to urgent loans. Some of the many reasons include greater accessibility, quicker processes and faster loan disbursement.

But if you need to borrow at any time, can a 24-hour money lender in Singapore help you?

Are there 24-hour money lenders in Singapore?

Well, the answer depends on how strict and technical you are with the definition of 24-hour money lenders.

Unfortunately, there are no true blue 24-hour money lenders in Singapore as licensed lenders do not operate their offices 24/7. If a loan company claims to be open all day long, be careful; it’s most likely a loan shark posing as a licensed lender. The other case scenario would be an authorised lender not adhering to the regulations set by the law.

That being said, while licensed lenders do not operate 24/7, many of them do own 24-hour websites where you can submit a loan application even during the wee hours. But do note that you will still need to go down to the money lenders’ office premises to complete the application process as stipulated by the law.

Do money lenders offer loans on the spot?

Yes and no; we’ll explain why.

Yes — money lenders will always strive to get back to borrowers with loan quotes as soon as possible after they’ve submitted their loan applications. In fact, licensed lenders can provide immediate loan disbursement (give or take 30 minutes) if:

  • You are eligible for the loan,
  • You have all the necessary documents required for the loan, and
  • You walk into their office to apply for the loan during business hours

That’s not all. Existing banking customers may enjoy an even speedier loan disbursement process after approval as loans are disbursed directly into their bank accounts within minutes.

No — those who submit their loan applications online will not be able to receive their loan disbursements immediately. Licensed lenders are not allowed to grant you loans and disburse loans straight away without any credit assessment and in-person verification.

If the lender that you’re liaising with is able to disburse the cash instantly, it’s a red flag — only illegal lenders promise instant, remote cash. Be wary and do not proceed with the loan any further.

The differences between licensed and unlicensed lenders

Licensed lenders Unlicensed lenders
Interest rates and late interest rates Capped at 4% per month May charge exorbitant rates as they do not comply with the rules and regulations
T&Cs of your loan contract Will provide a clearcut loan contract with key details like repayment period, interest rates, payment methods, etc

Will go through the loan contract in detail with you

Will not provide a well-written or even a completed contract; usually they come in blank documents or semi-completed contracts

Loan sharks will exclude info such as applicable fees, interest amounts, your rights and obligations, and so on

An unlicensed lender’s proof of a contract is through oral agreements or texts

Advertising channels Only permitted to advertise through three platforms: business/ consumer directories, websites owned by the licensed lender, and advertisements put up within or on the exterior of the business premise Other forms of advertisements like texts, flyers, social media ads, and google ads are most likely from illegitimate lenders and should be avoided at all costs
Maximum loan amount If you have an annual income of less than $10,000: Up to $3,000 for Singaporeans and PRs. Up to $500 for foreigners

If you have an annual income between $10,000 and $20,000: Up to $3,000 for Singaporeans, PRs, and foreigners

If you have an annual income of at least $20,000 and above: Up to 6x monthly income for Singaporeans, PRs, and foreigners

Will usually offer an amount that is too good to be true, which may go beyond the legal limit set by MinLaw
Debt collection A licensed lender will outsource help from debt collection agencies, and these debt collectors will chase the debts on the behalf of money lenders

These debt collection agencies comply with the industry’s Code of Ethics set by the Credit Collection Association of Singapore (CCAS)

When unable to collect their debts from borrowers, they may resort to harassment, blackmail, intimidations, or threats

They may even take action on their own and vandalise or seize control of your property

Top 5 reasons why you should consider a licensed lender

#1 Willing to help those with a low credit score

Unlike borrowing from banks, it’s not necessary to have a high credit score. A simple credit assessment may be done or there may even be no credit check loans available (depending on the type of loan you get). But, if you do have a high credit score, it might serve as an additional bonus that gets you better loan terms.

#2 No hidden charges

There are money lenders who offer personal loans with low interest rates, but you’ll not come across any money lender offering an interest rate that goes beyond 4% monthly. Licensed lenders are completely transparent about the rates and charges offered, and are only allowed to impose charges set by the Ministry of Law. Law-abiding lenders will never exceed the allowable fees.

The permitted charges and expenses include — a fee not going beyond $60 for every month of late repayment; an administrative fee not going beyond 10% of the principal loan amount when a loan is approved; court-ordered costs for a successful claim by the lender to recover a loan.

#3 Speedy loan approval

Bank loans require a stringent approval process, which can often be a long and tedious one — especially if you need the cash urgently. This may not work well for your financial situation if you have a financial emergency to settle right away.

Case in point, legal lenders may be the ideal solution for you. Many licensed lenders can help you get your loan approved in less than an hour, without the strict and arduous process to boot. To expedite the process, you can even apply for a loan online and simply drop by the office with the necessary documents for physical verification and contract signing. Thereafter, your loan will be disbursed in no time.

#4 Customised loans

The best money lender in Singapore will always put a borrower’s financial situation and needs first by offering a custom loan solution, no matter the type of loan. This means you’ll get to enjoy personalised loan packages that are within your budget — such as a longer repayment duration and lower interest rates.

#5 Flexible repayment terms

One perk of tailored loan solutions is getting to enjoy more flexible repayment terms to accommodate your financial situation, the amount you’re able to repay monthly, and your own well-being as a whole.

Licensed lenders understand the stress behind rushing to make repayment to avoid defaulting on a loan or chalking up unnecessary fees, which is why they’re very open to negotiating loan repayment plans to make the monthly repayments more manageable for their borrowers.

How long do money lenders take to approve, verify, and disburse loans?

While most licensed lenders strive to respond to your loan enquiry within the same day or even an hour, feel free to book a same-day appointment if you need an extremely urgent cash loan. Visit the licensed lender’s office during their business hours!

Bring your identification documents, proof of income, proof of employment, etc to ensure the money lender can approve, verify, and disburse your loan as quickly as possible — within 30 minutes in most cases.

Do money lenders open on Sunday?

Yes, some licensed money lenders are open on Sunday. Here’s a quick look at some of the top licensed lenders in Singapore that happen to be open for business on Sunday:

Where to find reliable licensed lenders in Singapore with swift loans?

With so many money lenders in Singapore, how do you find one that’s quick and reliable?

A smart way would be to use CompareSing’s free service to get personalised loan quotes from highly-rated legal lenders in Singapore, it’s easy and quick — a godsend for borrowers in need of urgent cash loans.

Simply fill out the online form, wait for licensed lenders’ loan quotes, and compare!


We assume no responsibility or liability for any errors or omissions in the content on this website. The information contained on this website is provided with no guarantees of completeness, accuracy, usefulness, timeliness, or any warranties of any kind whatsoever. The content on this website is for informational purposes only and should not be construed as professional advice.

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