Besides banks, a moneylending company is a specific financial service provider that will lend you money based on your income and credit history. If you are looking for a loan, then moneylending companies are good options to consider.

However, it is important to note that a moneylending company will have relatively high interest rates, but it will be able to provide you with the necessary funds based on your monthly income.

As with all other personal loan applications, a licensed money lender needs to go through a processing and approval time frame but the good news is you can apply for a loan online and it’s a relatively easy process. Besides personal loans, a moneylending company in Singapore also provides business loans. But do your due diligence and ensure you are signing up only with the best licensed lenders.

Loan amount

The loan amount you can obtain from a moneylending company will depend on your monthly income and credit history, although the latter isn’t as important compared to if you were to apply for a bank loan. A moneylending company offers various loans with different purposes to consider and they come with their respective loan amounts.

The typical loan limit can amount to six times your monthly salary. Therefore, when you apply for a loan, make sure that the loan you choose is based on your financial situation and needs.

If you would like to check your credit report, you can get a copy from the Credit Bureau Singapore. You can also read our post for more information on obtaining your credit report.

Repayment period

The repayment period will depend on the type of loan that you have applied for. Short-term loans may have repayment periods of up to three months, while long-term loans may have repayment periods of up to 12 months.

It is important to note that if you’re seeking a relatively lower interest rate, you could look for a smaller loan with a longer repayment period.

Interest Rate

The interest rate charged by a moneylending company in Singapore will depend on the type of loan that you choose. It is important to note that there are personal loans and business loans, and both types of loans will have different interest rates. Also, interest rates for short-term loans will be higher than for long-term loans. Therefore, if you would like to save as much money as possible per month, consider applying for a long-term loan. For example, the interest rate of a long-term loan can be as low as 1% per month while that for a short-term loan is usually in the range of 3-4% per month.

Finally, remember that if you would like a low interest rate personal loan, you must ensure that you have a good credit history and high income.

Do also ensure that you know the interest rate and repayment period for each type of loan. This will help you to decide on the best loan for your needs, as well as the most suitable moneylending company to get a loan from.

With these three things in mind, you can now decide on a moneylending company in Singapore. Galaxy Credit offers one of the best personal loans with relatively low-interest rates and specialises in payday loans, study loans to further your studies, loans for private car hire drivers, and debt consolidation services. Speak to our loan officers today and receive a free consultation on how to better manage financial stress.

About the Author

With over 5,756 5-star Google reviews and counting since our inception in 2010, Galaxy Credit is more than well-equipped to share our insights on all aspects of loans, both through the content we publish and in conversations with borrowers.

The post 3 Things To Know When Choosing A Moneylending Company appeared first on Licensed Moneylender Singapore.

Curious about borrowing from a licensed lender or becoming a legitimate money lender in Singapore? You’ve come to the right place.

In this article, we break down the steps for thoroughly checking a money lender’s licence, why you should check a money lender’s licence before borrowing from them, as well as everything else you need to know about the application process for a money lender’s licence in Singapore — in case you’re thinking of starting a money lending business of your own.

How to Check a Money Lender’s Licence

The first step you should take before a loan application —apart from knowing the criteria, documents needed for a loan, how to apply for a loan, etc— is to make a list of licensed lenders you’d like to get a loan from, then spend some time to see if they are indeed legitimate. This means checking the legitimacy of the money lender’s licence carefully.

To verify the legitimacy of a money lender’s licence, follow these steps:

1. Visit the money lender’s physical office and verify the address using the information from MinLaw’s list of legalised lenders.
2. Ask to see the money lender’s licence — make sure the licence number tallies with the record in the Registry of Moneylenders’ database.

Why Should You Check a Money Lender’s Licence Carefully?

There has been a spike in the number of cases where scammers impersonate legal lenders to solicit personal data from victims for illegal acts.

A legal lender with a money lending licence in Singapore is not permitted to solicit loans via calls, SMSes, or social media. It is necessary for them to abide by the rules and regulations from the Ministry of Law.

Application for a Money Lender’s Licence

Is it easy to apply for a money lender’s licence?

It is not the easiest to apply for a money lender’s licence. There are multiple steps involved when it comes to the application for a money lending licence in Singapore.

How can potential money lenders apply for a money lender’s licence?

Before you can apply for a money lender’s licence, you need to first submit an application for the mandatory Money Lender’s Test. This test is meant to test your knowledge on all things related to the business of money lending, including the proper ways a licensed lender should conduct its business, the rules and regulations on licensed money lending in Singapore, etc.

Once you have passed the Money Lender’s Test, you may proceed to apply for a money lender’s licence online. Ensure that you meet all the stipulated requirements and furnish all the necessary documents required for obtaining a money lender’s licence to prevent hiccups.

The estimated processing time for one’s application for a money lending licence will take up to four weeks from the time you submit your application and provide all the documents and information required by the Registry of Moneylenders.

Tip: Read this compilation of information for aspiring legal lenders to find out more about the processes and requirements.

Fees and documents required for obtaining a money lending licence

There are various fees and documents you need to know about before submitting an application for a money lender’s licence.

Be sure to furnish all the documents required to get a money lending licence as well as take note of the assortment of fees for getting a money lender’s licence.

Fees for obtaining a money lending licence

• Upfront application charges: $600
• Money lender’s test fee, per attempt: $130
• Moneylending licence application fee: $1,500
• Security deposit sum: $20,000

Documents required for obtaining a money lending licence

• Documentary proof on the money lender’s availability and the sources of fundings
• Test-Qualified Manager’s education certificates and qualifications
• Scanned NRIC copies, both front and back, of everybody involved in the money lender’s business
• Fully filled Annex form

Looking to apply for a money lending licence? Applications for new money lending licences are being put on hold

The Registry of Moneylenders has put on hold the issuing of new licences at this time. As at time of writing, there’s no indication when the temporary suspension on applications for new money lending licences will be lifted.

What Licensed Lenders Cannot Do

If you are still unsure, we’ve put together certain practices a legal lender is not allowed to carry out. If you spot any of these red flags from your shortlisted list of lenders, you should avoid dealing with them.

• Using abusive or threatening language
• Soliciting your SingPass details
• Failing to give back your key personal identification documents, e.g. passport and NRIC
• Making you sign an incomplete or blank contract for the loan
• Giving loan approval without any detailed explanation of the loan terms
• Refusing to give you a copy of the signed loan contract
• Soliciting loans through phone calls and SMSes

What Licensed Lenders Can Do

In case you didn’t already know, according to the Moneylenders Act, a legal lender is only permitted to charge a maximum interest rate of 4% per month based on the borrowed loan amount. The maximum late interest rate chargeable on a late or missed repayment is also limited to 4% per month.

Calculation of the interest should be done in accordance with the remaining balance of the principal after deducting payments made toward paying down the principal. For example, if the principal loan amount is $6,500 and you have already paid $2,500 towards the principal, interest should only be calculated for the remaining $4,000.

A licensed lender may also enforce other charges like loan processing or administrative charges or court-ordered legal fees incurred by the money lender for the successful recovery of a loan if there is ever a case of a borrower failing to make repayment.

Conclusion

There are many rules and regulations that licensed lenders must follow. It is not the easiest to become an accredited legal money lender in Singapore to say the least. For starters, all approved money lenders must have a valid money lending licence in order to commence operation in this industry.

Want to borrow money from an approved money lender? Consider Galaxy Credit and Investments Pte Ltd. We are a legal 24 hours money lender with a moneylending licence in Singapore, certified under the Ministry of Law. If you are looking for safe and quick access to a variety of loans, such as Working Capital Loans, Payday Loans, Debt Consolidation Loans, Renovation Loans, and Wedding Loans, rest assured that our team of friendly and experienced loan officers has got your back.

To apply for a loan with us, you should be:

• At least 21 years old and have a stable source of income
• A Singaporean, PR, EP, or S-Pass Holder
• Able to provide proof of identity (e.g. Singapore IC or foreign passport)
• Able to provide proof of income (e.g. payslips, monthly bank or CPF statements, latest Income Tax Assessment Notice)

For further enquiries about our company and loan options, feel free to contact us today.

About the Author

With over 5,756 5-star Google reviews and counting since our inception in 2010, Galaxy Credit is more than well-equipped to share our insights on all aspects of loans, both through the content we publish and in conversations with borrowers.

The post Money Lender Licence: Documents, Fees, Application Steps appeared first on Licensed Moneylender Singapore.

Key Takeaways

• Licensed money lenders in Singapore follow strict regulations, and while they can charge late fees and interest, they must employ legal and fair recovery methods — intimidation or harassment is not allowed.
• Missed repayments are recorded in your Moneylender Credit Bureau (MLCB) report and may affect your ability to borrow from licensed money lenders in the future.
• If you are unable to pay your licensed money lender, early communication, repayment restructuring, and financial support services can help you avoid escalation and manage your debt responsibly.

Borrowing money can feel like a lifeline when unexpected expenses arise, whether it’s medical bills, home repairs, or a temporary drop in income. But what happens if you suddenly find yourself unable to pay a money lender in Singapore?

The situation can feel overwhelming, and it’s easy to spiral into a state of panic. However, understanding the consequences, your legal rights, and the practical steps you can take will help you regain control of your finances and avoid unnecessary stress.

In this article, we’ll cover the essentials of borrowing from licensed money lenders, the impact of late payments, whether a money lender can file a case in court, as well as the strategies and support available to help you navigate financial difficulties.

Understanding Moneylending in Singapore

What Is a Licensed Money Lender?

Not all lenders are the same. In Singapore, moneylending is strictly regulated under the Moneylenders Act 2008. Only lenders who hold a licence issued by the Ministry of Law (MinLaw) are legally allowed to offer loans to the public. These licensed lenders must follow strict rules to ensure transparency and fairness.

A licensed money lender must provide a clear loan contract, cap interest rates and fees in accordance with the law, and follow proper debt collection procedures. Borrowing from a licensed lender ensures that you are protected, unlike borrowing from unlicensed or illegal lenders (often referred to as loan sharks), who may employ threats or intimidation when recovering debts.

Understanding Your Loan Agreement

Whenever you take out a loan, you sign a contract outlining the terms. This document specifies the loan amount, interest rate, repayment schedule, and penalties for late payment to a licensed money lender. It is legally binding, which means that once you sign, you are obligated to fulfil the repayment terms.

Licensed money lenders have clear limits on what they can charge. Interest rates are capped at 4% per month for non-business loans. The late interest rate is capped similarly, and late fees of at most S$60 per month can be imposed. Administrative fees are permitted but must be reasonable and clearly stated in the contract. Importantly, regulated lenders cannot harass you, hold your identification documents, or engage in any form of intimidation at any point.

Understanding these terms is crucial, especially if you anticipate difficulty in making repayments. Being informed gives you the power to take the proper steps before the situation escalates.

Consequences of Being Unable to Pay a Money Lender in Singapore

Falling behind on a loan has multiple layers of consequences: financial, credit-related, and legal. Let’s break them down.

Fees and Penalties

The first consequence of missed payments is financial. Licensed money lenders are permitted to charge late interest on overdue amounts, capped at 4% per month, along with late fees up to a maximum of S$60 per month. Administrative or processing fees may also apply, depending on your loan agreement.

Although these amounts might seem manageable, they add up quickly. A small overdue repayment can grow into a significantly larger sum if interest and fees continue to accumulate. The longer a payment is delayed, the heavier the financial burden becomes.

Impact on Your Credit Report

Even though licensed money lenders do not focus on your CBS credit score like traditional banks do, your borrowing and repayment history with regulated money lenders is closely monitored through the Moneylender Credit Bureau (MLCB). Every loan application, repayment record, and outstanding debt is stored in this system, which serves as a reference for all licensed money lenders in Singapore.

If you are unable to pay your money lender in Singapore, these defaults are recorded in your MLCB credit report. A pattern of late payments or a history of unpaid loans can signal risk to lenders, prompting them to exercise greater caution when approving new loans. Even if you eventually repay the debt, repeated delays or long-standing outstanding balances may result in future loan applications being rejected or approved only for smaller amounts.

In practical terms, your repayment behaviour — not your credit score — directly affects your ability to borrow from licensed money lenders in the future. Maintaining a consistent record of timely repayments helps demonstrate financial responsibility and preserves your credibility within the regulated moneylending system. Conversely, a poor record may limit your borrowing options, making it more difficult to access funds when needed.

Risk of Escalation to Legal Action

If payments continue to be missed despite payment reminders and formal requests via a letter of demand, lenders may escalate the matter legally. A licensed money lender has the right to file a civil claim in court to recover unpaid debts. However, this process is strictly regulated — lenders cannot harass or intimidate borrowers, and all actions must follow legal procedures.

Can a Money Lender File a Case in Court?

Many borrowers worry about the possibility of being sued. Yes, a licensed money lender can file a case in court if you default, but it’s important to understand the context. Legal action is usually a last resort after attempts at communication and negotiation have failed. The lender must follow due process, and borrowers have the right to contest the claim in court.

Defaulting on a loan does not constitute a criminal offence, and licensed lenders cannot use intimidation, threats, or harassment to force repayment. Knowing this can help you approach the situation calmly and take practical steps to resolve it.

Understanding the Court Process

The court process for debt recovery generally follows a predictable path. It begins with reminders and letters from the lender. If these are ignored, the lender may issue a formal letter of demand. Failure to respond can result in a court claim, where the lender may obtain a judgment for the outstanding amount.

Once a judgment is granted, the lender may seek enforcement through garnishment of wages, seizure of assets, or, in extreme cases, bankruptcy proceedings. Understanding this process can help you act early, negotiate solutions, and avoid the stress and costs associated with legal escalation.

What to Do If You’re Unable to Pay Your Money Lender

Recognising that you may be unable to meet your repayment obligations is the first step toward resolving the situation. Acting quickly and responsibly can prevent further financial or legal consequences.

Communicate Early With Your Lender

The most crucial action is to contact your lender as soon as possible. Licensed money lenders generally prefer to work with borrowers to find a solution rather than initiate legal action. Being transparent about your reason for being unable to pay your money lender — whether due to job loss, medical emergencies, or reduced income — can open the door to renegotiated repayment terms.

Possible solutions include temporarily reducing your monthly payments, extending the repayment period, or arranging a short-term payment holiday. Always ensure that any revised agreement is documented in writing, with the new terms specified clearly. Keeping a record of all communications can protect you in case of disputes.

Explore Debt Management Strategies

In addition to negotiating with your lender, consider broader debt management strategies. Reviewing your budget to prioritise essential expenses and repayments is a practical first step, and cutting non-essential spending can free up resources for debt repayment.

For those with multiple debts, debt consolidation may be a viable option. This involves combining several loans into a single repayment plan, often at a lower interest rate. This can be done through a bank or financial institution, provided you meet their eligibility criteria and understand associated fees. Some licensed lenders also offer debt consolidation loans.

It is crucial to avoid unregulated lending as a solution. Borrowing from illegal money lenders or taking high-interest informal loans to repay an existing loan can trap you in a debt cycle that is even harder to escape. Ignoring the debt altogether is also not an option, as it can result in increasing interest, fees, and potential legal action.

Seek Support and Resources

You are not alone if you are struggling to repay a money lender. There are various resources available in Singapore to help borrowers manage debt and regain financial stability.

Financial Counselling and Education

Organisations such as Credit  Counselling  Singapore (CCS) provide professional counselling for individuals facing unsecured debt. Their services include reviewing your income and expenses, helping you assess what you can realistically repay, and working with you to explore suitable repayment arrangements. Consider seeking their help if you are struggling with both debts from banks and licensed lenders.

If you are only dealing with licensed money lender debts, seek assistance from voluntary welfare organisations. They will be more than happy to provide you with guidance and a helping hand.

Meanwhile, MoneySense and its outreach arm, the Institute  for  Financial  Literacy, offer free education and workshops aimed at helping Singaporeans build budget‑planning and money‑management skills, so they are better prepared and informed when it comes to borrowing and repaying.

Government Assistance Programs

If your financial hardship stems from job loss, illness, caregiving responsibilities or other extraordinary circumstances, you may be eligible for temporary support from government schemes such as ComCare’s Short‑to‑Medium Term Assistance. These help with living expenses or employment support so you can stabilise your situation.

It’s essential to note that while these grants and subsidies provide vital relief, they do not replace or directly repay your loan obligations with a money lender.

Conclusion

Being unable to pay a money lender in Singapore can be stressful, but there are options to manage the situation. Licensed money lenders operate under strict regulations, and while they can pursue legal action for unpaid debts, borrowers have rights and access to support resources. Communicating early, exploring repayment restructuring options, and seeking professional guidance can prevent escalation, protect your credit record, and help you regain control of your finances — and life.

Searching for reliable and transparent solutions for instant loans, wedding loans, renovation loans, payday loans and more? Look no further than Galaxy Credit, a trusted licensed money lender in Singapore that offers flexible loan options tailored to your needs. Apply now or contact Galaxy Credit today to explore how our customised plans can help you manage your loan comfortably and achieve a stable financial future.

The post What Happens if You Are Unable to Pay a Money Lender in Singapore? appeared first on Licensed Moneylender Singapore.

• Home
• Blog

Blogpost

Table of Contents

Top 8 Best Approved Money Lenders in Singapore (2026)

• Galaxy
• 1st Sep 2022
• Licensed Money Lenders
• 19 minutes read

Until recently, Singaporeans were unable to secure a loan from traditional lenders such as banks when faced with a financial dead-end. The situation was exploited by illegitimate lenders in Singapore, loan sharks known colloquially as ‘Ah Longs’.

Today, the government’s regulation of non-traditional lending has created a competitive market that offers borrowers a range of excellent legal options. We have done the legwork for you, creating this list of accredited money lenders in Singapore.

Galaxy Credit & Investments

Website	galaxycredit.com.sg
Address	Blk 703 Ang Mo Kio Avenue 8 #01-2531, Singapore 560703 (Ang Mo Kio Central, 3 mins walk from AMK MRT)
Contact	6250 8811
Opening hours	Monday - Saturday 11am to 7.30pm , Closed on Sunday and Public Holidays
Services	Personal loan, Business loan, Bridging Loan, Debt Consolidation Loan, Wedding Loan, Payday Loan, Study Loan, Renovation Loan, Vacation Loan, Grab/Gojek Loan
Google Rating	5.0Based on 6112 reviews

Galaxy Credit stands out for its vast array of specialised loans with affordable interest rates, which is why it easily takes the top spot. This Ang Mo Kio-based loan expert in Singapore caters to a wide range of clientele and fine-tunes its loan conditions to suit each applicant’s specific needs.

Galaxy Credit, an approved money lender through and through, emphasises its commitment to a quick assessment and approval process. Borrowers will be hard-pressed to find another good licensed money lender with a faster time-to-cash period.

R2D Credit

Website	r2dcredit.com
Address	Blk 744 Yishun Street 72, #01-185, Singapore 760744 (1 min walk from Yishun MRT)
Contact	6635 1596 (Contact Jacob)
Opening hours	Monday - Friday 11.30am to 7.30pm, Saturday 11.30am to 6pm, Closed on Sunday and Public Holidays
Services	Grab/Gojek Loan, Wedding Loan, Renovation Loan, Medical Loan, Bridging Loan, Study Loan
Google Rating	5.0Based on 4847 reviews

R2D Credit makes our list of best money lenders for its combination of high approval rates and low-interest terms. This Yishun-based approved money lender also offers a range of specialty loans, such as wedding loans and debt consolidation loans.

R2D Credit’s presence in Yishun is a welcome development; the area had previously developed an unenviable reputation for high crime and loan sharking activity. Now, residents have a licensed, reliable legal option in their neighbourhood whenever they need a loan from one of the best money lenders.

Soon Seng Credit

Website	soonsengml.com
Address	1 Park Road, People’s Park Complex #01-21, Singapore 059108, (Chinatown, 5 mins walk from Chinatown MRT Exit C)
Contact	6226 8860
Opening hours	Monday - Saturday 11am to 7.45pm, Sunday 11am to 5pm, Closed on Public Holidays
Services	Personal Loan, Payday Loan, Business Loan, Debt Consolidation Loan, Grab/Gojek Loan, Wedding Loan, Renovation Loan, Medical Loan, Bridging Loan, Study Loan
Google Rating	5.0Based on 3917 reviews

Located right in the heart of Singapore, Soon Seng Credit is perhaps the most easily accessible, recommended money lender. They offer a variety of consumer-specific loans as well as business loans.

Soon Seng places great emphasis on transparency and trust, which are the two critical elements of the borrower-lender relationship. Few other lenders are as focused on ethical lending as this company.

UK Credit

Website	ukcredit.sg
Address	Blk 210 New Upper Changi Road #01-723, Singapore 460210 (Bedok North Central, 5 mins walk from Bedok MRT Station)
Contact	6448 7448
Opening hours	Monday - Saturday 11.30am to 7.45pm, Sunday 11.30am to 5.45pm, Closed on Public Holidays
Services	Personal Loan, Payday Loan, Business Loan, Debt Consolidation Loan, Grab/Gojek Loan, Wedding Loan, Renovation Loan, Medical Loan, Bridging Loan, Study Loan
Google Rating	5.0Based on 3801 reviews

Serving the Bedok population with affordable rates, UK Credit takes pride in their stellar customer service regardless of who’s seeking a loan from the loan provider.

They are also lenient towards those with less-than-optimal credit scores — good news for borrowers who have been unsuccessful in obtaining loans from other financial institutions.

96BM Credit

Website	cashloansingapore.com.sg
Address	Blk 302 Ubi Ave 1 #01-31, Singapore 400302 (2 mins walk from Ubi MRT Exit A)
Contact	6292 2629 (Contact Clara or Sim)
Opening hours	Mon-Sat 11:30am – 7:30pm, Closed on Sundays & Public Holidays
Services	Personal Loan, Wedding Loan, Payday Loan, Renovation Loan, Business Loan, Medical Loan, Debt Consolidation Loan, Bridging Loan, Grab/Gojek Loan, Study Loan
Google Rating	5.0Based on 5016 reviews

If the number of borrowers served are any gauge of a company’s reliability and capability, the over 4,400 5-star customer reviews 96BM Credit has garnered as of time of writing easily puts this legal loan provider within the Top 8 list of approved money lenders in the country.

As a high-approval loan provider, 96BM Credit boasts one of the highest approval rates in the industry, which is no surprise considering credit score isn’t the main factor when it comes to loan granting. If you have had credit issues in the past, speak to this recommended money lender – it is one of the best money lenders you can find.

Synergy Credit

Website	syncredit.com
Address	Blk 442 Clementi Ave 3, #01-89, Clementi Central, Singapore 120442 (1 min walk from Clementi MRT)
Contact	6250 0066
Opening hours	Mon-Sat 11:30am – 8:00pm, Sun 11:30am – 5:00pm, Closed on Public Holidays
Services	Debt Consolidation Loan, Grab/Gojek/Food Delivery Loan, Medical Loan, Renovation Loan, Study Loan, Wedding Loan, Business Loan
Google Rating	5.0Based on 3079 reviews

Synergy Credit maintains the highest standards of integrity and ethical lending by all applicable laws. As one of the best private money lenders, Synergy Credit believes in fair practice that does not discriminate against anyone’s credit record and income level, which is why they are able to establish long-term relationships with many customers who rely on loans from a lender.

Cash Direct

Website	cashdirect.sg
Address	2 Venture Drive, Vision Exchange #01-21, Singapore 608526 (Jurong East Central, 5 mins walk from Jurong East MRT Station Exit B)
Contact	6493 0088
Opening hours	Mon-Sat 11:00am – 7:45pm, Sun 12:00pm – 5:00pm, Closed on Public Holidays
Services	Business Loan, Payday Loan, Debt Consolidation Loan, Grab/Gojek/Taxi Loan, Wedding Loan, Renovation Loan, Medical Loan, Bridging Loan, Study Loan
Google Rating	5.0Based on 5306 reviews

Established in 2010, Cash Direct has loaned over $92 million to borrowers to date. With interest rates from 2% per month, it’s not hard to see why borrowers approach them over other loan providers that aren’t within the list of best licensed money lenders.

Cash Direct strives to personalise each loan and its terms to suit every borrower. Speak to them about their custom payment schedules for your convenience.

Goldstar Credit

Branch	Hougang Branch
Website	goldstarcredit.co
Address	1187 Upper Serangoon Road, The Midtown #01-21, Singapore 533971 (Hougang Central, 5 mins walk from Hougang MRT Station)
Contact	6384 0088
Opening hours	Monday - Saturday 11.30am to 8pm, Sunday 10am to 5pm, Closed on Public Holidays
Services	SME Working Capital Loan, Payday Loan, Debt Consolidation Loan, Grab/Gojek/Taxi Loan, Wedding Loan, Renovation Loan, Medical Loan, Freelancer Loan, Personal Loan
Google Rating	5.0Based on 4870 reviews

Branch	Toa Payoh Branch
Website	goldstarcredit.co
Address	Blk 190 Lorong 6 Toa Payoh #01-576, Singapore 310190 (Toa Payoh Central, 5 min walk from Toa Payoh MRT Station, Beside KFC, 7-11 and Guardian)
Contact	6252 0088
Opening hours	Mon-Sat 11:00am – 7:45pm Sun 10:00am – 5:00pm, Closed on Public Holidays
Services	SME Working Capital Loan, Payday Loan, Debt Consolidation Loan, Grab/Gojek/Taxi Loan, Wedding Loan, Renovation Loan, Medical Loan, Freelancer Loan, Personal Loan
Google Rating	5.0Based on 4083 reviews

Rounding off our list of top money lenders is Goldstar Credit. This company is one of the few approved money lenders that is large enough to maintain two branches.

The first is located in The Midtown at Upper Serangoon Road in Hougang Central. Hougang is a mature estate and the town with the biggest population in the North Eastern region of Singapore. The second is at Toa Payoh Central, a short walk from Toa Payoh MRT Station. The Toa Payoh region is home to several housing estates and many small to medium enterprises (SMEs).

While we have ranked these top approved money lenders peppered across Singapore, the best option for your specific circumstances may vary. Galaxy Credit is the best money lender in the Ang Mo Kio region. No matter where you are, contact us and allow our loan officers to help address your financial needs whenever you require a loan from a licensed loan expert.

Frequently Asked Questions About Licensed Money Lenders in Singapore

What is a money lender in Singapore?

In a high-cost country like Singapore, unexpected expenses—such as bills, medical fees, or emergency repairs—can lead many to seek a quick loan. While banks offer loans, they often have long processing times and strict requirements. For fast cash, a reliable money lender in Singapore can be a better option.

Licensed money lenders in Singapore are regulated by the Ministry of Law and must adhere to the Moneylenders Act. A legitimate, authorised money lender can be found in the list of licensed money lenders from the official Registry of Moneylenders, complete with a unique licence number that proves its legitimacy.

How to avoid loan scams by illegitimate money lenders in Singapore?

​​To avoid loan scams, it’s crucial to verify if the lender is licensed.

A licensed money lender in Singapore will have a registered licence number in the Registry of Moneylenders, a physical office, and will require a face-to-face meeting before disbursing the loan.

They can only advertise on their official website, in consumer or business directories, and at their registered offices.

On the other hand,

Illegitimate money lenders will not have a registered licence number, may lack a physical address, and could offer loans without requiring any personal meeting.

They may advertise loans from money lenders through SMS, WhatsApp, Telegram, or unsolicited calls. Additionally, they may resort to threats, harassment, or violence for debt collection.

Licensed money lender vs. bank: Which is the better choice for borrowers?

Differences between Banks and Licensed money lenders

Banks

Licensed money lenders

Provide loans up to 10 times monthly income

Provide loans up to 6 times monthly income

Minimum annual income requirement for Singaporeans & PRs: $20,000

Minimum annual income requirement for foreigners: $45,000

Will offer loans to borrowers with an annual income of less than $10,000

Average interest fee of 2 – 6% per annum

Interest fees can range from 1 – 4% per month

Repayment period of up to 7 years

Repayment period of up to 12 months

Requires a good credit score for loan approval

Does not require a good credit score

Allows online loan applications

Loan applications can be done online when borrowing from online licensed money lenders, but face-to-face verification in the lender’s office is still required before a loan can be disbursed

Banks generally offer loans up to 10 times your monthly income, with advertised interest rates ranging from 3% to 6% per annum minimally. They also provide repayment periods of up to 7 years. However, banks have more stringent approval criteria. They typically require a good credit score and higher annual income levels: $20,000 for Singaporeans and PRs, and $45,000 for foreigners. For those with solid credit and a stable income, banks can be a more affordable option.

Licensed money lenders in Singapore offer a different solution, providing loans up to 6 times your monthly income, with interest rates ranging from 1% to 4% per month. They have no income requirements, offering loans even to individuals with an annual income below $10,000. Licensed money lenders also offer shorter repayment terms (up to 12 months) and welcome applicants with poor credit histories. Though their interest rates are higher, they provide faster loan disbursement, with many offering online loan applications. However, face-to-face verification is still required before funds can be disbursed, ensuring the legitimacy of the transaction.

In summary, banks are a more cost-effective option if you meet their criteria, but licensed money lenders are ideal for individuals seeking quick loans or those with a less-than-perfect credit score. Almost anyone and everyone can get a loan from a money lender.

What are the benefits of borrowing from licensed money lenders in Singapore?

Fast approvals

Borrowers can make an enquiry with a reliable online money lender in Singapore via their website, visit the branch office for a short interview, and collect their loan on the same day. An in-person application at the fast money lender’s office can be completed in less than 30 minutes.

Less strict on credit scores

Borrowers with poor credit scores can still have their loans approved, but usually at higher interest rates.

Flexible loan agreements

If you require an extension on your loan, you can negotiate the terms and fees with your trusted money lender in Singapore.

How can I avoid being overcharged by licensed money lenders in Singapore?

Licensed money lenders in Singapore can charge borrowers through several legitimate means, including interest rates, late interest rates, late repayment fees, and administrative fees.

You can ensure your legal money lender isn’t overcharging you by checking the following maximum fees:

Maximum Fees Licensed Money Lenders Can Charge

Chargeable fee

Maximum charged

Interest rate

4% per month (48% p.a.)

Late interest rate

4% a month (48% p.a.) for the amount that was not paid on time, excluding any loan amount that’s not yet due

Late repayment fee

$60 for every month of late repayment

Administrative fee

10% of the principal loan amount

In total, the sum of all charged interest and fees cannot exceed the principal loan amount — this applies to all loans from a money lender.

What are the different types of loans offered by private money lenders in Singapore?

Licensed money lenders offer both secured and unsecured loans. Secured loans are often used for vehicle and property purchases while unsecured loans are more flexible if you are taking a personal loan —– this can be used for personal reasons including paying off credit card bills, renovation expenses, or tuition fees. Secured loans require collateral (such as a car or property) to be pledged; the lender can seize it if the borrower is unable to pay off their loans.

If you’re deciding between a secured and unsecured loan from a legalised money lender in Singapore, here are the differences between the two:

Secured Loan

Unsecured Loan

• Has a bigger loan amount with lower interest rates

• Has a smaller loan amount with higher interest rates

• The borrowing limit for home loans and car loans is subject to a maximum TDSR of 55%.
  
  
• HDB and EC loans are subject to an MSR of 30%.
  
  
• Car loans’ LTV is kept at a maximum of 60-70%.

• Has a borrowing limit depending on the borrower’s income and citizenship

• Requires declaration of collateral

• Does not require collateral

• Fixed loan use for vehicle/property purchase.

• Flexible loan use (if personal loan)

• Easier to obtain even with bad credit history

• Easier to get with a favourable credit history

• May take a few more days to process

• Fast loan disbursal, can be done under 30 minutes if all documents are in order

How to apply for a loan with a legal money lender in Singapore?

To apply for a loan with a licensed money lender in Singapore, here are the required documents:

Before applying for a loan, it’s important to compare licensed money lenders online based on interest rates, loan tenures, and repayment schedules. Choose a money lender whose terms align with your financial situation and needs, so you can comfortably manage the repayment amount.

Why was my loan application rejected by private money lenders in Singapore?

There are several reasons why a loan application may be rejected by legitimate money lenders in Singapore:

Lack of income

You need to prove a steady source of income, which can be from full-time or part-time jobs, or rental income. Without this, they may consider you a risky borrower hence not willing to offer you their money lender loan.

Deferred loan repayments

Money lenders check your history with other lenders through the Money Lenders Credit Bureau (MLCB). A record of deferred repayments can lead to rejection.

Multiple loan applications

Applying for several loans from money lenders in a short period inevitably raises red flags, as it suggests you may be struggling with repayments.

Bankruptcy

Filing for bankruptcy can impact your financial future, including the approval of any future loan. Not all money lenders in Singapore are comfortable with providing money lender loans to discharged bankrupts!

Legal action from past lenders

If a previous lender took legal action against you, other lenders may avoid approving your loan due to your legal history.

About the Author

With over 5,756 5-star Google reviews and counting since our inception in 2010, Galaxy Credit is more than well-equipped to share our insights on all aspects of loans, both through the content we publish and in conversations with borrowers.

Disclaimer

While we strive to provide the most accurate information on this website, it may not reflect the most current developments. The information on this website may be changed without notice and is not guaranteed to be complete, correct, or up-to-date. All information provided is for informational purposes only and should not be relied upon as professional advice. We shall not be liable for any loss or damage resulting from the use of this website.

Related Posts

6 Reasons To Borrow Money From An Authorised Lender In Singapore

• Galaxy
• 13th Apr 2024
• Licensed Money Lenders
• 8 minutes read

The popularity of local money lenders in Singapore is soaring. However, are these lenders dependable and legit? The answer is YES. There are many …

6 Things To Know About Getting A Fast Loan In Singapore

• Galaxy
• 3rd Aug 2022
• Personal Loan
• 4 minutes read

Looking for a fast loan in Singapore but not sure where to start? You’re not alone! Although the number of Singaporeans opting for fast …

A Grab Loan May Be The Recession-proof Break You Need

• Galaxy
• 5th Aug 2022
• Personal Loan
• 4 minutes read

With a slow recovery from the pandemic days, there is no time like the present to make a foray into the private car hire …

Table of Contents

The post Top 8 Best Approved Money Lenders in Singapore ([year]) appeared first on Licensed Moneylender Singapore.

The popularity of local money lenders in Singapore is soaring. However, are these lenders dependable and legit? The answer is YES. There are many benefits of using a legal lender to obtain an instant loan, including accessibility, affordability, and loan security. However, before deciding on which lender to borrow from, keep these factors in mind to choose the right moneylending company.

A legal lender can provide the financial assistance you need, whether it’s because you’ve reached a tough spot in your business, or just need some quick cash for an emergency. In fact, to make it even more convincing, here are six reasons to reach out to a licensed money lender when you’re looking to borrow money in Singapore.

They welcome foreign borrowers

Banks in Singapore tend to exclude foreign money borrowers, especially those who fall under the lower income group. As a foreigner, your chances of receiving an instant loan from a local bank are pretty slim — this is true if you earn an annual income that falls below $40,000.

This is because banks view your financial stability to be highly volatile, hence imposing doubts on your ability to pay. But fortunately, licensed lenders in Singapore have their doors wide open for financially stranded foreigners. Most personal loan companies have specific loan classifications to suit anyone who is not a citizen. The basic requirements for foreigners to qualify for personal loans in Singapore include:

• A full-time job
• A valid proof of identity
• A valid work pass
• Proof of income for the last 3 months
• Proof of address

They don’t practice harassment tactics

Ever had a bad experience with loan sharks? Thanks to licensed money lenders, you no longer have to worry about rude, abusive, and violent debt recollection experiences.

Licensed lenders must carry out their activities with utmost professionalism and demeanor. For instance, a legal lender is not allowed to hurl insults and employ harassment tactics to pressure their money borrowers when collecting their payments (or at any point in time).

If you’re unable to repay your loan on time, all you need to do is contact the loan company. A lawful and understanding legal money lender will do their best to help you adjust your repayment plan.

The borrowing process is much faster

Before the inception of licensed personal loan companies, money borrowers would have endured lengthy and rigorous processes to acquire loans. A typical borrowing process would involve seeking loan guarantors, presenting a suitable asset as collateral, and signing an endless list of documents.

Fast forward to today’s day and age, licensed lenders have made it much easier to borrow money in Singapore. The review process, especially document verification, is smoother and faster; hence it is very possible to receive instant cash within a day!

“I need urgent money” — a phrase many of us have thought about before, can now be realised thanks to much quicker loan solutions through licensed lenders.

They can’t go against the loan terms

Thanks to the regulatory body that governs them, licensed lenders must conduct business with ultimate integrity. This means it’s illegal for them to tamper with the loan contract once it’s signed.

Also, Singapore’s government has placed a cap on the maximum interest rate that can be charged. So while this interest rate is bound to vary depending on specific individual factors, it should not surpass 4% per month or 48% per annum.

If and when a loan official tries to force upon you a loan contract that contradicts what you had initially signed, you can call 1800-722-6688 — a special hotline set aside by the Police and National Crime Prevention Council for victims to report crime-related information.

They have a physical business address

If you have doubts about a licensed lender in Singapore, you can always visit their physical office for further clarifications. Legal loan companies must have their borrowers sign off on the loan contracts physically in person. This makes it much easier to track down the loan officials in case you feel like it’s a scam. Physical presence also reinforces the credibility of any lender and sets them apart from loan sharks.

The Registry of Moneylenders regulates them

Another reason to borrow money from a licensed money lender is they don’t operate independently. The Registry of Moneylenders acts as a watchdog that defines the scope of operation for lending businesses.

As a result, you’re assured of the government’s protection if anything goes wrong. It doesn’t matter what your income status is, where you work, or whether you’re a citizen or a foreigner, any unfair treatment from a licensed lender can be investigated or battled out in court. After all, signed loan contracts are mutually and legally binding!

Due to the strict government regulations, you are unlikely to run into any legal issues with licensed lenders in Singapore.

Bonus: 4 Tips To Borrow Money Safely From An Authorised Money Lender

Tip 1: Find a licensed lender in Singapore

Before approaching a money lender, the most important thing you have to do is make sure you are dealing with a licensed lender. The way to determine that is by browsing a list of licensed lenders on the Ministry of Law’s website and verifying your choice. Registered money lenders in Singapore have to abide by regulations set forth by the Ministry of Law that protects both the money borrower and lender. If you are unsure, you can always refer to the FAQ list or contact them for enquiries.

Tip 2: Identify the right loans that match your budget

When you apply for a loan, always determine the purpose and need for it. Make a plan of how many loans you need, how much you need and when you need them. Personal loans are a flexible and accessible option for people looking to fund various purposes such as paying off high-interest credit card bills, medical expenses, and so on. Identifying the right loans can help you stay objective and use them wisely to pay off your existing debts or to bridge a temporary financial gap.

On top of that, you will need to calculate your monthly budget to see what you can actually afford. While personal loans are commonly packaged with low-interest rates, your budget will help determine how much you can borrow within your means and if you can repay them on time. The smaller your loan and the shorter your repayment period, the less interest you have to pay. Understanding this simple tip can help you avoid taking on a larger loan and staying in debt for a longer period.

Tip 3: What a registered lender must inform you before granting a loan

Before approving loans, the money lender is required to inform the borrower in writing, the full terms of the loan, including:

• Nominal interest rates
• Late interest charges
• Other permitted fees
• Instalment details, especially in cases where there is a fixed repayment period agreement between both parties, also known as a term loan

Tip 4: Choose a licensed lender you can trust

Now that you know the types of loans you need and the budget you have, it is time to research quotes from different money lenders. One thing you should look out for when discussing loan terms is the interest rate*. Based on the Moneylenders Act, a legal lender in Singapore can only charge a maximum interest rate of 4% monthly as per the borrowed loan amount or late interest from a delayed payment.

*Calculation of the interest charges should be done according to the monthly outstanding balance of the principal loan amount remaining after minusing off the payments done.

For instance, if your loan amount is $20,000 and you have already paid $10,000, then the 4% interest rate should only be computed for the remaining $10,000.

A legal lender can also charge other fees like late fees or legal charges incurred to recover loans if the borrower is unable to make repayment.

Do look out for some shady practices that a licensed lender in Singapore is not allowed to engage in:

• Using abusive or threatening language
• Fishing for your SingPass ID or password
• Failing to return your important personal identification documents such as NRIC and passport
• Asking you to sign a blank or incomplete contract for the loan
• Approving your loan without explaining the terms in detail
• Failing to provide you with a copy of your loan contract
• Soliciting loans via text messages and phone calls

Should you borrow money from a licensed lender in Singapore?

Although there are a few options to consider when you need urgent money, licensed money lenders are still one of the best sources to borrow money from. For starters, they are thoroughly legal.

Feel free to talk to Galaxy Credit, a licensed Ang Mo Kio money lender, about your financial needs. From payday loans, study loans, to wedding loans — we offer different loans for different purposes. Simply get in touch with us and our friendly loan officer will provide assistance to you in a jiffy!

About the Author

With over 5,756 5-star Google reviews and counting since our inception in 2010, Galaxy Credit is more than well-equipped to share our insights on all aspects of loans, both through the content we publish and in conversations with borrowers.

The post 6 Reasons To Borrow Money From An Authorised Lender In Singapore appeared first on Licensed Moneylender Singapore.

Don’t Need A Loan? Here Are the Best Things to do in Ang Mo Kio

There aren’t many Ang Mo Kio attractions per se, but there are definitely things you can do in this charming neighbourhood.

#1 Soak in the greenery or engage in fitness and recreational activities

Options are aplenty when you’re looking for fitness and recreational-related things to do at Ang Mo Kio. Our top pick is the sprawling 62-hectare Bishan-Ang Mo Kio Park, one of the biggest urban parks nestled in central Singapore. This particular green haven boasts features that are highly inclusive and great for the young and old alike.

For other options, consider visiting Ang Mo Kio Town Garden East and Ang Mo Kio Town Garden West in your free time.

#2 Relax at Aramsa – The Garden Spa

Nestled within Bishan-Ang Mo Kio Park is Aramsa – The Garden Spa, an award-winning, highly reviewed resort-esque spa that promises you a fabulously relaxing experience. Reviews from customers rave about their sublime experience, thanks to the friendly and attentive staff.

Apart from massages and facials, Aramsa – The Garden Spa also offers eyelash extensions and eyebrow embroidery services, as well as yoga sessions.

#3 Enjoy a quiet time at Ang Mo Kio Public Lbrary

If you’re the sort who recharges by burying your nose in a book, Ang Mo Kio Public Library is for you. Set amidst lush greenery, this well-loved library offers a peaceful ambience that lets you relax with a good book in hand.

Opened way back in 1985, the library has undergone massive changes to become what it is today — home to two active reading clubs, a café with full meal options, an abundance of books and reading materials for different learning and reading needs, multimedia stations, activity area, eNewspaper stations, etc. In case you’re wondering, the library is wheelchair-accessible.

#4 Go on a food hunt

What’s an established neighbourhood without food that is cheap and good? Thankfully, there are plenty of inexpensive and delicious food options peppered across the entire Ang Mo Kio area.

Don’t know where to start? Refer to this compilation of cheap and good eats done by The Straits Times’ senior food correspondent for a leg-up. From chicken rice and yong tau foo to kway chap and banh mi, you’re bound to find something that tickles your taste buds!

About the Author

With over 5,756 5-star Google reviews and counting since our inception in 2010, Galaxy Credit is more than well-equipped to share our insights on all aspects of loans, both through the content we publish and in conversations with borrowers.

The post Ang Mo Kio Central Money Lenders’ Role In Local Finance appeared first on Licensed Moneylender Singapore.

Key Takeaways

• The Registry of Moneylenders in Singapore ensures all licensed money lenders in Singapore operate legally and transparently.
• Borrowers are protected with interest and fee caps, receipt issuance, and data security requirements.
• Verifying lenders, understanding loan terms, and reporting suspicious activity are essential for safe borrowing.

Accessing loans in Singapore is now safer and more transparent thanks to the Registry of Moneylenders (RoM), the regulatory authority that oversees the licensing and conduct of money lenders in Singapore. For borrowers, financial institutions, and industry observers, understanding the RoM’s role is essential to navigating the moneylending landscape. The following five key facts explain why the Registry of Moneylenders in Singapore plays such a critical role in the local financial ecosystem.

1. The Registry of Moneylenders Oversees Legal Moneylending

The Registry of Moneylenders operates under Singapore’s Ministry of Law and is responsible for licensing and regulating lenders to ensure the industry functions in a transparent, fair, and ethical manner. Historically, moneylending was often associated with predatory practices, including excessive interest rates, hidden fees, and harassment of borrowers.

With the introduction of the Moneylenders Act and the Registry of Moneylenders, lending has been formalised. Borrowers now have legal recourse if a licensed money lender violates the law, and all licensed lenders are subject to regular oversight. This framework provides confidence to both borrowers and financial institutions that all transactions are legitimate and regulated.

2. Licensing Requirements Are Strict

No individual or business may engage in moneylending without a valid licence issued by the Registry of Moneylenders in Singapore. The stringent licensing process ensures that money lenders operate responsibly and understand the regulatory framework. Applicants must submit a detailed application, pass the Moneylender’s Test to demonstrate knowledge of the Moneylenders Act, and obtain approval for their business premises.

Licenses are generally valid for 12 months and must be renewed in advance of expiration. The Registry of Moneylenders has the authority to refuse, suspend, or revoke licences if statutory requirements are not met, ensuring that only responsible operators remain in the market.

3. Business Premises and Manager Approval

Licensed lenders must operate from locations approved by the Registry of Moneylenders. Each branch must appoint a Test-Qualified Manager responsible for ensuring compliance with all laws, maintaining proper records, and upholding professional standards in all dealings with borrowers.

Borrowers are required to meet the money lender in person for loan applications — fully remote approvals without face-to-face verification are prohibited. This ensures proper identity verification, thorough explanation of loan terms, and reduces the risk of fraudulent transactions.

4. Regulation of Loan Practices

The Registry of Moneylenders in Singapore closely monitors how money lenders offer and administer loans. Licensed lenders cannot solicit loans directly; borrowers must submit a written application first. Advertising is limited to their official business websites, consumer/business directories, and their own registered business premises. Misleading marketing materials are strictly prohibited.

Before signing a loan contract, borrowers must be fully informed of interest rates, fees, repayment schedules, and other binding loan terms. These measures protect borrowers from unfair practices and provide clarity on financial obligations.

5. Borrower Protections and Information Security

Singapore’s legal framework provides robust safeguards for borrowers. Licensed lenders regulated by the Registry of Moneylenders in Singapore are required to comply with:

• Maximum interest rates: Interest rates and late interest rates cannot exceed 4% per month. This applies to all loans, except business loans.
• Fee caps: Administrative fees cannot exceed 10% of the total loan, and late fees are capped at S$60 per month.
• Receipts and statements: Money lenders must issue receipts for all repayments and provide a statement of account at least every six months.

That’s not all. Licensed lenders are also obligated to protect the confidentiality, integrity, and security of all borrower information. Data collected may be used only for loan processing purposes, including assessing creditworthiness and determining the maximum legally allowable loan amount. Disclosure is limited to authorised parties, and compliance with the Personal Data Protection Act ensures personal data is safeguarded against misuse.

Any threatening or abusive behaviour by money lenders is illegal, and borrowers can file complaints with the Registry of Moneylenders or the police if necessary.

How the Registry of Moneylenders Protects Borrowers

The Registry of Moneylenders in Singapore plays a vital role in protecting borrowers by ensuring they deal exclusively with legitimate and responsible lenders. It maintains an up-to-date list of licensed money lenders, sets clear guidelines on loan practices, and enforces compliance with statutory requirements.

By doing so, the Registry of Moneylenders promotes transparency, ethical conduct, and adherence to the law in the moneylending industry, serving as a key safeguard that helps borrowers make informed and secure financial decisions.

Steps Borrowers Can Take to Stay Safe

Borrowers can take several proactive steps to ensure they only engage with licensed money lenders and avoid scams:

1. Verify the lender’s licence – Always check MinLaw’s official list of legal lenders to confirm the money lender is legally registered.
2. Understand loan terms fully – Ensure you understand interest rates, late fees, administrative fees, repayment schedules, and total repayment amounts. Ask for clarification in writing if needed.
3. Protect personal information – Never share your Singpass credentials, passwords, bank details, or other sensitive information outside of the official loan process.
4. Meet in person at approved premises – Licensed lenders must only meet borrowers at their approved business locations. Avoid lenders who insist on remote or online-only loan processing.
5. Keep records of all transactions – Maintain receipts and copies of the loan contract. Confirm that statements of account are issued at least every six months.
6. Report suspicious behaviour promptly – Harassment, coercion, or non-compliance should be reported to the Registry of Moneylenders or the police immediately.

By following these steps, borrowers can confidently access legitimate financial services while minimising the risk of falling victim to unlicensed or unscrupulous lenders.

Conclusion

The Registry of Moneylenders in Singapore is essential for maintaining a secure, fair, and professional moneylending environment. From licensing and premises approval to borrower protection, loan transparency, and data security, the Registry of Moneylenders ensures that licensed lenders operate under strict legal and ethical standards.​​

For borrowers, verifying a money lender’s licence, understanding loan terms, and remaining vigilant against unethical practices are crucial steps to safeguard financial interests.

If you are looking for a trusted, reliable licensed money lender, Galaxy Credit offers secure, transparent, and responsible loan services customised to your needs. Speak to our team or apply for a loan today to experience professional financial support with clear terms and peace of mind.

The post 5 Key Facts About the Registry of Moneylenders in Singapore appeared first on Licensed Moneylender Singapore.