The complete list of 156 licensed money lender/ credit companies operating in Singapore that’s verified by the Ministry of Law (Updated on 1st July 2020).
Before you move on to enquire regarding unsecured loans from the list of legal moneylenders below, do try out these counseling and social support sites about moneylending issues.
i-Credit is listed number 75 and our License No:117/2019 on the list.
We are located in 82 Lorong 23 Geylang, #05-02 Atrix Singapore, Singapore 388409, about 2 minutes walk from Aljunied MRT. Phone no: +65 6222 5222.
Open from Monday to Friday: 11 am till 8 pm. Saturday to Sunday: 11 am till 4 pm. Closed on Public Holidays.
We do provide an urgent loan for your financial needs, like a loan for home renovation, for a loved one in need, or even to pay someone back, etc.
We treat every customer with respect and do our best to help them.
If you are interested to inquire about personal loans. Do click the button below, fill your details in the form, and we will get back to you within one (1) business day.
Simply use the “Search:” function and type in the area or even the registered company name of the licensed money lender. We hope this post has helped you.
Please do your due diligence when engaging licensed moneylender.
List of Licensed Money Lender (Updated on 1st July 2020)
|S/No.||Business Name||Business Address||License No.||landline number||Website URL|
|1||1 2 Lend Pte. Ltd.||1, Park Road, #01-83/84, People’s Park Complex, |
|2||101 Credit Pte. Ltd.||101, Upper Cross Street, #01-24, People’s Park Centre, |
|29/2020||62381018||http://www.101personalloan.com.sg/ (website not working)|
|3||1133 Moneylenders Pte. Ltd.||262, Balestier Road, #01-02, Okio,|
|120/2019||65561133||http://1133moneylenders.sg/ (website notworking)|
|4||1AP Capital Pte. Ltd.||10, Anson Road, #01-38A, International Plaza, Singapore 079903||41/2020||65335335||https://1apcapital.sg/|
|5||1st Capital Pte. Ltd.||304, Orchard Road, #04-1A/2, Lucky Plaza, |
|6||1st Credit SG Pte. Ltd.||149, Rochor Road,|
#01-07, Fu Lu Shou Complex,
|7||1st LG Credit Pte. Ltd.||304, Orchard Road, #02-29, Lucky Plaza, Singapore 238863||75/2020||62996654||https://www.moneylenderpro.com/|
|8||365 Credit Solutions Pte Ltd||14, Scotts Road, #03-64, Far East Plaza,|
|9||96BM Credit Pte. Ltd.||302, Ubi Avenue 1,|
#01-31, Singapore 400302
|10||A1 Credit SG PTE. LTD.||2, Havelock Road, #02-08, Havelock2, Singapore 059763||23/2020||63360833||https://www.a1credit.sg/|
|11||ABI Credit Pte Ltd||185, Toa Payoh Central, #01-320, Singapore 310185||16/2020||63379719||http://www.abicredit.sg/ (website not working)|
|12||ABK Leasing Pte. Ltd.||13, North Bridge Road, #01-3984, Golden Beach Vista,|
|13||ABM Creditz Singapore Pte. Ltd.||1, Park Road, #01-12, People’s Park Complex, |
|14||Accredit Pte. Limited||I: 503, Tampines Central 1, #01-315,|
II: 1187, Upper Serangoon Road, #01-15, The Midtown, Singapore 533971
III: 18, Jalan Membina, #01-04, Tiong Bahru Court, Singapore 164018
IV: 743, Yishun Avenue 5, #01-548, Nee Soon Central Spring,
|15||Advance Cash Credit Pte. Ltd.||304, Orchard Road, #04-12/13, Lucky Plaza, |
|16||Aero Credit Pte. Ltd.||810, Geylang Road, #02-15, City Plaza, Singapore 409286||86/2020||68414355||https://aerocredit.com.sg/|
|17||AK Credit Corporation Pte. Ltd.||2, Havelock Road, #01-16, Havelock2, Singapore 059763||155/2019||65359989||https://akcredit.com.sg/|
|18||AKB Credit Pte. Ltd.||69 Jalan Besar,|
|19||Alles Autos Credit Pte. Ltd.||133, New Bridge Road, #01-34, Chinatown Point, Singapore 059413||121/2019||65330300||http://allesautoscredit.com/|
|20||Alpha 8 Pte. Ltd.||449, Clementi Avenue 3, #01-265,|
|21||Andal Enterprise Pte. Ltd.||50, Tagore Lane, #04-11A2, Entrepreneur Centre, S(787494)||55/2020||69705602|
|22||AR Creditz Pte. Ltd.||2, Havelock Road, |
#01-21, Havelock2, S(059763)
|23||Art Credit Pte. Ltd.||238A, Serangoon Road, #02, S(218085)||54/2020||62922448|
|24||Avis Credit (SG) Pte. Ltd.||185, Toa Payoh Central, #01-344, S(310185)||42/2020||68832017||https://avismoneylender.com.sg/|
|25||Ban King Credit (S) Pte. Ltd.||705, Ang Mo Kio Avenue 8, #01-2563,|
|26||Best Credit SG Pte. Ltd.||372, Bukit Batok Street 31, #01-374, (level 2),|
|27||Bliss Credit Pte. Ltd.||11, Collyer Quay,|
#03-24, The Arcade, S(049317)
|28||BST Credit Pte. Ltd.||131, Jurong Gateway Road, #01-251,|
|29||BTB Creditz Pte. Ltd.||810, Geylang Road, #01-05/14, City Plaza,|
|30||Bugis Credit Pte Ltd||470, North Bridge Road, #02-12, Bugis CUBE, S(188735)||30/2020||63459123||https://www.bugiscredit.sg/|
|31||Capital Funds Investments Pte. Ltd.||65, Ubi Crescent, #06-07, Hola Centre, S(408559)||165/2019||62817736||http://www.loancfi.com.sg/|
|32||Cash Check Singapore Pte. Ltd.||726, Ang Mo Kio Avenue 6, #01-4166,|
|33||Cash Direct Pte. Ltd.||1187, Upper Serangoon Road, #01-16, |
The Midtown, S(533971)
|34||Cash Mart Pte. Ltd.||277, Balestier Road, S(329726)||182/2019||63974111||https://cashmart.sg/|
|35||Cashmax Credit Pte. Ltd.||810, Geylang Road, #01-56, City Plaza,|
|36||Crawfort Pte. Ltd.||1, North Bridge Road, #01-35, High Street Centre,|
|37||Credit 21 Pte. Ltd.||10, Anson Road, #01-07, International Plaza, S(079903)||57/2020||62211811||http://www.credit21.com.sg/|
|38||Credit 89 (SG) Pte. Ltd||200, Jalan Sultan, #04-21B, Textile Centre, |
|179/2019||63980909||https://credit89sg.com/ (not found on https://rom.mlaw.gov.sg/files/ML%20Lists/ML%20List_1July2020.pdf)|
|39||Credit Assist Pte. Ltd.||101, Upper Cross Street, #01-15, People’s Park Centre, |
|40||Credit Culture Pte. Ltd.||31A, Keong Saik Road,|
|41||Credit Empire Enterprise Pte. Ltd.||1, Park Road,|
#01-16, People’s Park Complex, S(059108)
|42||Credit Excel Capital Pte. Ltd.||192, Waterloo Street, #6F-03-05, Sky Line Building, S(187966)||123/2019||63370055||https://quickmoney.sg/|
|43||Credit Hub Capital Pte. Ltd.||190, Middle Road, #10-01A, Fortune Centre, S(188979)||139/2019||63385115||http://credithubcapital.sg/|
|44||Credit King Pte. Ltd.||101, Upper Cross Street, #01-27, (Part)& #B1-49 People’s Park Centre, S(058357)||39/2020||62221788|
|45||Credit Matters Pte. Ltd.||801, Geylang Road, #02-01, S(389681)||84/2020||66363233||http://www.creditmatters.com.sg/|
|46||Credit Thirty3 Pte. Ltd.||304, Orchard Road, #02-88, Lucky Plaza, S(238863)||1/2020||62922931||https://www.creditthirty3.com.sg/|
|47||Credit Xtra Pte. Ltd.||101, Upper Cross Street, #01-05C, People’s Park Centre, S(058357)||98/2020||63388829||http://www.creditxtra.com.sg/|
|48||Creditmaster Pte. Ltd.||1, Park Road, #01-50, People’s Park Complex, |
|49||DIO Credit Pte Ltd||810, Geylang Road, #01-115/6, City Plaza, S(409286)||150/2019||63966215||http://www.diocredit.com.sg/|
|50||Elite Investment & Credit Pte. Ltd.||799, Geylang Road, #01-01, S(389680)||81/2020||67907161||https://eliteloans.com.sg/|
|51||Empire Global Pte Ltd||513, Bishan Street 13, #01-514, S(570513)||36/2020||62591883||http://www.applypersonalloans.sg/|
|52||Emvertex Credit (SG) Pte. Ltd.||200, Jalan Sultan, #02-33, Textile Centre, |
|53||Excel Credit (Pte.) Ltd.||Blk 449, Clementi Avenue 3, #01-241, (Plot B), S(120449)||3/2020||62202937||https://www.excelcredit.sg/|
|54||EZ Loan Pte. Ltd.||I: 3, Beach Road, #01-4853, Beach Road Gardens, S(190003)|
II: 1, Tanjong Pagar Plaza, #02-09, S(082001)
|55||EZ Pte. Ltd.||765, Geylang Road, S(389663)||18/2020||64400822||http://www.ezmoneylender.com.sg/|
|56||Fast Money Pte. Ltd.||I: 101, Yishun Avenue 5, #01-39, S(760101)|
II: 505, Tampines Central 1, #01-341, S(520505)
|57||Fong Chin Capital Pte. Ltd.||129, Bedok North Street 2, #01-42, S(460129)||124/2019||64455022||http://fongchincapital.com.sg/|
|58||Fortune Credit Pte. Ltd.||470, North Bridge Road, #02-01A, |
Bugis Cube, S(188735)
|59||Gain Credit Pte. Ltd.||807, Yishun Ring Road, #01-4197, S(760807)||172/2019||64380113||https://gaincredit.com.sg/|
|60||Galaxy Credit and Investments Pte Ltd||709, Ang Mo Kio Avenue 8, #01-2595,|
|61||GM Creditz Pte. Ltd.||111, North Bridge Road, #01-41, Peninsula Plaza, S(179098)||115/2019||65881886||https://www.gmcreditz.com.sg/|
|62||Gold Allianze Capital Private Limited||1, Rochor Canal Road, #01-03, Sim Lim Square, S(188504)||43/2020||63386956||http://www.goldallianze.com.sg/|
|63||Golden Credit (S) Pte. Ltd.||101, Upper Cross Street, #01-05F, People’s Park Centre, S(058357)||38/2020||62241300||http://goldencredit.com.sg/|
|64||Goldstar Credit Pte. Ltd.||i: 183, Toa Payoh Central, #01-254, S(310183)|
ii: 1187, Upper Serangoon Road #01-21, S(533971)
|65||GS Credit Pte. Ltd.||1, Gateway Drive, #06-08, Westgate, S(608531)||125/2019||65630321||https://www.jurongmoneylender.sg/|
|66||GT Credit Pte. Ltd.||178, Toa Payoh Central, #01-202, S(310178)||15/2020||67428154||http://www.gtcredit.com.sg/ (website not working)|
|67||GV Credit Pte Ltd||101, Joo Chiat Road, GV Building, S(427395)||126/2019||63450233|
|68||Happy Cash Pte. Ltd.||465, North Bridge Road, #01-5083, S(191465)||20/2020||62914312||http://lowinterestloan.com.sg/|
|69||Hersing Credit Pte Ltd||21, Tampines Street 92, #05-00, H C Design Centre, S(528891||127/2019||62722000||https://www.hersingcreditsg.com/ (not on https://rom.mlaw.gov.sg/files/ML%20Lists/ML%20List_1July2020.pdf)|
|70||HHL Credit Pte. Ltd.||1, Rochor Canal Road, #01-04, Sim Lim Square, S(188504)||13/2020||67321998||https://hhlcreditpl.com/|
|71||HMS Credit Pte Ltd||1, Sophia Road,|
#03-39, Peace Centre,
|72||Horison Credit Pte. Ltd.||1, Park Road, #01-15, People’s Park Complex, S(059108)||7/2020||68442902||https://www.horisonmoneylender.com.sg/>|
|73||HS Credit Pte. Ltd.||3, Coleman Street, #04-32, Peninsula Shopping Complex, S(179804)||51/2020||63377782|
|74||Hup Hoe Pte. Ltd.||1, Rochor Canal Road, #01-01, Sim Lim Square, S(188504)||116/2019||62549441||http://www.huphoecredit.com.sg/|
|75||I-Credit Pte. Ltd.||82, Lorong 23 Geylang, #05-02, Atrix, |
|76||IFS Consumer Services Pte. Ltd.||10, Eunos Road 8, #09-04, Singapore Post Centre, S(408600)||85/2020||63030306||https://www.fridayfinance.sg/|
|77||Ignis Montis Pte. Ltd.||184, Toa Payoh Central,|
|65/2020||+65 6977 7272||https://ignismontis.com.sg/|
|78||IP Credit Pte. Ltd.||185, Toa Payoh Central, #01-332, S(310185)||82/2020||62228993||https://ipcredit.sg/|
|79||JD Credit Pte. Ltd.||531, Upper Cross Street, #01-38, Hong Lim Complex, S(050531)||44/2020||62927717||https://jdcredit.com.sg/|
|80||Jefflee Credit Pte. Ltd.||131, Jurong Gateway Road, #01-261, |
|81||JML Credit Pte. Ltd.||756, Upper Serangoon Road, #04-13, Upper Serangoon Shopping Centre, S(534626)||45/2020||62821135||https://jmlcredits.com/ (not found on https://rom.mlaw.gov.sg/files/ML%20Lists/ML%20List_1July2020.pdf)|
|82||JNB Credit Pte. Ltd||175, Bencoolen Street, #01-25, Burlington Square, S(189649)||40/2020||65541857||http://www.jnbcreditz.com.sg/ (not found on https://rom.mlaw.gov.sg/files/ML%20Lists/ML%20List_1July2020.pdf)|
|83||Jothi Moneylender Pte. Ltd.||5001, Beach Road,|
#07-63, Golden Mile Complex, S(199588)
|84||JR Credit (S) Pte. Ltd.||304, Orchard Road, #02-14, Lucky Plaza, S(238863)||34/2020||67373022||http://jrcredit.sg/|
|85||Kaiiron Pte. Ltd.||111, North Bridge Road, #05-15A, Peninsula Plaza, S(179098)||58/2020||62621813||http://kaiiron.com/|
|86||Karthik Money Lending Pte. Ltd.||238, Serangoon Road, S(218085)||61/2020||62918194|
|87||Katong Credit Pte. Ltd.||304, Orchard Road, #02-30/31, Lucky Plaza, S(238863)||10/2020||62912210||https://www.katongcredit.com.sg|
|88||KBB Credit SD Private Limited||111 North Bridge Road, #01-35, Peninsula Plaza, S(179098)||145/2019||62556998||https://kbbcredit.sg/|
|89||Khalon & Gill Moneylenders Pte. Ltd.||1, North Bridge Road, #B1-25-A, High Street Centre, S(179094)||152/2019||63921251|
|90||Kim Eng Finance (Singapore) Pte Ltd||50, North Canal Road, #03-01, S(059304)||97/2020||62315219|
|91||KR RM Ramasamy Pte. Ltd.||238A, Serangoon Road, |
|92||KST Credit Pte. Ltd.||220, Orchard Road, #01-01, Midpoint Orchard, S(238852)||96/2020||+65 6255 5225||http://www.kstcredit.sg|
|93||Lending Bee Pte. Ltd.||I. 14, Scotts Road, #02-44/45, Far East Plaza,|
II: 190, Lorong 6 Toa Payoh, #01-548,
III: 213, Bedok North Street 1, #01-111, S(460213)
IV: 135, Jurong Gateway Road, #01-335, S(600135)
|94||Lian Fong Capital Pte. Ltd.||96, Jalan Jurong Kechil, S(598599)||147/2019||64683948|
|95||Magnus Credit Pte. Ltd.||301, Ubi Avenue 1, |
|96||Majestic Credit Pte. Ltd.||101, Upper Cross Street, #01-26B/G, People’s Park Centre, |
|97||Max Credit Pte. Ltd.||1, Sophia Road, #01-15, Peace Centre, S(228149)||99/2020||63364144||https://www.maxcredit.sg/|
|98||MM Credit Pte. Ltd.||217, Bedok North Street 1, #01-63, S(460217)||9/2020||62262207||http://www.mmcredit.com.sg/|
|99||Monetium Credit (S) Pte. Ltd.||10, Jalan Besar,|
#01-01, Sim Lim Tower,
|177/2019||+65 6777 7775||https://www.monetiumcredit.com.sg/|
|100||Moneyplus Capital Pte. Ltd.||371, Beach Road,|
#01-03, City Gate,
|101||Motor-Way Credit Pte Ltd||1094, Lower Delta Road, Motorway Building, S(169205)||129/2019||64662200||https://motorway.com.sg/|
|102||MWA Capital Pte. Ltd.||3, Phillip Street, #13-01, Royal Group Building, S(048693)||141/2019||65572275||https://www.mwacapital.com.sg/|
|103||New ERA Credit (S) Pte. Ltd.||50, East Coast Road, #02-58, Roxy Square, |
|104||Oasis Credit Services Pte. Ltd.||442, Clementi Avenue 3, #01-87, S(120442)||66/2020||67771121||http://moneyloans.com.sg/|
|105||On Line Credit Pte Ltd||Blk 210, New Upper Changi Road, #01-731, (Half portion only), |
|106||Orange Credit Pte. Ltd.||810, Geylang Road, #01-91, City Plaza,|
|107||OT Credit Pte. Ltd.||135, Jurong Gateway Road, #01-323,|
|108||Periakaruppan Chettiar Pte. Ltd.||77, High Street,|
#09-15, High Street Plaza, S(179433)
|60/2020||66816494||http://periakaruppanchettiar.com.sg/ (website not working)|
|109||Phillip Credit Pte. Ltd.||250, North Bridge Road, #06-00, Raffles City Tower, S(179101)||130/2019||68127072||https://phillip-credit.com/ (not found on https://rom.mlaw.gov.sg/files/ML%20Lists/ML%20List_1July2020.pdf)|
|110||Pit-Stop Credit (SG) Pte. Ltd.||200, Jalan Sultan, #02-27A, Textile Centre, |
|111||Platinum Credit Pte Ltd||1, Coleman Street, #01-11, The Adelphi, S(179803)||140/2019||63330888||https://www.platinumcredit.com.sg/|
|112||Power Credit Enterprise Pte. Ltd.||1, Tras link, #01-11, Orchid Hotel, S(078867)||169/2019||62865389||https://www.powercredit.sg/|
|113||PR Vita Capital Pte. Ltd.||77, High Street, #09-15, High Street Plaza, |
|48/2020||63380807||http://www.prvrcapital.com.sg/ (website not working)|
|114||Prime Motor & Leasing Pte. Ltd.||61, Ubi Avenue 2, #01-03, Automobile Megamart, S(408898)||131/2019||67419292|
|115||Prosper Credit Pte. Ltd.||186, Toa Payoh Central, #01-420, S(310186)||95/2020||62262320|
|116||Qiannow Pte. Ltd.||60, Paya Lebar Road, #07-32, Paya Lebar Square, S(409051)||88/2020||63878623||https://qiannow.com/|
|117||Quick Credit Pte Ltd||2, Jurong East Street 21, #04-01A/B, IMM Building, S(609601)||28/2020||68996188||http://www.quickcredit.com.sg/|
|118||QuickLoan Pte. Ltd.||10, Anson Road, #01-15, International Plaza, S(079903)||59/2020||62231788||https://www.quickloan.com.sg/|
|119||QV Credit Pte. Ltd.||175A, Bencoolen Street, #11-08, Burlington Square, S(189650)||83/2020||68357775||https://qvcredit.sg/|
|120||R2D Credit Pte. Ltd.||Blk 846, Yishun Ring Road, #01-3661, S(760846)||14/2020||66351595||https://r2dcredit.com/|
|121||Raffles Credit Pte Ltd||17A, Circular Road,|
|122||RJS Credit Pte. Ltd.||77, High Street, #04-06, High Street Plaza, |
|123||RM Credit Pte. Ltd||2, Havelock Road, #01-17, Havelock2, S(059763)||175/2019||62355335||https://rmcredit.com.sg/|
|124||RM R Credit Pte. Ltd.||29A, Upper Dickson Road, S(207488)||35/2020||63960676|
|125||S G Credit Pte. Ltd.||33D, Benoi Road,|
#03-00, Pioneer Lot,
|126||S P Credit Pte. Ltd.||43A, Campbell Lane, #02-00, S(209915)||67/2020||62916396|
|127||S.E. Investment Pte. Ltd.||100, Eunos Avenue 7, #03-25, San Teh Industrial Building,|
|128||Sands Credit Pte. Ltd.||175, Bencoolen Street, #01-06, Burlington Square, S(189649)||142/2019||62250268||http://www.sandscredit.com.sg/|
|129||SGP Credit Singapore Pte. Ltd.||133, Jurong Gateway Road, #01-299, |
|130||Shanmugan Moneylender Pte. Ltd.||10, Jalan Besar, #13-05A, Sim Lim Tower, S(208787)||63/2020||62978574|
|131||Sighappi Achi Moneylender (SG) Pte. Ltd.||25, Norris Road, #2, S(208267)||49/2020||63417450|
|132||Sincere Moneylender Pte. Ltd.||13, Jalan Besar, ( level 1 only), S(208789)||119/2019||62852261|
|133||Singa Credit Pte Ltd||470, North Bridge Road, #02-01, Bugis Cube, S(188735)||146/2019||66946166||http://www.singacredit.com/|
|134||SKM Credit Pte. Ltd.||185, Toa Payoh Central, #01-334, S(310185)||22/2020||63365148||http://www.skmcredit.sg/|
|135||SME Care Pte. Ltd.||5, Jalan Kilang Barat, #07-02, Petro Centre, |
|136||Soon Seng Credit Pte. Ltd.||711, Ang Mo Kio Avenue 8, #01-3501A,|
|137||Su Credit Pte. Ltd.||175, Bencoolen Street, #01-36, Burlington Square, S(189649)||133/2019||66365644||https://www.sucredit.com.sg/|
|138||Sumo Credit Pte. Ltd.||190, Middle Road, #02-06, Fortune Centre, |
|139||Swift Credit Pte. Ltd.||1, Sophia Road, #01-37, |
|140||Synergy Credit Pte. Ltd.||140, Upper Bukit Timah Road, #02-18, |
Beauty World Plaza,
|141||Tan & Jiang Enterprise Pte. Ltd.||201D, Tampines Street 21, #03-1155, S(524201)||19/2020||67866098|
|142||The Moneylenders Pte. Ltd.||7A, Tech Park Crescent, S(637839)||134/2019||68628633|
|143||TKM Creditz Pte. Ltd.||43A, Campbell Lane, #02-00, S(209915)||26/2020||62938523|
|144||Tradition Credit Co Pte Ltd||810, Geylang Road, #01-81, City Plaza, S(409286)||154/2019||68469108||http://www.traditioncredit.com.sg/|
|145||Trillion Credit Solutions Pte. Ltd.||I: 101, Upper Cross Street, #01-26/A, People’s Park Centre, |
II: 304, Orchard Road, #02-12, S(238863)
|146||Tur Mohar Money Lending Pte. Ltd.||5001, Beach Road,|
#07-39, Golden Mile Complex, S(199588)
|147||U Credit (Pte.) Ltd||180 Bencoolen Street, #01-19, S(189646)||180/2019||63371768||https://ucredit.sg/|
|148||UK Credit (S) Pte. Ltd.||210, New Upper Changi Road, #01-723,|
|149||Unilink Credit Pte. Ltd.||35, Selegie Road, #10-27, Parklane Shopping Mall, S(188307)||174/2019||63380690||http://unilinkcredit.com.sg/|
|150||Uniqcash Pte. Ltd.||7A, Trengganu Street, S(058461)||32/2020||69103483||https://www.uniqcash.sg/|
|151||United Credit Pte Ltd||275, Thomson Road, #01-21, Novena Regency, S(307645)||78/2020||62220227||http://www.unitedcredit.com.sg/|
|152||Unlimited Finance Pte. Ltd.||162, Bukit Merah Central, #01-3541, S(150162)||173/2019||62994666||http://www.unlimitedfinance.com.sg/|
|153||Vera Capital Pte. Ltd.||302, Ubi Avenue 1, #01-33B, S(400302)||135/2019||67411101||https://vera.com.sg/|
|154||VM Credit Pte. Ltd.||261, Waterloo Street, #01-31, Waterloo Centre, S(180261)||136/2019||64811788||https://www.valuemax.com.sg/moneylending/|
|155||Wah Leong Company (Private) Limited||339, Jalan Besar, S(208984)||2/2020||62970433|
|156||Winz Credit Pte. Ltd.||I: 153, Serangoon North Avenue 1, #01-530, |
II: Blk 124, Lorong 1 Toa Payoh, #01-467,
Guidelines Licensed Money Lenders Must Adhere to According to The Ministry of Law
Borrowers are protected in Singapore because the ministry of law has set strict jurisdictions and guidelines that money lenders must abide by. The money lender guidelines were established in 2015 and any financial loaning company that doesn’t adhere to these rules will face the law.
It’s vital to know the laws that govern these establishments so you can avoid selecting a fraudulent money lender. Below are the guidelines that moneylenders must abide by;
Interest Rates on Loans
Interest rates on loans must never be higher than 4%. Therefore interest rates are determined according to the balance interest rate.
Compound Interest Rates
Moneylenders are permitted to using compound interest for outstanding principle ONLY.
Laws on Administrative Fees
Licensed moneylenders in Singapore are only permitted to charge administrative fees on loans and it must never exceed 10% of the principal loan amount. The administrative fee is charged immediately once your loan has been approved and so there should be no extra charges afterwards.
Late Fee Payments
People who loan money in Singapore will still get charged for late fees but the amount is not allowed to exceed $60. Additionally, late interest on repayment fees will not exceed the four percentage rate.
Unpaid or Late Repayments
Borrowers will only be charged interest on late or unpaid repayments. There should be no interest charge on fees that have already been paid.
Total Fees Charged
The total amount charged for admin, interest rates and late repayments fees will not exceed the principal amount of the loan you’ve been approved for. Ensure that you read your loan contract thoroughly to ensure the moneylenders in Singapore are abiding by these regulations.
If you feel that the moneylender has not adhered to the mentioned guidelines, you have full rights to contact the Ministry of Law to report them.
How to Select the Best Personal Loan Moneylenders
It can be difficult selecting the best personal loan moneylender because there are many aspects you must consider first before signing up with a loaning company. Here are a few key features you must look at first before opting for a money lender.
Are They Accredited and Licensed?
You are at risk of being exploited if you’re working with an unlicensed moneylender in Singapore. There’s also a potential risk of experiencing poor customer service from unlicensed moneylenders, which is frustrating and can result in financial struggles.
A reputable money lender will prove the legitimacy of their business through being licensed whether it’s a PTE LTD or public business. Furthermore, a licensed moneylender has earned their permit by meeting the conditions set by the government for personal loan companies. Therefore you’ll be loaning legal money.
All the loan products that the lender offers must adhere to the legal Singapore guidelines. What’s more, if you are having problems with the lender you can contact the authorities because they have a comprehensive list of licensed moneylenders.
The accreditation is given to moneylenders from The Ministry of Law through the Registry of Moneylenders Singapore. These companies are qualified and recognised by the law so it’s imperative that you only take out personal loans with licensed lenders.
The Fees they Charge
All accredited moneylenders in Singapore will charge you for personal loan services. Before opting for a personal loan, check the fees the establishment charges. These lenders set their own amounts so you may want to compare prices of each money lending institute you’re researching. This is so you can select the services of a lender that offers the best pricing on the loan agreement.
Does The Licensed Moneylender Have an Excellent Reputation?
You don’t want to work with a moneylender that has poor customer reviews. There is a reason clients aren’t happy with the services from some lenders. This could be because the business refuses to answer phone calls when there’s a need for assistance or they exploit their clients.
You can find out a lot about a loan company if you do extensive research online. To find the best one simply look for a registry of moneylenders in Singapore and see what people are saying about these establishments.
Although you may be in an emergency and you need fast cash, it’s important to find a lender who provides top-notch services to save you hassle & frustration.
Here are three aspects to research when looking at a money lender.
If you want excellent customer satisfaction then look at the lender’s experience in the industry. Moneylenders who’ve been in the industry for many years have perfected their workflow so that everything runs like clockwork.
Loan officers who’ve already been established won’t try to exploit you because they’ve already established themselves and so they want to protect their reputation. Not adhering to laws and taking advantage of clients can be detrimental to their business. Hence, you should opt for a loan officer who has been in the industry for many years.
2. Excellent Documentation
You must have extensive proof of all the information on the loan you’ve taken out. This means you must have a copyright document that you can keep in case you have a dispute with the lender.
Make sure the moneylenders act and rules are stipulated in the document as well as the following:
- Loan amounts
- Payment schedule
- Loan agreement
- Loan tenures
- Interest charge
- Processing fees
The document that you sign will inform you of your responsibilities and what the lender promises to do for you. If you feel that the lender hasn’t abided by the signed documentation you can contact the national crime prevention council for assistance.
3. Flexibility in Payments Fees
As mentioned before, you should opt for a moneylender in Singapore who is willing to be flexible on your repayment plans. For example, will they be willing to allow you to cease a repayment schedule for one month if you’re experiencing financial difficulties? Or will the company charge you for late payment?
Ensure that the money lending services allow exit fees. This is when you have all the money to pay off your loan with the company and you want to exit the contract by paying it in full.
It should be noted that Singapore citizens have reported unlicensed moneylenders who are saying they’re accredited, only to swindle people into opening up loans with the business. These scammers offer loan requests via the following:
- Text messages
- An email account
- Social media platforms that impersonate accredited money lenders
Scammers may also contact people via SMS or a phone call to suggest that they transfer money to pay off processing or GST fees before loans can be approved. These are scams and should be reported immediately. Take a look at the Police Advisory to find out if these establishments are licensed.
Furthermore, these scammers create false websites and social media accounts advertising that they’re licensed holders. These perpetrators will get people to send them personal data such as:
- NRIC card number
- Contact number
- Personal address
- Bank details
Even licensed moneylenders in Singapore are not entitled to your personal information via text, phone call or social media. A licensed moneylender in Singapore must meet with borrowers on the business premises in order to approve loans using ID documents. You must visit the physical building so your credit score can be checked too. In Singapore, online loan applications and credit reports are prohibited.
You can verify licensed lenders websites by going to www.police.gov.sg/iwitness. You should report any suspicious activity from potential unlicensed lenders to the police immediately. Call the X Ah long telephone number at 1800-924-5664 which is also used to report unlicensed lenders.