Credit Review SG

Credit Review is a trusted platform designed to help users find the best legal money lenders in Singapore. By offering detailed reviews, ratings and comprehensive comparisons, it ensures borrowers make informed decisions when selecting a trusted money lender. The platform emphasizes transparency, reliability and access to up-to-date information for those seeking quick money solutions.

Additionally, Credit Review provides a convenient locator tool to find nearby money lenders. Whether you need credit counseling or guidance in finding a quick, reliable lender, Credit Review is your go-to resource.

Based on our research, Accredit Pte Limited stands out as the largest and most credible legal moneylender in Singapore. With multiple branches conveniently located near MRT stations, they are easily accessible to customers. Accredit offers a variety of financial solutions, including quick personal loans, debt consolidation loans and payday loans, all tailored to meet the needs of Singapore residents. Their commitment to transparency and customer satisfaction, along with being open on Sundays, has earned them a strong reputation in the moneylending industry.

Before taking a loan, consider these key points:

1. Explore Alternatives: Check for government financial assistance schemes before approaching a moneylender.

2. Legal Obligation: Understand that you must fulfill any loan contract with a licensed moneylender.

3. Assess Affordability: Ensure you can meet the contractual terms, keeping your income and financial obligations in mind. Borrow only what you can repay to avoid financial strain.

4. Understand Terms: Make sure the loan terms, including repayment schedule, interest rates and additional legal fees, are clearly explained in a language you understand.

5. Property Caveats: Be careful about terms allowing a moneylender to lodge a caveat on your property, as this can restrict your ability to sell it without repaying the loan. When a caveat is lodged against your property, you will not be able to sell it without first repaying the moneylender in full. If the repayment is taken from the net proceeds from the sale of the property, it can wipe out all or a substantial portion of the proceeds.

6. Shop Around: Compare terms from different moneylenders to find the most satisfied conditions with you. Do not rush into a loan agreement.

In Singapore, secured and unsecured loans differ primarily in terms of collateral and associated risk.

A secured loan requires the borrower to provide an asset, such as property or a vehicle, as collateral. This reduces the lender’s risk, which often results in lower interest rates and the possibility of borrowing a larger amount. However, if the borrower defaults, the lender can claim the asset to recover the loan amount.

In contrast, an unsecured loan does not require any collateral. Instead, lenders base their decision on the borrower’s creditworthiness and income. As a result, unsecured loans typically have higher interest rates and lower loan amounts due to the increased risk for the lender.

As of 1 October 2015, licensed money lenders can only impose the following fees and expenses:

1. Late Repayment Fee: Up to $60 per month for late repayment.

2. Administrative Fee: Up to 10% of the principal amount when the loan is granted.

3. Legal Costs: Court-ordered costs for successful claims by the moneylender for loan recovery.

The total charges, including interest, late interest, administrative fees and late fees, cannot be more than the loan amount. For example, if you borrow $10,000, all charges combined (interest, late interest, 10% administrative fee and $60 monthly late fees) can’t exceed $10,000. Ensure you clearly understand the loan contract details from the moneylender before signing to avoid any illegal charges. If you wish to seek assistance, feel free to contact us or check out our list of approved lending company here.

Licensed moneylenders in Singapore can charge a maximum interest rate of 4% per month, regardless of the borrower’s income or loan type. Late interest is also capped at 4% per month on the overdue amount only. Interest is calculated based on the remaining principal after repayments. For example, if you borrow $10,000 and repay $4,000, interest is charged on the remaining $6,000. Late interest applies only to the overdue amount. Explore our top 10 legal loan companies in Singapore for reference.

With over 150 licensed moneylenders in Singapore, finding the best loan can be overwhelming. CreditReview simplifies this process by keeping you updated with a comprehensive list of legal lenders and verified customer reviews. Visit our website for the most current list of registered moneylenders. CreditReview’s platform helps you save time and make informed decisions by providing detailed information on each lender’s services, terms and customer feedback. This ensures you can find the most suitable loan option for your needs.

For secured loans, you can obtain a loan of any amount, provided you have the necessary collateral. Collateral could include property, vehicles or other valuable assets. The loan amount is often determined by the value of the collateral.

For unsecured loans, the maximum amount you can borrow depends on your annual income and is regulated to ensure responsible lending practices. Below is a general guideline for the maximum total amount you may borrow at any given time from all licensed moneylenders in Singapore:

In Singapore, all licensed money lenders are registered with the Ministry of Law (MinLaw). Our site lists only these licensed and regulated lenders, providing clear information to ensure you know they are trustworthy and reliable.

You can also check customer reviews to see if the lender is reputable. Reviews and ratings on various platforms like Credit Review can help you understand how well the lender serves their clients. Good reviews usually mean the lender is reliable, while negative feedback can signal problems.

To check if a money lender is licensed, look for their license number on their website. This number should be easy to find and can be checked against the MinLaw registry. Their website should also show that they follow the Moneylenders Act.

By using these methods, you can make sure you are dealing with a legitimate and licensed money lender, protecting yourself from loan scams and ensuring your financial safety.

You can seek help from social service agencies that provide assistance with debt management and repayment plans. Here are some agencies you can contact:

1. Adullam Life Counselling
   Address: 151 Chin Swee Road #08-04 Manhattan House Singapore 169876
   Tel no.: 9423 8832
   E-mail: admin@adullam.org.sg


2. Association of Muslim Professionals (AMP)
   Address: 1 Pasir Ris Drive 4 #05-11 Singapore 519457
   Tel no.: 6416 3960 / 6416 3961
   E-mail: corporate@amp.org.sg


3. Arise2care Community Services
   Address: No. 5 Harper Road #02-01A Singapore 369673 (Next to Tai Seng MRT Exit B)
   Tel no.: 6909 0628
   Email: admin@arise2care.sg


4. Blessed Grace Social Services Ltd
   Address: 18 Arumugam Road Antioch@Macpherson, #05-01, 409962 (Macpherson MRT Exit B)
   Tel no.: 8428 6377
   Email: info@blessedgrace.org


5. Credit Counselling Singapore
   Address: 51, #07-06 Cuppage Rd, 229469
   Tel no.: 6225 5227 / 6338 6586
   Email: enquiry@ccs.org.sg


6. One Hope Centre
   Address: 8 New Industrial Road #04-04B LHK 3  Building Singapore 536200
   Tel no.: 6547 1011
   Email: help@onehopecentre.org


7. Silver Lining Community Services
   Address: ​22 New Industrial Road, #07-03/04, Primax Building, Singapore 536208
   Tel no.: 6749 0400
   E-mail: admin@silverlining.com.sg

It’s important not to rely solely on advertisements when choosing a loan. Always verify and clarify the specific terms with a licensed moneylender before agreeing to a contract.

We’re here to help you find trusted moneylenders across Singapore. Please check out our list of selected licensed moneylenders and feel free to contact us with any questions.

Yes, it is generally safe to borrow from licensed money lenders in Singapore, provided you follow a few key guidelines. Licensed money lenders are regulated by the Ministry of Law, which sets strict rules and guidelines to protect borrowers. Here are some reasons why it is safe and some tips for ensuring a secure borrowing experience:

Why It’s Safe:

1. Regulation and Licensing: Licensed money lenders must adhere to the rules and regulations set by the Ministry of Law. This includes capping interest rates and fees, ensuring fair treatment of borrowers, and maintaining transparent loan agreements.

2. Transparency: Licensed money lenders are required to provide clear loan terms, including the interest rate, repayment schedule, and any additional fees. This helps borrowers understand their obligations and avoid hidden costs.

3. Legal Protection: Borrowers have legal recourse if they are mistreated by a licensed money lender. Complaints can be lodged with the Registry of Moneylenders, which will investigate and take appropriate action.

4. Fair Practices: Licensed money lenders must follow ethical lending practices. They cannot harass borrowers or use abusive language. Debt collection practices are also regulated to ensure they are conducted fairly.

Tips for Ensuring a Safe Borrowing Experience:

1. Verify the License: Always check that the money lender is licensed by the Ministry of Law. You can find a list of licensed money lenders on the Ministry’s website.

2. Understand the Terms: Before signing any loan agreement, make sure you fully understand the terms, including the interest rate, repayment schedule, and any fees. Ask for clarification if needed.

3. Read Reviews: Look for reviews and feedback from other borrowers. This can provide insights into the money lender’s reputation and customer service.

4. Avoid Unlicensed Lenders: Do not borrow from unlicensed money lenders, often referred to as loan sharks. They are not regulated and can engage in illegal and unethical practices.

5. Compare Offers: Shop around and compare offers from different licensed money lenders to find the best terms that suit your needs.

6. Seek Advice: If you are unsure about borrowing, consider seeking advice from financial counselors or professionals who can help you make an informed decision.

Borrowing from licensed money lenders in Singapore is generally safe due to the regulatory framework in place to protect borrowers. However, it is important to stay informed, understand the terms of your loan, and ensure you are dealing with a reputable and licensed lender. By taking these precautions, you can minimize risks and have a positive borrowing experience.

Yes, it’s very important to get advice before taking a loan from Singapore loan company. Credit Review can help you understand the loan terms, check if you can repay it and look at other options. This helps you avoid making quick decisions that might lead to money problems or bad loan conditions. Advice ensures you choose the best loan for your financial needs and goals.

Yes, you can leave a review for a moneylender on our platform. We encourage users to share their experiences and rate licensed moneylenders approved by the Ministry of Law. Your feedback helps others make well-informed decisions and ensures that our listings remain accurate and trustworthy. Click here to leave a comment.