Differentiating Licensed and Unlicensed Money Lenders
In Singapore, understanding what is the different between licensed and unlicensed moneylenders is crucial for making informed financial decisions. Licensed money lender Singapore are regulated by the Ministry of Law (MinLaw), adhere to strict advertising rules and are listed on official government websites. Licensed moneylenders must follow the specific guidelines on interest rates and repayment terms based on MinLaw approval.
Unlicensed moneylenders (or we called it as loan sharks) always operate illegally and often resort to unethical practices, including harassment. They may offer too-good-to-be-true deals that lead to financial traps. Click here to read our article that the case happened recently.
To avoid scams, it’s essential to verify moneylenders through official channels and consult reliable sources, such as our site, which provides a list of legal and trusted licensed money lender in Singapore.
The listings below have all show high standards of quality, professionalism and transparency
At Credit Review, we take these factors seriously. Our team has carefully reviewed all licensed money lender Singapore, including new ones, to rank the top 10 best licensed money lender in Singapore based on our research. Whether the loan is for you or someone else, we have gathered customer feedback, Google Reviews and even visited some lenders. We understand that borrowing can be scary for first-timers and very stressful during financial trouble.
Our top 10 legal & licensed money lenders uphold high standards of quality, professionalism and transparency in Singapore. They offer flexible policies, including the possibility of waiving late fees, which can reduce the total amount you need to repay. We are committed to helping you find the best option that suits your specific needs.
How much can you borrow from a licensed money lender in Singapore?
For unsecured loans, the maximum amount you can borrow is regulated and based on your annual income to ensure responsible lending. Here are the guidelines:
- Annual income less than $10,000: Borrow up to $3,000
- Annual income between $10,000 and $20,000: Borrow up to $3,000
- Annual income of $20,000 and above: Borrow up to six times your monthly income
| Borrower's annual income | Singapore Citizens and Permanent Residents | Foreigners residing in Singapore |
|---|---|---|
|
Less than $10,000 |
$3,000 |
$500 |
|
At least $10,000 and less than $20,000 |
$3,000 |
$3,000 |
|
At least $20,000 |
6 times monthly income |
6 times monthly income |
These limits are in place to ensure borrowers do not take on more debt than they can reasonably repay. Always check with the moneylenders for specific terms and conditions and consider your repayment ability and financial situation before taking a loan.
Check out our Top 10 Best Licensed Money Lenders in Singapore
Based on our analysis and reviews
How to verify that a moneylender is legal and trusted?
Click here to view our curated list of licensed moneylenders Singapore.
Based on our reviews of licensed money lenders in Singapore, Accredit Pte Limited is the top choice. Why we set Accredit as the top choice? Because Accredit has more than 3000 positive reviews based on our research on Google reviews. They also offer a variety of moneylending options with consistent service. They provide fast approval unsecured personal loans and business loans within few minutes to meet different financial needs. They provide clear, patient explanations and longer repayment plans to meet borrowers’ needs. Their innovative loan portal makes it easy to access repayment schedules and receipts.
If you are looking for a licensed money lender near to you, Accredit is your first choice. Accredit is the only one licensed money lender Singapore with four branches conveniently located at Jurong, Hougang, Tampines and Yishun. They offer quick money solutions and urgent loans, providing timely assistance even on Sundays and public holidays, making them highly reliable. Their website offers clear information on their services and FAQs, making it easy to find what you need. Click here to access their website for more details.
Below are the locations of Accredit branches
| Accredit @ Jurong | Address: | 506 Jurong West St 52 #01-192, Singapore 640506 |
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| Reviews: | Google Reviews | |
| Accredit @ Tampines | Address: | 503 Tampines Central 1, #01-315, Singapore 520503 |
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| Reviews: | Google Reviews | |
| Accredit @ Hougang | Address: | 1187 Upper Serangoon Rd, #01-15 The Midtown, Singapore 533971 |
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| Reviews: | Google Reviews | |
| Accredit @ Yishun | Address: | 743 Yishun Ave 5, #01-548, Singapore 760743 |
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| Reviews: | Google Reviews |
Quick Credit Pte Ltd is one of the trusted legal money lender in Singapore since 2002. Quick Credit located at IMM Mall nearby Jurong East MRT. They offer various loans like personal, business, payday and debt consolidation loans. With over 20 years of experience, they offer unsecured personal loan solutions tailored to your needs. Known for their credibility and excellent customer service, Quick Credit has many satisfied customers and is consistently rated as the top moneylenders in Singapore. They were recently awarded the Pilot Programme by the Ministry of Law for their strong borrower protection proposal. They always prioritise their customers and provide solutions with a smile.
For any loan inquiries, contact Quick Credit at +65 68996188 or email enquiry@quickcredit.com.sg. Their office is located at 2 Jurong East Street 21 #04-01A, Singapore 609601. Quick Credit is one of the licensed money lenders open on Sunday, providing convenient access for your financial needs. We found a testimonial from a client that sums up the lender’s philosophy:
“Quick Credit is the place that I found HOPE. They listen to your problems and provide you with a manageable loan repayment (including interest) scheme that you will not feel stress.They are the friendliest and helpful moneylenders that I’ve encountered. I’ve developed a personal relationship with them. Now I see them as personal friends rather than “moneylenders” that most of us feared. Thank you. Quick Credit.”
Best Credit SG Pte Ltd, previously known as Cing Dien Credit, one of the reliable licensed money lender near to Bukit Batok, Bukit Gombak, Choa Chu Kang and Jurong East MRT stations. Established in 1985, Best Credit is the oldest licensed lending company approved by the Ministry of Law (MinLaw) in Singapore, with over 30 years of experience. They offer unsecured personal loans with fast approvals and fund disbursements. Best Credit provides lowest interest rate, helping many people get cash quickly without the hassle of dealing with a bank. Best Credit has a high ranking because of their 800++ positive Google reviews.
For more information or request a urgent cash loan, you can call them at +65 6272 5538 or email them at enquiry@bestcredit.sg. Best Credit SG Pte Ltd is located at 372 Bukit Batok Street 31 #01-378, Singapore 650372. They are the one licensed moneylender open on Sundays, including public holidays. You can rely on them for assistance whenever you need it.
HS Credit Pte Ltd is the top licensed money lender located in Woodlands near to Marsiling MRT station. HS Credit offers some of the best unsecured personal loans, payday loan, renovation loan, etc. with quick approvals and fast disbursements, making the process easy and pleasant. Known for low-interest rates and professional service, they provide various loans including payday, personal, business and debt consolidation loans. HS Credit’s efficient services and diverse loan options make them a reliable choice. They are open every day, including Saturdays and Sundays with public holiday hours subject to notice. For more information, please visit HS Credit’s website here. Call HS Credit at +65 6887 0016 or you may also drop them an email at hello@hscredit.sg. Their office is located at 302 Woodlands Street 31, #01-295, Singapore 730302.
KBB Credit SD Pte Ltd, previously called as KBB Credit, operates their money lending business since 2010. KBB Credit SD Pte Ltd is an authorised loan company in Singapore, offering unsecured personal loans, business loans, debt consolidation loans and so on with lowest interest rate at starting from 1% only. KBB Credit is located in Peninsula Plaza, near to Dhoby Ghaut and City Hall MRT stations. KBB Credit offers great loan packages with flexible terms and they have received numerous positive Google reviews. They are recognised for their customer-friendly policies, clear terms and fast approval process. For loan inquiries, reach out at +65 6255 6998 or email them at enquiry@kbbcredit.sg. Their friendly loan consultants are always ready to assist you. Their office is located at 111 North Bridge Road, #01-35 Peninsula Plaza, Singapore 179098. For more information about their services and terms, click here to visit their website or get in touch with them directly.
1st Credit SG, previously called Ariksha Moneylender, is one of the top legal and licensed money lender in Singapore. They have been in business since 1989, giving them 30 years of experience in the money lending industry. With this experience, their management has trained a skilled team to keep providing cash services to the public. 1st Credit SG has earned a solid reputation and frequently receives referrals from satisfied clients. Their customers are happy to recommend them to others becuase of the competitive interest rates. Borrowers can trust 1st Credit SG for their financial needs. 1st Credit SG is conveniently located near Bugis, Rochor, Little India, City Hall and Promenade MRT stations, making it easily accessible. The office is just a short walk from the stations, ensuring a smooth visit. If you’re in need of a personal loan, you can call them at +65 6266 5422 or email at enquiry@1stcreditsg.com.sg. The office is located at 149 Rochor Road, #01-07 Fu Lu Shou Complex, Singapore 188425 and they are open on weekends for your convenience! For more details, visit their website here.
QuickLoan Pte Ltd. is an approved licensed money lender in Singapore, renowned for offering fast personal cash loans. Previously known as Quick Loan 101, the company is now approved by the Ministry of Law Singapore. Their office conveniently located near MRT stations such as Tanjong Pagar, Raffles Place, City Hall, Bugis, Downtown and Shenton Way. QuickLoan is well-regarded by both the industry and its customers. Their friendly loan officer are ready to help with any questions, including issues with late payments and whether a loan is right for you. For the best loan offers, you can call them at +65 6223 1788 or visit their office at 10 Anson Rd, #01-15, International Plaza, Singapore 079903. You can click here to visit their website to learn more about their services.
8. 1ST LG CREDIT PTE LTD
1st LG Credit Pte Ltd is a trusted and legal money lender near Little India, Rochor, Bugis, Promenade and Jalan Besar MRT stations in Singapore. Established in 1991 and previously known as Lekshmi Moneylender, they have been licensed by the Ministry of Law since then. They now is located at Lucky Plaza on Orchard Road, a more accessible and convenient spot for their clients. Their long history in the market highlights their reliability and commitment to great service. For more details on their services and terms, click here to visit their official website or visit their office at 16 Kerbau Rd, #02-01, Singapore 219155. You can also reach them by phone at +65 6299 6654 or via email at 1stlgcredit@gmail.com.
9. SINGAPURA FINANCE LTD
Reach Out – +65 6880 0688
Singapura Finance Ltd. was established in 1950 and is renowned for its inspiration, optimism and confidence. With the goal of realizing every customer’s dream, they comprehend client needs and craft deals accordingly. Your financial decisions are best tailored to your lifestyle with the assistance of their amiable relationship managers. To satisfy all of your financial needs, they provide a range of products, such as corporate and personal loans (also known as business capital financing). Check out the reviews of Singapura Finance and the list of Singapura Finance branches and offices here. You can reach them at +65 6880 0688 if you have any questions about loans. One of their branches is located at Blk 711 Ang Mo Kio Aveunue 8 #01-3501D Singapore 560711.
10. United Overseas Bank (UOB)
UOB (United Overseas Bank) is a leading bank in Singapore offering a range of financial services, including personal and business banking, wealth management and investment products. The bank is known for its strong presence in Southeast Asia and has a reputation for providing reliable and innovative banking solutions. UOB’s services include savings accounts, loans, credit cards, insurance and investment opportunities. The bank also offers digital banking options, making it convenient for the customers to manage their finances online or through mobile apps. One of their branches located at No. 80 Raffles Pl, #1 UOB Plaza, Singapore 048624. Click here to check out their website and review.
What are the benefits of applying loans from licensed money lender Singapore?
1. Regulated by the Government
- Licensed money lender Singapore are regulated by the Ministry of Law (MinLaw), ensuring that they follow strict guidelines. This regulation ensures transparency, legal protection and adherence to fair practices.
- Borrowers are protected under the Moneylenders Act, which regulates interest rates, fees and contract terms, ensuring no exploitation.
2. Clear and Transparent Terms
- Licensed money lenders are required to provide clear loan agreements, outlining all terms and conditions. This includes the loan amount, repayment schedule, interest rates and fees.
- Borrowers are fully informed of their obligations, reducing the risk of hidden fees or unfair terms.
3. Faster Approval Process
- Licensed money lenders typically offer faster loan approval processes compared to traditional banks. This makes it ideal for borrowers who need funds quickly for emergencies or urgent needs.
- Some licensed money lenders offer same-day approval and disbursement, making the process convenient for urgent financial situations.
4. Flexible Loan Amounts and Repayment Terms
- Licensed money lender often provide more flexible loan options compared to banks. They may offer small loans, short-term loans and different repayment structures tailored to the borrower’s financial situation.
- This flexibility allows borrowers to choose terms that fit their income and repayment capacity, reducing the likelihood of default.
5. Available for Individuals with Low Credit Scores
- Unlike banks, licensed money lenders are more lenient when it comes to credit scores. They offer loans even to individuals with poor credit histories, who may struggle to secure loans from traditional financial institutions.
- This can be particularly beneficial for those rebuilding their credit or facing financial challenges.
6. Reasonable Interest Rates
- Licensed money lenders are bound by law to charge interest rates that do not exceed 4% per month, regardless of whether the loan is secured or unsecured. This ensures that borrowers are not subjected to excessively high interest rates.
- Additionally, the law also caps late payment fees, ensuring that borrowers are not unfairly penalized for missed payments.
7. Legal Protection Against Harassment
- In Singapore, licensed moneylenders are prohibited from using unethical debt collection practices. Borrowers are protected from harassment or threats from the lender.
- If borrowers face any issues with a licensed money lender, they can report the matter to the Registry of Moneylenders for investigation. Click here for more details.
8. Personalized Service
- Licensed money lender Singapore often provide personalized service to understand the borrower’s financial needs and offer loans accordingly. The flexibility in terms and loan options can be tailored to suit different income levels and personal financial situations.
9. Confidentiality
- Licensed money lenders adhere to data privacy regulations, ensuring that borrower information remains confidential and is not misused.
10. Quick Access to Funds for Foreigners
- Foreigners living in Singapore may find it challenging to secure loans from banks but licensed money lenders are more accommodating and offer specific loan products for foreigners.
11. Various Loan Type
- Licensed money lenders typically offer a wide range of loan services, including:
- Personal loans
- Payday loans
- Business loans
- Debt consolidation loans
- Bridging loans
Conclusion
Applying for a loan from a Singapore licensed money lender provides a safe, transparent and regulated borrowing experience. It offers flexibility, fast approval and access to funds for individuals who may not qualify for traditional bank loans or need urgent financial help. Borrowers also benefit from legal protections, ensuring they are treated fairly throughout the loan process.
What is Self Exclusion?
In Singapore’s money lending industry, self-exclusion is a voluntary program that allows individuals to restrict themselves from borrowing from licensed moneylenders, helping those at risk of financial difficulties due to excessive borrowing. Once registered, the individual’s name is added to a centralized database, which licensed moneylenders must check before approving loans.
For Singaporeans and PRs, the minimum exclusion period is 1 or 2 years, while for foreigners, it is 2 years. Early withdrawal from self-exclusion is not permitted, ensuring a commitment to responsible borrowing and preventing unmanageable debt. Read more on MLCB :: Self Exclusion.
Can I borrow from licensed money lender?
Yes. You are legally obliged to honour any loan contract you sign with a licensed money lender in Singapore. Some tips you may need to know before taking a loan from licensed money lender in Singapore
- Consider whether you can comply with the terms of the contract, taking into account your income and financial obligations.
- Only borrow the amount you need and can afford to repay.
- Click here to view all the licensed moneylenders in Singapore
- Verify their UEN and licence no (Example, licence no. : 68/2024).
Also, we are here to help you to select and filter the best licensed money lender in Singapore.
What Credit Review do?
At Credit Review, we strive to be the best source for moneylender reviews in Singapore. Hence, we regularly update the list of the top 10 licensed and legal money lender Singapore for unsecured personal loan to help you find the most suitable options. If you have different opinions, please let us know and we’ll reassess our rankings. For friendly, trusted money lenders in Singapore, check our list above for better choices. We continuously update our list and address borrower concerns to ensure a smooth experience.
If you’re a licensed money lender Singapore and your company isn’t listed, contact us and we’ll add you. We also welcome user feedback to improve our service and keep our reviews accurate and helpful. Our goal as a loan advisor is to make your search for loans easier and more transparent. Explore our resources to find the legal & licensed money lenders in Singapore with confidence. We’re here to guide you to the best borrowing options available.