Moneylender Reviews

Top 10 Best Licensed Money Lender in Singapore (October 2024)

Differentiating Unlicensed and Licensed Money Lender

Understanding how to differentiate between licensed and unlicensed moneylenders is crucial for making informed financial decisions. Licensed moneylender in Singapore are regulated by the Ministry of Law, adhere to strict advertising rules and are listed on official government websites. Unlicensed moneylenders or loan sharks, operate illegally and often resort to unethical practices, including harassment.

Licensed moneylenders follow specific guidelines on interest rates and repayment terms, while unlicensed ones may offer too-good-to-be-true deals that lead to financial traps. To avoid scams, it’s essential to verify moneylenders through official channels and consult reliable sources, such as our platform, which provides a list of trusted and best licensed money lender.

Check out our Top 10 Best Licensed Money Lenders in Singapore

Based on our analysis and reviews

Verify that a moneylender is licensed and view our curated list of licensed moneylenders.
Licence No. : 68/2024
Reach Out – +65 6219 2662

Based on our review of licensed money lender in Singapore, Accredit Pte Limited is the best choice. Known for its transparency and low interest rates, Accredit offers a variety of moneylending options with consistent service. They provide quick personal loans and business loans 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.

Looking for a money lender near you? Accredit is the only legal money lender with four branches conveniently located near Jurong, Hougang, Tampines and Yishun MRT stations in Singapore. They offer fast 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.

Below are the locations of Accredit branches

Accredit @ JurongAddress:506 Jurong West St 52 #01-192, Singapore 640506
Contact:

6261 2662

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Reviews:Google Reviews
Accredit @ TampinesAddress:503 Tampines Central 1, #01-315, Singapore 520503
Contact:

6226 2662

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Reviews:Google Reviews
Accredit @ HougangAddress:1187 Upper Serangoon Rd, #01-15 The Midtown, Singapore 533971
Contact:

6245 2662

WhatsApp now

Reviews:Google Reviews
Accredit @ YishunAddress:743 Yishun Ave 5, #01-548, Singapore 760743
Contact:

6219 2662

WhatsApp now

Reviews:Google Reviews
Licence No. : 45/2024
Reach Out – +65 6899 6188 or WhatsApp

Quick Credit Pte Ltd is first and foremost trusted money lender in Singapore since 2002. Quick Credit located in IMM nearby Jurong East MRT. They offer various loans like personal, business, pay day and debt consolidation loans. With over 20 years of experience, they offer 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 moneylender in Singapore. They were recently awarded the Pilot Programme by the Ministry of Law for their strong borrower protection proposal. They always prioritize their customers and provide solutions with a smile. 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.”

For 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 money lender open on Sunday, providing convenient access for your financial needs.

Quick Credit Google Review

Licence No. : 128/2024
Reach Out – +65 6272 5538 or WhatsApp

Best Credit SG Pte Ltd, previously known as Cing Dien Credit, a good licensed money lender where is near to Bukit Batok, Bukit Gombak, Choa Chu Kang and Jurong East MRT stations. Established in 1985, it is the oldest licensed lending company approved by the Ministry of Law in Singapore, with over 30 years of experience. They offer quick personal loans with fast approvals and fund disbursements. Best Credit is one of the money lender with lowest interest rate, helping many people get cash quickly without the hassle of dealing with a bank. Best Credit has a high ranking on Credit Review.

For more information or to request a 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 only licensed moneylender in the area that is open every day, including public holidays. You can rely on them for assistance whenever you need it.

Read more on their Google Reviews

Licence No. : 61/2024
Reach Out – +65 6887 0016 or WhatsApp

HS Credit Pte Ltd is one of the top licensed money lender located in Woodlands near to Marsiling MRT station. HS Credit offers some of the best personal loans, payday loan, renovation loan, etc. in Singapore 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.

Are you looking for a quick loan approval? 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.

Click here to view Google Reviews of HS Credit

Licence No. : 129/2024
Reach Out – +65 6255 6998 or WhatsApp

KBB Credit SD Pte Ltd

KBB Credit SD Pte Ltd, previously called as KBB Credit, has been helping clients since 2010. KBB Credit SD Pte Ltd is a authorised loan company in Singapore, offering personal, business and debt consolidation loans. KBB Credit is located in Peninsula Plaza, near to Dhoby Ghaut and City Hall MRT station. KBB Credit offers great loan packages with flexible terms and they have received numerous positive reviews. They are recognized for their customer-friendly policies, clear terms and fast approval process.

For inquiries, reach out at +65 6255 6998 or via email at enquiry@kbbcredit.sg. Their friendly consultants are always ready to assist. The office is located at 111 North Bridge Road, #01-35 Peninsula Plaza, Singapore 179098. For more information about their services and terms, visit their website or get in touch with them directly.

Google Reviews of KBB Credit

Licence No. : 99/2024
Reach Out – +65 6266 5422 or +65 9755 0435

1st Credit SG Pte Ltd

1st Credit SG, previously called Ariksha Moneylender, is a reliable money lender in Singapore. They have been in business since 1990, 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. With competitive interest rates, their customers are happy to recommend them to others. 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!

Read more on their reviews

Licence No. : 41/2024
Reach Out –  +65 6223 1788 or WhatsApp

QuickLoan Pte Ltd

QuickLoan Pte Ltd. is a 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. 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 6223 1788 or visit their office at 10 Anson Rd, #01-15, International Plaza, Singapore 079903. You can also visit their website to learn more about their services.

Google Reviews of Quick Loan Pte Ltd

Licence No. : 76/2024
Reach Out – +65 6299 6654

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, 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.

1st LG Credit Google Reviews

Reach Out – +65 6880 0688

Singapura Finance

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 office is located at Blk 711 Ang Mo Kio Aveunue 8 #01-3501D Singapore 560711.

Reach Out – 1800 222 2121

UOB Singapore logo

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

How much can I borrow from 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

These limits are in place to ensure borrowers do not take on more debt than they can reasonably repay. Always check with the moneylender for specific terms and conditions and consider your repayment ability and financial situation before taking a loan.

The listings above have all show high standards of quality, professionalism and transparency.

At Credit Review, we take these factors seriously. Our team has carefully reviewed all 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 licensed money lender uphold high standards of quality, professionalism and transparency. 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.

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.

What are the benefits of applying loan from licensed money lender?

1. Regulated by the Government

  • Licensed money lender in 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

  • 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.

8. Personalized Service

  • Licensed money lender in 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, quick 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.

At Credit Review, we strive to be the best source for money lender reviews in Singapore. Our regularly updated list of the top 10 legal and licensed Singapore money lender 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, licensed money lender in Singapore, check our list 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 and find top money lenders in Singapore with confidence. We’re here to guide you to the best borrowing options available.