Licensed Money Lender in Singapore – Fast, Legal Loans
Looking for a legal loan company in Singapore? Use Singpass Myinfo for a fast and secure online loan application. Apply now for a stress-free loan experience with a licensed private money lender in Singapore.
- Highest-reviewed licensed money lender in Singapore
- Bad credit history? You can still apply with us
- Instant cash disbursement from a legal money lender
- Fast and instant loan approval with flexible terms
Licensed Money Lender in Singapore – Fast, Legal Loans
Looking for a legal loan company in Singapore? Use Singpass Myinfo for a fast and secure online loan application. Apply now for a stress-free loan experience with a licensed private money lender in Singapore.
- Highest-reviewed licensed money lender in Singapore
- Bad credit history? You can still apply with us
- Instant cash disbursement from a legal money lender
- Fast and instant loan approval with flexible terms
We Have Strong Credentials as a Trusted and Reliable Money Lender in Singapore
Established in:
2009
Amount loaned so far:
$301,794,845
Borrowers served:
30,200
Loan officers’ years of experience
Up to 10 years
Established in:
2009
Amount loaned so far:
$301,794,845
Borrowers served:
30,200
Loan officers’ years of experience
Up to 10 years
- Certified in Prevention of Money Laundering and Financing of Terrorism (PMFT), and Money Lender Operations & Compliance Training (by the Credit Association of Singapore).
Money Lender Reviews for Our Hougang Branch
Money Lender Reviews for Our Toa Payoh Branch
Licensed Money Lender Loans We Offer
Can’t Find the Legal Loan You Need?
Get in touch for expert assistance from a reliable legal money lender in Singapore. We can customise our loan to meet your requirements.
Licensed Money Lender Loan: 3 Simple Steps to Apply
New/Returning Customers
Applications usually take 20–30 minutes*, depending on your requirements.
1: Submit your application
Start by signing a consent form and completing the loan application form online or at your preferred licensed money lender office.
2: Verification and interview
Our friendly legal loan officer will review your documents, explain the process and fees, and conduct a short face-to-face interview.
3: Approval and disbursement
Once approved, the loan officer will explain the terms and contract. After signing, your loan will be disbursed immediately via cash or PayNow.
*For returning customers, applications may take only 5–10 minutes if there are no changes to your information or requirements.
Benefits of Getting a Loan from a Trusted Licensed Money Lender
Regular Clients
If you are a returning customer, Goldstar appreciates your loyalty and offers you a range of exclusive benefits**:
Clients with good credit history
If you have good credit history, we can provide you with these benefits**:
Reduced interest rates
Longer repayment terms
Higher loan principal approval
Faster processing time
Reduced processing fees
Instant approval
Grace period to avoid late charges
Customised payment due date
Payment due reminders
Pro-rated interest for early settlement
Payday loans at 0% interest rate
Special queue priority
Special loan scheme for those heavily in debt
Financial advice on managing debts
May qualify for a second loan upon evaluation
Free Statement of Accounts (SOA)
Live repayment updates
Free credit report (issued by Credit Bureau of Singapore (CBS), worth $6.42)
Dedicated loan specialist
Special queue priority
Special loan scheme for those heavily in debt
Financial advice on managing debts
May qualify for a second loan upon evaluation
Free Statement of Accounts (SOA)
Live repayment updates
Free credit report (issued by Credit Bureau of Singapore (CBS), worth $6.42)
Dedicated loan specialist
**Please note that none of these benefits is guaranteed; each is assessed on a case-by-case basis.
Licensed Money Lender Interest Rates and Fees
We charge competitive interest rates and fees, which is why so many of our customers keep coming back.
As a Goldstar customer, you can enjoy:
- Loan interest rates of 1-4% per month***
- A maximum of 5-10% in processing fees***
***Terms and conditions apply.
Licensed Money Lender Interest Rates and Fees
We charge competitive interest rates and fees, which is why so many of our customers keep coming back.
As a Goldstar customer, you can enjoy:
- Loan interest rates of 1-4% per month***
- A maximum of 5-10% in processing fees***
***Terms and conditions apply.
Common Questions About Licensed Money Lenders in Singapore
What do I need to consider before taking out a loan with a legal money lender in Singapore?
First, ask yourself if you really need a loan from a money lender. For example, do you need a new computer now, or can you wait and save up instead? However, in unforeseen circumstances, like an accident or urgent medical bill, taking out a loan from reliable money lenders in Singapore may be necessary.
Next, assess whether you can afford the loan. Understand the terms, including interest rates, repayment schedules, processing fees, and late fees. Work out your monthly budget to ensure you can meet these payments along with your essentials.
Before applying for a loan from licensed money lenders, research the different legal lenders’ interest rates to find the best option for your needs. Some authorised private money lenders in Singapore offer attractive rates and flexible repayment plans.
What are licensed money lenders, and is it safe to borrow from them?
Yes, borrowing from licensed money lenders is 100% safe. A licensed money lender is a legal financial institution authorised to lend money. They are legitimate and registered, meaning you can hold them accountable for their lending practices and loan terms. They are also quick lenders, providing fast loan disbursements for borrowers in urgent need of cash.
To be licensed in Singapore, all private money lenders must be registered under the Ministry of Law. Here’s the list of licensed money lenders in Singapore. As authorised money lenders, these reliable lenders must follow Singapore’s laws and regulations. This includes limits on borrowing based on income, minimum age requirements, maximum interest rates, and additional fees.
What are the pros of borrowing from licensed money lenders in Singapore?
Pros
Quick approval times (in less than 30 minutes if you have all the requested documents)
Flexible loan repayments to suit your needs
Fast and easy application
Having bad credit is not a concern – banks may be reluctant to approve your loans if you have bad credit, but a fast, legitimate money lender won’t penalise you for that
Offer you a debt consolidation loan to restructure debts
Private lenders vs. banks: What are the key differences?
You can turn to financial institutions such as banks and legalised online money lenders in Singapore (commonly referred to as licensed money lenders) to help tide you through rainy days. Below are the key differences between banks and legalised money lenders in Singapore.
Licensed money lenders
Banks
18 years and above
21 years and above
Minimum age requirements
1-4% per month
3.5-11% per annum
Interest rates
Reducing Interest Rate
Flat Interest Rate
Flat or reducing interest rates?
Short repayment period of up to 12 months, for a typically smaller loan amount
Longer repayment period of up to five years, for a bigger loan amount
Repayment period
Less than 30 minutes – Borrowers with bad credit scores are welcome to apply
3-5 working days – Banks conduct more stringent risk assessments and borrowers with good credit scores are preferred
Application approval time
What are the key differences between borrowing from unlicensed and licensed money lenders?
Legalised money lenders are an option you can turn to for instant loans in Singapore, however, there are cases where loan sharks are masquerading as licensed money lenders.
Below are some of the things you need to look out for to avoid money lender scams.
Licensed money lenders
Loan Sharks
Loan Amount
Maximum loan amount based on your annual salary (see: Eligibility Requirements section below)
Usually any amount you wish to borrow
Loan Fees and Interest rates
- Maximum interest rate: 4% per month
- Up-front service fees no higher than 10% of the loan value
- Include extra charges that aren’t known to you
- Exorbitant interest rates
- Not bound by Singapore law, so can charge as high as they please
Loan Repayment
- Late payment fees should not exceed $60 per month
- Late interest does not exceed 4% a month of the late amount due
- Charge high interest on late payment
- Likely to harass you and resort to abusive language to get you to pay up
- Ask for upfront payment before loan approval
Loan Contract
Will always have a clear contract detailing the loan amount, tenure, monthly repayment, interest, etc
No contract, or incomplete contract
Advertisement Methods
- Business or consumer directories (in print or online media)
- Money lender’s official website
- Advertisements placed within or on the exterior of the money lender’s business premises
- SMS, Whatsapp, Telegram, and various social media channels
- Flyers
- Emails
- Unsolicited calls
Mode of Operation
Have a registered business premise (a physical office)
Unlikely to have a business address and would prefer to conduct their business entirely online or in a public space
Here’s more information on how to differentiate legalised money lenders from illegal ones.
How can I verify whether a money lender in Singapore is licensed?
Make sure the private money lender is licensed and registered with the Ministry of Law. A registered money lender must follow the money lenders’ code of conduct, meaning they cannot use abusive language or threaten or harass you, as per laws and regulations.
Taking a loan with a licensed private money lender in Singapore is legally binding. Your loan officer must provide a complete contract detailing the loan’s terms and conditions, which you must sign. The contract will include the loan amount, tenure, processing fees, and late payment fees.
If you apply through the licensed money lender’s online form, the loan officer will contact you to schedule an appointment. You must visit their registered licensed money lender office for face-to-face verification, which cannot be skipped. Licensed money lenders will not disburse funds unless you’re physically present, even if they offer fast or instant loans.
How am I protected by Singapore law when I borrow from licensed money lenders?
When you borrow from trusted licensed money lenders in Singapore, you are protected by the Moneylenders Act. This Act details:
How licensed money lenders can advertise
The maximum amount a money lender can charge you in total
The maximum amount you can borrow from all local registered money lenders (see: Eligibility Requirements below)
How violent threatening or harassing behaviour is not allowed during debt collection
If you encounter a fast money lender increasing interest rates after you’ve signed the contract or harassing you for payment, file a complaint with the registry at 1800-2255-529 immediately. Licensed money lenders found guilty of an offence may be fined up to $20,000, jailed for up to 6 months, or both.
Before applying for a loan from an instant money lender in Singapore, always check reviews to find a licensed, legal money lender that suits your needs.
What happens if I default on my loan repayment to a licensed money lender in Singapore?
If you default on your loan repayment to a licensed money lender in Singapore, it will negatively affect your credit score, making it harder to get loan approval in the future.
Since the loan contract with an authorised money lender is legally binding, they can take you to court. If you’ve taken a secured loan, you could lose your collateral to cover the debt.
What if I am unable to repay money lenders in Singapore?
If you’re unable to repay money lenders in Singapore, don’t worry. Trusted money lenders offer professional service and can assist during difficult times.
How to settle debts with licensed money lenders:
1
Contact your money lender to negotiate an extension or refinancing plan.
2
Seek help from Social Service agencies, such as Credit Counselling Singapore, if you have loans with both licensed money lenders and banks. For those with debts only to licensed lenders, here’s a list of agencies that can assist.
3
Apply for the Debt Repayment Scheme (Note: If you’re under DRS, future loan applications will be rejected until your debts are cleared).
I accidentally borrowed from loan sharks; what should I do?
If you’ve borrowed from a loan shark, stay calm.
If you face issues like unexpected rate increases or harassment, don’t make any further payments. You are not legally required to repay debts to unlicensed money lenders, as they have no right to recover the money.
If threatened, contact the police or the X-Ah Long hotline at 1800-924-5664.
What are the eligibility requirements for borrowing from legal money lenders in Singapore?
Below are the eligibility requirements to borrow from a trusted legal money lender in Singapore:
Singaporeans/ PR
Foreigners
Minimum Age Requirements
18 years and above
Annual Income of Borrowers
Less than $10,000
$3,000
$500
At least $10,000, less than $20,000
$3,000
$3,000
At least $20,000
6 times your monthly salary
6 times your monthly salary
Documents Required
Identification Documents
- NRIC
- Work pass (S-Pass, E-Pass, work permit or any proof of employment)
- Passport
Other Documents
- Access to your SingPass for CPF statement verification and Notice of Assessment
- Proof of address in Singapore (Tenancy agreement, previous month’s handphone bills or other proof of residence)
- Payslips from the last three months
