sgcityloan licensed money lender directory


Applicable for Singaporeans and PRs only





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Important Information for you regarding Licensed Moneylenders

1. What is a Licensed Money Lender ?

Licensed money lender is an authorised lender that provides loans apart from your traditional banks.

Licensed money lenders can offer unsecured loans as low as $100. This is very different from banks which often have a minimum amount  of $10,000.

2. Are companies which claim to be Licensed Moneylenders actually legal in Singapore?

Yes and no. Anyone can claim to be a licensed money lender. You however, will have to do your due diligence by checking if they are who they claim to be.

You can verify what you are being told on Registry of Moneylenders. Ministry of Law updates this list regularly so please be very careful if any of the details being told to you is different from what you see on Ministry of Law. Please ensure that the company name, license number and office address is correct before heading down. 

3. Can it be done online without having to go to their office?

Unfortunately as of January 2020, the law still requires face to face verification.

If anyone claims that they are able to provide you with a loan through transfer, please note that these are illegal lenders aka loansharks. Do not deal with them, do not provide them with any information. 

4. What are the interests rates a Licensed Moneylenders can charge?

As of January 2020, the maximum interest rate any legal money lender can charge you is 4% per month. 

5. What other fees can a Licensed Moneylender charge?

Licensed Money lenders are permitted to impose the following charges:

  • A 10% admin charge of the principal of the loan.
  • A late fee not exceeding $60 per month of late repayment.
  • Legal costs ordered by the court for a successful claim by the moneylender for the recovery of the loan

6. How much can I lend from a Licensed Moneylender?

According to the Ministry of Law, the credit limit is capped at a total of 6 times of the borrower’s monthly income. This is provided if your annual income is more than $20,000.

If your annual income is less than $10,000 you can loan up to $3,000.

7. What kinds of repayment or term plans does a Licensed Moneylender offer?

They can offer a variety of term plans from weekly loans to monthly repayment loans.

Duration of each loan can vary between 1 month to 12 months. This will depend on your discussion with the money lender.

8. Eligibility of Personal Loan from a Licensed Moneylender?

Some of the basic requirements include:

  • Age from 18 to 65.
  • Only Singaporean and PR
  • You must be employed. He/she can be employed full or part time. Either that or you can be running your own business. You can also be working freelance with a source of monthly income (eg. Grab driver / foodpanda delivery rider)
  • You are currently not bankrupt.

9. What documents do I need to bring along with me when I apply for a loan?

The minimum that you will be required to bring are:

  • NRIC
  • Salary slip

You can also check with the company if they require any other documentation from you before heading down to the office.

10. How to apply for a Personal Loan with a legal lender?

Simply fill in the form above, and our system will match the best moneylender to you. Our consultant will then contact you for further discussion.

11. What is the loan process for a Licensed Moneylender?

You will be required to visit the licensed moneylender’s office personally.

Firstly, you will need to fill in an application form. This is to allow the loan consultants to run a report and check the necessary documents. This form does not mean that you have taken the loan. It simply authorise them to conduct their credit assessment to comprehend your financial condition.

Secondly, after all the credit checks have been done, the loan consultant will then work out a suitable loan repayment plan for you.

Thirdly, the contract will be created and both you and the loan consultant will sign the loan agreement.

Last of all, the loan consultant will then disburse cash to you.

12. What are the types of loans that Licensed Money lenders offer? 

There is a huge variety of loans on offer.

  • Personal Loan
  • Business Loan
  • Renovation Loan
  • Wedding Loan
  • Debt Consolidation Loan
  • Holiday Loan
  • Payday Loan

For any reason that you may need a loan, the money lenders that we have found will be able to customise it for you even if it is not listed above.

13. How do I know when is my payment due?

All repayment dates will be clearly stated in the loan agreement. Additionally, we have requested for the companies to send you a reminder beforehand. This is to ensure that you make the necessary payment on time and thus not incurring any late charges.

14. What are the payment methods available?

You can do so by:

  • Paying cash in the office
  • Transferring to their bank account
  • PayNow / PayLah

15. What happen if I’m unable to make payment on time? 

If you’re having troubles with your payment, always notify the company ASAP. You can work out a new payment plan with them.

Please note that there will be late charges involved in the event of late payment.

16. How will a Licensed Moneylender take action against default payments?

In the event where the borrower becomes uncontactable, the lender may send a debt recovery team to your residential address.

In addition, they can also take legal action against you by engaging a lawyer.

To prevent such troubles, always make sure your payment is done on time. And if you are having any problems at all, always speak to the company to try and work something out.

17. What happens if I am no longer able to service my loans?

In case, you find yourself in overwhelming debt with several financial institutions, here are the following options you can consider: