licensed money lender

Across Singapore there are about 156 credit company that operate as licensed money lender with licensed that given by Ministry of Law Singapore.  But how do you know which is most suitable for you? We have a team of member that examine the best licensed moneylender in terms of the interest rate, transparency of contract, loan officer attitude, and google reviews. 

  Advantages of Licensed Money Lender
  • Easy and fast to obtain
  • Flexible repayment plan
  • Process transparent
  Disadvantages of Licensed Money Lender
  • Unsecured loan with high interest
  • Easy to get out of control
licensed money lender

This service is applicable for Citizen & PRs only

A little about is FREE and EASY to use comparison platform for limited time only. Come out the lowest interest rate and best service from licensed money lender in Singapore. By using borrowers can save a lot of time and money. does not acquire any monetary exchange from any moneylender, as our results is absolutely independent.

BestLoanOption have team of member that responsible hunt for the best licensed money lender in Singapore. We have long criteria list to meet as a good licensed moneylenders including legitimate, good reviews from previous customer, interest rate, transparency of contract, no hidden charges and customer service. However, the quotation from BestLoanOption is not finalized, you will get the final quote at the moneylender office after credit examine and stated in loan contract.

Loan Package Personal loan Short Term Loan Debt Consolidation Loan
6 Months
3 Months
12 Months
Loan Amount
Installment per month

** The data shown above is for illustration only. The interest rates offered to you will be based on your credit score and subject to the provider’s approval.


Guide to borrowing from Licensed Moneylenders

1. What is a Licensed Money Lender?
Licensed money lender is a lender that can give out loan apart of formal bank. Licensed money lenders are offering unsecured loans as low as $500 whereas minimum amount for a bank loan is $10,000.

2. Is Licensed Moneylenders legal in Singapore?
Yes, Licensed Moneylenders in Singapore are legal. According to the Moneylenders Act, an authorized licensed moneylender is allow to carrying moneylending business in Singapore. From Registry of Moneylenders website you can get the company name, license number, and office address of complete list.

3. What are the interests rates a Licensed Moneylender can charge?
The maximum interest rate for a licensed moneylender can charge based on the borrower’s reducing balance is 4% per month.

4. What fees can a Licensed Moneylender charge?

All Licensed Moneylenders 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

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

According to the ministry of Law guidelines, the credit limit for each loan is capped at a total of 6 times of the borrower’s monthly income if your annually income is more than $20,000. If your annual income is less than $10,000 you can loan up to $3,000.

6. What kinds of repayment / term plans does a Licensed Moneylender offer?

Licensed moneylenders offers a variety of term plans from weekly loans to monthly repayment loans. Duration of each loan will vary, between 1 month to 12 months repayment plans are available depending on the borrower’s preference.

7. Eligibility of Personal Loan from a Licensed Moneylender?

Some basic requirements include;

  • Age limit of 18 to 65.
  • Borrower must be Singaporean and PR only
  • Borrower must be currently employed full-time or running their own business or freelance with a source of monthly income (eg. Grab / Gojek drivers)
  • Borrower must not be or have been declared bankrupt.

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

You will need to bring these following documents:

  • NRIC
  • Payslip

9. How to get Personal Loan from a Licensed Moneylender?

Fill in the online form above, then our system will match the best fit moneylender to you then the respective staff will contact you for further discussion.

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

Borrower have to visit the licensed moneylender’s office personally. Firstly, borrowers have to fill in the application form, then the skillful loan officer will conduct a consultation with credit assessment and comprehend your financial condition. If borrower pass all assessment then the skillful loan officer will work out best loan plan with your adaptable repayment schedule. After sign the loan agreement then your loan will be disbursed to you in cash on the same time.

11. Licensed Moneylender offer what kind of loans?

Licensed moneylenders is offering various types of unsecured loans such as Personal Loan, Monthly Loan, Payday Loan, Business Loan, Wedding Loan, Renovation Loan, Bridging Loan, and Debt Consolidation Loan.

12. How do I know the date of payments due?

Your repayment dates will be clearly stated in the loan agreement that will be briefed to you by your respective loan officer before you receive your loans. Additionally, the loan office will send you reminders letter before your payment dues so that you’ll never miss them.

13. How can I make my payments? What are the payment methods available?

Upon receiving your loans, your loan officer will provide you the loan contract and a name card with a bank account number printed on it, you can transfer payments through online banking or deposit your payment straight into the account provided. Alternatively, you may make your payments in cash at the office during office hours.

14. What happen if I can’t make payment on time? 

If you’re having troubles your payment on time, you can inform your lender and notify them of the earliest that you can make your payments. Please note that late fees, late interest and compound interests will be incurred in the event of a late repayment.

15. To what extent can a Licensed Moneylender take action against default payments?

In the event where the borrower becomes uncontactable to the lender, the lender will send debt recovery teams to the borrower’s residential address. The lender will resort to take legal action against the borrower if the borrower refuses to adhere to the debt recovery team.

16. What happens if I unable to pay my loans?

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

Most important thing: Do not borrow from Loan Sharks

Don’t be the next victim. Here we help you how to differentiate Loan Sharks and licensed moneylender

Loan Sharks

  • Will solicit for borrowers through SMSes, WhatsApp and other platforms e.g. Facebook, Carousell
  • Will ask for your bank account number, as well as details of your employers
  • Do not have office premises
  • No explanation, no loan contract & no receipts are usually given
  • Repayment is typically paid into bank account/s provided by the loansharks
  • No face to face meeting required

Licensed Moneylender

  • Advertise only on business directories, moneylender’s website and at moneylender’s offices
  •  Do not ask for passwords to confidential accounts (such as bank account number)
  •  Give a copy of the contract to borrowers
  •  Explain terms of the loan to borrowers
  •  Issue loans at their physical office approved by the Registrar of Moneylenders
  • Issue receipts for cash payments

Disclaimer: is not affiliated to nor do we receive compensation from any of the company shown on this website. is neither a licensed moneylender or bank nor in anyway, associated with any of the moneylenders or banks found on this website.

General information: is also absolutely free for public usage. Personal data submitted through this website are handled with strict confidentiality.