List Of Licensed Moneylenders In Singapore

- Considerations before taking a loan

Before approaching a moneylender, take into account other options, like the different financial assistance schemes provided by various Government agencies. You can consult with the agencies to find out more about their plans.

You are officially obliged to fulfil any loan contract you enter into with a licensed moneylender.

Look at whether you have the ability to abide by the contractual terms, keeping in mind your income and financial liabilities. Borrow basically what you need to have and have the ability to repay. Be conscious that if you are not capable to satisfy the contractual terms, the late payment fees and interest repayment will be a financial strain not just on yourself but in addition on your family.

The regulation entails moneylenders to spell out the terms of a loan to you in a language you comprehend and to provide you with a copy of the loan agreement. Confirm you fully comprehend the terms of the contract, especially, the installment schedule, the interest rate charged and the fees applicable.

Think about carefully before conceding to any contractual term which gives a moneylender to lodge a caveat on the sale proceeds of your real estate property at the time of default of the loan repayment. When a caveat is lodged against your property, you will definitely not manage to sell it without first paying back the moneylender completely. It can wipe out all or a significant part of the proceeds if the settlement is taken from the net proceeds from the sale of the property.

You should look around several moneylenders for the best favourable terms. You should not hurry into and commit yourself to a loan unless you are pleased with the terms and conditions .

- The amount of money can you borrow from a licensed money lender?

For secured loans, you can acquire a loan of any amount. For unsecured loans, you can obtain:

Up to $3,000, in the event that your yearly income is below $20,000;

As much as 2 months' income, in the event that your yearly income is $20,000 or more but no more than $30,000;

As high as 4 months' income, when your annual income is $30,000 or more but less than $120,000; and

Any amount, if your annual income is $120,000 or higher.

- Rates That Money Lenders can Charge

With effect from 1 October 2015, the maximum lending rates moneylenders can charge is 4% monthly. This cap applies no matter what the borrower's income and whether or not the loan is an unsecured or secured one. If a borrower fails to repay the loan punctually, the maximum rate of late interest a moneylender can charge is 4% monthly for every month the loan is paid off late.

The computation of interest charged on the loan must be based on the amount of principal remaining after deducting from the original principal the full payments made by or on behalf of the borrower which are appropriated to principal. [To illustrate , if X takes a loan of $10,000, and X has repaid $4,000, only the remaining $6,000 can be taken into consideration for the calculation of interest.]

The late interest can only be charged on an amount that is repaid late. The moneylender can not charge on amounts that are outstanding but not yet due to be repaid. [ To illustrate, if X takes a loan of $10,000, and fails to pay for the first instalment of $2,000, the moneylender may charge the late interest on $2,000 but not on the remaining $8,000 as it is not due yet. ]

- Fees That Money Lenders Can Request

With effect from 1 October 2015, all moneylenders are only permitted to impose the following expenses and charges :
a fee not exceeding $60 for each and every month of late repayment;
a fee not exceeding 10% of the principal of the loan when a loan is granted; and
legal costs ordered by the court for a successful claim by the moneylender for the recovery of the loan.

The total charges imposed by a moneylender on any loan, consisting of interest, late interest, upfront administrative and late fee also can not exceed an amount equivalent to the principal of the loan. [To illustrate, if X takes a loan of $10,000, then the interest, late interest, 10% administrative fee and monthly $60 late fees can not exceed $10,000.]

- How Do I verify if a money lender is licensed by Ministry of Law?

Do not get a loan from unlicensed moneylenders. Authenticate that a moneylender is licensed by checking the list of licensed moneylenders. "Click here to access the list of licensed moneylenders."

Notwithstanding that the moneylenders are accredited, be mindful if they:

Use profane language, or behave in a intimidating manner towards you.

Ask for your SingPass user ID and/or password.

Retain your NRIC card or any other personal ID documents (e.g. driver's licence, passport, work permit, employment pass or ATM card).

Ask you to sign on a incomplete or blank Note of Contract for the loan.

Grant you a loan in the absence of giving you a copy of the Note of contract for the loan and/or without adequately explaining to you all the terms and conditions .

Grant you a loan without exercising due diligence (e.g. approving a loan over the phone, SMS or email before even getting your loan application and supporting documents, for example, the income tax assessment and payslips).

Withhold any portion of your principal loan amount for any reason.

This type of practices are not tolerable. In the event that you come across them, you should report the moneylender to the Registry of Moneylenders, with information such as the moneylender's business contact, name and licence numbers. Please see Question 10 for more details.

- Singapore Regulations On Money Lending Advertising

Licensed moneylenders are allowed to market only through these three channels:

( a) business or consumer directories (in print or online media);.

( b) websites belonging to the moneylender; and.

( c) advertisements positioned within or on the exterior of the moneylender's business premises. All other channels are prohibited.

If you receive flyers, SMSes, emails or other forms of adverts which are not authorized, these would either be from licensed moneylenders operating in violation of the marketing restrictions, or from unlicensed moneylenders. Hence, you are advised not to react to such advertisements. In fact, you should report the ads by giving us with a proof of the advertisements (for SMS-- a screen capture) to the Registry at e-mail address: OneMinLaw@mlaw.gov.sg or to the Police.

Take into consideration carefully prior to agreeing to any contractual term which makes it possible for a moneylender to lodge a caveat on the sale proceeds of your real estate property upon default of the loan repayment. If a borrower fails to repay the loan on time, the maximum rate of late interest a moneylender can charge is 4% per month for each month the loan is repaid late.

To make clear, if X takes a loan of $10,000, and fails to pay for the first instalment of $2,000, the moneylender can charge the late interest on $2,000 but not on the remaining $8,000 as it is not due. The full charges imposed by a moneylender on any loan, consisting of interest, late interest, upfront administrative and late fee also can not go beyond an amount equivalent to the principal of the loan. To illustrate, if X takes a loan of $10,000, then the interest, late interest, 10% administrative fee and monthly $60 late fees can not exceed $10,000.

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101 UPPER CROSS STREET PEOPLE’S PARK CENTRE SINGAPORE 058357
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262 BALESTIER ROAD OKIO SINGAPORE 329714
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1 TRAS LINK ORCHID HOTEL SINGAPORE 078867
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185 TOA PAYOH CENTRAL SINGAPORE 310185
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101 UPPER COSS STREET #01-17 PEOPLE’S PARK CENTRE SINGAPORE 058357
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1 PARK ROAD PEOPLE’S PARK COMPLEX SINGAPORE 059108
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1 COLEMAN STREET THE ADELPHI SINGAPORE 179803
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150 LORONG 1 TOA PAYOH SINGAPORE 310150
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133 NEW BRIDGE ROAD CHINATOWN POINT SINGAPORE 059413
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87 BUKIT TIMAH ROAD TAN KONG TIEN BUILDING SINGAPORE 229834
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SERANGOON ROAD SINGAPORE 218084
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128 ANG MO KIO AVENUE 3 SINGAPORE 560128
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185 TOA PAYOH CENTRAL SINGAPORE 310185
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705 ANG MO KIO AVENUE 8 SINGAPORE 560705
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11 COLLYER QUAY THE ARCADE SINGAPORE 049317
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801 FRENCH ROAD SINGAPORE 200801
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810 GEYLANG ROAD CITY PLAZA SINGAPORE 409286
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UBI CRESCENT, #03-03, HOLA CENTRE, SINGAPORE 408559
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65 UBI CRESCENT HOLA CENTRE SINGAPORE 408559
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726 ANG MO KIO AVENUE 6 SINGAPORE 560726
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810 GEYLANG ROAD CITY PLAZA SINGAPORE 409286
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BALESTIER ROAD SINGAPORE 329726
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810 GEYLANG ROAD CITY PLAZA SINGAPORE 409286
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200 JALAN SULTAN TEXTILE CENTRE SINGAPORE 199018
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101 UPPER CROSS STREET PEOPLE’S PARK CENTRE SINGAPORE 058357
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101 UPPER CROSS STREET PEOPLE’S PARK CENTRE SINGAPORE 058357
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801 FRENCH ROAD SINGAPORE 200801
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5001 BEACH ROAD GOLDEN MILE COMPLEX SINGAPORE 199588
we aim to achieve each and every one of our customers’ needs and wants. We are a licensed m...
COLEMAN STREET, #04-32, PENINSULA SHOPPING CENTRE, SINGAPORE 179804
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3 COLEMAN STREET PENINSULA SHOPPING CENTRE SINGAPORE 179804
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2 Orchard Link #02-07/08 Scape Building Singapore 237978
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460 Alexandra Road #02-33/34 Alexandra Retail Centre Singapore 119963
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53 Ang Mo Kio Avenue 3 #B1-01 AMK Hub Singapore 569933
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12 Kallang Avenue, #01-24 Singapore 339511
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Blk 210 New Upper Changi Road #01-707 Singapore 460210
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9 Bishan Place #01-14 Junction 8 Shopping Centre Singapore 579837
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1 Jalan Anak Bukit #01-19/20 Bukit Timah Plaza Singapore 588996
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Blk 43 Holland Drive, #01-55 Singapore 270043
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Blk 450 Clementi Avenue 3 #01-293/295 Singapore 120450
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1 Kim Seng Promenade #02-32 Great World City Singapore 237994
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1 MARITIME Square #02-122/123 Harbourfront Centre Singapore 099253
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Raffles Holland V , 118 Holland Avenue #02-05 Singapore 278997
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Blk 204 Hougang Street 21 #01-107/111 Singapore 530204
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63 Jurong West Central 3 #B1-47/48/49/50 Jurong Point Shopping Centre Singapore 648331
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2 Bayfront Ave #01-30 The Shoppes at Marina Bay Sands Singapore 018972
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12 Marina Boulevard Level 3 MBFC Tower 3 Singapore 018982
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31 Lower Kent Ridge Road #01-02 Yusof Ishak House Singapore 119078
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80 Marine Parade Road #01-12 Parkway Parade Singapore 449269
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68 Orchard Road #B1-25 Plaza Singapura Singapore 238839
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252 North Bridge Road #02-26A/B Raffles City Shopping Centre Singapore 179103
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22 Malacca Street #01-00 RB Capital Building Singapore 048980
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11 Collyer Quay, #02-25, The Arcade Singapore 049317
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1 Maju Avenue #01-12/13/14/15 Serangoon Garden Village Singapore 556679
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1 Stadium Place #01-06/07 Singapore 397628
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8 Somapah Road #01-103 Singapore 487372
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301 Upper Thomson Road #01-45 Thomson Plaza Singapore 574408
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801 FRENCH ROAD SINGAPORE 200801
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ADMIRALTY STREET, #02-90, NORTH LINK BUILDING, SINGAPORE 757695
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SENOKO DRIVE SINGAPORE 758249
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GEYLANG ROAD SINGAPORE 389636
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BLK 503 TAMPINES CENTRAL 1 SINGAPORE 520503
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200 JALAN SULTAN TEXTILE CENTRE SINGAPORE 199018
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GEYLANG ROAD SINGAPORE 389663
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14 SCOTTS ROAD FAR EAST PLAZA SINGAPORE 228213
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129 BEDOK NORTH STREET 2 SINGAPORE 460129
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470 NORTH BRIDGE ROAD BUGIS CUBE SINGAPORE 188735
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170 UPPER BUKIT TIMAH ROAD BUKIT TIMAH SHOPPING CENTRE SINGAPORE 588179
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BLK 709 ANG MO KIO AVENUE 8 SINGAPORE 560709
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211 NEW UPPER CHANGI ROAD SINGAPORE 460211
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185 TOA PAYOH CENTRAL SINGAPORE 310185
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101 UPPER CROSS STREET PEOPLE'S PARK CENTRE SINGAPORE 058357
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470 NORTH BRIDGE ROAD BUGIS CUBE SINGAPORE 188735
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60 PAYA LEBAR ROAD PAYA LEBAR SQUARE SINGAPORE 409051
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BLK 178 TOA PAYOH CENTRAL #01-202 SINGAPORE 310178
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JOO CHIAT ROAD GV BUILDING SINGAPORE 427395
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BLK 450 LORONG 6 TOA PAYOH HERSING CENTRE SINGAPORE 319394
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77 KAMPONG BAHRU ROAD SINGAPORE 169376
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189 SELEGIE ROAD SELEGIE CENTRE SINGAPORE 188332
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2 JOO CHIAT ROAD JOO CHIAT COMPLEX SINGAPORE 420002
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BLK 704 ANG MO KIO AVE 8 SINGAPORE 560704
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159 SIN MING ROAD AMTECH BUILDING SINGAPORE 575625
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210 HOUGANG STREET 21 SINGAPORE 530210
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BLK 185 TOA PAYOH CENTRAL SINGAPORE 310185
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531 UPPER CROSS STREET HONG LIM COMPLEX SINGAPORE 050531
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756 UPPER SERANGOON ROAD UPPER SERANGOON SHOPPING CENTRE SINGAPORE 534626
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711 ANG MO KIO AVENUE 8 SINGAPORE 560711
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BEACH ROAD, #07-63, GOLDEN MILE COMPLEX, SINGAPORE 199588
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5001 BEACH ROAD GOLDEN MILE COMPLEX SINGAPORE 199588
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131 JURONG GATEWAY ROAD SINGAPORE 600131
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111 NORTH BRIDGE ROAD PENINSULA PLAZA SINGAPORE 179098
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279 BALESTIER ROAD BALESTIER POINT SINGAPORE 329727
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1 NORTH BRIDGE ROAD HIGH STREET CENTRE SINGAPORE 179094
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50 NORTH CANAL ROAD SINGAPORE 059304
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