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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5001 BEACH ROAD GOLDEN MILE COMPLEX SINGAPORE 199588
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502 Jurong West Ave 1 #01-821 Singapore 640502
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LOWER DELTA ROAD MOTORWAY BUILDING SINGAPORE 169205
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53 Ang Mo Kio Avenue 3 #B1-32/33 AMK Hub Singapore 569933
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726 ANG MO KIO AVENUE 6 SINGAPORE 560726
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68 Orchard Road #B1-25 Plaza Singapura Singapore 238839
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Blk 2a Woodlands Centre Road #01-134 Singapore 731002
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1 Coleman Street #01-14 The Adelphi Singapore 179803
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Blk 304 Choa Chu Kang Avenue 4 #01-657/659 Singapore 680304
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1 Sengkang Square #02-05/06 Compass One Mall Singapore 545078
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460 Alexandra Road #02-33/34 Alexandra Retail Centre Singapore 119963
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BLK 709 ANG MO KIO AVENUE 8 SINGAPORE 560709
We are legal money lender is a professional and fully licensed moneylending company based in Sing...
26 Tai Seng Street #01-01 Singapore 534057
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33 Sengkang West Avenue #01-49/50/51/52/53 Seletar Mall Singapore 797653
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101 UPPER CROSS STREET PEOPLE'S PARK CENTRE SINGAPORE 058357
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217 BEDOK NORTH STREET 1 SINGAPORE 460217
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50 Jurong Gateway Road #02-15 Jem Singapore 608549
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JALAN KILANG BARAT, #07-02, PETRO CENTRE, SINGAPORE 159349
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711 ANG MO KIO AVENUE 8 SINGAPORE 560711
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60 Paya Lebar Road #01-45/46/52/53 Singapore 409051
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Block 442 Pasir Ris Drive 6 #01-32/34 Singapore 510442
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77 HIGH STREET HIGH STREET PLAZA SINGAPORE 179433
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1 TRAS LINK ORCHID HOTEL SINGAPORE 078867
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Blk 450 Clementi Avenue 3 #01-293/295 Singapore 120450
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53 Ang Mo Kio Avenue 3 #B1-34 AMK Hub Singapore 569933
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470 NORTH BRIDGE ROAD BUGIS CUBE SINGAPORE 188735
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520 Lorong 6 Toa Payoh #02-52/53 Singapore 310520
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EAST COAST ROAD, #02-58, ROXY SQUARE, SINGAPORE 428769
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30 Yishun Street 81 #01-04 Nee Soon South Community Club Singapore 768455
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2 Clementi West Street 2 #01-06 West Coast Community Centre Singapore 129605
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Blk 204 Hougang Street 21 #01-107/111 Singapore 530204
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211 Holland Avenue #01-12 Holland Road Shopping Centre Singapore 278967
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304 ORCHARD ROAD LUCKY PLAZA SINGAPORE 238863
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10 Marina Boulevard #01-04, Marina Bay Financial Centre Tower 2 Singapore 018983
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1 Maritime Square #02-99/100 HarbourFront Centre Singapore 99253
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1 Tampines Central 1 #01-01 UOB Tampines Centre Singapore 529539
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129 BEDOK NORTH STREET 2 SINGAPORE 460129
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186 TOA PAYOH CENTRAL SINGAPORE 310186
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Blk 290 Yishun Street 22 #01-401 Singapore 760290
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1 Scotts Road #03-04 Shaw Centre Singapore 228208
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GEYLANG ROAD SINGAPORE 389663
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Blk 449 Clementi Avenue 3 #01-243 Singapore 120449
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4.00 (1 review)
11 COLLYER QUAY THE ARCADE SINGAPORE 049317
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10 Anson Road #01-01 International Plaza Singapore 079903
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80 Marine Parade Road #01-13 Parkway Parade Singapore 449269
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230 Orchard Road #01-230 Faber House Singapore 238854
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Blk 210 New Upper Changi Road #01-707 Singapore 460210
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SERANGOON NORTH AVENUE 1 SINGAPORE 550153
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360 Balestier Road #01-14/15 Shaw Plaza - Twin Heights Singapore 329783
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185 TOA PAYOH CENTRAL SINGAPORE 310185
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25 NORRIS ROAD SINGAPORE 208267
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80 Marine Parade Road #01-12 Parkway Parade Singapore 449269
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BLK 185 TOA PAYOH CENTRAL SINGAPORE 310185
We are legal money lender is a professional and fully licensed moneylending company located in Si...
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211 NEW UPPER CHANGI ROAD SINGAPORE 460211
At one point or another, each of us has had the need toraise a substantial sum of money on short ...
251-253 Upper Thomson Road Singapore 574376
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BLK 162 BUKIT MERAH CENTRAL SINGAPORE 150162
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JALAN JURONG KECHIL SINGAPORE 598599
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83 Punggol Central #01-01 Waterway Point Singapore 828761
United Overseas Bank Limited (typically known as UOB) is a Singaporean multinational banking orga...
810 Geylang Road #01-51/55 City Plaza Singapore 409286
301 Upper Thomson Road #01-45 Thomson Plaza Singapore 574408
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101 UPPER CROSS STREET PEOPLE’S PARK CENTRE SINGAPORE 058357
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1 Tampines Central 5 #01-02 Tampines CPF Building Singapore 529508
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460 North Bridge Road #01-00 Singapore 188734
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Blk 960 Jurong West Street 92 #01-174 Singapore 640960
Based on January 1, 1877 as the Post Office Savings Bank (POSB), the bank belonged to the Postal ...
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1 PARK ROAD PEOPLE’S PARK COMPLEX SINGAPORE 059108
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Blk 531 Upper Cross Street #01-51 Hong Lim Complex Singapore 05053
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252 North Bridge Road #02-26A/B Raffles City Shopping Centre Singapore 179103
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470 NORTH BRIDGE ROAD BUGIS CUBE SINGAPORE 188735
Are you undergoing a financial unexpected emergency? Have you been having a hard time to get a qu...
Blk 101 Yishun Avenue 5 #01-05 Singapore 760101
Founded on January 1, 1877 as the Post Office Savings Bank (POSB), the bank belonged to the Posta...
Blk 805 Hougang Central #01-102/104 Singapore 530805
Founded on January 1, 1877 as the Post Office Savings Bank (POSB), the bank became part of the Po...
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210 HOUGANG STREET 21 SINGAPORE 530210
We are a professional and fully licensed money lending company based in Singapore. We have been q...
204 Bedok North St 1 #01-403/405/407 Singapore 460204
Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is an openly noted financi...
302 Tiong Bahru Road #01-125/126 Tiong Bahru Plaza Singapore 168732
Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is a publicly noted financ...
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77 HIGH STREET HIGH STREET PLAZA SINGAPORE 179433
At some point or another, each of us has had the need to raise a substantial sum of money on shor...
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175A Bencoolen Street Burlington Square Square 189650
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520 Toa Payoh Lorong 6 #02-50 Hdb Hub Singapore 310520
DBS Bank Ltd is a global banking and financial services corporation headquartered in Marina Bay, ...
827 Bukit Timah Road Singapore 279886
Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is a publicly listed monet...
148 Upper Bukit Timah Road #01-01 UOB Centre Singapore 588178
United Overseas Bank Limited (commonly called UOB) is a Singaporean multinational banking organis...