Moneylenders2018-10-01T22:05:23+00:00

How much would you like to borrow?

What should I consider before taking up a loan?2018-02-12T14:50:05+00:00

Before approaching a licensed moneylender, have you consider other alternatives, such as  various financial assistance schemes offered by various Government agencies.
You may refer to onemoney.com.sg and contact the agencies to find out more about their schemes.

  • You are legally obliged to fulfil any loan contract you enter into with a licensed moneylender.
  • Consider whether you are able to abide by the contractual terms, bearing in mind your income and financial obligations. Borrow only what you need and are able to repay. Be mindful that if you are unable to meet the contractual terms, the late payment fees and interest payment will be a financial strain not just on yourself but also on your family.
  • The law requires moneylenders to explain the terms of a loan to you in a language you understand and to provide you with a copy of the loan contract. Make sure you fully understand the terms of the contract, in particular, the repayment schedule, the interest rate charged and the fees applicable.
  • Consider carefully before agreeing to any contractual term which allows a moneylender to lodge a caveat on the sale proceeds of your real estate property upon default of the loan repayment. When a caveat is lodged against your property, you will not be able to sell it without first repaying the moneylender in full. If the repayment is taken from the net proceeds from the sale of the property, it can wipe out all or a substantial portion of the proceeds.
  • You should shop around different moneylenders for the most favourable terms.
  • You should not rush into and commit yourself to a loan until you are satisfied with the terms and conditions.
How much can I borrow?2018-02-07T09:32:20+00:00

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

For unsecured loans, you can obtain:

  • Up to S$3,000, if your annual income is less than S$20,000
  • Up to 2 months’ income, if your annual income is S$20,000 or more but less than S$30,000
  • Up to 4 months’ income, if your annual income is S$30,000 or more but less than S$120,000
  • Any amount, if your annual income is $120,000 or more.

 

Updated on 4 August 2017
What are the interest rates moneylenders can charge?2018-02-12T14:32:56+00:00

The maximum interest rate moneylenders can charge is 4% per month.
This cap applies regardless of the borrower’s income and whether the loan is an unsecured or secured one.

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.

The computation of interest charged on the loan must be based on the amount of principal remaining after deducting from the original principal the total payments made by or on behalf of the borrower which are appropriated to principal.

Example 1: If you takes a loan of $10,000, and has repaid $4,000, only the remaining $6,000 can be taken into account for the computation of interest.

Example 2:  If you takes a loan of $10,000, and fails to pay for the first instalment of $2,000, late interest will be charged on $2,000 only and not on the remaining $8,000 as it is not due yet.

What are the fees that moneylenders can charge?2018-02-07T10:18:58+00:00

All licensed moneylenders are only permitted to impose the following charges and expenses:

  • A fee not exceeding $60 for each month of late repayment
  • A fee not exceeding 10% of the principal of the loan when a loan is granted
  • 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 cannot exceed an amount equivalent to the principal of the loan.

Example: If you takes a loan of $10,000, then the interest, late interest, 10% administrative fee and monthly $60 late fees cannot exceed $10,000.

How do I know whether a moneylender is licensed or not?2018-02-12T14:51:33+00:00

Do not borrow from unlicensed moneylenders.
Verify that a moneylender is licensed by checking the list of licensed moneylenders.
Click here to access the list of licensed moneylenders (OneMoney.com.sg)
Click here to access The Registry of moneylenders

If you are being harassed via telephone, SMS or e-mail by illegal moneylenders you can file a complaint to stop it.
The police are in charge of investigating scams such as unlicensed moneylending, scam messages, online betting and other general crimes.

  • File a police report through the Electronic Police Centre
  • The National Crime Prevention Council’s (NCPC) ‘X Ah Long’ Hotline at 1800-924-5664 (1800-X-AH-LONG)
How can I tell whether an advertisement is from a licensed moneylender or an unlicensed moneylender?2018-02-12T15:09:03+00:00

Licensed moneylenders are permitted to advertise only through these three channels:

  1. business or consumer directories (in print or online media)
  2. websites belonging to the moneylender
  3. advertisements placed 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 advertisements which are not permitted, these would either be from licensed moneylenders operating in breach of the advertising restrictions, or from unlicensed moneylenders.

Hence, you are advised not to respond to such advertisements.

Instead, you should report the advertisements by providing a proof of the advertisements (for SMS – a screen capture) to the Registry of Moneylenders or to the Police.

You can contact the Registry of Moneylenders at telephone number: 1800-2255-529.

Can I rely on the content of an advertisement to take up a loan from a moneylender?2018-02-12T15:09:04+00:00

You must seek clarifications on specific terms of the loan contract before signing up with a licensed moneylender.
Do not rely solely on the content of advertisements from the moneylender.

What Should I Do after being granted a loan?2018-02-12T15:14:08+00:00

You are legally bind to fulfil any loan contract you enter into with a licensed moneylender.

Be mindful that if you are unable to meet the contractual terms, the late payment fees and interest payment will be a financial strain not just on yourself but also on your family.

  • Make sure the moneylender delivers to you the correct principal amount of the loan.
    The moneylender is only permitted an upfront deduction of a loan approval fee of up to 10% of the principal amount.
  • Pay the loan instalments on time to avoid incurring late payment fees and late interest.
  • Make sure the moneylender issues to you a dated and signed receipt every time you repay your loan or pay any fees in cash, and check it for correctness (e.g. name, amount, date).
  • Make sure you receive a statement of account for all your loan(s) at least once every 6 months, and check it for correctness (e.g. name, amount, date)
  • You should retain all statement of accounts and receipts of payments, as documentation and evidence of payments.
What should I do if the service level and practices of a moneylender is not acceptable?2018-02-12T15:14:19+00:00

Rules governing licensed moneylenders in Singapore are constantly improvising to encourage good business practices and better business models that can benefit borrowers.

Be mindful if they:

  • Use abusive language, or behave in a threatening 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 blank or incomplete Note of Contract for the loan.
  • Grant you a loan without giving you a copy of the Note of contract for the loan and/or without properly 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 receiving your loan application form and supporting documents, such as the income tax assessment and payslips).
  • Withhold any part of your principal loan amount for any reason.

Such practices are not acceptable.

If you encounter them, you should report the moneylender to the Registry of Moneylenders at telephone number: 1800-2255-529.

  • Rest assured that the Registry will not disclose your details to the moneylender without your consent.
  • To facilitate the Registry to investigate your complaint, you may need to attend an interview with our officers and provide us with all relevant information and documents related to your loan transactions and circumstances of your dealings with the moneylender.
  • The Registry views complaints against moneylenders seriously and will investigate them thoroughly.
  • Errant moneylenders will be taken to task.

 

  • If a moneylender has engaged in an unfair practice towards you, you can pursue the matter through the Small Claims Tribunal or the Court under the Consumer Protection (Fair Trading) Act.
  • The Court also has the power to set aside loan transactions that are exorbitant or substantially unfair.
How do I lodge a complaint against a moneylender against unfair practices and/or contract?2018-02-12T15:14:25+00:00

You can contact the Registry of Moneylenders at telephone number: 1800-2255-529.

Rest assured that the Registry will not disclose your details to the moneylender without your consent.

To facilitate the Registry to investigate your complaint, you may need to attend an interview with our officers and provide them with all relevant information and documents related to your loan transactions and circumstances of your dealings with the moneylender.

The Registry views complaints against moneylenders seriously and will investigate them thoroughly.

Errant moneylenders will be taken to task.

If a moneylender has engaged in an unfair practice towards you, you can pursue the matter through the Small Claims Tribunal or the Court under the Consumer Protection (Fair Trading) Act.

The Court also has the power to set aside loan transactions that are exorbitant or substantially unfair.

In the event that I am standing as a surety for a loan, what should I look out for?2018-02-12T15:14:30+00:00

You should ensure that:

  • You understand your responsibilities as a surety
  • You receive a copy of the Note of Contract at the time that the loan is granted to the borrower
  • The moneylender has explained the terms in the Note of Contract in a language that you understand
  • The moneylender does not keep your NRIC card or any other personal ID documents (e.g.driver’s licence, passport).

The moneylender does not acquire any information that contains passwords to your user accounts (e.g. Singpass account, Internet banking account, email account).

What is a Caveat?2018-02-07T09:34:41+00:00

A caveat is a legal document lodged with the authority by a person with an interest in land or property.
The effect of a caveat is to prevent any further or contradictory dealings with the property from being registered, serving as a “chope” to that property.

Consider carefully before agreeing to any contractual term which allows a licensed moneylender to lodge a caveat on the sale proceeds of your real estate property upon default of the loan repayment.

When a caveat is lodged against your property, you will not be able to sell it without first repaying the moneylender in full.

If the repayment is taken from the net proceeds from the sale of the property, it can wipe out all or a substantial portion of the proceeds.

Do you really need a loan today?

It can be expensive to taking up a loan and borrowing may not solve your financial problems.
If you really need to borrow, borrow only what you need that you can repay.
Do Not Borrow to pay off another debt.

Check out other financial assistance schemes

Get faster loan approval with flexible repayment options

Save time and effort

The experience is simple, online and fast. OneMoney.com.sg are the safe, hassle-free way to get the cash loan you need.

Your data is secure

We’ll keep your financial information and contact details completely confidential, known only to OneMoney.com.sg, and to our qualified credit providers.

We care, We listen

Our qualified credit providers are committed to tailor the loan according to your needs and affordability and we’ll support you when you need help

OneMoney.com.sg - Loan from Licensed Moneylender

Loan from Licensed Moneylender

UPDATED AS OF 01 SEPTEMBER 2018

Moneylender

License Number

Address

Contact

Apply Now

ABM Creditz

Lic no: 171/2017

1 Park Road
People’s Park Complex #01-12
Singapore 059108

6737 3392
Apply Now
jefflee credit

Lic no: 103/2018

Blk 131 Jurong Gateway Road
#01-261
Singapore 600131

6515 5969
Apply Now
galaxy credit and Investments

Lic no: 185/2017

Blk 709 Ang Mo Kio
#01-2595
Singapore 560709

6438 2322
Apply Now
Hup Hoe Credit

Lic no: 113/2018

1 Rochor Canal #01-01
Sim Lim Square (Taxi Stand)
Singapore 188504

6396 9119
Apply Now
outer trust credit services

Lic no: 114/2018

Blk 135 Jurong Gateway Road
#01-323
Singapore 600135

6292 0119
Apply Now
Su Credit Pte Ltd

Lic no: 116/2018

175 Bencoolen Street
#01-36
Burlington Square
Singapore 189649

6636 5644
Apply Now
tradition credit

Lic no: 160/2017

810 Geylang Road
#02-79 City Plaza
Singapore 409286

6846 9108
Apply Now
unlimited finance

Lic no: 169/2017

Blk 162 Bukit Merah Central
#01-3541
Singapore 150162

6274 3876
Apply Now
SGP Credit

Lic no: 34/2018

Blk 133 Jurong Gateway Road
#01-299
Singapore 600133

6466 1157
Apply Now
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Finding the Best Personal Loan is Easy with onemoney.com.sg

Get your loan approved in 3 simple steps

Step 1

Find the best loan with OneMoney.com.sg, just leave your detail by clicking the Apply button.

Step 2

Receive call from our qualified licensed moneylender’s consultant. They will help you to answer your questions.

Step 3

Licensed moneylender will make confirmation with you and get you your cash loan within the day.

What should I consider before taking up a loan?2018-02-12T14:50:05+00:00

Before approaching a licensed moneylender, have you consider other alternatives, such as  various financial assistance schemes offered by various Government agencies.
You may refer to onemoney.com.sg and contact the agencies to find out more about their schemes.

  • You are legally obliged to fulfil any loan contract you enter into with a licensed moneylender.
  • Consider whether you are able to abide by the contractual terms, bearing in mind your income and financial obligations. Borrow only what you need and are able to repay. Be mindful that if you are unable to meet the contractual terms, the late payment fees and interest payment will be a financial strain not just on yourself but also on your family.
  • The law requires moneylenders to explain the terms of a loan to you in a language you understand and to provide you with a copy of the loan contract. Make sure you fully understand the terms of the contract, in particular, the repayment schedule, the interest rate charged and the fees applicable.
  • Consider carefully before agreeing to any contractual term which allows a moneylender to lodge a caveat on the sale proceeds of your real estate property upon default of the loan repayment. When a caveat is lodged against your property, you will not be able to sell it without first repaying the moneylender in full. If the repayment is taken from the net proceeds from the sale of the property, it can wipe out all or a substantial portion of the proceeds.
  • You should shop around different moneylenders for the most favourable terms.
  • You should not rush into and commit yourself to a loan until you are satisfied with the terms and conditions.
How much can I borrow?2018-02-07T09:32:20+00:00

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

For unsecured loans, you can obtain:

  • Up to S$3,000, if your annual income is less than S$20,000
  • Up to 2 months’ income, if your annual income is S$20,000 or more but less than S$30,000
  • Up to 4 months’ income, if your annual income is S$30,000 or more but less than S$120,000
  • Any amount, if your annual income is $120,000 or more.

 

Updated on 4 August 2017
What are the interest rates moneylenders can charge?2018-02-12T14:32:56+00:00

The maximum interest rate moneylenders can charge is 4% per month.
This cap applies regardless of the borrower’s income and whether the loan is an unsecured or secured one.

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.

The computation of interest charged on the loan must be based on the amount of principal remaining after deducting from the original principal the total payments made by or on behalf of the borrower which are appropriated to principal.

Example 1: If you takes a loan of $10,000, and has repaid $4,000, only the remaining $6,000 can be taken into account for the computation of interest.

Example 2:  If you takes a loan of $10,000, and fails to pay for the first instalment of $2,000, late interest will be charged on $2,000 only and not on the remaining $8,000 as it is not due yet.

What are the fees that moneylenders can charge?2018-02-07T10:18:58+00:00

All licensed moneylenders are only permitted to impose the following charges and expenses:

  • A fee not exceeding $60 for each month of late repayment
  • A fee not exceeding 10% of the principal of the loan when a loan is granted
  • 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 cannot exceed an amount equivalent to the principal of the loan.

Example: If you takes a loan of $10,000, then the interest, late interest, 10% administrative fee and monthly $60 late fees cannot exceed $10,000.

How do I know whether a moneylender is licensed or not?2018-02-12T14:51:33+00:00

Do not borrow from unlicensed moneylenders.
Verify that a moneylender is licensed by checking the list of licensed moneylenders.
Click here to access the list of licensed moneylenders (OneMoney.com.sg)
Click here to access The Registry of moneylenders

If you are being harassed via telephone, SMS or e-mail by illegal moneylenders you can file a complaint to stop it.
The police are in charge of investigating scams such as unlicensed moneylending, scam messages, online betting and other general crimes.

  • File a police report through the Electronic Police Centre
  • The National Crime Prevention Council’s (NCPC) ‘X Ah Long’ Hotline at 1800-924-5664 (1800-X-AH-LONG)
How can I tell whether an advertisement is from a licensed moneylender or an unlicensed moneylender?2018-02-12T15:09:03+00:00

Licensed moneylenders are permitted to advertise only through these three channels:

  1. business or consumer directories (in print or online media)
  2. websites belonging to the moneylender
  3. advertisements placed 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 advertisements which are not permitted, these would either be from licensed moneylenders operating in breach of the advertising restrictions, or from unlicensed moneylenders.

Hence, you are advised not to respond to such advertisements.

Instead, you should report the advertisements by providing a proof of the advertisements (for SMS – a screen capture) to the Registry of Moneylenders or to the Police.

You can contact the Registry of Moneylenders at telephone number: 1800-2255-529.

Can I rely on the content of an advertisement to take up a loan from a moneylender?2018-02-12T15:09:04+00:00

You must seek clarifications on specific terms of the loan contract before signing up with a licensed moneylender.
Do not rely solely on the content of advertisements from the moneylender.

What Should I Do after being granted a loan?2018-02-12T15:14:08+00:00

You are legally bind to fulfil any loan contract you enter into with a licensed moneylender.

Be mindful that if you are unable to meet the contractual terms, the late payment fees and interest payment will be a financial strain not just on yourself but also on your family.

  • Make sure the moneylender delivers to you the correct principal amount of the loan.
    The moneylender is only permitted an upfront deduction of a loan approval fee of up to 10% of the principal amount.
  • Pay the loan instalments on time to avoid incurring late payment fees and late interest.
  • Make sure the moneylender issues to you a dated and signed receipt every time you repay your loan or pay any fees in cash, and check it for correctness (e.g. name, amount, date).
  • Make sure you receive a statement of account for all your loan(s) at least once every 6 months, and check it for correctness (e.g. name, amount, date)
  • You should retain all statement of accounts and receipts of payments, as documentation and evidence of payments.
What should I do if the service level and practices of a moneylender is not acceptable?2018-02-12T15:14:19+00:00

Rules governing licensed moneylenders in Singapore are constantly improvising to encourage good business practices and better business models that can benefit borrowers.

Be mindful if they:

  • Use abusive language, or behave in a threatening 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 blank or incomplete Note of Contract for the loan.
  • Grant you a loan without giving you a copy of the Note of contract for the loan and/or without properly 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 receiving your loan application form and supporting documents, such as the income tax assessment and payslips).
  • Withhold any part of your principal loan amount for any reason.

Such practices are not acceptable.

If you encounter them, you should report the moneylender to the Registry of Moneylenders at telephone number: 1800-2255-529.

  • Rest assured that the Registry will not disclose your details to the moneylender without your consent.
  • To facilitate the Registry to investigate your complaint, you may need to attend an interview with our officers and provide us with all relevant information and documents related to your loan transactions and circumstances of your dealings with the moneylender.
  • The Registry views complaints against moneylenders seriously and will investigate them thoroughly.
  • Errant moneylenders will be taken to task.

 

  • If a moneylender has engaged in an unfair practice towards you, you can pursue the matter through the Small Claims Tribunal or the Court under the Consumer Protection (Fair Trading) Act.
  • The Court also has the power to set aside loan transactions that are exorbitant or substantially unfair.
How do I lodge a complaint against a moneylender against unfair practices and/or contract?2018-02-12T15:14:25+00:00

You can contact the Registry of Moneylenders at telephone number: 1800-2255-529.

Rest assured that the Registry will not disclose your details to the moneylender without your consent.

To facilitate the Registry to investigate your complaint, you may need to attend an interview with our officers and provide them with all relevant information and documents related to your loan transactions and circumstances of your dealings with the moneylender.

The Registry views complaints against moneylenders seriously and will investigate them thoroughly.

Errant moneylenders will be taken to task.

If a moneylender has engaged in an unfair practice towards you, you can pursue the matter through the Small Claims Tribunal or the Court under the Consumer Protection (Fair Trading) Act.

The Court also has the power to set aside loan transactions that are exorbitant or substantially unfair.

In the event that I am standing as a surety for a loan, what should I look out for?2018-02-12T15:14:30+00:00

You should ensure that:

  • You understand your responsibilities as a surety
  • You receive a copy of the Note of Contract at the time that the loan is granted to the borrower
  • The moneylender has explained the terms in the Note of Contract in a language that you understand
  • The moneylender does not keep your NRIC card or any other personal ID documents (e.g.driver’s licence, passport).

The moneylender does not acquire any information that contains passwords to your user accounts (e.g. Singpass account, Internet banking account, email account).

What is a Caveat?2018-02-07T09:34:41+00:00

A caveat is a legal document lodged with the authority by a person with an interest in land or property.
The effect of a caveat is to prevent any further or contradictory dealings with the property from being registered, serving as a “chope” to that property.

Consider carefully before agreeing to any contractual term which allows a licensed moneylender to lodge a caveat on the sale proceeds of your real estate property upon default of the loan repayment.

When a caveat is lodged against your property, you will not be able to sell it without first repaying the moneylender in full.

If the repayment is taken from the net proceeds from the sale of the property, it can wipe out all or a substantial portion of the proceeds.

Important Note For Borrowers
Do you really need a loan today?

It can be expensive to taking up a loan and borrowing may not solve your financial problems.
If you really need to borrow, borrow only what you need that you can repay.
Do Not Borrow to pay off another debt.

Check out other financial assistance schemes

More on OneMoney Blog

Check out our blog for more personal finance tips and insights.

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Latest News

Rules governing licensed moneylenders in Singapore are constantly improvising to encourage good business practices and better business models that can benefit borrowers.

Better Protection for Borrowers
Authority had introduce an aggregate loan cap to set an overall limit on the amount that an individual may borrow from all licensed moneylenders in Singapore, combined. It will replace the present loan caps, which only limit the amount that an individual may borrow from any single moneylender.

The following caps will be introduced:

No more than $3,000 from all moneylenders combined for individuals earning less than $20,000 a year
No more than six times of individual’s monthly income from all moneylenders combined, for all other borrowers.