• Licensed Moneylenders in Singapore

    Setting aside a part of your monthly income is a good way to save for the future. But even the most meticulous saver may need additional funds at times. In times like these, taking a loan such as a personal loan from a bank can help you get cash immediately. In some cases, you may not get the loan you want. Some reasons why banks may reject your loan application include:

    • Not having the necessary documents.
    • Not providing adequate collateral as required by the bank.
    • If you don’t fulfil the minimum income requirement.
    • Not having a good credit score.

    In such instances, borrowing from moneylenders is a good option. There are many moneylenders in Singapore who offer loans with attractive interest rates. That doesn’t mean you should automatically choose the lender that offers the lowest rate.

    Popular Moneylenders in Singapore

    Moneylender Location Working Hours Holiday's
    Horison Moneylending 1 Park Road, #01-15 People’s Park Complex, Singapore 059108.

    Mon-Fri: 11:00 a.m.-8:00 p.m.

    Sunday: 10:00 a.m.-7:00 p.m.

    Saturday and public holidays
    Credit 21 Pte Ltd 10 Anson Road #01-07, International Plaza, Singapore 079903.

    Mon-Sat: 11:00 a.m.-8:00 p.m.

    Sunday: 10:00 a.m.-7:00 p.m.

    Closed on public holidays.
    Katong Credit Pte Ltd 304, Orchard Road, #02-30/31, Lucky Plaza, Singapore 238863.

    Mon-Sat: 11:00 a.m.-8:00 p.m.

    Sunday: 9:00 a.m.-6:00 p.m.

    Closed on public holidays.
    U Credit (Pte.) Ltd #01-19 The Bencoolen, 180 Bencoolen Street, Singapore 189646

    Mon-Sat: 11:00 a.m.-8:00 p.m.

    Sunday: 9:00 a.m.-6:00 p.m.

    Closed on public holidays.
    CreditMaster Pte Ltd 1 Park Road, People’s Park Complex #01-50, Singapore 059108.

    Mon-Sat: 11:00 a.m.-8:00 p.m.

    Sunday: 10:00 a.m.-7:00 p.m.

    Closed on public holidays.
    S.E. Investment Pte Ltd 135 Jurong Gateway Road #01-335, Singapore 600135.

    Mon-Sat: 11:00 a.m.-8:00 p.m.

    Sunday: 9:00 a.m.-6:00 p.m.

    Closed on public holidays.
    AP Credit Licensed Moneylender 10 Anson Road, #01-38A, International Plaza, Singapore 079903.

    Mon-Sat: 11:00 a.m.-8:00 p.m.

    Closed on Sunday and public holidays.
    Credit Matters Pte Ltd Park Road, #01-23 People’s Park Complex, Singapore 059108.

    Mon-Sat: 11:00 a.m.-8:00 p.m.

    Closed on Sunday and public holidays.

    How to Choose a Moneylender in Singapore

    Ensure That the Moneylender Is Credible

    This point cannot be stressed enough. Before applying for your loan, make sure that the moneylender is registered with the Registry of Moneylenders under the Ministry of Law in Singapore and has a valid license to lend money. You can find the list of all the approved institutions here.

    Moneylenders who have a proven track record of providing professional and satisfactory services are more likely to be better options. Remember that taking money from an unlicensed moneylender could lead to disastrous consequences.

    Understand What You Are Borrowing From the Moneylender

    It is very important to take a close look at all the options provided by various moneylenders. Most moneylenders offer the following products:

    • Personal loans for those who want to borrow money for personal reasons.
    • For foreigners, there are foreigner loans.
    • Business loans to help finance companies and startups.
    • Payday loans that need to be repaid when you get your salary.

    Each type of loan has its own set of terms and conditions, benefits, and advantages. Read through the website of every moneylender thoroughly and understand the details of the products they offer. Find the type of loan that suits your needs and compare all the options available to you. Ask the moneylenders for rates and charges for late payment, extension period for late payment, exact interest rate applicable to your loan, and any other fees or interest associated with the loan. Understand each of the terms and conditions. Clarify any questions you have directly with the moneylender. It is vital to know exactly on what terms you are borrowing.

    Know Government Regulations Regarding Moneylenders

    The Ministry of Law in Singapore regulates the operations of moneylenders in Singapore. There are various restrictions such as the maximum amount you can borrow, interest rates that they can charge, and maximum fees applicable. Being clear about these rules will help you be aware of how much your moneylender is charging you. You can find all the information regarding government restrictions by clicking here.

    Pros and Cons of Borrowing From Moneylenders

    Pros
    • Faster loan approval.
    • Immediate cash.
    • Loans may be granted even if you have bad credit history.
    • Your personal information remains safe with licensed moneylenders.
    Cons
    • High interest rates.
    • High fees and charges for late payment.
    • Some moneylenders (mostly unlicensed lenders) may harass you via SMS, phone calls, approaching your employer, and house visits in case of non-payment.

    Points to Keep in Mind : All said and done, moneylenders are known for charging extremely high interest rates on the loans they provide. Apply for a loan from such lenders only if you have no other option. If you fail to make the payments on time, you may end up paying more in interest and charges than the amount you originally borrowed. If you are sure of paying your dues on time without default, these loans are a good option. Assess your needs and ensure that you don’t borrow more than you need. Make sure that you have the financial bandwidth to accommodate the monthly repayment amounts.

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