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How to Choose Licensed Moneylender in Singapore?

Singapore is one of the most expensive countries in the world. Even Singaporeans face financial difficulties at some point in their lives. Thankfully, the numerous licensed money lender Singapore has makes it easy to find emergency financing solutions.

Counting on banks for excellent financial service is indeed better than going directly to money lenders. However, some Singaporeans — especially those with poor credit — a commercial lender’s minimum loan amount and interest rates might be too high. Often, they only have two possible alternatives to get money.

Borrow From Your Family

When it comes to money difficulties, Singaporeans can always count on their family to lend some money. However, financial aid from family members is never consistent. Plus, you never have a choice, especially if you need a higher amount than their provision. 

On the other hand, family members have lenient terms and conditions as a lender. They will not impose interest rates, penalties, or late fees. However, they might impose some unconventional terms and conditions, which a legal money lender and all banks cannot do.

Use a Licensed Moneylender

Moneylenders in Singapore are under the regulation of Singapore’s Ministry of Law. Unlike unscrupulous money lending Singapore loan sharks, a legal money lender provides you fixed interest rates, loan amounts, and fair terms and conditions MinLaw approves. 

Truthfully, a licensed money lender in Singapore is more lenient than banks and other financial institutions. For example, they don’t require high credit scores or impose high interest rates on borrowers. However, Singaporeans face the dilemma of having to choose from numerous moneylenders in Singapore.

Convenient, But Too Many!

It’s convenient to have so many choices when it comes to moneylenders. Truthfully, you can create a lengthy list of licensed moneylenders in Singapore, such as those you pick out from the Registry of Moneylenders (more on this later). However, you’ll be taking so much time comparing their interest rates, terms and conditions, and loan amounts.

So, we took the opportunity to provide you with an excellent list of top licensed money lenders we believe can provide you low-interest on personal loans and other loan products. Additionally, we’ll provide you an in-depth look at every lender we have on the list, such as their objectives, experience, and more.

The Top 6 Licensed Money lenders in Singapore

When we selected the top six best Singapore money lender, we used the following criteria:

  • Years in the business
  • Mission-Vision/Objectives
  • Loan Amount, Interest Rates
  • Terms and Conditions
  • Customer Service

To provide an exceptional experience to borrowers, the top best money lender Singapore must possess the following traits. 

The best moneylender in Singapore does not only possess great interest rates and loan amounts. They should possess significant experience, establishing their authority in handling borrower concerns, juggling their details, and leading them to successfully pay their personal loan or other financings.

Without further ado, here are the six best money lenders in Singapore in full detail.

1. Fortune Credit

A Decade of Experience

For almost ten years, Fortune Credit has been providing top-class custom loan solutions for Singaporeans and foreigners. Almost through a decade, the company has established its reputation on helpfulness, borrower satisfaction, and a strict, customer-centered ethical practice.

Additionally, their top-notch products and services have helped elevate their status as one of the Top Ten Licensed Money Lenders in Singapore by many financial service review websites in 2019


Fortune Credit prides itself on ethical lender practices, gaining the approval of MinLaw and sustaining its position in The Registry of Moneylenders. With experienced loan assistance staff, many borrowers have found their staff to be friendly and helpful. You can find these borrower statements in many review and loan comparison websites, including those from Instant Loan.

From these reviews and the moneylender’s objectives, Fortune Credit is sure to provide you with a refreshing borrowing experience you might possibly not experience from banks or other money lenders.

Interest Rates and Loan Amounts

Like other lenders, Fortune Credit does not indicate the minimum loan amounts it can provide. However, you can trust them to provide low unsecured loans, allowing borrowers to have something between a family member’s offer and a bank’s minimum loan amount.

The lowest interest Fortune Credit can provide is 1% on an unsecured personal loan payment. Alternatively, their maximum loan interest is within the MinLaw’s regulated requirement of 4%.

Fair Terms and Conditions

Licensed moneylenders have the freedom to implement their terms and conditions. However, they must strictly comply with MinLaw’s terms and conditions. Fortune Credit is evidence of fair terms and conditions plus flexible repayment tenors. Additionally, they must have a zero-tamper record on their terms and conditions because of their long-term service to the industry and its borrowers.

Exceptional Customer Service

When you visit loan review websites, such as Instant Loan, you’ll find numerous statements mentioning specific staff names of Fortune Credit. Their business prides itself on providing solutions for borrowers. While money lending is profitable, a responsible community licensed money lender prioritizes the success of its customers. Doing so helps them gain lifelong customers that will always be confident in using their services.

2. Raffles Credit

A Whole Ten Years

Before they called themselves Raffles Credit, the licensed money lender started with a simpler name: Advance Planners Credit. In 2010, the simply licensed moneylender grew to new heights as borrowers knew their services to be comfortable and hassle-free.

Their years of experience reflect exceptionally in their work. Numerous borrower reviews hail their services as of high quality. They cite many names of their staff in reviews on established loan comparison websites, such as Instant Loan, because of their helpfulness in finding the best products for all their needs.

Working Towards Their Customers’ Successes

Anyone who hears “easy loan processes” does not believe it unless they’ve seen someone go through and find the service convenient and easy.  Many Singaporeans have found their services convenient thanks to their committedly-helpful staff. This attitude and staff training align with Raffles Credit’s idea of helping its customers progress towards success using their products and services. 

Genuinely Helpful and Convenient Products

Raffles Credit allows borrowers a minimum loan amount of up to six times their monthly salary. Like any licensed money lender in the market, they provide small but beneficial unsecured loans and require most borrowers to have a minimum income of S $1,500 (S $2,000 for foreigners).

Their minimal loan interest goes from 1-4%, depending on your income and job stability. Unfortunately, most licensed money lenders will lean towards 4% for foreign borrowers because of their higher risk factor than Singaporeans.

The Usual Customer-Centered Terms and Conditions

The licensed moneylender’s experience shows its adaptation of MinLaw’s industry rules for the long term. Truthfully, you can expect them to comply with all the rules in the best way possible. Additionally, they’re generous with repayment schedule extensions, making them a favorite among many Singaporean borrowers.

Customer Success All The Time, Any Time

Borrowers believe that companies who genuinely provide helpful services always look out for their customers. Raffles Credit represents itself as a helpful resource with staff who welcome and assist their customers towards loan application approval and success. Indeed, you can expect a pleasant customer service representative willing to walk you through the process and make your repayments hassle-free.

licensed money lender

3. GM Creditz

More Than 11 Years Working to Help Customers

GM Creditz likens itself to “financial heroes” who observe and help you in times of crisis. Truthfully, every licensed moneylender is a potentially helpful financial superhero. But you can consider GM Creditz one of the best because they’ve been heroes since 2009. True to its tagline “borrowing money made easy,” reviewers praise the licensed money lender for their helpful staff in many loan comparison websites. 

Financial Heroes During Your Time of Need

Having a motto like this indicates GM Creditz’s devotion to helping customers during the worst fiscal situations with the best of their resources. Truthfully, you can see it in the low rate (below 4%) that you’ll likely get, even if you don’t have collateral. Additionally, their lengthy and friendly loan terms make borrowing six times your salary and smoothly pay back your principal plus interest.

Low Rate, Adequate Borrowing Amounts

As one of the top six best money lenders in Singapore, you can expect outstanding loans from GM Creditz. For personal loans, Singaporeans with stable income and excellent proof of income can get as low as 1% interest on their financing. These are quick-release unsecured loans that require no collateral. However, you can expect your interest to rise as high as 4% with no release date difference.

Truthfully, GM Creditz’s personal loan products make them reliable financial institutions, especially if you’re looking for loan amounts more than six times your salary. As with other reputable licensed money lenders in this list, you can apply for a business, monthly, or other helpful loans with the lender.

Terms and Conditions Protective of Customers

GM Creditz is your “friendly neighborhood lender” who isn’t an ah long. If you need cash, you can count on them to provide you with fair terms and conditions accompanying your personal, business, or other loans you need. Truthfully, the MinLaw has plenty to do with the compliant terms and conditions.

Patient and Accommodating Staff

As virtually every review in different loan comparison website mention, GM Creditz has some specifically greatly-helpful loan assistance staff,  including the business’ owner itself. It shows that the licensed money lender’s devotion towards creating a beneficial experience to borrowers continues to bear fruit and is helping their local community consistently.

4. Bugis Credit

A Name You Can Trust Over The Years

You can consider Bugis Credit, one of the paragons of licensed money lender services in Singapore. It’s one of the oldest and thriving money lender in Singapore existing since 2007. Before the standardization of moneylending by MinLaw, Bugis Credit has been reputable in providing high-quality financial products to its customers.

Reviews from different loan comparison and evaluation websites show that high-quality customer service Bugis Credit continues to provide borrowers. Additionally, their financial products are exceptional in providing top-class benefits and smooth payment options for customers.

Number-One Reliable Licensed Moneylender in Singapore

Its slogan is reflective of its performance as a top-rated licensed moneylender with speedy loan approvals and high-quality customer support. Recently, Bugis Credit received the Top 10 Licensed Moneylender 2021 from Loan Advisor and one of Singapore’s Outstanding Enterprise from SME 150 in 2014.

However, awards aren’t too useful for evaluation except to grab the attention of borrowers. It’s the experience of other customers that weighs the most for another. Fortunately, in many of the reviews for Bugis Credit, virtually everyone mentions a helpful face who helped them during challenging situations.

Best Interest Rate on Products Since Forever

Bugis Credit has been around for a while.  They know the needs of their customers by providing a reasonable interest rate on their loan products. For example, you can get 1-4% interest on a personal loan, with 4% being the ceiling rate. Bugis Credit allows you to receive your salary six times for a personal loan and a higher amount with their other financial products.

Always Fair and Helpful

Before MinLaw established the best practices and guidelines for licensed money lenders, they’ve been doing their own good deed in Singapore. As per law, they never change their terms and conditions before the loan term ends. Additionally, these terms and conditions are within MinLaw’s guidelines too.

Impeccable Customer Service

Many reviewers mention the helpfulness of Bugis Credit’s genuinely remarkable team of helpful customer service representatives. The licensed money lender does live to its reputation as a greatly-helpful moneylender who cares for its customer’s experience.

5. 365 Credit Solutions

A Decade of Helpful and Legitimate Services

Before it registered itself as 365 Credit Solutions, it was known as the Fu Lu Shou Credit or FLS Credit in 2010.  It was a small lending service that wasn’t legitimate until it registered with MinLaw’s Registry. However, before it listed itself on the Registry, it was already doing good work for many of its customers. Many of them still use their service, and new customers who recently wrote them reviews have found success with their products and services.

Your Satisfaction Is Their Top Priority

It’s normal to expect great satisfaction from the financial services you use. However, a lender that consistently hits the mark is one you’d want to work with continuously. 365 Credit Solutions makes it a point to provide the best loan products with fair terms and conditions to their customers. While unsecured (like every money lender on this list), your loan will always have an interest rate within the bounds of MinLaw.

Bridging and Payday Loans

Aside from personal loans, which 365 Credit Solutions provide with a 1-4% interest rate, it specializes in providing bridging and payday loans. These loans have justifiable rates within the regulation’s specifications too. Additionally, taking out these two financial aids requires no additional collateral, and you can take them out as soon as you submit your application too.

Looking Out For Customer Rights

All of 365 Credit Solutions’ terms and conditions for personal, business, bridging, and other loans are within the guidelines of MinLaw. In some of their promotional products, they are lenient in the interest rate and loan tenor in some cases too. In all loan applications, 365 Credit Solutions informs their customers about their rights before having their borrowers sign.

Looking To Introduce Customer Success

Supporting customers is always a big priority for 365 Credit Solutions. Indeed, you’ll see customer responses and reviews about their trained staff’s helpfulness and willingness to provide flexible and smooth transactions.

6. A1 Credit Solutions

More Than Ten Years in Good Hands

Singaporeans who have worked with A1 Credit Solutions know them for their willingness to provide a customized solution and service to their customers. They’ve been giving borrowers the best loan options accompanied by reasonable interest rate since 2009.  Even before the Ministry of Law’s Registry, A1 Credit built its reputation on integrity and dependability.

Helping Local Communities

The simplicity of A1 Credit Solution’s willingness to help local communities with fast cash loans during emergencies made them appealing to their target market. However,  even if their operations expanded, they’ve always sought genuine connections and solutions for their customers. Fast cash isn’t just virtually free credit. It’s one financial institution genuinely providing help.

Low-Interest All The Way

Truthfully, A1 Credit Solutions’ loans are unsecured. However, the high interest rate caps at 4%, ensuring borrowers won’t get trapped in deep debt. These fast-cash loans are not final, meaning A1 Credit can customize it according to a customer’s needs. The Singapore moneylender has provided debt consolidation services for customers with bad credit too.

Legal Operations and Fully Informed Borrowers

A1 Credit Solutions informs its customers about all their rights before they sign the agreement to their loans. In doing so, even small personal loan borrowers have their rights protected. A1 Credit respects the rights of its customers completely

Customer Support

The small financial institution is part of the top six best moneylenders in Singapore because of its top financial services and dependable customer support. Like every moneylender on this list, you can find some specific names from reviewers who have found their service undeniably satisfying.

shaking hands after good deal

How To Know If You’re Working With Licensed Moneylenders

1. The Ministry of Law and Registry of Moneylenders

All reliable Singapore money lenders register themselves in the Registry, which MinLaw regulates and operates. All licensed moneylenders have their respective license numbers. Displaying them is mandatory for all lenders.

2. Violations Your Licensed Moneylenders Can Commit

Illicit moneylenders perform the following acts. If you’ve encountered or received any one of these, you’re likely working with a loan shark.

3. Outreach Digital Communications and Telemarketing

Traditional personal loan products and lending services cannot reach out to you through online messaging apps, SMS, and phone calls.

4. Scattered Print and Broadcast Advertisements

Legitimate lenders cannot advertise using traditional print ads, billboards, and pamphlets. 

5. Changing Loan Terms and Conditions Before End of Loan Term

Loan sharks became notorious for changing their terms and conditions before the loan tenor ends, allowing them to trap borrowers in a repayment cycle. Lenders who commit this can get disqualified from running another lending service.

Why Should You Work With Licensed Moneylenders?

1. Fastest Approval Rate

Unsecured loans require zero collateral, making them fast to process. With moneylenders, you won’t get high debt from the low amounts they provide

2. Interest Limits Up To 4% Only (Much Lower Than Banks!)

For personal, payday, and bridging loans, moneylenders can only charge up to 4% maximum interest rate. Limits might be different on business loans.

3. Flexible Payment Options

Moneylenders have a classification for their loan offers. However, the terms and conditions, interest rate, and other factors aren’t set in stone. They make it work for borrowers all the time.

4. No Credit Scores Needed

If you have proof of employment and income, you can conveniently apply for a loan and get approval!

Licensed Moneylenders: Eligibility and Requirements

You’ll need to be 18 years old and above and in Singapore to use a moneylender’s services. Virtually every moneylender asks for the following documents during your application.

  • NRIC
  • Billing statements and other proof of residence
  • Employment certificate 
  • Latest 3 months
  • Singpass details
  • Work permit/S-Pass/E-Pass (for foreign borrowers)
  • Passport (for foreigners)
  • Bank account statement (for foreigners)

Finding the Best Licensed Money Lender in Singapore

Loan comparison websites you can trust, such as Instant Loan, are the best places to begin looking for Singapore’s best lending services. Sign up at Instant Loan to personalize your results and find great recommendations for dependable lenders or promotions today!

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