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The Best Licensed Money Lender in Singapore Review 2021

Loan Amount
$500 $50000
Loan Duration
1 Month
1 Month 6 Months
1st Payment
2nd Payment
3rd Payment
4th Payment
5th Payment
6th Payment
Total Payment

A money lender in Singapore is historically synonymous with loan sharks, who prey on the desperate, giving out short sky-high interest rates personal loans that would make the public worse off financially before they have repaid the loan.

To combat such illegal money lending activities, the Singapore Ministry of Law has passed several laws like the Singapore Moneylenders Act to regulate and monitor the activities of all licensed money lenders in Singapore. Singapore Ministry of Law also created a list of licensed moneylenders. Any and all licensed moneylenders in Singapore whose name is not on that list is therefore illegal.

Now, it is easy to verify licensed money lenders are and approach them for money lending Singapore. All one needs to do is check the Registry for their license number and ensure that the entity you're dealing with is a licensed money lender. Singapore citizens and foreigners in need of personal loans or other loans will, therefore, have peace of mind and the security of not having to deal with loan sharks or illegal money lenders.

Selecting The Top 10 Licensed MoneyLenders In Singapore

With more than 150 licensed moneylenders in Singapore and a large number of loan sharks impersonating as legal moneylenders, it can be tough to find a reliable moneylender Singapore when you are desperately in need of fast cash loans. Instant Loan has trawled through the list of licensed moneylenders in Singapore and have come up with the Top 10 Best Licensed Moneylenders below.

We've come up with several criteria to ensure that the licensed moneylender has the following qualities.

Here are the criteria the licensed money lender have to pass to make it to our Top 10 list:

Remember, if you need to get a personal loan or fast cash loan, get it from a licensed money lender. It is also important to note that not all money lenders have the same terms and conditions. Not all of them may have terms, so it is wise to check out several legal money lenders to know their loan application, interest rates, and repayment terms before selecting one to get your fast cash loans from.

Top Licensed Money Lender in 2021

Best in Bugis: Fortune Credit

Fortune Credit
License no:31/2021

470 North Bridge Road
#02-01A Bugis Cube
Singapore 188735
6777 1887

Years in Business:
Since 2010
Business Operation Hours:
Monday - Friday: 11am-8pm
Saturday-Sunday: 11am-5pm

Open every day including Saturdays & Sundays

Our Review:

Well known for their friendly staff that oftentimes go above and beyond to help out local Singaporeans and foreigners alike, Fortune Credit, a licensed money lender, has earned itself as one of the most reputable financial institutions in Singapore for personal loans and other fast cash loans in Singapore’s Bugis area.

With years of experience, Fortune Credit’s loan officers are often mentioned as some of the best advisors who deeply understand their clients and for coming up with the best-customized repayment plans to suit their financial difficulties.

What We Like

  • Personalized loan amounts and repayment schedule
  • Excellent customer service
  • Quick disbursement of loans

Best in Orchard: 365 Credit Solutions

365 Credit
License no:20/2021

14 Scotts Road
#03-64 Far East Plaza
Singapore 228213
6222 5500

Years in Business:
Since 2010
Business Operation Hours:
Monday - Friday: 10.30am-8.30pm
Saturday-Sunday: 10.30am-5pm

Open everyday including Saturdays & Sundays

Our Review:

What sets 365 Credit Solutions apart from other licensed money lenders in Singapore is their ability to offer repayment terms and conditions that are much more favourable to borrowers than other licensed money lenders.

Borrowers can obtain interest rebates without early repayment penalties that will ensure their customers repay their loss on time. In addition, anyone with good credit scores is able to obtain good interest rates and loanable amounts without the use of collateral.

What We Like

  • Low interest rates repayment plans
  • Borrowers may borrow amounts from $1,000 to $100,000 without the use of collateral
  • Flexible repayment terms

Best in City Hall: GM Creditz

GM Credit
License no:102/2020

111 North Bridge Road
#01-41 Peninsula Plaza
Singapore 179098
6588 1886

Years in Business:
Since 2010
Business Operation Hours:
Monday - Friday: 10:30am-8pm
Saturday-Sunday: 10:30am-5pm

Open every day including Saturdays & Sundays

Our Review:

GM Creditz has built its reputation throughout the years through its fair and transparent policies offered to its customers alongside excellent customer service by their front-facing customer service personnel.

Most of their customers are repeat customers, returning frequently over the years for their accommodating policies, friendly service and knowledge of the loan application processes, making it easy for anyone to apply for personal loan and other fast cash loans, regardless of their financial status or credit scores.

What We Like

  • Policies that favor borrowers
  • Returning customers enjoy better accommodating policies
  • Excellent customer service

Best in Bugis: Bugis Credit

Bugis Credit
License no:26/2021

470 North Bridge Road
#02-12 Bugis Cube
Singapore 188735
6345 9123

Years in Business:
Since 2007
Business Operation Hours:
Monday - Friday: 11am-8pm
Saturday-Sunday: 11am-5pm

Open on weekends and selected public holidays

Our Review:

As one of the longest-running legal money lenders in Singapore reviewed by us, Bugis Credit has made a name for itself for efficient service and their staff’s ability to anticipate their customer’s needs.

Loans are approved quickly without hassle and their customer service team has been praised online and offline for their in-depth knowledge and patience with new and repeat customers.

What We Like

  • Efficient and discrete services
  • Offers unsecured personal loan without collateral
  • Easy online and phone application processes

Best in Chinatown: A1 Credit

A1 Credit
License no:24/2021

2 Havelock Road
#02-08 Havelock II
Singapore 059763
6336 0833

Years in Business:
Since 2009
Business Operation Hours:
Monday - Friday: 11am-8.30pm
Saturday-Sunday: 11am-5pm

Open every day including Saturdays & Sundays

Our Review:

With 4.9 out of 5 stars out of 200 reviews on Google reviews, A1 Credit is a licensed Singapore money lending company that takes customer service to a whole new level. Popular money lender officers like Steven and Tracy are often mentioned on Google Reviews that gush over the officers giving out of their way to lend a listening ear and perfect their applications with a suitable short-term personal loan for them.

What We Like

  • Amazing customer service
  • Specializes in offering personalized personal loan and other loans
  • Very quick disbursement of money

Best in Raffles Place: Raffles Credit

Raffles Credit
License no:55/2021

17A Circular Road
Singapore 049373
6235 1788

Years in Business:
Since 2011
Business Operation Hours:
Monday - Friday: 11am-8pm
Saturday-Sunday: 11am-5pm

Open on weekends and selected public holidays

Our Review:

Located in Raffles Place, Raffles Credit has many different plans to offer to Singaporean, PR and foreigner borrowers. The personal loan is also tailored to each individual and their ability to repay their borrowed money while following guidelines set forth by the Singapore Ministry of Law.

Open 7 days a week, they have also made excellent customer service and satisfaction their priority, making them one of the most reputable and trustworthy licensed money lenders around Raffles Place.

What We Like

  • Wide variety of loan options
  • Personalized loan options and repayment plans
  • Excellent customer service

3 Quick Steps To Find The Best Instant Loan

Step 1

1. Submit a filled-out form

Step 2

2. Receive the best loan quotes from 3-5 loan providers


3. Select the best offer that suits your needs

Moneylender Guidelines in Singapore

The difference between licensed and unscrupulous moneylenders is they voluntarily submit to the Ministry of Law's regulation and oversight. In doing so, they're bound by the Ministry of Law's strict rules and regulations that govern the money lending industry. All moneylenders you work with adhering to the following.

  • Maximum Interest Rates

    Moneylender can only charge up to 4% interest monthly. Anything above this is abusive and illegal, even if it's only a 4.2% increase. Furthermore, any of them that surprises you with additional hidden charges is subject to conduct review by the Ministry of Law in Singapore.
  • No Compound Interest Rates

    Any money lender that uses compound interest on loans will undergo a performance review, translating into license termination if investigators find negative charges involved. They can only use reducing balance interest, which brings them only to a 4% ceiling interest rate once again.
  • Only 10% Loan Amount Charges for Loan Fees

    Any loan processing or application fees must never exceed up to 10% of the principal loan. Furthermore, moneylender should never charge or hide additional fees from customers. Any borrower who encounters this scenario has a valid complaint to lead the suspect moneylender into a review and possible suspension or expulsion.
  • Can Only Charge Up To $60 Late Payment Fees

    The late charges that a moneylender can impose on lenders is anything less than $60 late fee per month and 4% late interest per month. Any amount that goes beyond is poor conduct.
  • Total Cost of Borrowings Should Be Way Below Loan Principal

    The total charges imposed by a moneylender on any loan, consisting of interest, late interest, upfront administrative and late fee also must never go beyond the loan's principal amount. Truthfully, if the lenders follow the rules we've mentioned above, they'll always be within this threshold upon calculating the total penalties.

Finding The Best Licensed Moneylender in Singapore

With numerous options in finding moneylender, here's a short guide to help you find the best ones. Furthermore, using this guide will help you avoid working with unscrupulous loan sharks too.

  • Accreditation

    Government-licensed money lender, is subject and voluntarily follows the rules and regulations of the Ministry of Law. Furthermore, they've met the Ministry of Law's stringent requirements if they appear in a licensed moneylenders' roster. The Registry of Moneylenders is open for any prospective borrower to visit, and each one in the list is a trustworthy and dependable moneylender.
  • Fair and Just Terms and Conditions

    Licensed moneylender offers you terms and conditions that suit your financial position. Truthfully, these are the backbone of your contracts, making it essential you understand them before accepting the loan contract. However, you can trust that the Ministry of Law has and continues to regulate licensed money lenders' terms and conditions.
  • Respects All Fee and Penalty Charging Rules

    It's fair for licensed money lenders to charge a fee for personal loan services. Additionally, the Ministry of Law deems it fair to charge for late payment and other penalty fees. However, all lenders should respect the Ministry of Law's guidelines and limitations we have listed above at all times.
  • Has a Good Reputation Among Previous Borrowers

    Even if moneylender follows all the rules and regulations of Singapore's government, their attitude might be the last thing to put you off. Check any previous borrower experiences in most lender and financing comparison websites to learn more about it.

How to Get The Best Loan Rate?

Keeping on top of your finances is no easy feat – particularly if you’re juggling multiple credit cards and debts. A suitable loan can help you keep all your debts in one place, but there’s a number of other things you can do to keep your finances in check. Here are a few trusted, expert tips from the team here at Instant Loan.

  • Tip 1 – Secure a Low-Interest Rate

    Gaining access to the best interest rate can greatly reduce your overall repayments. In order to do this, it’s important to compare around to find the best deals currently on the market.

    Even if you have a bad credit rating, Instant Loan can help you find amazing deals from top licensed money lenders, reducing your payments in the long-term. However, it always pays to ensure your credit score is in good shape from the outset.
  • Tip 2 – Build Up Your Credit Score

    Boosting your credit score will always help you access better personal loan deals. There are a number of ways you can achieve this.

    Paying bills on time, settling invoices early and using credit cards wisely can all help to improve your overall credit score. And a better score means better access to a personal loan or other loan deals – meaning you’ll pay off your debts faster and with lower interest in the future.
  • Tip 3 – Always Carry Out Soft Loan Searches First

    Having a low credit score could prove problematic when applying for loans. What’s more, sending off loads of applications at once could damage your score even further.

    Credit scores can be a slippery slope, so we recommend carrying out a soft search or basic eligibility checks first before filling in any full loan applications. Instant Loan’s comparison tool is a great place to start weighing up the best potential deals.
  • Tip 4 – Pay Off Your Debts in Order of Priority

    Keep track of your debts and prioritise those that are more expensive or governed by a higher interest rate. This is very important if you want to reduce the overall amount you’ll pay off in the longer-term.

    But the benefits don’t end there – prioritizing your debts will also help you pay off the total amount of money you owe much more quickly.
  • Tip 5 – Make Early Payments Where Possible

    Paying debts early will always work out in your favour. This will help you to improve your credit score and pay off everything you owe faster and more efficiently.

    This is especially true with credit cards – but be wary of any hidden fees you might incur first. For example, early repayment charges are uncommon in Singapore.

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Sometimes, you can only save up money to use for a single emergency or investment. Unfortunately, emergencies are unexpected. Having a sure-providing source of substantial financial aid can help you, making loans and financial services essential.

Banks provide the biggest, virtually-limitless financial resources to any borrower. Alternatively, financial institutions offer average but ample financing, but only to members of their private fund. 

For licensed moneylenders, you can obtain a loan of any amount for secured loan. For unsecured loans , please refer to the table below for the total maximum amount that you may borrow: 

Borrower’s annual income Singapore Citizens and Permanent Residents Foreigners residing in Singapore
Less than $10,000 $3,000 $500
At least $10,000

and less than $20,000

At least $20,000 6 times monthly income 6 times monthly income

Before you provide a loan figure to your lender, assess your income-to-expense ratio first. If your debt repayments for your ideal loan amount reach beyond 40% of your income after deducting all your expenses, reconsider changing your loan amount or applying for a loan until you increase your income.

Visit comparison websites available in Singapore to learn more about the best offers from banks, financial institutions, and loans lenders. Make sure you prioritize one of the following to make the best decision virtually every time: loan tenure, interest rate, and the total amount you can loan.

Yes. If you’re recovering from a low credit score, a legal loan provider can help you get your scores back up with small financing. With a slow but sure method, you can improve your risk grades until you qualify for better and more productive financial commitments.

Some legal moneylenders allow you to pay off your debt early. This will accelerate the immediate closure of your loan account and interest rate discount might be given.

All licensed moneylender has gone through the examinations and certifications the Ministry of Law in Singapore imposes. The Ministry of Law keeps a record of all registered lenders in the Registry of Moneylenders, which you can visit here.

As we’ve listed above, a moneylender can charge you for penalties, such as late payments. Furthermore, they can only charge you a late fee for each month of late repayment, which do not balloon into compound interest.

All licensed money lenders can only charge you with interests 4% and below. Anything similar to the items above is a violation, according to the Ministry of Laws guidelines.

When you work with moneylender, you can receive your financing in less than an hour after submitting all necessary requirements.

Licensed money lenders always display their licenses to provide money lending services on their website and office. You can find their names in the Registry of Moneylenders, and they will never ask you through telecommunications or online chats to use their services. They’ll only advertise through their websites and respective branches.