Moneylender Review

Moneylender Review: Everything You Need to Know Before Taking a Loan

Paying bills, dealing with debt, and having enough for expenses are the biggest challenges for most families in one of the world’s most expensive countries in the world. Fortunately, you can find many Singapore licensed money lenders who are ready to help you out in dealing with emergency medical bills and utility expenses.

However, with so many options, it’s challenging to find a licensed money lender that has personal loans and other financing that goes beyond your monthly income and can provide you with unsecured loans that suit your budget. 

With this in mind, it’s easy to see why legal money lenders in Singapore are important. Learning everything about the most prominent and dependable lenders ensures that you can avoid illegal money lenders or “ah longs” that offer illicit fast-cash loans. 

Continue reading to learn more about licensed moneylenders in Singapore, finding the best ones, and ensuring you get a loan disbursement on the same day.


Traditional Loans From Banks vs. Moneylenders

Singapore’s banks and a licensed money lender Singapore have many things in common. They can provide six months of your monthly income in advance and have you sign a loan contract as your legal money lender. You can find both in business or consumer directories, too. 

Both bank and legal moneylenders differ in their terms. Banks can have more binding terms, especially for permanent residents foreigners residing in the country. A licensed moneylender only has different terms for Singaporeans, PRs, foreigners. Plus, banks won’t provide your principal loan amount on the same day you submit all your requirements.

You can learn more about the key differences between both financial institutions below.


Banks are Singapore’s first and most-trusted licensed money lenders in the country. They can offer a personal loan, business loan, and other financial products. In addition, they have a bigger reserve than licensed money lenders. However, they process much more applications, making their services slow in the process.


  • Large reserves
  • Convenient platforms, apps, and services
  • Established regulation terms and conditions
  • A bigger variety of loans and loan amounts available


  • Slow services
  • Requires high credit scores
  • Some services unavailable for foreigners


Singapore’s licensed money operates under the Ministry of Law’s Registry of Moneylenders regulation. The country requires licensed moneylenders to apply for, test, and register themselves. The registry can issue, renew, and revoke the licenses of offending licensed moneylenders.

The industry’s regulation and efforts towards regulation make licensed money lenders free from loan sharks and help customers avoid any loan scam, especially if the best licensed moneylenders might offer something that sounds too good to be true.


  • Accessible with multiple branches
  • Does not require high credit scores
  • Tailors financing to your budgets
  • Provides you loans on the same day you submit all your application requirements


  • Smaller financial reserves
  • Requires you to claim cash in the branch you applied for financing
  • Solely relies on minimal advertising to learn more about


Where to Find Licensed Moneylenders in Singapore?

The Registry of Moneylenders that operates under the Ministry of Law operates and maintains a list of legally-registered licensed moneylenders in the country. You can find them here.

Each one of the lenders you’ll find in the list has been tested, vetted, and submits itself to the Registry of Moneylender and Ministry of Law for activity regulation. However, it doesn’t mean any lender you’ll find on the list is the best licensed moneylender in the country. 

Excellent lender services depend on their industry experience, customer experience, and overall product and term quality. Here are some guidelines to help you find the best lenders in the country.


How Can You Find The Best Money Lenders?

1. Loan Comparison Sites

Loans are not one-size-fits-all. Different loans have their respective terms, interest rates, and fees. Loan comparison websites allow consumers to compare all of these aspects of loans before applying for one.

Instant Loan is an excellent loan comparison website example. It offers three high-quality quotes from Singapore’s top lenders free of charge, allowing them to evaluate their choices before finalizing their decision.

2. Online Reviews

Loan reviews are essential for finding useful lenders because they help to assess the service quality and determine which lender can fulfill all your needs. 

For example, you can look up Google reviews to see if the lender offers the best interest rates, if they are willing to work with you on an installment plan, and if they offer services in multiple languages.

Without a thorough loan review, borrowers may not find the most suitable licensed moneylender for their needs. This is because there are various types of licensed moneylenders, and each provides a different type of loan product and service.


Loan Contract

What To Consider Before Borrowing?

Before you submit your loan application, here are a few things you should know to ensure you get a smooth experience working with a dependable licensed money lender.

1. Eligibility

All Singaporeans, PRs, and foreigners can borrow money from licensed money lenders. However, their minimum monthly income requirements will most likely differ from each other 

For example, some lenders will require Singaporeans and PRs to earn at least S $1,500 per month and foreigners S $2,000 minimum monthly income for a personal loan. Monthly incomes for Singaporeans/PRs and foreigners may also differ for business loans, bridging loans, and other offers.

2. Loan Amount

Both licensed lenders and banks can provide you with personal, bridging, and business loans. Borrowers who had success using any of these services had a plan to pay back their financing plus its interest. In this light, we highly advise borrowers to consider the consequences of high interest rates and pay their monthly repayments on time and in full.

3. Interest Rates

Virtually every lender has the same 1-4% interest rates for personal loans, payday loans, and bridging loans. In most cases, business loans have a different set of interest rates, ranging from 5-15%, for letting you borrow up to S $200,000 in financing to support your business. 

With these information in mind, plan your financing and repayments accordingly to avoid incurring enormous debt and using consolidation services.

4. Other Charges and Fees

Personal loans, payday loans, and bridging loans have their respective processing or administrative fee that can reach up to 10% of the loan amount. Business loans usually have zero processing fees.

In addition, all types of lender financing have their respective late fees that can reach a maximum of S $60 per month of late repayment. 

5. Repayment Options

Personal loans and business loans may have monthly or bi-monthly payment schedules subject to your agreement with the licensed money lender. However, payday loans give you only a month to pay back the loan plus interest. 

Bridging loans will have you pay up to one month only or until the property you plan to purchase has completed its construction (if it hasn’t been built yet upon applying for a bridging loan).


Types of Moneylender Loans

Most licensed moneylenders offer the following financial services.

1. Personal Loan

A personal loan gives you up to six months of your monthly salary that you can use for any reason. It’s a frequently-used financial service for most Singaporeans. Find out the best personal loan in Singapore. 


  • Loan amount: Up to 6 months of your monthly salary.
  • Loan approval duration: The same day you submit all your requirements
  • Interest: From 1-4%
  • Repayment period: Up to 12 months subject to the terms and conditions of your lender agreement

2. Payday Loan

For most Singaporeans and foreigners, a payday loan is essential during crunch periods, such as medical emergencies or sudden expenses that require an amount that is smaller than six months of their monthly salary. Payday loans require borrowers to pay in full, including interest, after 30 days.


  • Loan amount: 1 month of your regular salary
  • Loan approval duration: Same day you submit all your requirements
  • Interest: From 1-4%
  • Repayment period: 30 days after you’ve borrowed your payday loan

3. Foreigner Loan

Foreigners and foreign workers in Singapore can get up to six months of their monthly salary using a foreigner loan. It’s the same personal loan for Singaporeans and PRs in essence, but it has different requirements, such as a higher minimum monthly income and set of supporting documents.


  • Loan amount: Up to 6 months a foreigner’s working salary.
  • Loan approval duration: On the same day you submit your requirements
  • Interest: From 1-4%
  • Repayment period: Up to 12 months subject to the terms and conditions of your agreement

4. Business Loan

Singapore’s government, various organizations, and Singaporean charities offer business loans for innovators that need a springboard for their ideas. 

You can get the same financing from licensed moneylenders, too, if you can fulfill their requirements. These include a minimum yearly turnover of S $60,000 and the business must be operating for a year at least.


  • Loan amount: Up to S $200,000
  • Loan approval duration: On the same day you submit all your requirements
  • Interest: From 5 – 15%
  • Repayment period: Up to 24 months subject to the terms and conditions of your agreement

5. Bridging Loan

It’s nearly impossible to sell your home and simultaneously take advantage of a low down payment on a property. With this in mind, licensed lenders offer homebuyers who own properties a bridge towards securing a property before selling their old home. 

Bridging loans function similarly to personal loans except they pay for your complete down payment or up to six months of your salary.


  • Loan amount: Up to 6 months of your salary
  • Loan approval duration: On the same day you submit all your requirements
  • Interest: From 1-4%
  • Repayment period: Up to 1 month or until your new property’s completion date


Signing a Loan Contract

Moneylender Loan Requirements

Here are the common requirements for most loans. Keep in mind you may have additional requirements for business loans other than the ones we’ve listed below.

Singaporeans and PRs

  • Must be 18 years of age and above
  • Must currently reside in Singapore
  • Must have minimum monthly income of S $1,500.00


  • Identity card / NRIC
  • Proof of residence (utility bill, a letter addressed to you, and/or tenancy agreement)
  • Proof of employment (certificate of employment or 3 months recent payslip)
  • SingPass ( to log into CPF, HDB, IRAS website)

Foreigners and Foreign Workers

  • Must be 21 years of age and above
  • Must currently reside and work in Singapore
  • Must have a minimum monthly income of S $2,000.00


  • Passport
  • Work Permit / S-Pass / Employment Pass
  • Proof of residence (utility bill or tenancy agreement)
  • Proof of employment (certificate of employment or 3 months recent payslip)
  • Proof of income (bank or account statement)
  • SingPass (to log into the IRAS website)


Moneylender Loan Application Process

Going through a moneylender loan application is simple. Just follow the steps below:

  • Submit your loan application using your chosen lender’s special form, which you can usually find on their website.
  • A loan officer will call to guide you about the next steps of the loan application process. During the call, they will verify your information, direct you to the branch that will serve you, and completely explain the terms and conditions of your financing completely.
  • Once you’re sure that every aspect of your financing is clear, you’ll be asked to sign your contract with the licensed moneylender. The loan officer will print it out for you to sign and verify.
  • Upon signing your contract and submitting all necessary documents, you can receive your cash on the same day. 


How Can I Get My Loan Application Approved Fast?

Borrowing cash from licensed lenders isn’t rocket science, but you can speed things up by doing the following.

1. Apply For The Right Loan Type

If you’re borrowing a personal loan but your budgeting calculations indicate that you can do well with a payday loan, borrowing the latter can help you save much more money. Use the right loan type by studying each one’s use cases and making a budget that helps you assess your complete financial situation.

2. Improve Your Credit Scores

Credit scores allow banks to calculate your risk without deep evaluation. On the other hand licensed money lenders won’t need your credit scores upon approving your financing, but you can get faster and better offers by improving your rating. 

Lenders have a good reputation in treating borrowers with bad credit history, allowing them to improve their rating in the process with easy-to-manage financing. Still, it doesn’t hurt to bump up your score higher.

Lastly, keep in mind that applying with a lender can negatively affect your credit score temporarily because of their hard inquiry. Therefore, limit the number of loan applications you send out by shrinking the list of prospect lenders you can work with by comparing their products through loan comparison services.

3. Use Loan Comparison Websites

Licensed moneylenders may have similar products and thresholds for interest rates and loan amounts, but it doesn’t mean they offer the same rates simultaneously. With loan comparison websites, you’ll chance upon better offers with a few clicks. For example, Instant Loan can provide you up to three free quotes that you can compare to find the best loan for your needs.


Final Thoughts

In Singapore, you have various levels of financial services that can help rescue you from ballooning utility bills, emergency medical expenses, and beyond. Licensed moneylenders will always provide fair and reliable services for Singaporeans, PRs, and Foreigners.

  • Banks and licensed moneylenders can offer up to six months of your monthly salary, but licensed moneylenders can release it to you on the same day you submit all your requirements.
  • Licensed moneylenders offer you personal, business, payday, and bridging loans. 
  • Foreigner loans are personal loans specially made for foreign nationals and foreign workers in Singapore.
  • Excellent licensed moneylender borrowers always consider their financing needs and improve their scores to get the best offers.

Instant Loan can provide you with up to three free quotes from the best licensed money lenders in the country. Just fill out our quick form to receive your quotes straight to your mail. Register for an account and get your quotes now!

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