- Considerations before taking a loan Before approaching a moneylender, take into account other options, like the different financial assistance schemes provided by various Government agencies. You can consult with the agencies to find out more about their plans. You are officially obliged to fulfil any loan contract you enter into with a licensed moneylender. Look at whether you have the ability to abide by the contractual terms, keeping in mind your income and financial liabilities. Borrow basically what you need to have and have the ability to repay. Be conscious that if you are not capable to satisfy the contractual terms, the late payment fees and interest repayment will be a financial strain not just on yourself but in addition on your family. The regulation entails moneylenders to spell out the terms of a loan to you in a language you comprehend and to provide you with a copy of the loan agreement. Confirm you fully comprehend the terms of the contract, especially, the installment schedule, the interest rate charged and the fees applicable. Think about carefully before conceding to any contractual term which gives a moneylender to lodge a caveat on the sale proceeds of your real estate property at the time of default of the loan repayment. When a caveat is lodged against your property, you will definitely not manage to sell it without first paying back the moneylender completely. It can wipe out all or a significant part of the proceeds if the settlement is taken from the net proceeds from the sale of the property. You should look around several moneylenders for the best favourable terms. You should not hurry into and commit yourself to a loan unless you are pleased with the terms and conditions . - The amount of money can you borrow from a licensed money lender? For secured loans, you can acquire a loan of any amount. For unsecured loans, you can obtain: Up to $3,000, in the event that your yearly income is below $20,000; As much as 2 months' income, in the event that your yearly income is $20,000 or more but no more than $30,000; As high as 4 months' income, when your annual income is $30,000 or more but less than $120,000; and Any amount, if your annual income is $120,000 or higher. - Rates That Money Lenders can Charge With effect from 1 October 2015, the maximum lending rates moneylenders can charge is 4% monthly. This cap applies no matter what the borrower's income and whether or not the loan is an unsecured or secured one. If a borrower fails to repay the loan punctually, the maximum rate of late interest a moneylender can charge is 4% monthly for every month the loan is paid off 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 full payments made by or on behalf of the borrower which are appropriated to principal. [To illustrate , if X takes a loan of $10,000, and X has repaid $4,000, only the remaining $6,000 can be taken into consideration for the calculation of interest.] The late interest can only be charged on an amount that is repaid late. The moneylender can not charge on amounts that are outstanding but not yet due to be repaid. [ To illustrate, if X takes a loan of $10,000, and fails to pay for the first instalment of $2,000, the moneylender may charge the late interest on $2,000 but not on the remaining $8,000 as it is not due yet. ] - Fees That Money Lenders Can Request With effect from 1 October 2015, all moneylenders are only permitted to impose the following expenses and charges : a fee not exceeding $60 for each and every month of late repayment; a fee not exceeding 10% of the principal of the loan when a loan is granted; and 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 can not exceed an amount equivalent to the principal of the loan. [To illustrate, if X takes a loan of $10,000, then the interest, late interest, 10% administrative fee and monthly $60 late fees can not exceed $10,000.] - How Do I verify if a money lender is licensed by Ministry of Law? Do not get a loan from unlicensed moneylenders. Authenticate that a moneylender is licensed by checking the list of licensed moneylenders. "Click here to access the list of licensed moneylenders." Notwithstanding that the moneylenders are accredited, be mindful if they: Use profane language, or behave in a intimidating 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 incomplete or blank Note of Contract for the loan. Grant you a loan in the absence of giving you a copy of the Note of contract for the loan and/or without adequately 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 getting your loan application and supporting documents, for example, the income tax assessment and payslips). Withhold any portion of your principal loan amount for any reason. This type of practices are not tolerable. In the event that you come across them, you should report the moneylender to the Registry of Moneylenders, with information such as the moneylender's business contact, name and licence numbers. Please see Question 10 for more details. - Singapore Regulations On Money Lending Advertising Licensed moneylenders are allowed to market only through these three channels: ( a) business or consumer directories (in print or online media);. ( b) websites belonging to the moneylender; and. ( c) advertisements positioned 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 adverts which are not authorized, these would either be from licensed moneylenders operating in violation of the marketing restrictions, or from unlicensed moneylenders. Hence, you are advised not to react to such advertisements. In fact, you should report the ads by giving us with a proof of the advertisements (for SMS-- a screen capture) to the Registry at e-mail address: OneMinLaw@mlaw.gov.sg or to the Police. Take into consideration carefully prior to agreeing to any contractual term which makes it possible for a moneylender to lodge a caveat on the sale proceeds of your real estate property upon default of the loan repayment. 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. To make clear, if X takes a loan of $10,000, and fails to pay for the first instalment of $2,000, the moneylender can charge the late interest on $2,000 but not on the remaining $8,000 as it is not due. The full charges imposed by a moneylender on any loan, consisting of interest, late interest, upfront administrative and late fee also can not go beyond an amount equivalent to the principal of the loan. To illustrate, if X takes a loan of $10,000, then the interest, late interest, 10% administrative fee and monthly $60 late fees can not exceed $10,000.
Jalan Besar Singapore 208984
We have been Singapore’s top licensed and most trusted moneylender. We render a wide-rangin...
BEACH ROAD, #07-39, GOLDEN MILE COMPLEX, SINGAPORE 199588
For years, we have been delivering competitive loan packages to those who need emergency funds. A...
CAMPBELL LANE, 2ND FLOOR, SINGAPORE 209915
We are determined to provide cost effective loan for Singaporeans and expats in Singapore. As a l...
TECH PARK CRESCENT, SINGAPORE 637839
We offer quick cash through a personal loan or payday loan. Whether it’s medical loan, educ...
TAMPINES STREET 21, #03-1157, SINGAPORE 524201
Times are challenging in Singapore and consumers and businessowners are finding it harder to get ...
JALAN KILANG BARAT, #07-02, PETRO CENTRE, SINGAPORE 159349
We are determined to provide incredibly affordable loan for Singaporeans and foreigners in Singap...
NORRIS ROAD, 2ND FLOOR, SINGAPORE 208267
We have been Singapore’s top licensed and most trusted moneylender. We render a comprehensi...
CAMPBELL LANE, 2ND FLOOR, SINGAPORE 209915
We have invested profoundly in a highly trained workforce and this sets us apart from other money...
BENOI ROAD, PIONEER LOT, SINGAPORE 627788
There are personalized loan services available to each customer. We offer a manageable repayment ...
UPPER DICKSON ROAD, SINGAPORE 207488
We offer quick cash through a personal loan or payday loan. Regardless if it’s medical loan...
UBI AVENUE 2, #01-03, AUTOMOBILE MEGAMART, SINGAPORE 408898
We are a legal and licensed money lender. If it’s a quick personal loan that you require, n...
NORTH BRIDGE ROAD, #06-00, RAFFLES CITY TOWER, SINGAPORE 179101
we strive to achieve each and every one of our customers’ needs and wants. We are an compan...
HIGH STREET, #09-15, HIGH STREET PLAZA, SINGAPORE 179433
We are established to provide competitive loan for Singaporeans and foreigners in Singapore. As a...
EAST COAST ROAD, #02-58, ROXY SQUARE, SINGAPORE 428769
We have been Singapore’s leading licensed and most trusted moneylender. We render a wide se...
LOWER DELTA ROAD, MOTORWAY BUILDING, SINGAPORE 169205
We have been Singapore’s leading licensed and most trusted moneylender. We provide a wide-r...
SERANGOON ROAD, SINGAPORE 218085
We feel that each customer relationship is very critical when it comes to operating in this indus...
BEACH ROAD, #07-63, GOLDEN MILE COMPLEX, SINGAPORE 199588
We provide quick cash through a personal loan or payday loan. Whether it’s medical loan, ed...
ADMIRALTY STREET, #02-90, NORTH LINK BUILDING, SINGAPORE 757695
We have been Singapore’s top licensed and most trusted moneylender. We render a wide range ...
COLEMAN STREET, #04-32, PENINSULA SHOPPING CENTRE, SINGAPORE 179804
We are determined to offer sensibly priced loan for Singaporeans and expats in Singapore. As a li...
UBI CRESCENT, #03-03, HOLA CENTRE, SINGAPORE 408559
we strive to achieve each and every one of our customers’ wants and needs. We are a license...
BUKIT TIMAH ROAD, 87C TAN KONG TIEN BUILDING, SINGAPORE 229834
We feel that every customer relationship is essential when it comes to business in this industry....
83 Punggol Central #01-15 Singapore 828761
Based on January 1, 1877 as the Post Office Savings Bank (POSB), the bank was part of the Postal ...
Blk 101 Yishun Avenue 5 #01-05 Singapore 760101
Founded on January 1, 1877 as the Post Office Savings Bank (POSB), the bank belonged to the Posta...
1 Segar Road #01-06 Zhenghua Community Club Singapore 677738
Founded on January 1, 1877 as the Post Office Savings Bank (POSB), the bank was part of the Posta...
Blk 290 Yishun Street 22 #01-401 Singapore 760290
Established on January 1, 1877 as the Post Workplace Cost savings Bank (POSB), the bank was part ...
Blk 926 Yishun Central 1 #01-183 Singapore 760926
POSB Bank (or just known as POSB) is a Singaporean bank offering customer banking services and is...
Blk 303 Woodlands Street 31 #01-191 Singapore 730303
Based on January 1, 1877 as the Post Office Savings Bank (POSB), the bank became part of the Post...
61 Choa Chu Kang Drive #01-04 Yew Tee MRT Station Singapore 689715
Founded on January 1, 1877 as the Post Office Savings Bank (POSB), the bank belonged to the Posta...
Blk 2a Woodlands Centre Road #01-134 Singapore 731002
Based on January 1, 1877 as the Post Office Savings Bank (POSB), the bank was part of the Postal ...
2 Clementi West Street 2 #01-06 West Coast Community Centre Singapore 129605
POSB Bank (or just called POSB) is a Singaporean bank offering consumer banking services and is t...
1 Pasir Ris Central Street 3 #03-05 Singapore 518457
Founded on January 1, 1877 as the Post Office Savings Bank (POSB), the bank belonged to the Posta...
Blk 107 Toa Payoh Lorong 1 #01-266 Singapore 310107
POSB Bank (or merely known as POSB) is a Singaporean bank offering customer banking services and ...
480 Toa Payoh Lorong 6 #01-09 Hdb Hub Singapore 310480
Founded on January 1, 1877 as the Post Office Cost savings Bank (POSB), the bank was part of the ...
302 Tiong Bahru Road, Tiong Bahru Plaza #01-123/124 Singapore 168732
Based on January 1, 1877 as the Post Office Savings Bank (POSB), the bank became part of the Post...
Blk 827 Tampines Street 81 #01-138/140 Singapore 520827
POSB Bank (or simply referred to as POSB) is a Singaporean bank offering consumer banking service...
Blk 1 Tanjong Pagar #01-41/44 Tanjong Pagar Plaza Singapore 082001
Founded on January 1, 1877 as the Post Office Savings Bank (POSB), the bank became part of the Po...
Blk 201A Tampines Street 21 #01-1051 Singapore 521201
Founded on January 1, 1877 as the Post Office Savings Bank (POSB), the bank belonged to the Posta...
10 Sinaran Drive #02-19/20 Square 2 Singapore 307506
Based on January 1, 1877 as the Post Office Savings Bank (POSB), the bank belonged to the Postal ...
Blk 513 Tampines Central #01-160 Singapore 520513
Founded on January 1, 1877 as the Post Office Savings Bank (POSB), the bank was part of the Posta...
250 Sims Avenue #01-01 Singapore 387513
Established on January 1, 1877 as the Post Workplace Savings Bank (POSB), the bank was part of th...
33 Sengkang West Avenue #01-49/50/51/52/53 Seletar Mall Singapore 797653
POSB Bank (or simply known as POSB) is a Singaporean bank offering customer banking services and ...
Blk 254 Serangoon Central Drive #01-203 Singapore 550254
Based on January 1, 1877 as the Post Office Savings Bank (POSB), the bank became part of the Post...
Blk 118 Rivervale Drive #01-21 Rivervale Plaza Singapore 540118
Based on January 1, 1877 as the Post Office Savings Bank (POSB), the bank was part of the Postal ...
6 Potong Pasir Ave 2 #01-02, Potong Pasir Community Centre Singapore 358361
POSB Bank (or merely called POSB) is a Singaporean bank offering customer banking services and is...
1 Sengkang Square #02-05/06 Compass One Mall Singapore 545078
Founded on January 1, 1877 as the Post Office Savings Bank (POSB), the bank belonged to the Posta...
6 Potong Pasir Ave 2 #01-02, Potong Pasir Community Centre Singapore 358361
Founded on January 1, 1877 as the Post Office Savings Bank (POSB), the bank was part of the Posta...
Block 442 Pasir Ris Drive 6 #01-32/34 Singapore 510442
Based on January 1, 1877 as the Post Office Savings Bank (POSB), the bank belonged to the Postal ...
391 Orchard Road #04-15 Ngee Ann City Singapore 238872
Based on January 1, 1877 as the Post Office Savings Bank (POSB), the bank belonged to the Postal ...
135 Bukit Timah Road Newton Building Singapore 229837
Founded on January 1, 1877 as the Post Office Savings Bank (POSB), the bank became part of the Po...
30 Yishun Street 81 #01-04 Nee Soon South Community Club Singapore 768455
POSB Bank (or just referred to as POSB) is a Singaporean bank offering consumer banking services ...
Blk 960 Jurong West Street 92 #01-174 Singapore 640960
Based on January 1, 1877 as the Post Office Savings Bank (POSB), the bank belonged to the Postal ...
Blk 501 Jurong West Street 51 #01-279/281 Singapore 640501
Founded on January 1, 1877 as the Post Workplace Cost savings Bank (POSB), the bank was part of t...
Blk 301 Ubi Avenue 1 #01-257 Singapore 400301
Founded on January 1, 1877 as the Post Workplace Cost savings Bank (POSB), the bank was part of t...
Blk 83 Marine Parade #01-584/586 Singapore 440083
POSB Bank (or simply called POSB) is a Singaporean bank offering consumer banking services and is...
1 Jurong West Central 2 #B1-20 Jurong Point Shopping Centre Singapore 648886
POSB Bank (or simply known as POSB) is a Singaporean bank offering consumer banking services and ...
21 Jurong Gateway Road #01-03 CPF Jurong Building Singapore 608546
POSB Bank (or merely referred to as POSB) is a Singaporean bank offering consumer banking service...
2 Ang Mo Kio Drive Blk A #01-10 Singapore 567720
Founded on January 1, 1877 as the Post Office Savings Bank (POSB), the bank became part of the Po...
Blk 805 Hougang Central #01-102/104 Singapore 530805
Founded on January 1, 1877 as the Post Office Savings Bank (POSB), the bank became part of the Po...
Blk 205 Hougang Street 21 #03-00 Heartland Mall Singapore 530205
POSB Bank (or simply known as POSB) is a Singaporean bank offering customer banking services and ...
3 Simei Street 6 #01-24/25/29 Eastpoint Mall Singapore 528833
Based on January 1, 1877 as the Post Office Savings Bank (POSB), the bank was part of the Postal ...
30 Eunos Crescent #01-01 Eunos MRT Station Singapore 409423
Based on January 1, 1877 as the Post Office Savings Bank (POSB), the bank became part of the Post...
176 Orchard Road #01-27 CentrePoint Singapore 238843
POSB Bank (or just referred to as POSB) is a Singaporean bank offering consumer banking services ...
Blk 449 Clementi Avenue 3 #01-243 Singapore 120449
Founded on January 1, 1877 as the Post Office Savings Bank (POSB), the bank belonged to the Posta...
2 Sembawang Crescent #01-02 Canberra Community Club Singapore 757632
POSB Bank (or simply called POSB) is a Singaporean bank offering consumer banking services and is...
Blk 43 Holland Drive #01-53 Singapore 270043
POSB Bank (or just referred to as POSB) is a Singaporean bank offering consumer banking services ...
Blk 153 Bukit Batok West Street 11 #01-290/292 Singapore 650153
Based on January 1, 1877 as the Post Office Savings Bank (POSB), the bank belonged to the Postal ...
Blk 260 Bangkit Road #01-15 Singapore 670260
POSB Bank (or merely known as POSB) is a Singaporean bank offering customer banking services and ...
Blk 636 Bukit Batok Central #01-02/04 Singapore 650636
Founded on January 1, 1877 as the Post Office Savings Bank (POSB), the bank became part of the Po...
Blk 539 Bedok North Street 3 #01-647 Singapore 460539
POSB Bank (or just called POSB) is a Singaporean bank offering customer banking services and is t...
10 Boon Lay Place #01-06 Boon Lay Community Club Singapore 649882
Founded on January 1, 1877 as the Post Office Savings Bank (POSB), the bank was part of the Posta...
Blk 213 Bedok North Street 1 #01-103 Singapore 460213
Based on January 1, 1877 as the Post Office Savings Bank (POSB), the bank became part of the Post...
Blk 629 Ang Mo Kio Avenue 4 #01-1018 Singapore 560629
Founded on January 1, 1877 as the Post Office Savings Bank (POSB), the bank was part of the Posta...
Blk 712a Ang Mo Kio Avenue 6 #01-4066 Singapore 560712
POSB Bank (or simply referred to as POSB) is a Singaporean bank offering customer banking service...
7 Kaki Bukit Avenue 3 #01-08/09/10/11/12 Kaki Bukit Recreation Centre Singapore 415814
Founded on January 1, 1877 as the Post Office Savings Bank (POSB), the bank became part of the Po...
1 Woodlands Square, #B1-26 Causeway Point Singapore 738099
DBS Bank Ltd is a global banking and financial services corporation headquartered in Marina Bay, ...
900 South Woodlands Drive #02-01 Woodlands Civic Centre Singapore 730900
DBS Bank Ltd is a global banking and financial services corporation headquartered in Marina Bay, ...
3 Gateway Drive #04-36 Westgate Singapore 608532
DBS Bank Ltd is a global banking and financial services corporation headquartered in Marina Bay, ...
Blk 101 Towner Road #01-238/240/242 Singapore 322101