- 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.
101_credit_loan_logo-300x150.png
101 UPPER CROSS STREET PEOPLE’S PARK CENTRE SINGAPORE 058357
We provide various sorts of financial loans to Singaporeans, permanentresidents of Singapore and ...
ScreenHunter_59-Mar.-30-15.30-e1459323193461.jpg
4.00 (1 review)
11 COLLYER QUAY THE ARCADE SINGAPORE 049317
We are a expert and fully licensed money lending company based in Singapore. We have been rapidly...
mylogo.png
801 FRENCH ROAD SINGAPORE 200801
We have been dealing with and maintaining a considerable expanding client base of substantial and...
Credit review sign.png
BLK 450 LORONG 6 TOA PAYOH HERSING CENTRE SINGAPORE 319394
We are legal money lender is a fully licensed andprofessional moneylending company stationed in S...
Credit review sign.png
1 NORTH BRIDGE ROAD HIGH STREET CENTRE SINGAPORE 179094
For personal, payday and business loan solutions from Singapore’s leading licensed moneylen...
Credit review sign.png
250 NORTH BRIDGE ROAD RAFFLES CITY TOWER SINGAPORE 179101
Are you undergoing a financial unexpected emergency? Have you been struggling to get a quick loan...
Credit review sign.png
10 JALAN BESAR SIM LIM TOWER SINGAPORE 208787
Since our opening, we have been progressing continuously in customers base providing customers wi...
moneylenderreview.png
SERANGOON NORTH AVENUE 1 SINGAPORE 550153
We comprised of a core group of professionals that provide loans to tailor to all your needs. Cal...
1 Farrer Park Station Road #01-13 Connexion Singapore 217562
United Overseas Bank Limited (commonly known as UOB) is a Singaporean international banking organ...
Blk 443 Pasir Ris Drive 6 #01-20/22 Singapore 510443
United Overseas Bank Limited (commonly referred to as UOB) is a Singaporean international banking...
629 Ang Mo Kio Ave 4 #01-1006/1008/1010 Singapore 560629
Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is a publicly noted moneta...
249 Holland Ave Singapore 278980
Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is a publicly noted moneta...
60 Paya Lebar Road #01-45/46/52/53 Singapore 409051
Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is an openly noted monetar...
460 Alexandra Road #02-33/34 Alexandra Retail Centre Singapore 119963
DBS Bank Ltd is an international banking and financial services corporation headquartered in Mari...
63 Jurong West Central 3 #B1-47/48/49/50 Jurong Point Shopping Centre Singapore 648331
DBS Bank Ltd is a multinational banking and financial services corporation headquartered in Marin...
520 Toa Payoh Lorong 6 #02-50 Hdb Hub Singapore 310520
DBS Bank Ltd is a global banking and financial services corporation headquartered in Marina Bay, ...
176 Orchard Road #01-27 CentrePoint Singapore 238843
POSB Bank (or just referred to as POSB) is a Singaporean bank offering consumer banking services ...
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 ...
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...
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....
1133_moneylenders_logo-300x150.png
262 BALESTIER ROAD OKIO SINGAPORE 329714
For personal, payday and business loan solutions from Singapore’s top licensed moneylender,...
btnbg.jpg
801 FRENCH ROAD SINGAPORE 200801
We composed of acore group of professionals that provide loans to tailor to all your needs. Call ...
Credit review sign.png
SENOKO DRIVE SINGAPORE 758249
Have you been struggling to get a quickloan from your bank before the next payday? Do you wish yo...
download.png
77 KAMPONG BAHRU ROAD SINGAPORE 169376
For personal, payday and business loan solutions from Singapore’s top licensed moneylender,...
Credit review sign.png
50 NORTH CANAL ROAD SINGAPORE 059304
Since our opening, we have been growing continuously in customers base providing customers with f...
pit-stop logo.gif
200 JALAN SULTAN TEXTILE CENTRE SINGAPORE 199018
For personal, payday and business loan services from Singapore’s top licensed moneylender, ...
Credit review sign.png
25 NORRIS ROAD SINGAPORE 208267
We offer loan and moneylending services. We offer loans to Singapore residents, PR and foreigners...
moneylenderreview.png
BLK 124 LORONG 1 TOA PAYOH SINGAPORE 310124
We are a expert and fully licensed money lending company based in Singapore. We have been rapidly...
1 Kim Seng Promenade #01-34 Great World City Singapore 237994
United Overseas Bank Limited (frequently understood as UOB) is a Singaporean international bankin...
252 North Bridge Road #B1-04/05 Raffles City Shopping Centre Singapore 179103
United Overseas Bank Limited (commonly referred to as UOB) is a Singaporean international banking...
53 Ang Mo Kio Avenue 3 #B1-32/33 AMK Hub Singapore 569933
Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is a publicly noted financ...
211 Hougang St 21 #01-295 Singapore 530211
Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is an openly noted monetar...
86/88 Serangoon Garden Way Singapore 555982
Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is a publicly listed finan...
53 Ang Mo Kio Avenue 3 #B1-01 AMK Hub Singapore 569933
DBS Bank Ltd is a global banking and financial services corporation headquartered in Marina Bay, ...
2 Bayfront Ave #01-30 The Shoppes at Marina Bay Sands Singapore 018972
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
DBS Bank Ltd is a multinational banking and financial services corporation headquartered in Marin...
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...
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...
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...
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...
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...
Jalan Besar Singapore 208984
We have been Singapore’s top licensed and most trusted moneylender. We render a wide-rangin...
a1-credit.jpg
1 TRAS LINK ORCHID HOTEL SINGAPORE 078867
We are a professional and fully licensed money lending company based in Singapore. We have been r...
download.jpg
810 GEYLANG ROAD CITY PLAZA SINGAPORE 409286
At one point or another, each of us has had the need toraise a substantial sum of money on short ...
logo.png
GEYLANG ROAD SINGAPORE 389636
We comprised of acore group of professionals that provide loans to tailor to all your needs. Appl...
Credit review sign.png
189 SELEGIE ROAD SELEGIE CENTRE SINGAPORE 188332
We are a professional and fully licensed money lending company based in Singapore. We have been r...
Credit review sign.png
SERANGOON ROAD SINGAPORE 218085
We are legal money lender is a professional and fully licensed moneylending company based in Sing...
Credit review sign.png
77 HIGH STREET HIGH STREET PLAZA SINGAPORE 179433
Are you undergoing a financial unexpected emergency? Have you been having a hard time to obtain a...
211 Holland Avenue #01-12 Holland Road Shopping Centre Singapore 278967
United Overseas Bank Limited (commonly known as UOB) is a Singaporean multinational banking organ...
149 Rochor Road #01-26 Fu Lu Shou Complex Singapore 188425
United Overseas Bank Limited (commonly referred to as UOB) is a Singaporean international banking...
360 Balestier Road #01-14/15 Shaw Plaza - Twin Heights Singapore 329783
Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is an openly noted monetar...
90 Hougang Ave 10 #01-01/05 Hougang Mall Singapore 538766
Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is a publicly noted financ...
500 Dover Road Singapore Polytechnic, Food Court 5 (FC512) Singapore 139651
Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is an openly listed financ...
53 Ang Mo Kio Avenue 3 #03-01/27 AMK Hub Singapore 569933
DBS Bank Ltd is a global banking and financial services corporation headquartered in Marina Bay, ...
12 Marina Boulevard Level 3 MBFC Tower 3 Singapore 018982
DBS Bank Ltd is a multinational banking and financial services corporation headquartered in Marin...
3 Gateway Drive #04-36 Westgate Singapore 608532
DBS Bank Ltd is a global banking and financial services corporation headquartered in Marina Bay, ...
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 ...
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...
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 ...
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...
ABi_credit_logo-300x150.png
185 TOA PAYOH CENTRAL SINGAPORE 310185
We are a expert and fully licensed money lending company based in Singapore. We have been quickly...
capital_funds_investments_logo-300x150.png
65 UBI CRESCENT HOLA CENTRE SINGAPORE 408559
We provide various sorts of financial loans to Singaporeans, permanentresidents of Singapore as w...
empire90credit.png
BLK 503 TAMPINES CENTRAL 1 SINGAPORE 520503
We are legal money lender is a professional and fully licensed moneylending company based in Sing...
Credit review sign.png
2 JOO CHIAT ROAD JOO CHIAT COMPLEX SINGAPORE 420002
We are a licensed and legal money lender in Singapore. We consisted of a core group of profession...
KST-Logo2.jpg
183 TOA PAYOH CENTRAL SINGAPORE 310183
Since our launching, we have been growing continuously in customers base providing customers with...
Credit review sign.png
61 UBI AVENUE 2 AUTOMOBILE MEGAMART SINGAPORE 408898
We provide loan and moneylending services. We offer loans to Singapore residents, PR and foreigne...
logo (2).png
185 TOA PAYOH CENTRAL SINGAPORE 310185
We are legal money lender is a fully licensed and professional moneylending company located in Si...
53 Ang Mo Kio Avenue 3 #B1-34 AMK Hub Singapore 569933
United Overseas Bank Limited (frequently known as UOB) is a Singaporean multinational banking org...
Blk 108 Hougang Avenue 1 #01-1313/1315 Singapore 530108
United Overseas Bank Limited (frequently referred to as UOB) is a Singaporean multinational banki...
23 Serangoon Central #01-52/53 nex Singapore 556083
United Overseas Bank Limited (typically referred to as UOB) is a Singaporean multinational bankin...
204 Bedok North St 1 #01-403/405/407 Singapore 460204
Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is an openly noted financi...
2 Orchard Turn #B2-57 Singapore 238801
Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is an openly noted financi...
827 Bukit Timah Road Singapore 279886
Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is a publicly listed monet...
12 Kallang Avenue, #01-24 Singapore 339511
DBS Bank Ltd is a multinational banking and financial services corporation headquartered in Marin...
31 Lower Kent Ridge Road #01-02 Yusof Ishak House Singapore 119078
DBS Bank Ltd is a multinational banking and financial services corporation headquartered in Marin...
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, ...
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...
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...
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...
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 ...
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...
photo.jpg
101 UPPER COSS STREET #01-17 PEOPLE’S PARK CENTRE SINGAPORE 058357
Are you going through a financial unexpected emergency? Have you been struggling to obtain a quic...
logo2.gif
726 ANG MO KIO AVENUE 6 SINGAPORE 560726
We consisted of acore group of professionals that provide loans to tailor to all your needs. Call...
emvertex_logo-300x150.png
200 JALAN SULTAN TEXTILE CENTRE SINGAPORE 199018
For personal, payday and business loan services from Singapore’s top licensed moneylender, ...
hsx-credit-mini-logo.png
BLK 704 ANG MO KIO AVE 8 SINGAPORE 560704
We composed of acore group of professionals that provide loans to tailor to all your needs. Apply...
Credit review sign.png
25 NORRIS ROAD SINGAPORE 208267
We are a legal and licensed money lender in Singapore. We consisted of a core group of profession...
dPGLU.jpg
186 TOA PAYOH CENTRAL SINGAPORE 310186
We consisted of a core group of professionals that provide loans to tailor to all your needs. App...
Credit review sign.png
5 JALAN KILANG BARAT PETRO CENTRE SINGAPORE 159349
We have been dealing with and sustaining a considerable expanding client base of substantial and ...
10 Anson Road #01-01 International Plaza Singapore 079903
United Overseas Bank Limited (frequently known as UOB) is a Singaporean multinational banking org...
80 Hougang Central #01-01 Hougang MRT Station Singapore 538758
United Overseas Bank Limited (commonly known as UOB) is a Singaporean international banking organ...
1 Scotts Road #03-04 Shaw Centre Singapore 228208
United Overseas Bank Limited (commonly referred to as UOB) is a Singaporean international banking...
88 Bedok North St 4 #01-163 Singapore 460088
Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is an openly noted monetar...
50 Jurong Gateway Road #B1-18 Jem Singapore 608549
Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is a publicly noted financ...
70 Stamford Road #B1-43 Singapore Management University Singapore 178901
Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is a publicly listed monet...
Blk 210 New Upper Changi Road #01-707 Singapore 460210
DBS Bank Ltd is an international banking and financial services corporation headquartered in Mari...
80 Marine Parade Road #01-12 Parkway Parade Singapore 449269
DBS Bank Ltd is a multinational banking and financial services corporation headquartered in Marin...
1 Woodlands Square, #B1-26 Causeway Point Singapore 738099
DBS Bank Ltd is a global banking and financial services corporation headquartered in Marina Bay, ...
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 ...
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 ...
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...