Licensed Moneylenders in Upper Bukit Timah

You will typically need your NRIC or valid passport (for foreigners), proof of income such as recent payslips or CPF contribution statements and proof of address. If you are a tuition teacher, private instructor or freelancer common occupations in the Upper Bukit Timah area with its many schools and enrichment centres, lenders may accept bank statements or tax filings as alternative proof of income.

Licensed moneylenders can typically process and approve applications within 30 minutes to a few hours, provided documents . Funds are usually disbursed via cash or PayNow on the same day. If you’re pressed for time, applying through ROSHI online first means less paperwork to sort out when you arrive at the lender’s office.

Interest rates for licensed moneylenders are regulated uniformly across Singapore by the Ministry of Law, capped at 4% per month regardless of location. What can differ between lenders is the actual rate offered to you based on your income, credit profile and loan amount.

If your annual income is less than $20,000, you may borrow up to $1,500. If your annual income is $20,000 or more, you may borrow up to six times your monthly income. These limits are set by the Ministry of Law and apply across all licensed moneylenders combined. Meaning if you already have an outstanding loan with one lender that amount counts towards your total borrowing cap.

Upper Bukit Timah has a significant expatriate community living in landed properties and condominiums along Hillview and Bukit Timah Road. Foreigners holding a valid work permit, S Pass or Employment Pass can apply. You will need your passport, employment pass or work permit and proof of income.

Borrowing limits for foreigners earning less than $20,000 annually are capped at $1,500 under Ministry of Law regulations.