| Moneylender | Max. Loan Amount (Singaporeans) | Max. Loan Amount (Foreigners) | Monthly Interest Rate | Google Reviews |
|---|---|---|---|---|
| 1 Fullerton Credit | 6 times monthly income | 6 times monthly income | 1-4% | 5.0 |
| 1st Credit SG | 6 times monthly income | 6 times monthly income | 1-4% | 5.0 |
| 365 Credit Solutions | 6 times monthly income | 6 times monthly income | 1-4% | 5.0 |
| Orange Credit | 6 times monthly income | 6 times monthly income | 1-4% | 5.0 |
| Quick Credit | 6 times monthly income | 6 times monthly income | 1-4% | 5.0 |
| Raffles Credit | 6 times monthly income | 6 times monthly income | 1-4% | 5.0 |
| A1 Credit | 6 times monthly income | 6 times monthly income | 1-4% | 4.9 |
| Abm Creditz Singapore | 6 times monthly income | 6 times monthly income | 1-4% | 4.9 |
| Bugis Credit | Up to $50,000 | Up to $30,000 | 1-4% | 4.9 |
| Capital Funds Investments | 6 times monthly income | 6 times monthly income | 1-4% | 4.9 |
| GS Credit | 6 times monthly income | 6 times monthly income | 1-4% | 4.9 |
| Horison Credit | 6 times monthly income | 6 times monthly income | 1-4% | 4.9 |
| Katong Credit | 6 times monthly income | 6 times monthly income | 1-4% | 4.9 |
| Credit 21 | 6 times monthly income | 6 times monthly income | 1-4% | 4.8 |
| Aero Credit | 6 times monthly income | 6 times monthly income | 1-4% | 4.3 |
| JR Credit | 6 times monthly income | 6 times monthly income | 1-4% | 4.0 |
*Today's Moneylenders Rates - 22 April 2024
$1,000
$200,000
3 Months
48 Months
$58,200.00
$13,200.00
To find the right moneylender, there are several factors that you need to consider. These include:
The best moneylenders are transparent, meet regulations, and provide personalized loans that fit your circumstances. Do your research to find one you can trust.
Singapore has strict regulations on licensed money lenders to protect borrowers. However, illegal lenders still
operate without licenses. They often advertise via text messages or social media. Avoid these predatory options by
verifying licensing and watching for red flags.
Licensed moneylenders must register with Singapore’s Ministry of Law. They provide a legal alternative to banks for
personal loans with faster approval and fewer restrictions.
Unlicensed lenders operate without licenses and oversight. They may seem convenient but often use predatory
practices.
Reputable licensed lenders follow regulations:
They conduct business at registered addresses during posted hours. Applications are done in person, not just online.
Be wary of these suspicious practices:
When you need emergency funds quickly:
Avoid rushing into agreements without proper vetting. Take prudent steps to secure fast funding safely.
For 24/7 access to personal loans, use an online loan marketplace. ROSHI connects you to multiple banks and licensed
moneylenders through one simple online application.
Pre-approvals can take just minutes without affecting your credit score. However, final loans only get dispersed
after lenders conduct standard verifications. Rather than applying individually to each bank and moneylender, save
time and increase your chances of approval using ROSHI’s network of lending partners.
Verify that the lender is licensed on the Ministry of Law registry. This ensures they follow regulations. Also review the lender’s company address and operating hours. Licensed lenders require in-person verification.
Read and understand the entire loan contract before signing. Ask questions if anything is unclear. Interest is capped at 4% monthly for licensed lenders.
Never pay any upfront fees. Licensed lenders deduct fees from the approved loan amount.
Look out for red flags like lack of transparency, pressure tactics, or threats. Report any suspicious behavior.
Provide accurate personal and financial information on your loan application. This will help streamline the approval process.
Singapore Citizens and PRs:
Foreigners:
Submitting an online application generally takes minutes. Applicants typically receive a response on approval status within 1-2 working days. The full loan processing time is usually less than 48 hours.
The lender will contact you directly once they have processed your application and made an approval decision. This is generally within 48 hours.
It’s imperative to contact the lender immediately if you foresee any issues with repaying on schedule. They can discuss extension options to work out a feasible plan. Note that late fees may apply in such cases.
Reputable lenders make protecting client privacy extremely important. They use the latest encryption and security measures to safeguard all confidential data.
To extend a loan, contact the lender before the due date. They will evaluate and discuss renewal options with you. Late fees apply if the extension is requested after the deadline.
There are generally no hidden charges or early repayment penalties from licensed lenders. However, always verify the terms first.
Borrowers can usually apply for a new loan if they qualify based on eligibility criteria at the time, subject to regulations.
