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Legal moneylenders in Singapore operate under strict regulations to provide alternative financing options for borrowers. These licensed entities are authorised by the Ministry of Law to offer various loan products including personal loans, business loans and short-term cash advances within legal interest rate caps and loan amount limits.
By choosing a legal moneylender borrowers can access funds through a legal channel often with more flexible eligibility criteria compared to traditional banks. Legal moneylenders are required to clearly explain loan terms, provide a copy of the loan contract and adhere to specific collection practices. While they may offer higher interest rates than banks they provide a legitimate alternative option for those who may not qualify for bank loans.
Blacklisted moneylenders pose significant risks to borrowers seeking quick financial solutions. These unlicensed operators often employ predatory practices and may offer seemingly attractive terms to lure unsuspecting individuals. In Singapore, the Registry of Moneylenders maintains a list of approved lenders to help protect consumers from illegal lending activities.
By avoiding blacklisted moneylenders borrowers can protect themselves from exorbitant interest rates, unfair loan terms and potentially aggressive collection methods. It's crucial to verify a lender's legitimacy by checking the official registry before applying for any loan. While licensed moneylenders and quick loan apps like ROSHI provide regulated and safer borrowing options, dealing with blacklisted lenders can lead to severe financial and legal consequences. Always prioritise your financial safety by choosing reputable, licensed lenders even if it means taking a bit more time..
Finding the best licensed moneylender in Singapore has become more accessible and convenient with platforms like ROSHI. Our platform allows borrowers to compare ratings and interest rates from various reputable and licensed moneylenders and streamlining the process of selecting the most suitable loan option for their needs.
Consumers can easily launch loan applications, conveniently check offers, access expert advice and make informed decisions about their borrowing options. While ROSHI simplifies the loan comparison and application process it's still important for borrowers to carefully review all terms and conditions before committing to any loan agreement.
| Moneylender | Max. Loan Amount (Singaporeans) |
Max. Loan Amount (Foreigners) |
Monthly Interest Rate | Google Reviews | ROSHI Approved
|
|---|---|---|---|---|---|
| Best Licensed Moneylender | 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 | |
| 1 2 Lend | 6 times monthly income | 6 times monthly income | 1-4% | 5.0 | |
| 118 Credit | 6 times monthly income | 6 times monthly income | 1-4% | 4.9 | |
| 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 | |
| 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 | Close More Moneylenders |
*Today's Moneylenders Rates - 18 March 2025
$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.
Mastering your loan moves starts with understanding the real cost of borrowing. We believe in empowering you with the right knowledge to make smart financial choices, not quick fixes that lead to debt traps. Our commitment is helping you borrow wisely and stay in control of your money.
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