Licensed Moneylenders in Clementi

NRIC for Singaporeans and PRs. Foreigners need a valid passport and work pass. All applicants require proof of income, recent payslips, CPF contribution history or bank statements showing salary credits. Self-employed borrowers can submit IRAS Notices of Assessment or business bank statements. A document confirming current residential address, such as a utility bill or HDB letter, is also needed.

Borrowers earning under $20,000 per year are capped at $1,500 across all licensed moneylenders combined. Those earning $20,000 or above can borrow up to six times their monthly income. Both caps are cumulative they cover the total borrowed across every licensed moneylender not per individual lender. These limits apply to Singaporeans, PRs, and foreigners alike.

With complete documentation, approval typically takes 30 minutes to one hour. Same-day disbursement via cash or bank transfer is standard. The lender must explain every clause of the loan contract before the borrower signs as this is a legal requirement and adds time but borrowers should not feel pressured to skip or rush through it.

Interest up to 4% per month on the outstanding balance, a one-time administrative fee of up to 10% of the loan principal and a late payment penalty of up to $60 for each missed monthly repayment. The total cost of borrowing including principal, interest, fees, and all penalties is capped at twice the original loan amount under the Moneylenders Act.