Licensed Moneylenders in Hougang

Most licensed moneylenders in Hougang will require your NRIC or valid passport (for foreigners), proof of income such as recent payslips or CPF contribution statements and proof of residence.

Some lenders may also request bank statements from the past 3 to 6 months. Requirements can vary between lenders, so it’s advisable to confirm with your moneylender before in-person appointment.

Licensed moneylenders in Hougang can typically process and approve loan applications within 30 minutes to a few hours, provided all required documents are in order. Some lenders also offer online applications through ROSHI, allowing you to get pre-approved before visiting their office for final verification and disbursement.

Moneylenders in Hougang offer a range of loan products including emergency, fast cash, payday loans and foreigner loans. Loan amounts and terms are regulated by the Ministry of Law with interest rates capped at 4% per month regardless of whether the loan is secured or unsecured.

Foreigners holding a valid work permit, S Pass or Employment Pass can apply for loans from licensed moneylenders in Hougang. You will need to present your passport, work permit or employment pass and proof of income. Borrowing limits for foreigners earning less than $20,000 annually are capped at $1,500 under Ministry of Law regulations.

Under Singapore’s Ministry of Law regulations 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 apply across all licensed moneylenders combined, not per lender.

Licensed moneylenders are bound by strict regulations, ensuring transparency, fair practices and borrower protection which makes them a safe option compared to unlicensed lenders.