Licensed Moneylenders in Rochor

NRIC for Singaporeans and PRs, or a valid passport and work pass for foreigners. Income proof such as payslips, CPF contribution statements, bank records or IRAS filings for the self-employed. A document confirming current residential address such as a utility bill, tenancy agreement or bank correspondence is also required.

Borrowers earning below $20,000 annually are limited to $1,500 in total across all licensed moneylenders. Borrowers with annual income of $20,000 or more can borrow up to six times their monthly salary. These caps are cumulative meaning they account for outstanding balances with every licensed moneylender not just the one being applied to.

If documentation is complete, approval generally takes 30 minutes to one hour. Disbursement typically happens the same day either in cash or by bank transfer. The lender must go through every clause of the loan contract with the borrower before signing as this is a legal requirement and should not be rushed or skipped.

Monthly interest capped at 4% of 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 per missed monthly repayment, no other charges are legal. The total cost of the loan including principal, all interest, fees and penalties combined cannot exceed twice the original principal under the Moneylenders Act.