Licensed Moneylenders in Telok Blangah

NRIC for Singaporeans and PRs. Foreigners need a valid passport and work pass. All applicants must provide proof of income, recent payslips, CPF contribution history or bank statements. A document confirming current residential address is also needed such as a utility bill, HDB correspondence or town council letter.

Borrowers earning under $20,000 annually are capped at $1,500 in total across all licensed moneylenders. Those earning $20,000 or more may borrow up to six times their monthly income. Both caps are cumulative across every licensed moneylender the borrower has active loans with. These limits apply equally to Singaporeans, PRs and foreigners.

With complete documentation approval typically takes 30 minutes to one hour. Funds are usually disbursed the same day via cash or bank transfer. The lender is legally required to explain all contract terms before the borrower signs, this adds time to the visit but is a mandatory consumer protection measure that should not be skipped.

Interest capped at 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 per month for missed repayments.

The total cost of borrowing including principal, interest, all fees and penalties cannot exceed twice the original loan amount.