Licensed Moneylenders in Thomson

NRIC for Singaporeans and PRs. Foreigners require a valid passport and work pass. All applicants need proof of income, payslips, CPF contribution statements, bank records or IRAS filings for the self-employed. A document confirming current residential address such as a utility bill, property tax statement or bank correspondence is also required.

Borrowers earning below $20,000 per year are limited to $1,500 in total across all licensed moneylenders. Those with annual income of $20,000 or above may borrow up to six times their monthly salary. Both caps are cumulative which means they apply across every licensed moneylender the borrower has outstanding loans with, not per individual lender.

With all documentation in order, approval typically takes between 30 minutes and one hour. Disbursement usually occurs the same day, either in cash or by bank transfer.

Lenders are legally required to walk borrowers through the full loan contract before any agreement is signed so borrowers should allow at least an hour for the complete process.

Three charges are permitted under the Moneylenders Act:

• Monthly interest capped at 4% on the outstanding balance
• a one-time administrative fee of up to 10% of the loan principal
• Late payment penalty of up to $60 for each month a repayment is missed.

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

No other charges are lawful.