24-Hour Money Lenders In Singapore: Where To Find Them & Apply For Personal Loan

Urgent money problems are frequent in Singapore or all over the world. You never know when you might need some extra cash.

For example, there could be a medical emergency, an important bill to pay or unfortunately, a sudden death in your family. All these issues require fast and immediate financial assistance, and we doubt that banks can reach you so fast.

Sometimes, you might require help from 24-hour licensed moneylenders in Singapore.

Wait! Did you say moneylenders?

Yes, we did, but hold your horses! We are definitely not talking about what you’re thinking! It’s definitely not loan sharks. Nope.

We are talking about licensed moneylenders who are monitored strictly by the Ministry of Law. This means that they will never offer you unreasonable loan rates or pester you and your family. They are decent financial institutions.

Money Kinetics has done our research and developed a form that helps you get multiple quotes in minutes! You can fill in the form here.

If you are facing a financial emergency and your savings are not enough to tie you through, then this article will help you!


What Can I Expect From A Legal Moneylender In Singapore?

These are financial institutions in Singapore and they offer loan contracts to everyone. It kinda works the same way as a mobile phone contract from Singtel or M1.

Don’t worry, the Ministry of Law regulates their activity, so legal lenders are trustworthy.

So, what makes a licensed moneylender different?

Unlike banks, licensed moneylenders cater to every need with various and customisable loan packages. They offer streamlined application processes so that your requests are pre-approved in minutes. In actual fact, interest rates by licensed moneylenders are lower than the interest rates of credit cards.

So, if you want quick liquidity and affordable installments, you should compare the best moneylenders in Singapore.

Or, if you don’t have the time to do all the research, you can make use of personal loan comparison platforms to find quotes for you!


Are There 24-Hour Moneylenders In Singapore?

Unfortunately, 24-hours moneylenders do not exist in Singapore. If you see or receive such an offer, it most likely comes from an Ah Long or an illegal lender trying to scam unsuspecting people.

MK Personal Loan Banner

However, licensed loan providers have devised a reliable alternative: 24/7 websites.

All you need to do is go to your lender’s website after vetting them on MinLaw’s list of registered moneylenders. Then, take a few minutes to apply. Most of their application form is quick and simple, and some are even linked to MyInfo. You can easily retrieve pre-filled details for your loan application, saving you time and energy.

The best financial providers use high-tech software that integrates SingPass’s My Info.

Therefore, these agencies can assess your submission in less than ten minutes. For those who are unsure of the sources’ reliability, you can calculate, apply and get quotes from our sophisticated platform.


How Do You Apply For A Personal Loan With A Financial Institution? 

Unlike the gif above, loan application processes can be seamless:

1. Add in your info on your licensed moneylender’s website (e.g., ID info, income, desired amount).

2. Log in with SingPass so that your financial information is transferred on the platform.

3. Upload just a few additional documents, such as proof of income and proof of residence.

4. Submit your application and wait a few minutes for your pre-approval message.

5. Wait for the staff to contact you.

6. Arrange a meeting at our headquarters for due diligence, as MinLaw requests.

7. Sign the contract after the loan agent explains it and receive your money instantly. If you are unsatisfied with the loan contract, you are free to cancel anytime.

Ready to apply? Click here.


How To Tell A Loan Shark Apart From A Legal Moneylender?

People who want non-stop loans fall easy prey to the Ah Long. These shady people use keywords like “24 hours money lender Singapore” to rank higher on Google and so that you can see them. Sadly, hundreds of innocent victims fall prey to them every year.

Here’s how to tell the difference:

1. The Shady (Or Nonexistent) Contract

Licensed moneylenders draft precise contracts that include all the terms and conditions of your agreement. These include your repayment schedule, exact monthly disbursement figures, fees, rates, and so forth.

Conversely, loan sharks or loan scammers will usually lend you the money after a verbal or text agreement. This is not allowed. You need to physically sign a contract for a loan to be approved.

2. Rates And Fees

Exaggerated payments are one of the unfair terms in a loan shark’s contract. For example, any interest rate over 4%/month is a red flag.

If they asked you for payment in order to approve your loan, then they are loan sharks or illegal lenders as well. Legal moneylenders will not charge you any fee before loan disbursement, and they will only deduct admin fees from your loan amount.

Pro tip: Visit MinLaw’s website to stay ahead of these blatant illegalities.

3. Advertising Channels

Loan sharks are everywhere: on Google, talking to people in front of lending institutions, or spreading flyers on the street. All these advertising channels are illegal for them, though.

The Ministry of Law in Singapore restricts legal moneylenders to the following media:

  • Consumer and business directories
  • Their official online platforms
  • The physical structure of their company’s premises (e.g., walls, windows, etc.)

To ensure that you are borrowing from a safe and reputable licensed moneylender, you can apply via our platform. We will only offer quotes from the best legal moneylenders in Singapore. Furthermore, we can get back to you within hours.

4. Loan Amount 

There is a maximum amount of money you can loan.

This takes into account your repayment ability and the debts that you have.

Legal money lenders have well-established rules regarding the maximum amounts they can offer, according to MinLaw:

Annual incomeSingapore Citizens and Permanent Residents (PRs)Foreigners residing in Singapore
Below $10,000$3,000$500
$10,000 – $20,000$3,000$3,000
>$20,0006x monthly income6x monthly income

5. Illegal Behaviour

Licensed moneylenders are not allowed to harass you or threaten you. If they do, you can report them to the police or the Ministry of Law.

Generally, licensed moneylenders are more open and willing to listen to your problems. If you have difficulties making loan repayments, you can speak to them and they might recommend a solution for you.

Good licensed moneylenders will even plan out a full financial package to help you!

Ready to apply for a fast personal loan? Fill in the 3-minute form here.


How To Avoid An Online Loan Scam

As mentioned earlier, any criminal can write “24 hours money lender Singapore” on their website to trick you. Many have already fallen prey to these unscrupulous scammers.

Now that you know how to recognise these shady characters, let’s see how to avoid them too:

1. Demand Due Diligence

A lender who’s not doing face-to-face verification before giving you the cash is probably a loan shark. The same goes for an agent who doesn’t draft, explain, or sign a contract.

To apply for a reliable personal loan, click here.

2. Check Fees And Interest Rates

If you do receive a contract, check the fees and interest rates. Legal money lenders may only ask for a maximum of:

  • 4% interest rate/ month
  • 4% interest rate/ month of late payment
  • $60 late payment fee
  • 10% admin fee

Besides, your contract must include a precise repayment schedule with fixed installments. Remember that MinLaw restricts maximum amounts to your income and citizenship too.

3. Check The Physical Addresses

No physical address means an illegal moneylender. All licensed moneylenders in Singapore needs to have their own shops.

Steer clear of people who “approve” your loans on the phone or in your parking lot.

Here’s to avoid a loan shark before even sending your application: check MinLaw’s list of registered money lenders, or apply via our reliable platform where we only work with good and fast licensed moneylenders.

4. Don’t Hand Out Personal Data

Loan sharks might ask to hold your ID or passwords as insurance until you repay the loan. If you can’t make timely disbursements, they might push you into harassing other debtors.

Remember that these are punishable offences, though. If a court finds you guilty of helping a loan shark, you might receive:

  • Gaol sentence
  • Fine
  • Five strokes of the cane


FAQ About Legal Moneylenders In Singapore

Have a question about moneylenders in Singapore? Let’s discuss!

How Much Can Licensed Moneylenders Charge?

MinLaw doesn’t allow legal money lenders to charge more than we’ve discussed above:

  • 4% interest rate/month
  • 4% interest rate/ month of late payment
  • $60 late payment fee
  • 10% admin fee

Honest licensed moneylenders will follow MinLaw’s rules. Let’s take an example:

You’re getting a $2,000 loan with $200 monthly instalments and 2% monthly interest. Thus:

  • Your first month’s interest is 2% out of $2,000, so $40. $160 of that amount goes to your principal amount. Therefore, your second month’s interest is calculated after subtracting $160 from the initial $2,000, meaning $36.8. As you see, your interest rates decrease continually, although the instalment rates remain the same.
  • If you’re late paying your instalment during the second month, you’ll have to pay a maximum of 4% interest for the current $200 instalment. That’s $8. Of course, your creditor may ask for the maximum $60 penalty fee as well. Conversely, some law-breaking lenders may ask you to fork out 4% out of the remaining $1840, which is $73.6, plus a more significant late payment penalty.
  • The admin fee is a maximum of $200, and you’ll disburse this only after you receive your money, not before as a pre-approval fee.

Warning: All these additional fees and rates can’t add to more than your loan’s initial sum of $2,000.

How To Ensure That You’re Dealing With A Licensed Moneylender 

Loan sharks will use the following illegal practices:

  • Abusive language
  • Threats
  • Harassment
  • Illegally seizing your property, including personal documents and passwords
  • Asking for illegal acts
  • No contract or a shady one without explanation
  • Fees and rates outside the MinLaw’s rules
  • Granting more considerable sums than accepted by MinLaw
  • No due diligence

How Do I Lodge A Complaint Against A Money Lender?

If a legal money lender has broken the law through illicit acts, you can report them to the police or the Registry of Moneylenders. Rest assured that your credit provider won’t find out who complained about them.

Follow the steps below:

1. Contact the Registry of Moneylenders by phone at 1800-2255-529 or on their website.

2. Tell the agent your lender’s details, such as:

  • Business name
  • License number
  • Contact details

3. Set up a meeting with a licensed officer from the Ministry of Law. Make sure you bring any relevant proof of your money lender’s illicit acts, such as:

  • Loan transactions
  • Illegal paperwork
  • Recordings of illegal behaviour

What Documents Do I Need To Apply For A Loan?

The necessary paperwork is:

Proof of identityProof of residenceProof of income
- Passport
- Bills
- Bank statements
- Lease agreements
- Letters addressed to you
- Payslips
- Tax statements
- Employment contract
- Employment letter
- CPF statement

What Must A Moneylender Inform Me About Before Granting A Loan?

For those who are taking a loan for the first time, don’t worry. Let us help you.

A legal moneylender should discuss:

  • Interest rates and instalment sums
  • All fees, including late-payment charges
  • Repayment deadlines
  • Tenure length
  • Both parties’ rights and obligations

Regardless if you are getting a loan from a bank or a licensed moneylender, it is a serious business.

While there might be many loan options for you to choose from, make sure that you have sufficient repayment ability before getting a loan. Once you are ready, easily apply for loan quotes here. We will get back within hours!