Top 10 Licensed Moneylenders Review In Singapore (Latest Update)


If you’re strapped for cash, you need a trustworthy financial partner that will help you quickly.

Did you know that other than banks, there are licensed moneylenders as well?

However, many people are wary of reaching out to licensed moneylenders. It’s okay, we understand how daunting that sounds. You never know if they are scams.

For one, they believe borrowing money is shameful; also, with the slew of Ah Long stories in the media recently, some people are skeptical about moneylenders.

However, not all are bad eggs. The best licensed moneylenders in Singapore do have stellar reputations. These agencies have been helping people of all income levels through awful tragedies and through happy times.

But first, you have to understand how to choose a reliable licensed moneylender. We are not encouraging you to take a loan, but we would rather have lesser loan scam cases, especially since the number of cases spiked by 20 times with COVID-19.

Keep reading below!

Things To Consider Before Choosing Licensed Moneylenders Singapore

Here’s what to take into account before choosing a licensed moneylender:

1. A MinLaw License

It’s paramount that you work with a licensed moneylender and not a loan shark. Ah Long are extremely dangerous, so they resort to all sorts of tactics to squeeze more money from you.

Having a MinLaw license is the best indication that they are a legal financial institution that can help you.

By comparison, a licensed moneylender is compelled to respect laws that protect you from harm. This means that they will never harass you or threaten you.

Here’s an example. Imagine missing a loan installment or having difficulties with your loan repayment. A loan shark will likely use force, threats and blackmail you. 

On the other hand, licensed moneylenders will be understanding and go through due diligence which includes renegotiating your payment terms and help you get through.

So, before signing any loan contract, double-check MinLaw’s list of licensed moneylenders to make sure your agency’s there.

2. Principal Amount, Interest Rate, And Tenure

Did you know that renovation loans could be cheaper than credit cards?

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People who apply for loans usually want to get a large amount, meagre interest and convenient tenure. In practice, the principal amount, interest rate and term are interdependent. These factors also correlate with your current financial position and credit history.

That’s the bad news.

You won’t get a massive amount with 0.01% interest and a convenient tenure in most cases. You’ll have to be prepared for some compromises – but ensure your loan officer balances these factors in the best way possible.

So make sure:

› You can repay the monthly installments comfortably, without horrible sacrifices.

› You’re comfortable with the tenure; so, that repayment period isn’t unnecessarily long but also not too short of destabilising you.

› You’re treated fairly and according to MinLaw’s rules.


3. Reputation Of The Financial Institutions

Although licensed moneylenders have MinLaw’s accreditation, they don’t all use similar business models.

For instance, some licensed lenders have a higher risk appetite. Some cater to low-income people who need fast assistance, while others cater to high-income individuals who want long-term loans.

For some, they are even so advanced that they have been awarded the FinTech License by the Singapore FinTech Association.

So it’s essential to pick a licensed moneylender that will fit your needs and profile. You need someone with a good reputation, but in the area that interests you specifically.

Here’s what you have to do:

Read customer reviews. Ask yourself whether your customer profile is similar to people who offer four or five-star reviews or to those who’ve given the agency low ratings.

Compare licensed moneylenders. Do they have experience in your field? What do they specialise in? Read their websites carefully to find the answers to these questions before committing.


Trustworthy Licensed Moneylenders Singapore

The best licensed moneylenders currently operating in Singapore are:

1. Lending Bee: Long Tenures And Higher Loan Amounts

Lending Bee Licensed Moneylender Singapore

Lending Bee is one of the best moneylenders Singapore offers, thanks to its high loan amounts, long tenures, and versatile offers. With 4 branches in Singapore, they are also one of the few companies in Singapore to hold a FinTech License.

Here’s what you can expect:

› Larger unsecured personal loans up to $300,000

› Low interest rates from 1%/month for some

› Terms up to 36 months

› Lower loan criteria for which you can easily qualify

› Loans for low income applicants

› Help for those struggling with credit card debt or are looking for debt recovery plans

Besides, Lending Bee offers a multitude of financial plans and assistance, including:

› Debt consolidation plans

› Foreigner loans

› Bad credit loans

› Wedding loans

› Business loans

› Medical loans

› Renovation loans

As you can see from the options and benefits above, Lending Bee is a user-oriented agency. Lending Bee understands the needs of its customers.

That’s why this company wants to expedite the entire borrowing process through:

› Online application / via Myinfo

› Free cancellation

› An intuitive loan app

Should all information be collected, borrowers can get their cash in hours.

Lending Bee Locations: Bedok, Jurong, Orchard and Yishun (near MRT stations)

Website link.


2. Credit 21 Pte. Ltd.: Customised Emergency Loan Options

Credit 21 Licensed Moneylender Singapore

Credit 21 Pte. Ltd. is another trustworthy licensed moneylender in Singapore. This agency has a strong business culture that focuses on customers’ needs. Here’s how Credit 21 puts your problems first:

› They’re transparent and will explain the loan contract thoroughly

› Their loan options are very diverse and fully customised according to your financial situation

› They’re very efficient

› The interest rates offered with these packages are among the lowest in Singapore

› The repayment options are very flexible

And, of course, like most of the best licensed moneylenders Singapore offers, Credit 21 has an intuitive online loan application. Just submit your loan request, and the agency will process it within hours.

Credit 21 Location: International Plaza (near Tanjong Pagar MRT)

Website link.


3. GS Credit Pte. Ltd.: Best For Emergency Loans

GS Credit Licensed Moneylender Singapore

GS Credit is another licensed moneylender that you can put your faith in. The proof is brought to you by a slew of 5-star reviews you can find on speciality forums.

There’s a catch:

GS Credit specialises in loan offers for emergencies and people with challenging financial histories. That’s why GS Credit includes:

› Bridging loans

› Foreigner loans

› Low-interest loans

› Payday loans

As you’ve probably figured out, you can only borrow smaller amounts through these sorts of loans. However, if you need quick cash with as little paperwork as possible, GS offers precisely that. The agency’s only eligibility requirements are your ID and proof of income.

GS Credit is also located conveniently near Jurong East MRT. All it takes is a 3-minute walk and you’ll get to the shop.

In all situations, you can count on GS Credit! Just browse their array of secured loans with one of their loan officers. These agents are experts in personalising loans according to your needs.

GS Credit Location: Westgate (near Jurong East MRT)

Website link.


4. Katong Credit Pte. Ltd.: Best Fast Cash Solutions For Bad Credit

Katong Credit Licensed Moneylender Singapore

Katong Credit is a well-known licensed moneylender in Singapore. Because its core values are trust and integrity, its incredible work ethic translates into numerous happy customers in Singapore.

You can get that from the slew of online recommendations.

Many people with low credit scores speak highly of Katong Credit. Instead of rejecting them or asking for exorbitant interest rates like some banks would, Katong Credit helped them with fast cash solutions.

These loans include:

› Fast processing of your submission (within an hour)

› Access to quick cash

› Customised solutions

› No-fuss eligibility criteria

› Accessible foreigner loans, even if your situation isn’t ideal

Katong Credit Location: Lucky Plaza (near Orchard MRT)

Website link.


5. Horison Credit Pte. Ltd.: Best For No-Fuss Eligibility

Horison Credit Licensed Moneylender Singapore

If you’re looking for a licensed moneylender with a long tradition of helping people, Singapore’s Horison Credit fits the bill perfectly. Horison Credit prides itself on customised loan solutions and always going on the extra mile to help its customers.

Here’s how:

The application reviewing process is very humane. Unlike other agencies that automatise the entire thing, Horison Credit’s agents are always sensitive to people’s needs.

Of course, Horison Credit follows the rules established by MinLaw. But here, you can find some of the best options if you need quick funds because this company offers:

› Quick application approval within 24 hours

› No-fuss eligibility conditions

› Debt consolidation if your previous loans are proving too much to handle

Horison Credit Location: People’s Park Complex (near Chinatown MRT)

Website link.


6. 1AP Capital Pte. Ltd.: Same-Day Cash

1AP Capital Licensed Moneylender Singapore

This is one of the most reliable licensed moneylenders in Singapore. With all the required documents, they are able to disburse your cash on the spot. Customer satisfaction is their main priority and they strongly believe that getting the right financial help should not be difficult.

Up till today, 1AP Capital has helped more than 11,287 people solve their financial problems.

There are no hidden costs. 1AP features a slew of loan packages that cover 99.9% of people’s needs:

› Business Loans

› Personal Loans

› Education Loans

Renovation Loans

› Urgent Cash Loans

› Wedding Loans

These loan solutions are customised depending on your status:

› Singapore Citizen

› Permanent resident

› Foreigner

› Business Entity

Just like all of the best licensed moneylenders Singapore has to offer, 1AP Capital promises quick application processing and fast approval. But here’s their unique selling proposition:

With 1AP Capital, you can obtain the cash you need on the same day. So, don’t fall prey to a loan shark if you need an urgent 24-hour moneylender. Instead, consider 1AP Capital.

1AP Capital Location: International Plaza (near Tanjong Pagar MRT)

Website link.


7. U Credit (Pte.) Ltd: Transparent With Competitors’ Rates

U Credit Licensed Moneylender Singapore

U-Credit boasts most of the same advantageous features we’ve seen with its competitors above.

For example, their interest rates are very affordable. Also, U Credit has devised different loan packages that fit people of highly varied financial situations, especially for families in Singapore.

Here’s how that goes:

You decide on a specific loan – such as an unsecured personal loan – and apply for it. Your loan agent will work on a particular schedule of repayment and interest rate adapted to your financial situation.

But here’s U Credit’s unique proposition:

The agent offers a transparent comparison of their rates and their competitors’ rates. That way, U Credit lives up to the slogan “put your customers first.”

And yes, you can find reliable help with U Credit even if you’re a foreigner residing in Singapore and your financial situation is less than great.

U Credit Location: The Bencoolen (near Bugis MRT)

Website link.


8. CreditMaster Pte. Ltd.: Researched-Backed Loan Solutions

Credit Master Licensed Moneylender Singapore

CreditMaster is an excellent choice because it has a long tradition in Singapore and almost 100% customer satisfaction. As a result, nearly all of their new clients get to CreditMaster through referrals.

They are definitely masters at loan products in Singapore. Here’s the secret of this guaranteed customer satisfaction:

A team of financial experts that know what they’re doing – and that includes creating innovative financial products. In fact, CreditMaster puts all of its financial products through an intricate research and development process, so it only releases the loan options that pass these tests.

The result: you get sure-fire solutions that have proved their worth. CreditMaster provides easy access to cash.

Here’s what you can find on CreditMaster’s array of services:

› Small business loans

› Unsecured personal loans

› Foreigner loans

› Payday loans

› Car loans

› Wedding loans

› Urgent cash loans

› Home renovation loans

› Bad credit loans

CreditMaster Location: Hong Lim Complex (near Chinatown MRT)

Website link.


9. BST Credit: >500 Positive Google Reviews

BST Credit Licensed Moneylender Singapore

BST stands for “Begin with Service and Trust”, and over the years, they have definitely lived by it, earning such a high number of good Google reviews.

BST Credit aims to provide fast access to cash at flexible terms. They tailor all of their loan packages to suit the needs of their customers, especially if they are caught in a tricky situation.

Their loan application process is hassle-free. This company will always be ready to lend you a hand.

3 easy steps are all it takes to get quick cash.

Here’s what they offer:

› Personal loans

› Foreigner loans

› Renovation loans

› Car loans

› Education loans

BST Credit Location: Jurong Gateway Road (near Jurong East MRT)

Website link.


10. Credit Thirty3 Pte. Ltd.: Versatile Loan Options

Credit Thirty3 Licensed Moneylender Singapore

Credit Thirty3 offers its own personal loan calculator and numerous loan products for all.

They are one of the most competent and trustworthy licensed moneylenders in Singapore. Staff at Credit Thirty3 treat all customers with the utmost respect and aim to review their loan applications as soon as possible.

They also offer lower interest rates and flexible loan tenures.

Credit Thity3 is another excellent choice of licensed moneylender in Singapore because:

› They boast varied fast-cash loan solutions (personal loans, debt consolidation loans, renovation loans, education loans)

› Their interest rates can go as low as 1%/month

› The loan officers are diligent but also fast so that you can get on with your day after obtaining your loan

› They feature high-standard security/ privacy software to protect your data

Credit Thirty3 Location: Toa Payoh Mall (near Toa Payoh MRT)

Website Link.


Licensed Moneylenders Singapore Guidelines

Before choosing an agency to work with, it’s wise to read the guidelines that MinLaw established for licensed moneylenders in Singapore. That way, you can avoid loan sharks and understand if a licensed agent is trying to break the law.

Without further ado, here’s what licensed moneylenders in Singapore are allowed to do:

› They should charge reducing balance interest rates. Your interest is always calculated from the remaining balance. Licensed moneylenders in Singapore can’t use the compound interest rate anymore.

› The maximum interest rate is 4%/month. Your licensed lender can’t ask for higher interest under any pretext – not even granting you access to a more significant amount of money, a longer tenure, or your citizenship status.

› Moneylenders can only impose a 10% admin fee from the principal loan amount after approving your loan. They can’t ask for other charges, such as pre-approval fees. If someone asks you for a sum of money to approve your loan or hasten the process, they’re either Ah Long or licensed but breaking the law.

The penalty for late payment is a maximum of $60 penalty, and a maximum late interest rate of 4%.

› Maximum 4% interest rate calculated from the payment you’ve missed and not from the entire sum or the whole remaining balance

These charges should be less than or equal to your principal loan amount.

Also, here’s a few examples of scams in Singapore.


How Do I Tell If I Am Dealing With A Loan Shark?

Here are some tell-tale signs of a loan shark:

Direct advertising through e-mail, texts and social media

Not signing a contract or tricking you into signing blank documents

Telling you they are 24-hour moneylenders

Meeting with you in informal, maybe even iffy places or simply transferring your cash without meeting face-to-face (a face-to-face verification is required by law)

Not checking your paperwork at their office – that sort of due diligence is mandatory according to MinLaw

Trying to withhold personal documents, passwords, or your assets as collateral

Using violence and verbal abuse

Trying to get you to abuse other people in exchange for their services

So if any licensed moneylender is breaking these rules, report them to the Registry of Moneylenders. If you’re dealing with a loan shark, contact the police too.