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Licensed Money Lender Singapore Review: Top 7 Lenders

Licensed money lender singapore review

Finding the right money lender shouldn’t be a scavenger hunt. That’s why we created our Top 7 Licensed Money Lender Singapore Review.  We’ll break down everything you need to know – from interest rates, repayment plans, and all that good stuff.  Consider this your shortcut to making confident money decisions. No more feeling lost, you’re in charge now!

Finding the Right Licensed Money Lender in Singapore 

Borrowing money can be stressful, but if you’re looking for a legal money lender SG, there are ways to make sure you choose the right one. Don’t anyhow pick a lender, or you might end up with a bad deal! Here’s what you need to know:

Confirm their Legitimacy

Make sure the money lender is properly registered with the Registry of Moneylenders. You can check their license online on the Ministry of Law (MinLaw) website. This way, you know you’re dealing with a legit creditor.

Compare and Contrast

  • Interest Rates and Fees: Different lenders offer different rates. Don’t just go for the first one you see. Research and compare interest rates and any additional fees before you commit.
  • Loan Terms: Look at the repayment terms carefully. Consider how long you have to repay the loan and if there are any early repayment options.
  • Transparency is Key: A good money lender will be upfront about all the costs involved. Avoid lenders who are unclear about their charges.

Reputation Matters

Read online reviews and feedback from other borrowers. This can give you a good idea of the lender’s customer service and how they treat borrowers.

Ask around! Talk to friends or family who have borrowed from money lenders before. They might have some recommendations.

Borrow Only What You Can Pay Back 

Don’t borrow more than you can afford to repay. Make sure you can comfortably make the monthly repayments without getting into more debt.

Licensed money lenders are there to help, but borrowing should always be a last resort.  If you’re considering a loan, make sure you explore all your options first and choose a lender wisely.

Top 7 Licensed Money Lenders in Singapore


Crawfort is a licensed moneylender in Singapore offering personal loan solutions for various financial needs. This guide explores what Crawfort offers, along with key considerations to help you decide if they’re the right fit for you. 

Established Presence: Crawfort has experience in the Singaporean financial landscape, suggesting a commitment to customer satisfaction and responsible lending. 

Licensed and Regulated: Crawfort operates under the Ministry of Law (MinLaw), ensuring adherence to regulations and fair lending practices. 

Potential Loan Options: Personal Loan: Meets various needs, from debt consolidation to unexpected expenses. 

Fullerton Credit

Fullerton Credit, formerly known as GM Creditz, has been serving customers since 2009. They’re known for their: 

Variety of Loan Options: Personal loans, foreigner loans, business loans, monthly loans, and even payday loans. You can even use their loans to consolidate existing debt. 

Positive Reputation: With over 12 years of experience, Fullerton Credit has built a reputation for being professional, efficient, and customer-focused. This is backed up by positive reviews from their clients. 

Easy and Affordable Loans: True to their motto “borrowing money made easy,” they offer hassle-free, fast, and affordable loan options tailored to your specific needs. 

Fortune Credit

Fortune Credit, established in 2010, has become a trusted name for unsecured loans, especially for foreigners. They’re known for: 

Friendly and Helpful Staff: Their staff consistently go the extra mile to assist both locals and foreigners. Many customers mention their loan officers as friendly advisors who truly understand their needs. 

Comfortable Borrowing Experience: Fortune Credit prioritises making the loan process smooth and stress-free. They’ll work with you to create a personalised repayment plan that fits your financial situation. 

If you’re looking for a reputable lender with a human touch, Fortune Credit could be the right choice for you in Bugis. 

365 Credit Solutions

Looking for a loan in Singapore? 365 Credit Solutions, established in 2010, has built a reputation for putting their customers first. They’re known for: 

Friendly and Helpful Service: Their staff is known for being “friendly, helpful, and patient” – they’ll go the extra mile to assist you, regardless of your nationality. 

Variety of Loan Options: They offer a wide range of loans, including personal loans, foreigner loans, payday loans, business loans, and bridging loans. 

Competitive Rates: They strive to offer some of the lowest interest rates available from licensed moneylenders in Singapore. 

Financial Education: They believe in transparency and will discuss all loan terms thoroughly, including interest rates, fees, and your rights as a borrower. 

Second Chances: They understand that everyone faces financial challenges. As long as you have a steady income that meets their minimum requirements, they might still be able to help you, even with a lower credit score. 

Discover more about licensed money lender Singapore requirements.

A1 Credit

A1 Credit, established in 2011, boasts a near-perfect rating (4.9 out of 5 stars) on Google Reviews. Here’s what sets them apart: 

Award-Winning Customer Service: Their numerous positive reviews and accolades speak volumes about their commitment to customer satisfaction. 

Personalised Loan Options: They go the extra mile to understand your needs and tailor a short-term loan that fits your situation. 

Second Chance Lending: Even if you have a bad credit history, A1 Credit may still be able to help you get the financing you need quickly. 

A1 Credit prioritises both customer experience and responsible lending practices. They could be a good option if you need a short-term personal loan and value a personalised approach. 

Raffles Credit

Raffles Credit, established in 2011, has become a popular choice in the Raffles Place area. Here’s why: 

Fast and Efficient Service: Customers often praise their professional staff and speedy loan processing. They claim you can get your personal loan, payday loan, or other loan types approved within an hour. 

Customer-Focused Approach: They prioritise excellent customer service and work with you to find an affordable repayment plan that fits your budget. 

Easy Access to Loans: Their aim is to make accessing financial help easier and more convenient. 

If you’re in Raffles Place and need a loan quickly, Raffles Credit could be a good option, especially with their focus on fast processing and customer service. However, remember to always compare rates and terms with other lenders before committing. 

Bugis Credit

Bugis Credit, established in 2007, has built a strong reputation for being a reliable and efficient lender. Here’s what they offer: 

Fast and Easy Borrowing: They streamline the loan process to make it quick and convenient for you. 

Variety of Loan Options: They offer personal loans, foreigner loans, business loans, monthly loans, and payday loans to cater to various financial needs. 

Customised Loan Plans: Their experienced staff works with you to create a personalised loan contract that fits your budget and goals. 

Excellent Customer Service: They prioritise customer satisfaction and are known for being reliable, efficient, and comfortable to deal with. 

If you’re looking for a trustworthy lender in Bugis who offers a hassle-free experience and personalised service, Bugis Credit could be a great choice.

Finding a Personal Loan in Singapore

Singapore has many licensed moneylenders, but with so many options, it can be overwhelming to find a reputable one, especially with loan sharks posing as legal lenders.

Know Your Rights: Borrowing from Licensed Moneylenders in Singapore 

Singapore has regulations in place to protect borrowers from unfair lending practices. These guidelines apply to all licensed moneylenders. Here’s a summary of what you should be aware of: 

Maximum Interest Rates: Moneylenders can only charge a maximum of 4% interest per month on the outstanding loan amount. This applies to both secured loans (loans with collateral) and unsecured loans (loans without collateral), regardless of your income. 

Discover more about licensed money lender Singapore lowest interest rate

Loan Amounts: There’s no limit on the amount you can borrow for secured loans. However, for unsecured personal loans, the maximum amount you can borrow is capped at 6 times your monthly salary. 

Late Repayment Fees: If you miss a loan payment, the maximum late interest rate is also 4% per month, calculated on the overdue amount. 

Other Charges: There are limitations on additional fees: 

  • Late repayment fee: This cannot exceed S$60 per month of delinquency. 
  • Loan processing fee: This cannot exceed 10% of the approved loan amount. 
  • Legal costs: You may be responsible for legal fees if the moneylender has to take legal action to recover the loan. 

If a lender charges more than these limits or operates without a license, report them to the Ministry of Law (Registry of Moneylenders). Don’t hesitate to walk away from a loan agreement that doesn’t comply with these regulations.

Borrowing from Licensed Moneylenders in Singapore: A Checklist 

Taking out a loan from a licensed moneylender can be a helpful option in Singapore, but it’s important to choose wisely. Here are some key factors to consider: 

1. Verify Their License and Accreditation: 

Always confirm the lender is licensed. A legitimate lender will not solicit loans through text messages, social media, or cold calls. Face-to-face verification is a must. 

Visit the Ministry of Law’s website  to verify their license and accreditation status. 

2. Check Reviews and Reputation: 

Research the lender’s online reputation. Look at reviews on platforms like Loan Advisor and Google Reviews. 

Focus on reviews that mention long-term experience and positive customer experiences. This can give you a sense of their reliability and customer service.

3. Look for Customised Loan Packages: 

A good lender will offer loan options tailored to your specific needs and repayment capacity. 

This includes considering the loan amount, interest rate, and repayment period. 

Ideally, the lender should help you choose a repayment term that avoids potential late payments.

Additional Tips: 

  • Compare Rates: Don’t settle for the first offer. Get quotes from multiple lenders to compare interest rates and fees. 
  • Read the Fine Print: Before signing any loan agreement, understand all terms and conditions carefully. 
  • Borrow Responsibly: Only borrow what you can comfortably afford to repay to avoid getting into debt. 

By following these tips, you can increase your chances of finding a reputable licensed moneylender in Singapore and secure a loan that meets your needs. Remember, borrowing should be a last resort, so make sure you explore all other options before taking out a loan.

Safe Borrowing: Spotting Licensed Moneylenders in Singapore 

Needing a loan can be stressful, and it’s easy to fall prey to unscrupulous lenders. Here’s how to identify a safe, licensed moneylender and avoid loan sharks (also known as “ah longs”). 

Recognising a Licensed Moneylender: 

  • Advertised Responsibly: Look for lenders who advertise professionally. They can only use business directories, their website, or signage at their physical location. No social media ads, SMS blasts, or cold calls! 
  • Clear Loan Limits: For unsecured loans (loans without collateral), licensed lenders can offer you a maximum of 6 times your monthly salary, but only if you earn at least S$20,000 per month. 
  • Transparent Fees: They have limitations on fees: 
  • Administrative Fee: This cannot exceed 10% of the approved loan amount. 
  • Interest Rate: The maximum interest rate is 4% per month, regardless of the loan amount or your income. 
  • Upfront Communication: A legitimate lender will explain all loan terms clearly before you sign anything and provide a clear loan contract for your records.

Red Flags of a Loan Shark: 

  • SingPass Info: Never share your SingPass details with a lender! 
  • Blank Contracts: Beware of lenders asking you to sign blank loan agreements. 
  • Unclear Communication: A reputable lender will explain all loan terms clearly and provide a copy of the contract for your reference. 
  • Aggressive Marketing: Lenders who advertise through unsolicited calls or SMS messages are likely loan sharks. 
  • Instant Approval: Be wary of lenders who offer instant loan approval without proper verification. 

If a lender seems too good to be true, they probably are. If you encounter any of these red flags, walk away and report the lender to the Ministry of Law (Registry of Moneylenders).