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Why Choose Tradition Credit?
Affordable interest rates* 1% - 3.92%* per month
Affordable interest rates* 1% - 3.92%* per month
Flexible Repayment Plans
Flexible Repayment Plans
Fast & Simple Loan Process
Fast & Simple Loan Process
Low Processing Fees
Low Processing Fees
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High Loan Approval Rates
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Our friendly consultants will be in touch with you and invite you down to our office for document verification (CPF, income tax etc.) Thereafter, they will understand your needs and propose a suitable and viable payment plan for the loan.
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FAQs
Explore common questions about licensed money lenders in Singapore
How can I identify a licensed money lender?
A licensed money lender is an officially registered lender in Singapore, authorised by the Ministry of Law’s Registry of Moneylenders to provide loans.
To ensure the legitimacy of a money lender, check that they hold a valid licence, allowing them to legally operate both online and at their registered business address.
What does the Moneylenders Act regulate?
The Moneylenders Act regulates money lending practices in Singapore. It establishes the legal framework within which licensed money lenders must operate, including the management of credit bureaus and the collection, use, and disclosure of borrowers’ information for loan applications. The Act ensures that money lending is conducted within clear legal boundaries, protecting both borrowers and lenders.
How can I access the list of licensed money lenders in Singapore?
You can view the full list of registered money lenders in Singapore by accessing the official directory of licensed lenders maintained by the Registry of Moneylenders. As of the latest update, there are 153 licensed money lenders in Singapore, although this number may change periodically as the list is updated by MinLaw.
Who is eligible to apply for a loan with a licensed money lender?
To be eligible for a loan from a licensed money lender in Singapore, the following criteria typically apply:
Applicants must be between the ages of 18 and 65.
Loans are available to those with poor credit history or low credit scores.
Singaporeans, Permanent Residents, and foreigners holding all types of work passes are eligible.
The loan is open to employees, self-employed individuals, and business owners.
Applications are also welcomed from gig workers (e.g., food delivery riders, PHV drivers), freelancers (e.g., coaches, tutors), and commission-based agents (e.g., property agents, insurance agents).
How much can I borrow from a licensed money lender in Singapore?
The loan amount you can borrow from a licensed moneylender in Singapore depends on your monthly income. For income between $1,500 to $2,000, you may borrow up to $3,000. For higher monthly incomes (above $20,000), larger amounts are possible. It’s advisable to consult a licensed lender for specific terms based on your financial situation.
What are the typical interest rates and fees charged by licensed money lenders in Singapore?
Licensed money lenders in Singapore can charge interest rates ranging from 1% to 3.92% per month. The exact rate depends on the terms of the loan. Additionally, late payment fees may apply if the borrower misses the repayment deadline. These fees, along with any other charges, are regulated to ensure fairness and transparency for consumers.
Is there a penalty for early repayment or full early settlement of a loan with a licensed money lender?
No, there is no penalty for early repayment or full settlement of the loan. Since 1 October 2015, licensed money lenders are only permitted to charge the following fees:
A late repayment fee not exceeding $60 for each month of delay.
A fee up to 10% of the principal loan amount upon loan approval.
Legal costs as determined by the court for successful loan recovery claims by the money lender.
How do licensed moneylenders in Singapore calculate interest charges on a loan?
Licensed moneylenders in Singapore use the reducing balance method to calculate interest on loans. This means that interest is charged on the remaining balance of the loan, not the original loan amount. As you make repayments, the outstanding balance decreases, and so does the interest charged on the loan. This is different from the flat rate method, where interest is calculated based on the original principal for the entire loan term.
Example: If you borrow $5,000 at an annual interest rate of 24%, with a loan term of 12 months, the interest will be calculated on the remaining loan balance rather than the full $5,000 throughout the entire period.
Does interest on overdue payments accumulate daily with legal money lenders in Singapore?
Yes, both late interest and compound interest on a loan from a legal money lender in Singapore accumulate daily.
The daily late interest rate is calculated by dividing the lender’s annual interest rate by 365 days.
Similarly, the daily compound interest rate is calculated in the same manner.
Is my personal information safe and secure with a licensed money lender in Singapore?
Yes, absolutely! At Tradition Credit, we prioritize the protection and confidentiality of your personal information. As a licensed money lender in Singapore, we follow strict security protocols and use advanced technology to safeguard your data.
We regularly update and monitor our systems to prevent unauthorized access. Our operations are in full compliance with Singapore’s data privacy regulations and industry standards to ensure your information is secure.
You can trust that your personal details will be handled with the highest level of care, and we are dedicated to maintaining a secure and confidential environment for all our clients.
How simple is it to get a loan from private money lenders in Singapore?
It is generally easier to obtain a loan from private money lenders in Singapore compared to traditional banks. Licensed money lenders offer more flexible lending criteria and quicker approval processes, making them a preferred option for individuals in need of fast financial assistance.
Do legal money lenders in Singapore provide loans to individuals with poor credit ratings?
Yes, legal money lenders in Singapore are often willing to offer loans to individuals with poor credit ratings. They typically assess the borrower’s current financial situation and ability to repay, rather than solely relying on credit scores.
Do licensed money lenders approve loans without a credit check?
No, licensed money lenders do not approve loans without performing a credit check. While they may be more flexible than traditional banks and are willing to consider borrowers with lower credit scores, licensed money lenders in Singapore still conduct a credit assessment. This helps them evaluate your eligibility for a loan and set an appropriate borrowing limit. The evaluation is typically based on your Loan Information Report from the Moneylenders Credit Bureau (MLCB).
Is it possible for someone without a job to secure a loan from licensed private money lenders in Singapore?
Yes, an unemployed person may still be eligible for a loan from licensed private money lenders in Singapore, as long as they can provide proof of a steady income. This income could come from sources such as alimony, dividends, annuity payments, or monthly retirement funds. Being able to present documentation of these income sources will help in assessing your loan eligibility.
Do licensed money lenders in Singapore report to credit bureaus?
Yes, licensed money lenders in Singapore report payment records to the Moneylenders Credit Bureau (MLCB). However, these records are not shared with Credit Bureau Singapore (CBS).
What are the consequences of missing a payment to a licensed money lender in Singapore?
If you miss a payment to a licensed money lender in Singapore, you will be charged a late interest rate of up to 4% per month on the overdue amount. Additionally, a fee of up to $60 will be applied for each month the payment is late. All applicable fees and charges will be clearly outlined in your loan contract.
What happens if I default on a loan from a licensed money lender in Singapore?
Defaulting on a loan from a licensed money lender can lead to significant consequences, including a rapidly growing debt. Additionally, it may result in a negative entry on your MLCB Loan Information Report, which can reduce your chances of securing future loans. Legal actions may also be taken to recover the outstanding amount. If you’re struggling to make repayments, please reach out to your consultant as soon as possible, and we can assist you by developing an appropriate repayment plan.
What should I do if I face financial difficulties while borrowing from a licensed money lender in Singapore?
If you’re experiencing financial difficulties, it’s important to contact your licensed money lender as soon as possible to discuss and potentially adjust the terms of your loan. Additionally, you may want to seek support from local social service agencies, which specialize in helping individuals manage significant debt. These agencies offer credit counseling services and can assist in negotiating repayment plans with your creditors.
Is it possible to take out an additional loan with a licensed money lender while repaying an existing one?
Yes, you can apply for a new loan even if you currently have an outstanding loan with us. However, we strongly recommend that you manage your finances responsibly and ensure that you do not borrow more than you can comfortably repay.
What is the difference between borrowing from a licensed money lender and a bank in Singapore?
In Singapore, it’s crucial to borrow only from licensed money lenders or trusted banks, especially in emergency situations where you need quick access to funds. While both licensed money lenders and banks can provide loans, there are key differences in terms of the loan application process, approval speed, interest rates, and repayment terms. Licensed money lenders often offer faster approval and more flexible terms, while banks may have stricter eligibility criteria and longer processing times. Always ensure you’re borrowing from a reputable and licensed source to avoid scams and financial pitfalls.
What should you consider before borrowing from a licensed money lender in Singapore?
Before borrowing from a licensed money lender in Singapore, it’s important to evaluate the interest rates, repayment terms, and any associated fees. You should also assess your ability to repay the loan on time, keeping in mind the penalties for late payments.
Ensure that the lender is licensed and registered with the Ministry of Law to confirm that you are working with a legitimate and regulated money lender.
Take a careful look at your finances, including income and expenses, and make sure you fully understand the loan terms. Always ask for a copy of your signed loan agreement and compare options from different licensed lenders to find the best one for your needs.
How can I verify if I’m applying for a loan from a licensed money lender online?
To ensure you’re dealing with a legal money lender, perform a quick check by searching for the lender’s name in the official list of licensed money lenders maintained by the Ministry of Law (MinLaw) in Singapore.
Cross-reference the lender’s office address, licence number, and contact number (landline) with the details listed in the official MinLaw directory to confirm their legitimacy.
Important Note: A licensed money lender is prohibited from:
Soliciting loans through calls, SMS, WhatsApp, Telegram, or other social media platforms.
Charging an upfront fee to process your loan.
Approving or disbursing loans remotely without requiring an in-person meeting at their registered business premises.
Tip: Be cautious of illegitimate money lenders, as they often prefer to conduct transactions entirely remotely. If a money lender refuses to meet you in person at their registered office address, immediately stop all communication and do not proceed with the loan application.
What actions are prohibited for licensed money lenders in Singapore?
Licensed money lenders in Singapore must adhere to strict regulations to ensure fair and transparent lending practices. They are prohibited from:
Contacting individuals via messaging apps, text messages, or social media to solicit loan applications.
Advertising on websites not owned by the licensed lender.
Requesting Singpass login credentials or keeping official identification documents such as NRIC.
Offering loans without fully explaining the terms and ensuring that the borrower clearly understands the conditions.
Having borrowers sign incomplete or blank loan agreements or failing to provide a signed copy of the contract.
Approving and disbursing loans remotely without conducting proper credit checks or meeting the borrower face-to-face.
Charging administrative fees before processing the loan.
Overcharging on interest, fees, or imposing late charges on amounts that are not due.
Using threats, intimidation, or any form of harassment—whether verbal or physical—to recover debts.
What should you do if you are harassed by a licensed money lender in Singapore?
Harassment by licensed money lenders is unacceptable. If you experience such behavior, it’s important to report it immediately. You can file a complaint with the Ministry of Law’s Registry of Moneylenders by completing their online complaint form or by calling their hotline at 1800-2255-529.
Are all private money lenders in Singapore quick and reliable?
Not all private money lenders in Singapore are quick or reliable. While some may be legitimate, there are also illegal money lenders operating in the market. These unlicensed lenders can be deceptive and untrustworthy, so it is crucial to avoid them. To ensure a safe borrowing experience, always choose licensed legal money lenders or borrow from trusted sources such as family and friends.
Are the loans from instant money lenders truly instant?
While instant money lenders are known for fast loan processing, approval, and fund disbursement, they still require an in-person visit to verify your identity at their registered office. The top money lenders in Singapore can offer approval and cash disbursement in under 30 minutes, assuming all necessary documents are provided.
Can I apply for a loan 24/7 with money lenders in Singapore?
While many licensed money lenders in Singapore allow you to submit loan applications through their websites at any time, their physical offices operate during standard business hours only. This means that although you can initiate your loan request online at any hour, actual processing and assistance will be available only when their offices are open.
Can I trust online money lenders in Singapore?
Not all online money lenders in Singapore can be trusted. While many licensed money lenders offer secure online services, there are also illegal lenders that should be avoided.
Trusted and licensed money lenders in Singapore typically provide a secure online application process, often integrating tools like Singpass to make the borrowing experience more convenient.
However, remember that even when applying online, you will still need to visit the lender’s physical office to sign the loan agreement in person before receiving the loan amount.
Do licensed money lenders operate on Sundays?
Not all licensed money lenders are open on Sundays. However, if you’re located in the Tampines area, Traditioncredit is available on Sundays from 11:00 AM to 5:00 PM. On weekdays (Monday to Saturday), they are open from 11:00 AM to 7:45 PM.
How can I identify trustworthy and reputable money lenders in Singapore?
To identify reliable and licensed money lenders in Singapore, start by researching online for “registered” or “authorized money lenders.” Look for reviews and ratings to assess their reputation. Additionally, asking friends, family, or colleagues who have previously borrowed from licensed lenders can provide valuable insights and help you make an informed decision.
Is it difficult to find reliable fast money lenders?
Not at all, as long as you know where to look. Traditioncredit is a reputable fast money lender that offers quick loan approvals and rapid disbursements. With all necessary documents ready, you could receive your loan in as little as 30 minutes.