Looking for a Bedok money lender you can actually trust? You’ve found one. Tradition Credit has been lending here since 1994, and our office sits at Blk 205 Bedok North Street 1, a few minutes on foot from Bedok MRT and the bus interchange. We’re a licensed money lender in Bedok, Singapore, regulated by the Registry of Moneylenders under the Ministry of Law.
The reasons people walk through our door vary a lot. A medical bill MediSave didn’t fully cover. A wedding deposit due next week. Stock for a business growing faster than its cash flow. Sometimes it’s just that payday is seven days away and the car picked today to break down.
Whatever brought you here, the process doesn’t change. Clear terms, explained properly, nothing buried in the fine print.
Under five minutes. Do it on your phone, or come in and fill it out at our office.
A loan advisor rings you within one business day. They'll go through your situation and tell you exactly what to bring.
Once approved, the money is disbursed the same day at our Bedok office.
Choose How to Apply
Two routes. Singpass is the quicker one, since it pulls your income and CPF details across on its own, which is genuinely useful if you're self-employed, driving for Grab or Gojek, or living on commission, where explaining a fluctuating income otherwise takes a while.
Requires less than 5 minutes. Submit your application online or complete it at our office.
Submit your online application and expect a call from our loan advisors within 1 business day.
Your cash will be disbursed on the same day.
Note: Before you apply anywhere, know this. Singapore law requires every licensed money lender to verify your identity face to face at their registered office before releasing money. A loan approved and paid out entirely online isn't legal here. Anyone offering that is not a licensed lender.
Money trouble rarely gives notice. What helps is a lender who picks up the phone and gives you a straight answer. Tell us what you need and we’ll tell you honestly what’s possible
Three decades in the same neighbourhood, and most of our business still arrives through word of mouth. That only happens if you treat people properly. Here's what you get with us.
As a personal loan finance company, we cover most of what comes up day to day. Fast cash for emergencies. Payday loans to bridge the gap until your salary lands. Medical loans, wedding loans, monthly installment plans. Foreigner loans for work pass holders. Bad credit loans for anyone the banks have shown the door. There are tailored options too, for taxi and Grab and Gojek drivers, self-employed applicants, property agents sitting on unpaid commission.
Then there's the business side. A business loan in Singapore doesn't have to mean months of paperwork and three rounds of documents. We handle SME loans, business term loans, entrepreneur financing and general business financing, with far less waiting than the usual bank route. Cash flow is the problem and the opportunity won't wait? Come and talk to us.
Bridging Loan
Payday Loan
Self Employed Loan
Wedding Loan
Real Estate Agent Loan
Taxi / Grab / Gojek Loan
Foreigner Loan
Fast Cash Loan
Medical Loan
Bad Credit Loan
Monthly Installments Loan
From today, 15 September 2026, anyone who takes an unsecured loan from a licensed moneylender in Singapore can walk away from it within three business days — and walk away without paying a single dollar of interest. The Ministry of Law announced the new rule on 31 August 2026. It...
Read MoreCommon Questions About Borrowing from a Licensed Money Lender in Singapore
The Registry of Moneylenders publishes an official list of every licensed money lender in Singapore, updated regularly. Look us up on it. Then match the business name, licence number, registered address and landline against what’s shown on this site. Copycat sites can look convincing, so those two minutes are worth spending before you hand personal details to anyone.
Depends what you earn. On an annual income of $20,000 or below, the cap is $3,000 across every licensed moneylender combined. Earn more and it’s six times your monthly income, again counting all lenders. Existing loans appear on your Moneylenders Credit Bureau report, so whatever you already owe reduces what’s left available to you.
Yes. SME loans, business term loans and entrepreneur financing, with a turnaround most banks can’t match. Bring your business registration, recent bank statements and financials, and we’ll work out what suits your cash flow.
No. Licensed moneylenders in Singapore have been barred from charging early settlement penalties since October 2015. Pay it off ahead of schedule and you simply save the interest.
Blk 205 Bedok North Street 1, #01-371, Singapore 460205. Open Monday to Friday, 11:30am to 8:00pm, and Saturday 11:30am to 7:00pm. Closed Sundays and public holidays. If you’ve been searching for a licensed money lender in Bedok, we’re walking distance from the MRT.
Ours runs from 1% to 3.92% a month. The law sets hard ceilings for everyone: no more than 4% monthly interest, an administrative fee above 10% of the principal, late interest beyond 4% monthly, or a late fee over $60 a month. Every charge that applies to your loan goes into the contract before you sign it.
Both. Work pass holders need to bring passport and pass together, not one or the other. Applicants aged 18 to 65 with a poor credit history are welcome too, because we weigh what you can repay now rather than leaning entirely on a score. Approval still depends on assessment and a credit check.
Ring us before it happens, not after. Late interest of up to 4% monthly applies to the overdue amount, plus up to $60 for each late month, and all of it lands on your MLCB record. If things are tight, speak to your consultant early. A revised plan beats letting it slide, almost every time.
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.
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.
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.
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).
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.
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.
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.
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.
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.
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.
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.
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.
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).
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.
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).
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
On weekdays (Monday to Saturday), they are open from 11:00 AM to 7:45 PM.
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.
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.
