Best Licensed Money Lender Singapore

Understanding Loans from Money Lenders

In Singapore, licensed moneylenders are the only private entities legally permitted to offer fast cash loans, aside from banks and financial institutions.

How much can I borrow from a money lender?

If you qualify, you could receive a loan amount up to six times your monthly salary. For example, a monthly salary of $4,000 could secure you a loan of up to $24,000.

Licensed money lenders in Singapore are regulated by the Registry of Moneylenders and must comply with the Moneylenders Act, which sets guidelines on interest rates, fees, and debt collection practices. This act ensures that money lenders in Singapore operate within a framework that protects borrowers by capping interest rates at 4% per month and limiting fees (including a maximum late fee of SGD 60 per month and a fee of up to 10% of the principal at the time of the loan grant).

Be cautious of unsolicited loan offers you may receive through channels like WhatsApp or SMS. These offers often come from unlicensed lenders, as licensed moneylenders are restricted from advertising in this way.

Borrowing from unlicensed lenders is illegal and risky, potentially endangering your personal safety.

For secure financial assistance, always opt for the best licensed moneylender in Singapore like us at Quick Loan for legality and safety.

Loan Types

Money lenders in Singapore primarily offer unsecured personal loans, which do not require collateral. For borrowers who require instant loans, money lenders may offer a viable alternative due to their less stringent eligibility criteria compared to banks.

Quick Loan offers a variety of personal loans designed to meet your specific needs, with the convenience of instant approval in just 20 minutes. Here’s an overview of the loan types available:

• Personal Loan : Quick Loan’s flagship offering, these loans are tailored to help you cover personal expenses with flexibility and ease. Whether you need quick cash for unexpected bills or to manage day-to-day expenses, our personal loans provide a reliable financial solution.
• Wedding Loan : Planning your dream wedding can be expensive. Quick Loan’s wedding loans are here to ensure you have the funds to make your special day unforgettable, covering everything from the venue to the honeymoon.
• Renovation Loan : Transform your home into the space you’ve always wanted with our renovation loans. Ideal for funding your home improvement projects, these loans help you enhance your living environment without the financial strain.
• Education Loan : Invest in your future or that of a loved one with an education loan from Quick Loan. These loans are designed to ease the burden of tuition fees, books, and other educational expenses, ensuring you can focus on your studies without financial worry.
• Emergency Loan : Life can be unpredictable, and sudden expenses can arise without warning. Our emergency loans are designed to provide you with rapid financial assistance to cope with urgent medical bills, unexpected repairs, or any other immediate needs.

Explore these options and more at Quick Loan, where we are committed to providing you with fast, flexible, and transparent loan services to help you manage your financial challenges effectively.

Licensed vs. Unlicensed Lenders

It's crucial to distinguish between licensed and unlicensed lenders. Licensed money lenders Singapore adhere to regulatory standards, offering borrower protection and transparency. In contrast, unlicensed lenders or loan sharks may engage in unethical practices like charging exorbitant interest rates and using intimidation for debt collection.

For your safety and to ensure you are dealing with a reputable lender, it is essential to verify that the lender is licensed by checking the list on the Registry of Moneylender's website.

How to borrow money in Singapore?

There are plenty of channels and ways you can borrow money in Singapore which includes but not limited to:

1. Banks
2. Financial Institutions & Credit Unions
3. Credit Cards
4. Licensed Moneylenders

How to apply for a loan at a bank?

Banks are the most traditional source for loans, offering various products including personal loans, home loans, and car loans. Banks usually offer competitive interest rates and terms but typically require good credit history and stable income.

When applying for a bank loan in Singapore, start by comparing different banks' loan options, focusing on interest rates and fees. Make sure you meet the requirements for age, income, and job status. Gather needed documents like your ID, payslips, and tax returns. You can apply for the loan online, at a bank branch, over the phone, or using the bank's mobile app.

Also, indicate the purpose and the amount you need. Typically, bank loans can take from a few days to a couple of weeks to process and approve, depending on the type of loan and your financial profile.

How to apply for a loan at a Financial Institutions & Credit Unions? 

These are member-owned financial cooperatives that provide credits at reasonable rates to their members. Joining a credit union typically requires being part of a specific community, profession, or group.

First, you need to be a member of the credit union, which involves applying and sometimes paying a fee. Then review the different loan products they offer. Finally, submit a loan application along with required documents similar to those needed for a bank loan. And it would take somewhere one to two weeks for you to get the loan. 

How to use credit cards as an alternative for loans?

For short-term financing, credit cards are a convenient option, offering the ability to make purchases or take cash advances with the obligation to pay back within the billing cycle to avoid high-interest rates.

If you don’t already have a credit card, you would need to apply for one. Choose a card that offers good terms for cash advances. Apply through banks or credit card companies, providing personal and financial details. Credit card loans are typically for short-term financing and the limit will depend on your credit line. Once you have the card, accessing funds can be instant through cash advances.

In Singapore, obtaining a credit card and using it for cash advances typically takes about 1 to 3 weeks, from application to receiving and activating the card, with immediate cash access once activated.

Best Option: How to apply for a loan with licensed moneylenders in Singapore?

For those who might not qualify for bank loans due to credit history or other reasons, licensed moneylenders are an alternative.

Applying for a loan from a licensed money lender in Singapore is generally straightforward and at Quick Loan we have a simplified and easy application process.

At Quick Loan, you can quickly get the cash you need in just 20 minutes without a guarantor, simplifying and speeding up the application process. Cash can be received on the same day by visiting the moneylender's store, as face-to-face verification is required for processing these loans.

We offer affordable repayment options with customized plans based on your salary and low interest rates.

As Singapore's most trusted licensed money lender since 2010, we are fully compliant with the Moneylenders Act and regulated by the Registry of Moneylenders.