Moneylender Review

Licensed moneylenders in Singapore are only allowed to charge up to 4% interest rate per month. This cap is applicable for both secured and unsecured loans, regardless of the borrower's income.

The maximum rate of late interest a legal moneylender can charge is 4% per month for every month the loan is repaid late.

Moneylender Review aims to point you to the best licensed moneylender in the shortest amount of time and with the least effort. Anyone can read through the genuine customer feedback and reviews on the money lenders directory.

From this website, you can also compare loans from different moneylenders. We list special features, including interest rates, tenures, fees, and other charges. This will give you a clear view of what you are applying for.

We provide up-to-date information about the moneylending service providers with the lowest interest loans. Equipped with the right information for comparing rates and repayment periods, you can make a smart, informed financial choice.

Here's what you can get from Moneylender Review:

Compare and contrast the market's top loan plans

Moneylender Review has a complete directory of rates and reviews of all the best licensed money lenders in Singapore. This makes it easy to compare and find flexible payment plans so you can get the type of loan that suits your financial needs.

Enjoy easier loan application

Moneylender Review provides borrowers with necessary information as well as three loan quotes for free from the top licensed money lenders. This will save you from all the hassle of comparing loan plans.

Get your loan approved fast

We compare loans from leading licensed money lenders who typically have faster and more lenient application processes than banks.

Find out what real borrowers think

From this website, you can easily read through genuine and current customer reviews to find out about borrower experiences with other lending companies in Singapore.

Get a tailor-made loan plan to suit your needs

Simply enter your details into our online application form. You can also specify what you need and we'll immediately send you 3 suitable quotes from licensed moneylenders.

• Business Loan: Moneylender Review offers a curated list of the best SME business loans on the moneylender market. We rate, rank, and analyze each loan service provider as well as compare interest rates, repayment plan, and more.
• Bridging Loan: This type of loan will help you bridge a financial or working capital gap when upgrading or moving to a new home. You can borrow up to 6x your salary with interest ranging between 1% and 4%.
• Payday Loan: These loans are tailored for people who need quick cash advances without having to undergo strict credit score and annual income checks.
• Personal Loan: This type of loan can provide financial assistance when making big purchases, medical emergencies, or consolidating high-interest debts. Moneylender Review will assist you in narrowing down your options.
• Foreigner Loan: This type of loan is available for foreigners residing in Singapore. With Moneylender Review, you can sift through the best foreigner personal loans from more than 150 licensed money lenders. Plus, you can get up to 3 loan quotes from the top legal money lenders for free.
• Study Loan: This type of loan is used to finance education. It can be used for tuition, room and board accommodations, books, and other fees.
• Home Loans: Moneylender Review's loan application service will help you find the best loan package to meet your home purchasing needs.
• Renovation Loan: This loan is perfect if you need financial assistance for a home renovation or refurbishment project. You can borrow up to 6x your monthly salary with interest rates up to 4%.
• Car Loan: Moneylender Review has evaluated every car loan from Singapore's top lenders so you can find the cheapest and most suitable loan for your next vehicle purchase.

This will depend on the licensed money lender you are borrowing from. Typically, approval times can range between 30 minutes and several days. Additionally, you are also required to have an in-person appointment for face-to-face verification and signing of the loan contract.

When borrowing from a licensed moneylender, you will need very minimal documentation. The key documents that legal lenders generally ask for include proof of identity, monthly income, and proof of residence.

Licensed money lenders in Singapore are only allowed to charge the following fees:

• An administrative fee of not more than 10% of the principal loan amount when the loan is granted
• A late repayment fee not more than S$60 for each month the loan is repaid late
• Legal costs ordered by the court for a successful claim by the legal money lender for the recovery of the loan.

The total charges, including interest, late interest, upfront administrative fee, and late repayment fees, must not exceed the principal amount of the loan.

Before applying for a loan, it's best to do your research and make sure that you're getting the best loan deals that suit your financial needs. Here are a few things you need to consider:

• How much do you actually need? Different types of loans have different maximum loan amounts. Just because you can get that much money doesn't mean you should.
• What is the interest rate? Make sure that the interest rate is within your financial capacity to pay.
• What are the fees and charges? Aside from interest rates, you will also need to pay other fees like administrative fees and late payment fees (if applicable).
• How soon do you need the funds? This varies from lender to lender, so make sure that you find out before applying.
• How reliable is the money lender? Don't forget to read comments and feedback from real customers to know whether the lender is right for you.

How much money you can borrow will depend on several factors, including the licensed moneylender you wish to borrow from, your annual income, credit history, and more. However, there's a general guideline as to how much moneylenders in Singapore can offer borrowers.

Singaporean citizens and permanent residents earning less than S$20,000 per year can borrow up to S$3,000. Those earning more than S$20,000 per year, on the other hand, can borrow up to 6x their monthly income.

Foreigners residing in Singapore have different criteria for the amount they can borrow. If they are earning less than S$10,000 per year, they can borrow up to S$500, while those earning at least S$10,000 but less than S$20,000 a year may borrow up to S$3,000. For foreigners earning at least S$20,000 per year or more, they can borrow up to 6x their monthly income.

•  All licensed moneylenders in Singapore are governed by the Ministry of Law Singapore. You can find the complete list of legal moneylenders on the Ministry of Law's website.
• Licensed moneylenders are required by law to thoroughly explain to you the terms and conditions of the loan. Plus, they are obligated to provide you with a loan contract where the complete loan details are listed.
• Licensed moneylenders are only allowed to charge a maximum interest rate of 4% per month. Unlicensed moneylenders charge ridiculously high interest and late interest rates.

Additionally, you must be mindful of the following:

•  Use threatening language or behave in an abusive manner
• Asking for your Singpass ID/password
• Retaining your NRIC card or any personal identification documents, such as passport, work permit, or ATM card
• Ask you to sign a blank or incomplete loan contract
• Not giving you a copy of the note of contract for the loan after granting you the loan
• Approving the loan over the phone or SMS
• Withholding any part of the principal loan without any reason or explanation

If you encounter any of these practices, immediately lodge a complaint to the Registry of Moneylender.