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Top 8 Best Licensed Moneylenders In Singapore For Loans

Take out loans from top best licensed moneylenders in Singapore

Until recently, Singaporeans were unable to secure a loan from traditional lenders such as banks when faced with a financial dead-end. The situation was exploited by unlicensed moneylenders in Singapore, loan sharks known colloquially as ‘Ah Longs’.

Today, the government’s regulation of non-traditional lending has created a competitive market that offers borrowers a range of excellent legal options. We have done the legwork for you, creating this accredited list of well-known licensed moneylenders in Singapore.

Galaxy Credit & Investments

📍Address Blk 709 Ang Mo Kio Ave 8 #01-2595, Singapore 560709 (Ang Mo Kio Central, 4 mins walk from Amk MRT)
📞Contact 6250 8811
⏰Opening hours Monday – Saturday 11am to 7.30pm , Closed on Sunday and Public Holidays
🤝Services Personal loan, Business loan, Bridging Loan, Debt Consolidation Loan, Wedding Loan, Payday Loan, Study Loan, Renovation Loan, Vacation Loan, Grab/Gojek Loan
Google Rating
5.0Based on 4240 reviews
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Galaxy Credit stands out for its vast array of specialised loans with affordable interest rates, which is why it easily takes the top spot. This Ang Mo Kio-based moneylender caters to a wide range of clientele and fine-tunes its loan conditions to suit each applicant’s specific needs.

Galaxy Credit emphasises its commitment to a quick assessment and approval process. Borrowers will be hard-pressed to find another licensed moneylender with a faster time-to-cash period.

R2D Credit

📍Address Blk 846 Yishun Ring Road #01-3661, Singapore 760846 (Khatib Central, 5 mins walk from Khatib MRT, right behind basketball court)
📞Contact 6635 1596 (Contact Jacob)
⏰Opening hours Monday – Friday 11.30am to 7.30pm, Saturday 11.30am to 6pm, Closed on Sunday and Public Holidays
🤝Services Grab/Gojek Loan, Wedding Loan, Renovation Loan, Medical Loan, Bridging Loan, Study Loan
Google Rating
5.0Based on 2803 reviews
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R2D Credit makes our list of top moneylenders in Singapore for its combination of high approval rates and low-interest terms. This Yishun-based moneylender also offers a range of specialty loans, such as wedding loans and debt consolidation loans.

R2D Credit’s presence in Yishun is a welcome development; the area had previously developed an unenviable reputation for high crime and loan sharking activity. Now, residents have a licensed, reliable legal option in their neighbourhood.

Soon Seng Credit

📍Address 1 Park Road, People’s Park Complex #01-21, Singapore 059108, (Chinatown, 5 mins walk from Chinatown MRT Exit C)
📞Contact 6226 8860
⏰Opening hours Monday – Saturday 11am to 7.45pm, Sunday 11am to 5pm, Closed on Public Holidays
🤝Services Personal Loan, Payday Loan, Business Loan, Debt Consolidation Loan, Grab/Gojek Loan, Wedding Loan, Renovation Loan, Medical Loan, Bridging Loan, Study Loan
Google Rating
5.0Based on 2544 reviews
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Located right in the heart of Singapore, Soon Seng Credit is perhaps the most easily accessible licensed moneylender in the country. They offer a variety of consumer-specific loans as well as business loans.

Soon Seng places great emphasis on transparency and trust, which are the two critical elements of the borrower-lender relationship. Few other lenders are as focused on ethical lending as this company.

UK Credit

📍Address Blk 210 New Upper Changi Road #01-723, Singapore 460210 (Bedok North Central, 5 mins walk from Bedok MRT Station)
📞Contact 6448 7448
⏰Opening hours Monday – Saturday 11.30am to 7.45pm, Sunday 11.30am to 5.45pm, Closed on Public Holidays
🤝Services Personal Loan, Payday Loan, Business Loan, Debt Consolidation Loan, Grab/Gojek Loan, Wedding Loan, Renovation Loan, Medical Loan, Bridging Loan, Study Loan
Google Rating
5.0Based on 2448 reviews
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With affordable rates and serving the Bedok population, UK Credit takes pride in their stellar customer service. They are also lenient towards less-than-optimal credit scores, which is good news for borrowers who have been unsuccessful in obtaining loans from other financial institutions.

96BM Credit

📍Address Blk 302 Ubi Ave 1 #01-31, Singapore 400302 (2 mins walk from Ubi MRT Exit A)
📞Contact 6292 2629 (Contact Clara or Sim)
⏰Opening hours Mon-Sat 11:30am – 7:30pm, Closed on Sundays & Public Holidays
🤝Services Personal Loan, Wedding Loan, Payday Loan, Renovation Loan, Business Loan, Medical Loan, Debt Consolidation Loan, Bridging Loan, Grab/Gojek Loan, Study Loan
Google Rating
5.0Based on 3110 reviews
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If the number of borrowers served are any gauge of a company’s reliability and capability, the 3145 customers 96BM Credit has served as of time of writing reasily puts this legal moneylender in the Top 8.

96BM boasts one of the highest approval rates in the industry, which is no surprise considering that they do not assess your credit score. If you have had credit issues in the past, speak to this licensed moneylender.

Synergy Credit

📍Address Blk 447 Clementi Avenue 3 #01-201, Singapore 120447 (Clementi Central, 5mins walk from Clementi MRT)
📞Contact 6250 0066
⏰Opening hours Mon-Sat 11:30am – 8:00pm, Sun 11:30am – 5:00pm, Closed on Public Holidays
🤝Services Debt Consolidation Loan, Grab/Gojek/Food Delivery Loan, Medical Loan, Renovation Loan, Study Loan, Wedding Loan, Business Loan
Google Rating
5.0Based on 2278 reviews
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Synergy Credit maintains the highest standards of integrity and ethical lending by all applicable laws. They believe in fair practice that does not discriminate against anyone’s credit record, which is why they can establish long-term relationships with many customers.

Cash Direct

📍Address 2 Venture Drive, Vision Exchange #01-21, Singapore 608526 (Jurong East Central, 5 mins walk from Jurong East MRT Station Exit B)
📞Contact 6493 0088
⏰Opening hours Mon-Sat 11:00am – 7:45pm, Sun 12:00pm – 5:00pm, Closed on Public Holidays
🤝Services Business Loan, Payday Loan, Debt Consolidation Loan, Grab/Gojek/Taxi Loan, Wedding Loan, Renovation Loan, Medical Loan, Bridging Loan, Study Loan
Google Rating
5.0Based on 2923 reviews
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Established in 2010, Cash Direct has loaned over $49 million to borrowers to date. With interest rates from 2% per month, it’s not hard to see why borrowers approach them over other licensed moneylenders in Singapore.

Cash Direct strives to personalise each loan and its terms to suit every borrower. Speak to them about their custom payment schedules for your convenience.

GoldStar Credit


Hougang Branch

📍Address 1187 Upper Serangoon Road, The Midtown #01-21, Singapore 533971 (Hougang Central, 5 mins walk from Hougang MRT Station)
📞Contact 6384 0088
⏰Opening hours Monday – Saturday 11.30am to 8pm, Sunday 10am to 5pm, Closed on Public Holidays
🤝Services SME Working Capital Loan, Payday Loan, Debt Consolidation Loan, Grab/Gojek/Taxi Loan, Wedding Loan, Renovation Loan, Medical Loan, Freelancer Loan, Personal Loan
Google Rating
5.0Based on 3637 reviews
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Toa Payoh Branch

📍Address Blk 190 Lorong 6 Toa Payoh #01-576, Singapore 310190 (Toa Payoh Central, 5 min walk from Toa Payoh MRT Station, Beside KFC, 7-11 and Guardian)
📞Contact 6252 0088
⏰Opening hours Mon-Sat 11:00am – 7:45pm Sun 10:00am – 5:00pm, Closed on Public Holidays
🤝Services SME Working Capital Loan, Payday Loan, Debt Consolidation Loan, Grab/Gojek/Taxi Loan, Wedding Loan, Renovation Loan, Medical Loan, Freelancer Loan, Personal Loan
Google Rating
5.0Based on 3637 reviews
powered by Google

Rounding off our list of moneylenders in Singapore is Goldstar Credit. This company is one of the few licensed moneylenders in Singapore that is large enough to maintain two branches.

The first is located in The Midtown at Upper Serangoon Road in Hougang Central. Hougang is a mature estate and the town with the biggest population in the North Eastern region of Singapore. The second is at Toa Payoh Central, a short walk from Toa Payoh MRT Station. The Toa Payoh region is home to several housing estates and many small to medium enterprises (SMEs).

While we have ranked these moneylenders in Singapore, the best option for your specific circumstances may vary. Galaxy Credit is the leading licensed money lender in the Ang Mo Kio region. No matter where you are, contact us and allow our loan officers to help address your financial needs.



While we try to provide the most accurate information on this website, it may not reflect the most current developments. The information on this website may be changed without notice and is not guaranteed to be complete, correct, or up-to-date. All information provided is for informational purposes only and shall not be relied upon as professional advice. We shall not be liable for any loss or damage resulting from the use of this website.

Related Posts

The popularity of local money lenders in Singapore is soaring. However, are these lenders dependable and legit? The answer is YES. There are many benefits of using a legal lender to obtain an instant loan, including accessibility, affordability, and loan security. However, before deciding on which lender to borrow from, keep these factors in mind to choose the right moneylending company.

A legal lender can provide the financial assistance you need, whether it’s because you’ve reached a tough spot in your business, or just need some quick cash for an emergency. In fact, to make it even more convincing, here are six reasons to reach out to a licensed money lender when you’re looking to borrow money in Singapore.

They welcome foreign borrowers

Banks in Singapore tend to exclude foreign money borrowers, especially those who fall under the lower income group. As a foreigner, your chances of receiving an instant loan from a local bank are pretty slim — this is true if you earn an annual income that falls below $40,000.

This is because banks view your financial stability to be highly volatile, hence imposing doubts on your ability to pay. But fortunately, licensed lenders in Singapore have their doors wide open for financially stranded foreigners. Most personal loan companies have specific loan classifications to suit anyone who is not a citizen. The basic requirements for foreigners to qualify for personal loans in Singapore include:

  • A full-time job
  • A valid proof of identity
  • A valid work pass
  • Proof of income for the last 3 months
  • Proof of address

They don’t practice harassment tactics

Ever had a bad experience with loan sharks? Thanks to licensed money lenders, you no longer have to worry about rude, abusive, and violent debt recollection experiences.

Licensed lenders must carry out their activities with utmost professionalism and demeanor. For instance, a legal lender is not allowed to hurl insults and employ harassment tactics to pressure their money borrowers when collecting their payments (or at any point in time).

If you’re unable to repay your loan on time, all you need to do is contact the loan company. A lawful and understanding legal money lender will do their best to help you adjust your repayment plan.

The borrowing process is much faster

Before the inception of licensed personal loan companies, money borrowers would have endured lengthy and rigorous processes to acquire loans. A typical borrowing process would involve seeking loan guarantors, presenting a suitable asset as collateral, and signing an endless list of documents.

Fast forward to today’s day and age, licensed lenders have made it much easier to borrow money in Singapore. The review process, especially document verification, is smoother and faster; hence it is very possible to receive instant cash within a day!

“I need urgent money” — a phrase many of us have thought about before, can now be realised thanks to much quicker loan solutions through licensed lenders.

They can’t go against the loan terms

Thanks to the regulatory body that governs them, licensed lenders must conduct business with ultimate integrity. This means it’s illegal for them to tamper with the loan contract once it’s signed.

Also, Singapore’s government has placed a cap on the maximum interest rate that can be charged. So while this interest rate is bound to vary depending on specific individual factors, it should not surpass 4% per month or 48% per annum.

If and when a loan official tries to force upon you a loan contract that contradicts what you had initially signed, you can call 1800-722-6688 — a special hotline set aside by the Police and National Crime Prevention Council for victims to report crime-related information.

They have a physical business address

If you have doubts about a licensed lender in Singapore, you can always visit their physical office for further clarifications. Legal loan companies must have their borrowers sign off on the loan contracts physically in person. This makes it much easier to track down the loan officials in case you feel like it’s a scam. Physical presence also reinforces the credibility of any lender and sets them apart from loan sharks.

The Registry of Moneylenders regulates them

Another reason to borrow money from a licensed money lender is they don’t operate independently. The Registry of Moneylenders acts as a watchdog that defines the scope of operation for lending businesses.

As a result, you’re assured of the government’s protection if anything goes wrong. It doesn’t matter what your income status is, where you work, or whether you’re a citizen or a foreigner, any unfair treatment from a licensed lender can be investigated or battled out in court. After all, signed loan contracts are mutually and legally binding!

Due to the strict government regulations, you are unlikely to run into any legal issues with licensed lenders in Singapore.

Bonus: 4 Tips To Borrow Money Safely From An Authorised Money Lender

Tip 1: Find a licensed lender in Singapore

Before approaching a money lender, the most important thing you have to do is make sure you are dealing with a licensed lender. The way to determine that is by browsing a list of licensed money lenders on the Ministry of Law’s website and verifying your choice. Registered money lenders in Singapore have to abide by regulations set forth by the Ministry of Law that protects both the money borrower and lender. If you are unsure, you can always refer to the FAQ list or contact them for enquiries.

Tip 2: Identify the right loans that match your budget

When you apply for a loan, always determine the purpose and need for it. Make a plan of how many loans you need, how much you need and when you need them. Personal loans are a flexible and accessible option for people looking to fund various purposes such as paying off high-interest credit card bills, medical expenses, and so on. Identifying the right loans can help you stay objective and use them wisely to pay off your existing debts or to bridge a temporary financial gap.

On top of that, you will need to calculate your monthly budget to see what you can actually afford. While personal loans are commonly packaged with low-interest rates, your budget will help determine how much you can borrow within your means and if you can repay them on time. The smaller your loan and the shorter your repayment period, the less interest you have to pay. Understanding this simple tip can help you avoid taking on a larger loan and staying in debt for a longer period.

Tip 3: What a registered lender must inform you before granting a loan

Before approving loans, the money lender is required to inform the borrower in writing, the full terms of the loan, including:

  • Nominal interest rates
  • Late interest charges
  • Other permitted fees
  • Instalment details, especially in cases where there is a fixed repayment period agreement between both parties, also known as a term loan

Tip 4: Choose a licensed lender you can trust

Now that you know the types of loans you need and the budget you have, it is time to research quotes from different money lenders. One thing you should look out for when discussing loan terms is the interest rate*. Based on the Moneylenders Act, a legal lender in Singapore can only charge a maximum interest rate of 4% monthly as per the borrowed loan amount or late interest from a delayed payment.

*Calculation of the interest charges should be done according to the monthly outstanding balance of the principal loan amount remaining after minusing off the payments done.

For instance, if your loan amount is $20,000 and you have already paid $10,000, then the 4% interest rate should only be computed for the remaining $10,000.

A legal lender can also charge other fees like late fees or legal charges incurred to recover loans if the borrower is unable to make repayment.

Do look out for some shady practices that a licensed lender in Singapore is not allowed to engage in:

  • Using abusive or threatening language
  • Fishing for your SingPass ID or password
  • Failing to return your important personal identification documents such as NRIC and passport
  • Asking you to sign a blank or incomplete contract for the loan
  • Approving your loan without explaining the terms in detail
  • Failing to provide you with a copy of your loan contract
  • Soliciting loans via text messages and phone calls

Should you borrow money from a licensed lender in Singapore?

Although there are a few options to consider when you need urgent money, licensed money lenders are still one of the best sources to borrow money from. For starters, they are thoroughly legal.

Feel free to talk to Galaxy Credit, a licensed Ang Mo Kio money lender, about your financial needs. From payday loans, study loans, to wedding loans — we offer different loans for different purposes. Simply get in touch with us and our friendly loan officer will provide assistance to you in a jiffy!

Besides banks, a moneylending company is a specific financial service provider that will lend you money based on your income and credit history. If you are looking for a loan, then moneylending companies are good options to consider.

However, it is important to note that a moneylending company will have relatively high interest rates, but it will be able to provide you with the necessary funds based on your monthly income.

As with all other personal loan applications, a licensed money lender needs to go through a processing and approval time frame but the good news is you can apply for a loan online and it’s a relatively easy process. Besides personal loans, a moneylending company in Singapore also provides business loans. But do your due diligence and ensure you are signing up only with the best licensed money lenders.

Loan amount

The loan amount you can obtain from a moneylending company will depend on your monthly income and credit history, although the latter isn’t as important compared to if you were to apply for a bank loan. A moneylending company offers various loans with different purposes to consider and they come with their respective loan amounts.

The typical loan limit can amount to six times your monthly salary. Therefore, when you apply for a loan, make sure that the loan you choose is based on your financial situation and needs.

If you would like to check your credit report, you can get a copy from the Credit Bureau Singapore. You can also read our post for more information on obtaining your credit report.

Repayment period

The repayment period will depend on the type of loan that you have applied for. Short-term loans may have repayment periods of up to three months, while long-term loans may have repayment periods of up to 12 months.

It is important to note that if you’re seeking a relatively lower interest rate, you could look for a smaller loan with a longer repayment period.

Interest Rate

The interest rate charged by a moneylending company in Singapore will depend on the type of loan that you choose. It is important to note that there are personal loans and business loans, and both types of loans will have different interest rates. Also, interest rates for short-term loans will be higher than for long-term loans. Therefore, if you would like to save as much money as possible per month, consider applying for a long-term loan. For example, the interest rate of a long-term loan can be as low as 1% per month while that for a short-term loan is usually in the range of 3-4% per month.

Finally, remember that if you would like a low-interest rate on the loan, you must ensure that you have a good credit history and high income.

Do also ensure that you know the interest rate and repayment period for each type of loan. This will help you to decide on the best loan for your needs, as well as the most suitable moneylending company to get a loan from.

With these three things in min/d, you can now decide on a moneylending company in Singapore. Galaxy Credit offers one of the best personal loans with relatively low-interest rates and specialises in payday loans, study loans to further your studies, and debt consolidation services. Speak to our loan officers today and receive a free consultation on how to better manage your finances.

With the economic impact of COVID-19, it is common for affected individuals experiencing loss of income to start seeking financial assistance such as securing personal loans with the lowest rates. If you happen to need emergency funds but do not want to borrow from friends or family, you can consider taking up a personal loan.

Here are a few questions to consider before applying for one.

What are the requirements for a personal loan?

If you are looking to secure a personal loan from banks in Singapore, you have to take note of the requirements for eligibility.

Firstly, you have to be at least 21 years old with an annual income of at least S$20,000 a year. If you are a foreigner (with an employment pass of at least 12 months validity), you will need an income range of S$40,000 to S$60,000 a year. If you make much more than $30,000 a year, banks might extend lower interest fees to you.

The requirements to borrow from a licensed moneylender is pretty straightforward. All you need is the application form (which you can fill up online), plus other supporting documents that may include:

  • Proof of the borrower’s total income for the preceding 3 months prior to loan application
  • Utilities bills
  • Pay slips; or Income tax statements

And possible supporting documents for foreigners:

  • Original valid employment pass
  • Passport
  • Appointment letters from the borrower’s employer; and
  • Bank statements

How much can you borrow according to your income bracket?

If you are choosing to secure a personal loan from a licensed money lender instead, the maximum amount that you can borrow depends on your annual income. Based on the Ministry of Law’s guide to borrowing from money lenders, for Singapore citizens and PR, If your annual income is below S$10,000, then you can only borrow up to S$3,000. If you’re a foreigner, S$500.

If your annual income is between S$10,000 to S$20,000, the maximum amount you can borrow is S$3,000 for Singapore citizens/PR and foreigners residing in Singapore.

If your annual income is over S$20,000, then you can borrow up to 6 times your monthly income for both Singapore citizens/PR and foreigners residing in Singapore.

Here’s a summary of the annual income and maximum loan amount for each income bracket:

Annual Income For Singapore Citizens and Permanent Resident Foreigners residing in Singapore
< $10,000 $3000 $500
$10,001 – $20,000 $3000
> $20,000 6 times of monthly income

Understanding personal loan interest rates

Lenders make their decisions based on factors including credit records and other existing credit facilities. To get the lowest personal loan rates, you need to build a strong credit report. Borrowers with high credit scores tend to get personal loan interest rates that are low.

When borrowing personal loans from banks in Singapore, they will typically label their interest rates as x%, which stands for a customised interest rate that you would only see once your application is approved. The interest rate is usually dependent on your credit score, loan amount, and your loan tenure. What you should be looking at is the effective interest rates or EIR as it includes processing fees and your loan repayment schedule, which is a true reflection of the cost of the loan.

When borrowing personal loans from licensed money lenders in Singapore, the money lender has to go through the terms and conditions of your loan such as repayment schedule, late fees, and interest charges before you sign the contract. A loan contract stating all the terms and conditions is required by law. The difference between signing up with licensed money lenders as opposed to banks is the quick turnaround time to get your funds, which can be as fast as an hour.

How to maintain my credit score?

An infographic explaining how personal loan interest rates work in summarised points

Maintaining a good credit score is part and parcel of getting the lowest personal loan rates. Banks and other financial institutions can offer a lower interest rate for a loan if your credit score is high. Credit scores are indicators of creditworthiness or the indication of the likelihood of a borrower paying their debt on time.

A great way to maintain it is to pay all your credit card bills and loans on time and in full. Also, refrain from applying for multiple loans at the same time from various money lenders as this will lower your overall credit score and increase your debt threshold.

Once you have a good credit score, you can leverage this as a way to get low-interest rates for your future loans. You can find out more about your credit report and rating from the Credit Bureau Singapore or Singpost branches at a $6.42 inclusive of GST.

Looking for low personal loan interest rates in Singapore? Find out more about your legal loan options with Galaxy Credit today.


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