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There being so many accredited moneylenders that are offering these loan products, it’s important that you exercise caution when you are shopping around for a loan. The danger of ending up getting trapped by loan sharks is alive. To make matters worse, you may not get the greatest deal from your accredited moneylender, thus this calls for further scrutiny of all your available money lending options.


Why People Use Licensed Moneylenders

One of the most important rewards of taking out a loan from accredited moneylenders is that these lenders are under the regulation of the Singaporean Law Ministry.  And when you borrow some money from these lending companies, there’s a cap on the amount of interest they are able to charge you, and what amount they will charge you in penalties when you are late in repaying.

According to the new regulations for moneylenders, which came into effect starting on 1 October 2015, all the loans are based on the following caps:

  • An Administrative charge of 10% and below of your loan principal immediately after the loan has been granted
  • Interest rates are to be either 4% or below each month
  • Late interest rates of 4% and below for each month
  • Late payment charges of not exceeding $60 each month


The total borrowing charge (late interest, interest, fees etc.) not exceeding 100 % of your loan principal. This means that the highest amount of money a borrower needs to pay to their licensed moneylender is an amount of twice their principal amount.

And above all the licensed moneylenders are not allowed to behave in a threatening manner or even harassing you.


Do Not Trust The Ads

It’s known as advertising, not actuality. It’s hard to believe any ad for toothpaste that guarantees to make teeth sparkle when you use it thus don’t depend on ads from a moneylender about their conditions and terms of this loan. Get an explanation for the exact terms of your loan contract prior to signing it.

Approved moneylenders are allowed to advertise only using the three channels below:

  • Websites owned by the moneylender
  • Consumer or business directories (online media or in print); and
  • Ads placed on or on the outside of the business premises of the moneylender. Any other channels are forbidden.

When you get flyers, emails, SMSes or other types of advertisements that are not allowed, these could be from approved moneylenders working in breach of ads limitations, or from illegal moneylenders.

Therefore, it’s recommended that you do not respond to these advertisements. Instead, you have to report the adverts by presenting us with proof of these advertisements (a screen capture– for SMS) to the Police or the Registry. It’s recommended that you seek clarifications on particular conditions of the loan agreement before you sign up with an accredited moneylender, and not to depend only on the content of ads from the moneylender.


Ways To Help You Tell Whether A Moneylender Is Accredited

Don’t get a loan from unlicensed moneylenders. Be sure to verify whether a moneylender is approved by reading through the list of the licensed moneylenders. “Click here to check the whole list of approved moneylenders.”

Even though these moneylenders are approved, always be careful if they:

  • Act in threatening ways or make use abusive language towards you.
  • Asks for your SingPass password or and your user ID.
  • Hold on to your NRIC card and any other of your personal ID documents (example driver’s license, passport, employment pass, work permit or the ATM card).
  • Asks you to sign a blank or/and incomplete Note of agreement for your loan.
  • Grants you the loan without issuing you a copy of agreement Note for your loan and without correctly explaining to you every one of the conditions and terms.
  • Grants you loan money without doing due diligence (example approving a loan by phone, email or SMS before even getting your loan application forms and supporting papers, like the payslips and income tax assessment).
  • Withholds any piece of the principal loan money for any reason.


These practices are not tolerable. When you come across them, you need to report that moneylender to the Moneylenders’ Registry, with information like the moneylender’s license, business name, as well as contact numbers.

To get more information about unlicensed moneylenders, you can click on the link:


Beware Of Stipulations

When you take out a secured loan, there’s no limit on the amount of money you can borrow. Nearly all people usually present their homes as collateral in these instances. However, you need to consider carefully whether the loan agreement you sign permits the moneylender to lodge a stipulation on the profits of your property when you default.

Once a stipulation is lodged against your assets, you will not be able to put it on the market without first paying off the moneylender loan money in full. This might wipe out nearly all when not all the profits from the sale.


Do A Thorough Research On The Best Rate

Making use of a loan is, in a way, not different from purchasing any type of a product. Different moneylenders have diverse rates hence shop around to locate the company that offers you the best interests and terms.

Do remember to look into the guide from the Law Ministry to get effective interests to recognize ways to make excellent comparisons. Do accurate research and read on different moneylenders’ evaluations from their customers before choosing the suitable one for you.

Take your time in choosing the lender to borrow from. When you don’t have the time to carry out the research, we got it all here, combined information with actual customers’ feedback and opinions to help you make the right decision.

Our key goal is to make loans more transparent at  Transparency assists borrowers to exactly know the amount of debt they incur.  It helps in the accurate assessment of whether or not they’ll be able to honor the loan payments.  Convincing moneylenders to correctly advertise and reveal their correct interests and all associated charges, including late interest rates and penalties will undoubtedly benefit their borrowers.