Last updated 7 August 2026. This page was reviewed on that date. Prices, rates and opening hours change often in Singapore — confirm anything that matters directly with the business before you travel or spend.
Quick answer: Licensed money lenders in Singapore are regulated by the Ministry of Law, capped by law at 4% interest per month. They’re faster and more flexible than banks but cost more, so they suit short-term, urgent borrowing — not routine spending. Always verify a lender against the official Registry of Moneylenders before signing anything.
When you borrow, you don’t want to agak agak your repayment numbers. A licensed money lender in Singapore gives you the full breakdown upfront—rates, tenure, instalments—so there’s no guesswork later. Don’t be paiseh to ask questions: the right lender will walk you through every line item. Start with your cash-flow gaps, and you’ll land on terms that don’t strain your month after month.
Faced with a sudden expense and a bank that’s too slow or too strict? Licensed money lenders offer faster approvals and simpler criteria than banks — but at a real cost. This guide covers how they’re regulated, how they compare to banks, and which licensed lenders to consider.
What is a licensed money lender?
Licensed money lenders are businesses authorised by the Ministry of Law to lend money, operating under the Moneylenders Act. The law caps their interest at 4% per month on the reducing balance, limits admin and late fees, and requires them to verify your identity in person. Borrowing from an unlicensed lender — a “loan shark” — has no legal protection and is a common source of harassment and illegal fees.
Licensed money lenders vs. banks
| Feature | Banks | Licensed money lenders |
|---|---|---|
| Approval time | Days to about a week | Often within hours |
| Loan amount | Larger amounts, scaled to income | Capped by law, up to 6x monthly income by income tier |
| Interest (EIR, effective interest rate) | Promotional floor ~1.75-1.93%; typical ~6-9% p.a. | Capped by law at 4% per month |
| Credit checks | Full credit bureau review | Generally more lenient, weighted on current income |
Types of loans on offer
- Personal loans for general expenses, medical bills or debt consolidation.
- Payday loans to bridge the gap until your next paycheck.
- Business loans for SMEs needing working capital.
- Foreigner loans for non-residents with valid work passes.
- Renovation and wedding loans for specific big-ticket expenses.
Benefits and risks
Benefits: fast approval and disbursement, often within hours; more flexible eligibility, weighted on current income rather than credit history; legally capped fees and interest; and by law, the total of interest, late interest, admin fee and late fees combined cannot exceed your loan principal.
Risks: the cost is meaningfully higher than a bank loan, so this isn’t for routine spending; overborrowing can create a debt cycle; and unlicensed “lenders” — loan sharks — operate illegally with no fee caps or legal protection. Always verify a lender’s license on the Ministry of Law’s Registry of Moneylenders before signing anything, and see our guide to spotting loan scams.
Licensed money lenders to consider
1. Lending Bee
Operating since 2018 and selected by the Ministry of Law for a licensed-moneylender pilot programme, Lending Bee has 4 branches islandwide and over 9,000 Google reviews across them. Rates from 1% per month.
Think of the trade-off between reach and rapport. Lending Bee spreads across four branches, which means if your idea of a small escape is a quick MRT ride to a familiar counter rather than a trek into town, it fits. The pilot-programme nod suggests a systems-level vetting, so you trade a bit of the kopitiam warmth for a more templated process—good if you want the reassurance of scale without leaving your neighbourhood bubble.
- Locations: Orchard (14 Scotts Road, #02-44/45), Yishun, Bedok North, Jurong East
- Contact: 6219 1611
- Website: lendingbee.com.sg
If you value a trail of regulatory trust, Lending Bee’s early involvement in the Ministry of Law’s pilot programme signals that their lending practices have been pressure-tested. With four branches around the island, you can easily pop in for a face-to-face assessment. The sheer volume of Google reviews means their process is predictable—helpful when you want no surprises from application to disbursement.
2. Credit 21
A licensed moneylender (Licence No. 49/2026) in Tanjong Pagar offering personal, business and payday loans, rated 4.8/5 from 993+ reviews on Trustindex.
The decision here hinges on transparency as a comfort mechanism. Tucked in International Plaza, the setting feels more business-park than retail strip, so your escape is a brisk, purposeful detour rather than a browse. The weight of nearly a thousand reviews gives you a crowd-sourced decision frame—useful if you trust aggregate signals over a single face. It suits someone who wants the loan talk to feel like a clean, documented transaction, not a drawn-out chat over kopi.
- Location: 10 Anson Road #01-07, International Plaza, Singapore 079903
- Contact: 6221 1811
- Operating hours: Mon–Sat 11am–8pm, closed Sun & PH
- Website: credit21.com.sg
Tucked in Tanjong Pagar, Credit 21 makes sense when you work in the city and need to hash out details during lunch or right after office hours. Their approval conversations are known to move chop chop, so you won’t be left hanging. If straightforward personal or business loans with clear repayment dates matter more than fancy frills, this place will feel efficient and no-nonsense.
3. GS Credit
A licensed moneylender (Licence No. 111/2025) based near Clementi MRT, offering personal, business and foreigner loans.
Proximity is the axis that matters most. Sitting near Clementi MRT, this is for the west-sider who cannot afford to lose half a day travelling; your escape is a quick void-deck hop and back to your routine. The foreigner-loan option hints at a more flexible criteria set, so if your profile doesn’t fit the standard HDB-dweller mould, you trade a bit of anonymity for a shop that’s used to working with different documentation, right in a heartland zone you already navigate.
- Location: 449 Clementi Avenue 3 #01-241B, Singapore 120449
- Operating hours: Mon–Sat 11am–8pm, closed Sun & PH
- Contact: +65 6563 0321 · [email protected]
- Website: gscredit.com.sg
Clementi residents will appreciate a lender that’s a short walk from the MRT—handy when you’d rather settle paperwork in person than via endless emails. GS Credit handles loans for foreigners too, so the officers are naturally thorough in explaining how each instalment fits your monthly budget. Bring your income documents; they’ll map out the rest with you.
4. Katong Credit
A licensed moneylender (Licence No. 16/2019) offering loans for individuals and businesses, including for those with a thin or poor credit history.
The key trade-off is between credit-past leniency and location energy. Stationed in Lucky Plaza, the buzz is a contrast to a quiet office block—your escape comes with a side of Orchard Road bustle, which can feel like a small shiok distraction. The mention of thin or poor credit history suggests their decision frame is built around your present capacity more than your past slip-ups, making it a fit if you need a reset conversation in a place that doesn’t feel overly clinical.
- Location: 304 Orchard Road, #02-30/31, Lucky Plaza, Singapore 238863
- Operating hours: Mon–Sat 11am–8pm, closed Sun & PH
- Contact: 6291 2210 · [email protected]
- Website: katongcredit.com.sg
Read next
FAQs about licensed money lenders in Singapore
A less-than-ideal credit report shouldn’t lock you out of sensible borrowing. Katong Credit’s team starts by understanding what you can comfortably repay today, which can feel reassuring if past financial bumps make you wary. Their loan structures accommodate individuals and small businesses alike, so the focus stays practical and forward-looking from the very first call.
What is the maximum interest rate a licensed money lender can charge?
4% per month on the reducing balance, by law. The total of interest, late interest, admin fee and late fees combined cannot exceed the loan principal.
How do I verify if a money lender is licensed?
Check the Ministry of Law’s Registry of Moneylenders at rom.mlaw.gov.sg. Never deal with a lender that isn’t listed there.
What documents do I need to apply for a loan?
Your NRIC or work pass, proof of income (payslips or CPF statements), and proof of residence (a utility bill or tenancy agreement).
Can I apply for a loan fully online?
Many lenders let you start online, but licensed moneylenders in Singapore are required to verify your identity in person before disbursing funds.
Last updated July 2026. Details compiled from the Ministry of Law’s Registry of Moneylenders, provider sites and public listings on 22 July 2026 — confirm current licence status on the Registry of Moneylenders before borrowing.
Disclaimer: This article is for general information only and is not financial advice. Compiled from publicly available sources; while we aim for accuracy, we do not guarantee completeness. Always verify a lender’s license on the Ministry of Law’s Registry of Moneylenders before borrowing. Let us know if you spot anything that needs correcting.
About the figures on this page. Rates, bonuses and qualifying spends were checked against the issuers’ own sites on 5 August 2026. Singapore banks revise these frequently — several cut their headline savings rates more than once in 2026 alone — so treat every number here as correct on that date rather than a standing promise, and confirm on the issuer’s page before you apply or move money.
