365 Credit Solutions Pte Ltd is a licensed moneylender (License No. 17/2024) listed in the Registry of Moneylenders, under the Ministry of Law in Singapore.​

365 credit solutions logo

How To Find Best Moneylenders In Singapore

A man using laptop searching for a licensed moneylender

With over 150 licensed moneylenders in Singapore, it might seem daunting to find the most competent licensed lender. To help you with tons of research and to get through the legwork, we lay down the rules and regulations being implemented by the Ministry of Law and discuss how to find the perfect loan provider for your financial needs.

What is a Licensed Moneylender?

The number one criterium of the most reliable moneylender is its license. Licensed money lenders operate legally and are being regulated by the Ministry of Law. The MinLaw provides a list of moneylenders registered in Singapore that must be scrutinized by every borrower to avoid loan sharks.

Loan sharks are illegally operating and offer loans at extremely high interest and may harass you if you fail to repay the loan on time. There are also some instances in Singapore that loan sharks have come and sprayed red paint at a family house in Johor Jaya due to loans that they did not pursue or took.

So the rule of thumb is to always check the license number of the moneylender and check against the updated list of the Registry.

Types of Loans in Singapore

After checking the license, it’s now important to understand the type of loan that you need. Depending on your budget and goals, there are different types of loans being offered by money lenders in Singapore

Here are the usual loans being offered at a low interest by licensed moneylenders, such as 365 Credit Solutions:

Personal loan – This is for any personal reasons, such as for emergency expenses, home renovation or improvement, dream wedding, among others.

Foreigner loan – Especially catered to foreigners, this is also a personal loan specifically target at expatriates looking for financial buffer during the settling in period

Payday loan – If you can’t wait for your payday to make the ends meet, you may opt for a payday or a cash advance. You can pay it on your next paycheck or payday.

Business loan – To keep your business afloat, especially during the economic downturn brought by the pandemic, an MSE is something that you can count on.

Bridging loan – If you are buying a new property, but still waiting for the sale proceeds from your old property, you may take a bridging so you can already purchase the new property, especially if it’s pre-selling.

Things to Consider When Applying For a Loan

The next step when applying for a loan is to consider the following: the amount you can borrow, the interest rates, fees, and other charges, how many months you can pay the loan, and of course customer reviews to check the clients’ satisfaction.

1. Loanable amount

Moneylender showing loanable amount to borrower

The loanable amount refers to the maximum amount of loan that you can borrow from licensed moneylenders. It varies depending on your income or whether you have collateral.

For secured loans, you can obtain a loan of any amount from lender in Singapore. While unsecured personal loans let you borrow up to 6 times your monthly salary if your annual salary is at least $20,000.

Borrower’s annual income Singapore Citizens and Permanent Residents Foreigner residing in Singapore
Less than $10,000 $3,000 $500
At least $10,000 and less than $20,000 $3,000 $3,000
At least $20,000 6 times monthly income 6 times monthly income

2. Repayment period

The repayment period refers to the amount of time you have to pay back the loan (applies to either business or personal loan) and all its associated costs including the interest rate charged.

Licensed money lender in Singapore repayment period may vary, from 6-12 months, subject to the terms and conditions of the agreement.

Find a licensed lender whose repayment period you are comfortable with. That way, you won’t feel so much financial strain when paying back what you owe.

3. Interest rates, fees & other charges

Taking a loan is not free. You also need to pay interest rate, administrative fees, and other charges. Regulated money lenders are limited to charging interest rates of 4% monthly or less.

With effect from 1 October 2015, all licensed money lenders are only permitted to impose the following charges and expenses:

• a fee not exceeding $60 for each month of late repayment;
• a fee not exceeding 10% of the principal of the loan when a loan is granted; and
• legal costs ordered by the court for a successful claim by the moneylender for the recovery of the loan.

4. Reviews & Reputation

Your chosen licensed moneylender reputation matters. That’s why you should pay attention to Google ratings and reviews concerning licensed moneylender. It gives you a more accurate idea of the quality of loan products and services provided in reality.

The more reputable a company is, the more likely you are to be happy with its services.

How to Find the Top Licensed Moneylender, loan offer?

There are several loan comparison sites in the search engines, such as Loan Advisor and Instant Loan. All you have to do is put your chosen loan, the loan amount you’d like to borrow, and how many months you intend to pay the loan.

You will then receive free quotes to compare your options. You may also use a loan calculator to check your monthly payment and interest rate.

Note that it’s important not to apply to multiple moneylenders, as multiple hard inquiries may show up on your credit report and may affect your credit score. This is because too many inquiries in a short time (14 to 45-day period) could make it look like you’re “loan hungry” and seeking many loans that you may not afford.

Eligibility and Requirements

Before you get excited over the thought that you can now finally get financial help from the top licensed moneylender, please don’t forget the documents that must be submitted to avoid delays in the processing.

By the way, the usual approval is only within an hour. So be ready to prepare the following: identity card, proof of residence, proof of employment, recent payslip for the last 3 months, and your SingPass to log into the CPH, HDB, and IRAS website.

For foreigners, there are additional documents that must be presented, such as passport, work permit, and proof of income such as bank statements.

Licensed money lenders also require that you must be at least 21 years old, although some licensed moneylenders require that you must be at least 21 years old. For citizens and permanent residents, your minimum salary must be S$2,000, and S$3,000 for foreigners.


In general, when finding the most dependable money lender Singapore, your chosen loan provider must consider your budget and goals. If they can personalize the loan offer according to your requirements, that would be a great indicator that the lender also takes into consideration your financial situation, not just lending for the sake of it.

The most trustworthy moneylender Singapore that is worth considering is the 365 Credit Solutions Pte Ltd. It is among the top 10 moneylenders in Singapore, according to Loan Advisor, and rewarded as the most reliable Singapore money lender by Top Brands.

365 Credit has been in the business for over a decade and has established a solid and unparalleled reputation. With an excellent rating of 5.0 stars from nearly 300 reviews on Google, you can be confident that their loans are reputable and trustworthy.

Don’t just take our words for it, check out their Google Reviews and get in touch with their professional and friendly loan officers via phone at 6222 5500, or through email at enquiry@365credit.com.sg.

Related Posts

best personal loan

Best Personal Loans in Singapore (2024)

100g Fine Gole

UOB Gold Prices in Singapore: A Comprehensive Guide (2024 Update)

best car insurance singapore

10 Best Car Insurance Plans in Singapore (2024): A Complete Guide

hdb kitchen renovation

Kitchen Renovation in Singapore: A Comprehensive Guide 2024

Similar Posts

Recent trends in Singapore indicate a shift towards more...

In today’s fluctuating economy, gold remains a reliable investment,...

Getting car insurance is vital for every car owner...

Ready to Apply?

Fill out this form and we will get back to you within 3 working hours

× WhatsApp Us