Best Licensed Moneylender vs Raffles Credit: Which Repayment Plan Fits You Better?

Not necessarily. An application response, final approval and disbursement are different stages. Knowing which one a lender is describing helps you plan the next step without assuming the money is already available.

Raffles Credit's homepage displays "Loan Approved within 30mins", but also says it only approves loans in its office after discussing the terms and conditions.[4] That headline should not be read as guaranteed disbursement within that time.

The same distinction applies to Best. Its personal-loan page advertises an in-principle decision in under 10 minutes during business hours for completed Myinfo applications.[11] It also carries a "Get funded in as little as 10 mins" headline, while its detailed explanation makes final approval dependent on verification and assessment and says no particular timing is guaranteed.[11]

Raffles describes disbursement on the day the agreement is signed.[4] These are the lenders' published timing claims, not promises for every application. Ask what the timing measures and what you still need to complete.

If you have limited time to visit an office, finding out which documents to bring may be more useful than comparing two headlines. You also need time to read the contract and ask questions, even when you are hoping to finish the process quickly.

Start with what remains after your essential expenses and existing commitments. Then look at the proposed instalment and its due date. A payment that looks manageable on its own may be difficult once rent, food and other repayments fall due.

Best advertises rates as low as 1.01% per month for eligible applicants, subject to assessment.[11] That is a starting rate, not a promise of your rate or evidence that Best will be cheaper than Raffles.

Raffles describes a personalised loan plan and an office consultation to discuss the contract.[4] The consultation is where you need to understand the offer made to you, rather than assume the website describes your final costs.

Ask both lenders to set out:

• the approved principal and the amount you receive after deductions;

• the interest rate and how it is calculated;

• the administrative fee and other applicable charges;

• each instalment amount and due date;

• the total repayment; and

• the late-payment and early-settlement terms.

Keep the requested amount and tenure consistent. If one instalment is smaller because the repayment period is longer, ask how that affects the total cost. Best's guidance makes this distinction and describes its calculator as an estimate, not a final quotation.[11]

For example, if a repayment only works when overtime or a bonus comes through, consider whether it would still be manageable without that income. The Ministry advises borrowers to consider their financial obligations and not rush into a loan before they understand its terms.[6]

They may change how easily you can complete the visit. The September Registry lists Best at 13 North Bridge Road, #01-3984, Golden Beach Vista, Singapore 190013, and Raffles Credit at 17A Circular Road, Singapore 049373.[9]

Best publishes Monday to Saturday opening hours of 11am to 7pm and is closed on Sundays and public holidays.[1] Raffles publishes Monday to Friday hours of 10.30am to 8pm and Saturday and Sunday hours of 10.30am to 4.30pm, with public holidays closed.[4]

If weekdays are difficult, Raffles' Sunday opening may be a useful advantage. If North Bridge Road fits your route and Best's hours work for you, Best may be the more convenient visit. Confirm arrangements with either lender before travelling.

Convenience matters, but the repayment stays with you after the visit is over. Choose the office arrangement only after you are comfortable with the proposed loan.

No. The Ministry of Law requires physical face-to-face identity verification at the approved place of business before a licensed moneylender grants a loan. Fully online loan transactions are disallowed.[5]

Best describes a Singpass Myinfo application for assessment.[1] Raffles describes applying online or calling, followed by an office consultation.[4] These are ways to begin, not replacements for the required visit.

Check the current Registry before sharing information. Ask what you need to bring and which steps remain after the initial response. Neither an online submission nor a calculator estimate establishes your final offer.

Consider Best if its written offer and repayment schedule fit your budget and North Bridge Road is convenient. Consider Raffles if its proposed plan works for you and its Circular Road office or weekend hours make the visit easier.

There is no need to force a choice if neither repayment is manageable. You can understand the differences between two lenders and still decide not to proceed with either offer.

The Ministry says the lender must explain the terms in a language you understand and provide a copy of the loan contract.[6] This applies to both lenders, not just Best. Its guidance states an interest cap of 4% per month and a permitted fee not exceeding 10% of the principal when a loan is granted.[6] Those are legal ceilings, not necessarily the rate or fee in your offer.

Before signing, ask yourself:

• Have I matched the company, website and address to the current Registry?

• Do I understand what I receive and the full repayment obligation?

• Can I manage the due dates alongside my existing commitments?

• Do I understand what happens if I pay late or settle early?

• Have I had anything unclear explained before accepting the contract?

Is Raffles Credit a licensed moneylender?

The Ministry of Law's list dated 1 September 2026 identifies Raffles Credit Pte Ltd under licence 60/2026 and Best Licensed Moneylender Pte Ltd under licence 48/2026.[9] Check the current list before applying.

Does Raffles Credit's 30-minute headline guarantee a payout within 30 minutes?

No. Its website also says final approval takes place in its office after discussing the terms.[4] Ask which stage the advertised time refers to. Approval and disbursement should not be treated as the same event.

Is Best automatically cheaper if I qualify for its starting rate?

No. You still need to compare the fees, interest calculation and total repayment against the other written offer for the same amount and tenure. Best's advertised starting rate is subject to assessment.[11]

Can I visit Raffles Credit on a Sunday?

Its published hours include Sunday, 10.30am to 4.30pm, with public holidays closed.[4] Confirm the arrangement before travelling. Best publishes Monday to Saturday hours and is closed on Sundays and public holidays.[1]

Read Best's personal-loan information or use the loan calculator to prepare for a discussion. The estimate is not an approval or a final quotation.[11]

Ask for the proposed costs and repayment schedule, then decide whether they fit your circumstances. Take time to ask questions rather than treating a quick response as a reason to accept immediately.

Still considering other lenders? Read Best Licensed Moneylender vs Credit 21.

[1] Best Licensed Moneylender Singapore | Personal, Foreigner & Business Loans

[4] Raffles Credit: #1 Licensed Money Lender Singapore

[5] List of Licensed Moneylenders in Singapore

[6] FAQs on Borrowing From Licensed Moneylenders

[9] LIST OF VALID MONEYLENDERS REGISTERED IN THE REPUBLIC OF SINGAPORE, AS AT 1 SEPTEMBER 2026 (Any moneylender whose licence has been suspended is set out in a separate list at the bottom*)

[11] Best personal loans