Licensed Moneylenders in Singapore: How to Check, Verify, and Borrow Safely

All licensed moneylenders in Singapore are regulated by the Ministry of Law (MinLaw) under the Moneylenders Act (Cap. 188). This is a common point of confusion: the Monetary Authority of Singapore (MAS) oversees banks and financial institutions, but moneylenders fall under MinLaw's jurisdiction.

MinLaw maintains the Registry of Moneylenders, which issues and renews licences, enforces compliance, and investigates complaints. Every licensed moneylender must hold a valid licence issued by the Registry before they can legally offer loans to the public.

The Moneylenders Act and its subsidiary Moneylenders Rules set out the caps on interest rates and fees, advertising restrictions, and the conduct standards every licensee must follow. These rules exist to protect borrowers from exploitative practices while keeping credit accessible to those who need it.

Before you borrow from any moneylender, verify their licence. Here is how to check if a money lender is licensed in Singapore:

1. Search the MinLaw Registry

Visit the official Registry of Moneylenders at rom.mlaw.gov.sg. The registry lists every currently licensed moneylender in Singapore, including their business name, licence number, and approved business address. If a company does not appear on this list, it is not licensed.

2. Check the Premises

Every licensed moneylender is required to display their licence number prominently at their place of business. When you visit the office, look for the licence certificate. For example, Best Licensed Moneylender's licence number is 48/2026, and it is displayed at our branch at 13 North Bridge Road.

3. Verify the Loan Process

A licensed moneylender will always require you to visit their approved business address in person to sign the loan contract. The application process uses Singpass-based verification for identity checks. If someone offers you a loan entirely through SMS, WhatsApp, or social media without ever meeting you, that is a red flag.

Loan scams in Singapore remain a persistent problem. Illegal lenders and scammers often impersonate licensed moneylenders to trick borrowers. Watch out for these warning signs:

• Unsolicited contact via SMS, WhatsApp, or social media. Licensed moneylenders are prohibited from sending unsolicited text or WhatsApp messages to advertise loans. If you receive a random message offering a loan, it is almost certainly a scam.

• Requests for your SingPass credentials or iBanking passwords. No legitimate lender will ever ask for your SingPass login, OTP, or internet banking password. Handing these over gives scammers full access to your identity and bank accounts.

• Upfront fees before loan disbursement. Illegal lenders commonly ask borrowers to transfer a "processing fee", "insurance deposit", or "GST payment" before releasing the loan. Licensed moneylenders deduct the permitted administrative fee (capped at 10% of the loan principal) from the disbursement itself — they do not ask you to pay anything upfront.

• No physical office. Every licensed moneylender must operate from an approved business address. If the lender has no verifiable office or asks you to meet at a random location, walk away.

• Threats, harassment, or intimidation. Licensed moneylenders follow strict debt-collection guidelines. If anyone threatens you, your family, or your property, or uses abusive language, you are dealing with an unlicensed operator.

• Interest rates or fees above the legal caps. Under the Registry’s guide, interest and late interest are each capped at 4% per month. The separate late payment fee is capped at S$60 for each month of late repayment. Check any charge that appears to exceed the relevant cap.

Licensed moneylenders in Singapore offer several types of loans to cater to different borrowing needs:

• Personal Loans — For everyday expenses, medical bills, renovations, or debt consolidation. Learn more about personal loans.

• Business Loans — Working capital, equipment purchases, or cash-flow support for SMEs. Learn more about business loans.

• Foreigner Loans — Available to foreigners residing in Singapore on valid work passes. Learn more about foreigner loans.

• Payday Loans — Short-term loans designed to bridge the gap until your next payday. Learn more about payday loans.

The loan type that suits you depends on your purpose, income, and repayment capacity. A licensed moneylender will assess your situation and recommend an appropriate loan structure.

The Registry of Moneylenders’ borrower guide, checked on 31 October 2026, explains the interest, fee and unsecured borrowing limits below. These are legal ceilings, not a promise of approval or a quote for your loan.

Interest Rate Cap

The maximum interest rate a licensed moneylender can charge is 4% per month, regardless of whether the loan is secured or unsecured, and regardless of the borrower's income level. This cap applies to all borrowers, including Singapore Citizens, Permanent Residents, and foreigners.

Late Payment Fee Cap

If you miss a repayment, the late payment fee is capped at S$60 for each month of late repayment. Late interest is separate and is capped at 4% per month. It may apply only to an overdue amount, not instalments that are not yet due.

Administrative Fee

A loan approval fee of up to 10% of the loan principal may be charged when the loan is granted. Check the amount you will actually receive after any permitted deduction. The combined interest, late interest, loan approval fee and late payment fees must not exceed the principal amount. Court-ordered costs for successful recovery are a separate permitted category.

Borrowing Limits

For unsecured loans, the maximum aggregate amount you can borrow across all licensed moneylenders depends on annual income and residency status:

• Singapore Citizens and Permanent Residents earning an annual income of less than $20,000 may borrow up to $3,000.

• Singapore Citizens and Permanent Residents earning $20,000 or more annually may borrow up to six times their monthly income.

• Foreigners residing in Singapore earning an annual income of less than $10,000 may borrow up to $500. Those earning at least $10,000 but less than $20,000 may borrow up to $3,000. Those earning $20,000 or more may borrow up to six times their monthly income.

These are combined unsecured borrowing limits across all licensed moneylenders, not separate allowances from each lender. Existing borrowing counts towards the applicable limit. Licensed moneylenders use the MLCB to check outstanding borrowing; the cap does not guarantee approval.

Applying for a loan at Best Licensed Moneylender (Licence No. 48/2026) is a straightforward process:

Documents You Will Need

• NRIC (for Singapore Citizens and PRs) or valid passport and work pass (for foreigners)

• Proof of income — recent payslips (at least two months), CPF contribution history, or income tax notice of assessment

• Proof of address — a recent utility bill, bank statement, or tenancy agreement

• Bank statements for the last two months

The Application Process

1. Visit our branch at 13 North Bridge Road, Singapore. All loan contracts must be signed in person at our approved business address.

2. Submit your documents for assessment. Our staff will review your income, existing obligations, and borrowing capacity.

3. Receive your loan offer. If approved, we will explain the terms — including the interest rate, repayment schedule, fees, and total cost of borrowing — before you sign anything.

4. Sign the contract and receive your funds. The administrative fee (up to 10% of the principal) is deducted from the disbursement. You will receive a copy of the signed contract and a repayment schedule.

You can also begin the process online. Start your application here and our team will contact you to arrange an appointment.

If you suspect that someone is operating as an unlicensed moneylender or running a loan scam, take the following steps:

• Do not engage. Do not transfer any money, share personal details, or click on links sent by the suspected scammer.

• Report to the police. File a report at your nearest Neighbourhood Police Centre or call the Police Hotline at 1800-255-0000. If you are in immediate danger, call 999.

• Report to MinLaw. You can lodge a complaint with the Registry of Moneylenders through the MinLaw website or by calling the MinLaw hotline at 1800-225-5529.

• Preserve evidence. Keep screenshots of messages, call logs, and any documents the scammer sent you. This evidence will help the authorities with their investigation.

Avoid unlicensed moneylenders and loan scams. Before applying, verify the lender through the MinLaw Registry.