How to Differentiate Licensed Moneylenders from Illegal Moneylenders

Prospective clients can identify licensed moneylenders through the presence of a Singpass application function. This is such as the installation of said function requires approval from the Ministry of Law – the regulator of licensed moneylenders in Singapore. At Best Licensed Moneylender in Singapore, we always advise our clients to submit applications via Singpass. Using Myinfo to retrieve your details, this also enables us to perform accurate assessments and provide faster in-principal approvals within 3 minutes.

All Licensed Moneylender in Singapore are regulated by the Ministry of Law, you can check the full list of licensed moneylenders in Singapore. Best Licensed Moneylender is on the 3rd page of the list.

But remember, always refer to the Ministry of Law website for the full list of Licensed Moneylenders in Singapore. Illegal moneylenders may forge a list of licensed moneylender in Singapore and put that list on their website in order to scam victims. Do always contact the numbers on this list, or visit the office directly to verify that you are dealing with a Licensed Moneylender in Singapore.

Moreover, repayment accounts used by Licensed Moneylenders in Singapore will always be through the company’s bank account or PayNow. if you happen to be informed that the repayment bank account is a personal bank account, it is a high possibility that you are a victim of a scam.

Finally, there are a few more factors to differentiate between illegal moneylenders and Licensed Moneylenders in Singapore. As an authorised Licensed Moneylender, we will never solicit identification documents like your NRIC or Work Permit via WhatsApp. Again, we do always suggest clients to submit their applications via Singpass.

If you are borrowing from a Licensed Moneylender in Singapore, you should take note that:

• The loan contract is signed in the licensed moneylender’s office
• The licensed moneylender has a physical office
• A copy of the contract is provided
• A repayment account is specified under the Licensed Moneylender’s company name

If you are borrowing from an illegal moneylender or scammer:

• They will say there is no need to go to the office
• They will stop you from going to their office as they do not have a physical office
• They will ask for all documents, including NRIC, to be sent via Whatsapp
• They will say transaction will be done without face to face meeting
• Their funds are transferred to your bank account from an unknown source

If you are interested in learning more, you can always refer to our other blog posts or the Ministry of Law’s FAQ guide on borrowing from Licensed Moneylenders in Singapore.