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Best Licensed Moneylender Pte Ltd | Licence No. 48/2026
By Best Licensed Moneylender
Updated 1 September 2026
You may be able to cancel during the new three-business-day cooling-off period even if the money has already been disbursed. On 31 August 2026, the Ministry of Law announced the protection for eligible unsecured loans from licensed moneylenders from 15 September 2026, except business loans. Saturdays, Sundays and Singapore public holidays do not count.[1]
You would still be required to return the amount received, together with any permitted portion of the approval fee. However, no interest would be charged for an eligible cancellation under the announced framework.[1]
Check the Ministry of Law announcement, the latest Registry guidance and the written terms for your loan before relying on the cooling-off period.[1][2]
The period lasts three business days and excludes Saturdays, Sundays and Singapore public holidays.[1] It is not the same as three calendar days.
Three situations can make the counting question easy to miss:
A borrower signs an eligible contract and reconsiders soon after. Read the contract and ask the lender for the written cancellation information that applies to that loan. Do not assume that thinking about cancellation alone changes the loan.
If Saturday, Sunday or a Singapore public holiday falls between the relevant dates, that day is excluded from the three business days.[1] The announcement does not set out every operational detail. Ask the lender to identify the dates it is using and keep the response with your documents.
A business loan is outside the announced framework. Do not assume that the same period, fee treatment or repayment calculation applies to it.[1] Ask about the contract you actually hold rather than relying on a general online explanation.
This guide does not calculate a deadline for a particular borrower. The answer may depend on the contract, the applicable rules and the final official implementation guidance.
No interest will be charged when a borrower cancels within the cooling-off period. Where the loan approval fee was deducted upfront, the borrower repays the remaining principal amount disbursed plus the permitted retained portion of that fee. The total repayment cannot exceed the loan principal.[1]
The two announced retention limits are:
For principal of S$5,000 or less, up to S$50, but not more than the approval fee charged.
For principal above S$5,000, up to 3.5% of principal, but not more than the approval fee charged.[1]
These are maximums, not automatic amounts. The actual approval fee and the amount that reached your account still matter. A contract can show a principal that is higher than the net disbursement because a permitted fee was deducted at the start.
The principal is the full loan amount stated in the contract. The cash you receive may be lower if an approval fee is deducted before disbursement. Check both figures when asking how much you would need to return. Find the amount disbursed and the fee charged, then ask how the permitted retained portion affects the amount to repay.
The current Registry FAQ says that the law requires the moneylender to explain the loan terms in a language you understand and provide a copy of the loan contract.[2] Use that copy. If the figures do not make sense, ask for an explanation before you sign or before you rely on a cancellation right.
Keep the papers and messages that show what you were offered and what you agreed to. Put these points in one place:
The lender's exact legal name and licence number.
The loan purpose and whether the contract describes an unsecured loan.
The approved principal and the net amount disbursed.
The approval fee and any other fee stated in the contract.
The interest basis, instalment amount and repayment dates.
The total repayment shown for paying according to the schedule.
Any wording about the cooling-off period and the amount to return if you cancel.
The lender's written explanation of the relevant dates and cancellation information.
The Registry advises borrowers to understand the repayment schedule, interest rate and applicable fees. It also says borrowers should retain statements of account and repayment receipts. Keep the contract copy that the lender provides as part of your own records.
Start with the official Registry of Moneylenders. The Registry warns that scammers and unlicensed moneylenders may imitate licensed businesses through websites, social media accounts, text messages and phone calls.[3] It says licensed moneylenders must meet a borrower in person at the approved place of business for physical face-to-face identity verification before granting a loan.[3]
Match the legal name, licence, approved address, telephone number and website against the current Registry. Do not transfer money for a supposed GST or processing fee before disbursement. Do not share your Singpass password or sign a blank or incomplete contract.[2][3]
If someone claims to represent Best, use the Registry details to verify the contact independently. A familiar logo, lookalike website or message is not enough.
Best's public verification page records the following snapshot, dated 1 July 2026.[6] This is not the current official list. Use it only to identify the details to cross-check against the latest Registry:[3]
Legal name: BEST LICENSED MONEYLENDER PTE LTD.
Licence number: 48/2026.
Approved place of business: 13 North Bridge Road, #01-3984, Golden Beach Vista, Singapore 190013.
Landline: 6224 2224.
Registry-listed website: bestlicensedmoneylender.com.sg.
Use these details as a comparison list, not as a promise. Best says a licence is not a promise of approval, suitability, a particular pricing outcome, repayment capacity or a particular loan outcome.[6] Recheck the current Registry before sharing personal information, because a dated page is not a live licence certificate.
If you want to ask Best about a loan, ask for the written contract, repayment schedule, interest basis and applicable fees. Best's public page directs borrowers to review those items before deciding.[6] You still choose whether to proceed.
The borrower repays the amount disbursed plus the permitted retained portion of the approval fee, with no interest, subject to the announced limits.[1] Find the actual amount received and fee in your documents.
The announced framework excludes business loans.[1]
The cooling-off period may answer one part of your question, but it does not answer the whole contract. Check whether the announced coverage fits the loan, understand the difference between the principal and the cash received, and ask for the relevant dates and repayment amount in writing.[1][2]
If you are considering Best, verify the current Registry particulars against the dated snapshot above, request the written contract and read the repayment schedule and fees. Best's branch and telephone details can help you check that you are dealing with the right business.[6]
This guide is general information, not legal or financial advice. For the current rules and the terms that apply to you, check the latest official MinLaw guidance and your contract.
