Bank loan rejected? Explore alternative loan options

A personal loan is an unsecured loan that provides an approved borrower with a fixed amount to repay over an agreed period. It may be used for eligible personal expenses. Review the total repayment, interest, fees and repayment schedule before signing a contract.

Singapore Citizens, Permanent Residents and eligible foreigners with valid Singapore work passes may enquire. The lender will assess the applicant’s identity, income, existing obligations, documents and ability to repay. Meeting a general requirement does not guarantee approval or a particular loan amount.

Applicants may be asked for identity documents, proof of address, recent income documents and employment or work-pass information. The exact documents depend on the applicant’s status and the assessment. Use the Documents We’ll Need section on this page as a preparation guide and confirm the current list with the lender.

Check the approved principal, interest rate, administrative fee, late-payment terms, repayment dates and any other permitted charges in the written contract. Do not rely on a headline monthly rate alone. For current statutory information, verify the applicable rules and borrower guidance through the Ministry of Law.

Best Licensed Moneylender Pte Ltd is listed by the Ministry of Law’s Registry of Moneylenders under licence no. 48/2026. Verify the lender, licence and official contact details through the current Registry list before applying or sharing personal information. The official Registry link is provided on this page.

There is no single lowest interest rate or lowest-cost personal loan for every borrower. Compare the written rate, approved amount, tenure, administrative fee, late-payment terms, repayment schedule and total repayment for the same principal and term. The final terms depend on the completed assessment and signed contract. Best Licensed Moneylender does not guarantee that it offers the lowest rate.

No. Any example, calculator result or illustrative amount is for explanation or planning only. The final approved amount, interest, fees, tenure and approval decision depend on the completed assessment, verification and signed contract.

Do not ignore the problem. Contact the lender as early as possible, review the contract and keep records of all communication and payments. Consider appropriate financial counselling or legal guidance. The Registry of Moneylenders does not restructure private contracts on a borrower’s behalf.

There is no single lender that is best for every borrower. Verify the lender’s legal name, licence number, approved business address and official contact details against the current Ministry of Law Registry. Then compare the written rate, permitted fees, tenure, repayment schedule, total repayment and contract terms. Do not rely on an unsupported best or lowest-rate claim.

It depends on your annual income and residency status. Under the current Moneylenders Rules, Singapore citizens and permanent residents earning under $20,000 a year can borrow up to $3,000 across all moneylenders combined. For foreigners: under $10,000 annual income, up to $500; from $10,000 to just under $20,000, up to $3,000. Anyone earning $20,000 or more can borrow up to six times their monthly income across all moneylenders. These are statutory maximums. The approved amount after assessment may be lower, subject to the lender's evaluation of your application.

Yes, you may hold more than one personal loan from licensed moneylenders. The statutory borrowing limits apply across all moneylenders combined, not per lender. If you already have outstanding moneylender loans, the total borrowed cannot exceed the cap for your income band.

A lower credit score does not necessarily prevent you from applying to a licensed moneylender. Each application is assessed on its own circumstances, subject to the lender's criteria. Check your MLCB report before applying so you understand your loan history, and compare the written terms from any lender before signing.

Start online through SingPass MyInfo, which provides the information needed, so there is no paperwork. In-principle approval takes under 10 minutes during business hours for completed applications. You then visit the North Bridge Road branch for face-to-face identity verification, which the law requires before a loan is granted. Disbursement is available the same day by PayNow, cash or bank transfer.

Best Licensed Moneylender can give an in-principle decision in under 10 minutes during business hours for completed SingPass MyInfo applications. Final approval depends on identity verification at the branch, the completeness of the application and the assessment of your circumstances. Disbursement is typically completed in under 10 minutes after approval, via PayNow, cash or bank transfer. Neither approval nor a particular timing is guaranteed.

Best Licensed Moneylender uses SingPass MyInfo for applications, so most applicants do not need to prepare paperwork. If additional information is needed, the lender will tell you before your branch visit. Bring valid identification to the face-to-face verification at North Bridge Road.

The law caps every licensed moneylender: interest at most 4% per month on the outstanding balance, a one-time administrative fee of up to 10% of the principal, late fees of up to $60 per month of late repayment, late interest of up to 4% per month on overdue amounts, and total charges capped at 100% of the principal. Best Licensed Moneylender advertises rates as low as 1.01% per month (12.12% p.a.) for eligible applicants, subject to assessment. All fees are disclosed upfront before you sign the contract.

Do not compare only a headline monthly rate. Look at the approved principal, interest rate, administrative fee, late-payment terms, tenure and total repayment in the written contract from each lender. The personal loan calculator can model different scenarios, but the estimate is not an approval or a final quote. Best Licensed Moneylender advertises rates as low as 1.01% per month (12.12% p.a.) for eligible applicants, subject to assessment. Put that against any other written offer and compare the total repayment over the same tenure.