- You can find more information on the Registry of Moneylenders' website.
What should I do if I receive SMS from moneylenders?
Licensed moneylenders are not allowed to advertise via SMS. Therefore, any SMS soliciting for loans, is either sent by a licensed moneylender in contravention of the advertising restrictions, or by an unlicensed moneylender.
Such unsolicited SMSes or calls from unknown sources which are related to loans or financial assistance are likely to be associated with unlicensed moneylending, which is a criminal offence. Do not respond to such advertisements.
If you receive such messages, please provide the information to Singapore Police Force through their online portal I-Witness or call the X-Ah Long hotline at 1800-924 5664. If you suspect the SMS is sent by a licensed moneylender, you may write in to the Registry of Moneylenders via our Contact Us @ OneMinLaw with a screenshot of the SMS you received.Will the Registry of Moneylenders be able to help if I am unable to pay my loan?
The Registry of Moneylenders is not in a position to assist the borrower in restructuring his loans, as this is a private contractual matter between the licensed moneylender and the borrower.
You may wish to negotiate with the licensed moneylender(s) directly, or through an intermediary (e.g. a lawyer or a social service agency), with a view to arriving at a mutually acceptable debt settlement arrangement.
If you need help to resolve your debt problems with licensed moneylenders, you may approach any of the following voluntary welfare organisations:
Association of Muslim Professionals (AMP) Address: 1 Pasir Ris Drive 4 #05-11 Singapore 519457 Tel no.: 6416 3960 E-mail: corporate@amp.org.sg
Silver Lining Community Services Address: 11 Playfair Road Singapore 367986 Tel no.: 6749 0400 E-mail: admin@silver-lining.org
Adullam Life Counselling Address: 151 Chin Swee Road Manhattan House #08-04 Singapore 169876 Tel no.: 6659 7844 / 9423 8832 Email: josephine@adullam.org.sg
Blessed Grace Social Services Address: 18 Arumugam Road, #05-01 Antioch@Macpherson Singapore 409962 Tel no.: 8428 6377 Email: billy.lee@blessedgrace.org
One Hope Centre Address: 8 New Industrial Road #04-04B LHK 3 Building Singapore 536200 Tel no.: 6547 1011 Email: help@onehopecentre.org
Arise2Care Community Services No. 5 Harper Road #02-01A Singapore 369673 Contact No.: 6909 0628
Email: admin@arise2care.sg
Credit Counselling Singapore
51 Cuppage Road #07-06 Singapore 229469
Contact No.: 6225 5227/6338 2663 Email: enquiry@ccs.org.sg
Credit Counselling Singapore only handles cases that also involve debts with banks.
What is the maximum amount of interest a licensed moneylender can charge?
With effect from 1 October 2015, the maximum interest rate moneylenders can charge is 4% per month. This cap applies regardless of the borrower's income and whether the loan is an unsecured or secured one. If a borrower fails to repay the loan on time, the maximum rate of late interest a moneylender can charge is 4% per month for each month the loan is repaid late. However, if your loan is taken up before 1 October 2015, these interest rates will not apply. The interest rates should rightfully be stated in your loan contract.Are moneylenders allowed to collect payment from me at my place of residence or employment?
Licensed moneylenders can take reasonable steps to recover their debts as long as they do not infringe the law. Such steps may include contacting the borrower to ask for repayment and taking legal action to enforce the loan contract. Approaching a debtor at his place of residence or employment to collect debts, while potentially embarrassing, does not necessarily constitute an offence. However, debt collectors cannot resort to vandalism, violence, or threatening words or behaviour, as such acts may infringe general criminal law. Whether or not a debt collection activity constitutes a criminal offence would depend on the facts of each case. If there is any harassment, threat or violence involved in the course of debt recovery, you should lodge a police report, detailing your encounter(s) with them.How do I make a complaint about a moneylender?
If you wish to complain about a moneylender, you may lodge a report with the Registry of Moneylenders, with the documentary evidence to substantiate your complaint. Please note that our officer will contact you only after we have reviewed the report.What should I look out for when borrowing from a licensed moneylender?
You can wish to refer to some frequently-asked-questions regarding loans from licensed moneylenders. To find out more, please click here.Can I ban a family member from taking loans from all moneylenders?
The Registry of Moneylenders is not in a position to compel licensed moneylenders to not grant loans to a person who is otherwise eligible to be granted a loan legally. It is primarily the business decision of the licensed moneylender to determine if the loan should be granted, the suitable loan quantum if the loan is to be granted and the terms of the loan contract, etc.
The most effective solution to financial/debt management is for individuals to spend within their means. If a person needs to borrow, he should do so responsibly and take into consideration his ability to service and pay off outstanding loans without default.
An individual may apply for self-exclusion via the Moneylenders Credit Bureau (“MLCB”). Once the self-exclusion is registered, licensed moneylenders are not allowed to grant any unsecured loan (except a debt consolidation loan) to that individual. The self-exclusion period lasts for either 1 or 2 years1 in which the individual is generally not allowed to withdraw from exclusion. On expiry of the minimum period, the self-exclusion remains in force until such time the individual withdraws from it.
The process is voluntary, and no individual may be excluded without his/ her consent.
1 Singapore Citizens/PRs may choose a minimum period of either 1 or 2 years. Foreigners need to fulfil a default minimum period of 2 years.
How much late fee can a licensed moneylender impose?
With effect from 1 October 2015, a moneylender is permitted to impose a fee not exceeding $60 for each month of late repayment.However, if your loan is taken up before 1 October 2015, this late fee cap will not apply.How do I know if a moneylender in Singapore is licensed?
The list of licensed moneylenders in Singapore may be found at our website. The list also shows the approved place(s) of business for each licensed moneylender.How much can I borrow?
For secured loans, you can obtain a loan of any amount.For unsecured loans, please refer to the table below for the total maximum amount that you may borrow at any time across all moneylenders in Singapore:Borrower’s annual income
Singapore Citizens and Permanent Residents
Foreigners residing in Singapore
Less than $10,000
$3,000
$500
At least $10,000 and less than $20,000
$3,000
At least $20,000
6 times monthly income
6 times monthly income
How do I apply for a moneylender's licence?
There is currently a suspension on the processing of new applications for a moneylender's licence.Which are the six firms that are piloting new business models for moneylending?
The Ministry of Law announced on 11 December 2018 that six firms have been selected to pilot new business models for moneylending, as part of an initiative to better protect borrowers through business-led improvements. These new models include more comprehensive use of data to assess creditworthiness, using digitalized processes to lower cost and giving better terms to those who repay their loans early or on time.
The six firms and the number of moneylending outlets each of them can apply to operate are: a. Credit 21 Private Limited (4 outlets); b. Dey Private Limited (4 outlets); c. IFS Capital Limited (1 outlet); d. Minterest Holdings Private Limited (1 outlet); e. Quick Credit Private Limited (4 outlets); and f. Xingang Investment Private Limited (1 outlet).
The six firms will be issued moneylending licences to operate the outlets they apply for, in a one-time lifting of the moratorium imposed on the issuance of new licences.The licensees will be allowed to operate for up to two years beginning in 2019, following which MinLaw will evaluate the results of the pilot and consider options for refining the moneylending regulatory regime.For more information, please refer to the Ministry of Law's press release.Where can I get a copy of the Moneylenders Act 2008 and its Rules?
You may refer to our website for the links to all the relevant laws and regulations of moneylending.What is the validity period of a moneylender's licence?
The moneylender's licence is valid for a period of 12 months.