Before taking a loan from a licensed moneylender in Singapore, consider assistance or lower-cost alternatives, verify the lender against the Ministry of Law’s current register, compare written offers, and make sure every repayment fits your budget. A licence means the lender is regulated; it does not mean a particular loan is affordable or suitable for you.
What to do before taking a loan
- Consider alternatives first. If you are struggling with bills or debt, check whether a social service agency or another source of assistance can help before borrowing.
- Verify the lender. Use the Ministry of Law’s current list of licensed moneylenders. Check the lender’s business name, approved address and website against the register before contacting it or sharing personal details.
- Compare written offers. Look at the amount you will actually receive after fees, the interest calculation, repayment schedule, total cost, late charges, early-settlement terms and any security or property-related clause.
- Borrow only what you can repay. Work out whether each instalment remains manageable after your other essential expenses and debt payments.
- Keep records. Save the contract, receipts and account statements, and check that the lender’s account of your payments is correct.
How do I know whether a moneylender is licensed or not?
Check the official register rather than trusting a message, advertisement or website that looks official. The register is dynamic, so use its current version rather than an old list or PDF. Confirm that the business name, approved place of business and web address match before you visit or provide information. The Registry’s list and borrower warning explains how to check and highlights impersonation scams.
Licensed lenders must verify borrowers in person at their approved business location. Fully online loan transactions and transactions conducted away from approved premises are not allowed. Licensed moneylenders also may not solicit loans by SMS, phone call or social media. Treat an unsolicited loan pitch as a warning sign. Do not pay upfront “GST” or “processing” charges to someone claiming to arrange a loan; report suspected unlicensed moneylending to the Police.
How much can I borrow?
The Registry’s published limits apply to the borrower’s total unsecured borrowing from all licensed moneylenders in Singapore, not separately to each lender. The caps below are based on annual income and residency status. The Registry says secured loans may be of any amount.
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| Borrower | Annual income | Maximum total unsecured borrowing |
|---|---|---|
| Singapore citizen or permanent resident | Below $20,000 | $3,000 |
| Singapore citizen or permanent resident | $20,000 or more | Six times monthly income |
| Foreigner residing in Singapore | Below $10,000 | $500 |
| Foreigner residing in Singapore | $10,000 to below $20,000 | $3,000 |
| Foreigner residing in Singapore | $20,000 or more | Six times monthly income |
These are regulatory ceilings, not a recommendation to borrow up to the maximum. The applicable limit is across licensed moneylenders, and your ability to repay should determine the amount you take.
What are the interest rates moneylenders can charge?
The Ministry of Law’s Registry of Moneylenders says the maximum interest rate is 4% per month for both secured and unsecured loans. Interest is calculated on the outstanding principal, so as you repay principal, the amount on which interest is calculated falls. A lender should explain the rate and repayment terms in the written contract. The cap is a maximum, not a standard or guaranteed rate. The Registry’s borrower guide sets out the current limits.
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What are the fees that moneylenders can charge?
The Registry lists these permitted charges and limits:
- An upfront fee of up to 10% of the principal.
- A late fee of up to $60 for each month of late repayment.
- Late interest of up to 4% per month, applying only to overdue sums.
- Legal costs ordered by a court if the lender succeeds in a recovery claim.
Total interest, late interest, upfront administrative fees and late fees cannot exceed the principal amount. Ask how every fee is calculated and when it may be charged; do not assume that a permitted maximum is what your contract will charge.
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Registrar’s Directions No. 1 of 2026, effective 1 April 2026, require written disclosure of how permitted fees are calculated and the order in which payments are allocated among principal, interest, late interest and late fees. Read the Registrar’s Directions No. 1 of 2026 alongside your contract if you need to understand that disclosure requirement.
What should I check in the contract?
The lender must explain the terms in a language you understand and give you a copy of the loan contract. Read it before accepting the loan, and make sure the written terms match what you were told. Check:
- How much will be disbursed to you after any upfront fee.
- The interest rate, how it is calculated on the reducing principal, and the dates and amounts of repayments.
- All fees, late charges and the order in which payments are applied.
- Early-settlement conditions and any costs they involve.
- Whether the loan is secured and, in particular, whether the contract allows a caveat over real-estate sale proceeds after default.
If a clause is unclear, ask for an explanation before signing. Compare at least two written offers where possible, but judge them by the total amount payable and whether the instalments fit your budget—not by the lender’s licence or the headline rate alone.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What is the cooling-off period?
For qualifying unsecured loans other than business loans disbursed on or after 15 September 2026, borrowers may cancel within three business days from disbursement. The disbursement date is excluded from the count; Saturdays, Sundays and Singapore public holidays do not count. The provision does not cover loans disbursed before 15 September 2026. Check the Registry’s current borrower FAQ for the applicable procedure and details.
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The Ministry of Law announced the change on 31 August 2026. It said: “The framework for this cooling-off period was developed by MinLaw, in consultation with the Credit Association of Singapore, which is the professional association representing LMLs.” Read the MinLaw announcement for the policy background.
How do I check repayments and get help?
Get a receipt for every repayment and an account statement at least every January and July. Check that payments have been credited correctly and keep copies of all records. If something in the account does not match your receipts, raise it promptly with the lender.
For a complaint about a licensed moneylender, contact the Registry through its Other Services page. The Registry cannot negotiate or restructure a private loan. The Credit Association of Singapore lists assistance with fees, interest charges, debt collection issues and negotiations over existing licensed-moneylender loans; its listed phone number is 6734 8865. If you face financial difficulty, the Registry’s borrower guide also lists social service agency contacts. Report harassment or threats during debt collection to the Police.
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