In times of dire need when you need urgent money, the money lenders in Singapore can help.

The Registry of Money Lenders – a stature put towards by the Ministry of Law regulates the approved list of licensed money lenders. These money lenders provide financial assistance to the citizens of Singapore in the form of various types of loans. The loans can be anything from personal to business or foreigner loans and so forth. In short, all of these financial aids are known as urgent cash loans.

What are 24 Hours Money Lenders in Singapore?

Contrary to what you are thinking, a 24 hour money lender in Singapore is not someone that can disburse instant funds – nor is some entity that is available around the clock to serve you money (if you come across one, please avoid it).

Instead, 24 hours imply that if you need money after their office hours, you can apply for it through their website.

As we mentioned earlier, the Registry of Moneylenders laid down by the Ministry of Law in Singapore creates a list of licensed money lenders. Here, one thing you need to keep in mind is that a legal moneylender in Singapore will always ask you to visit their registered business address to avail the money. However, if you come across someone who promised to send money directly to your bank account, it means that it’s an illegal lender.

How to Know If You are Dealing with a Licensed Money Lender?

If you find the money lender’s registered business or name from the list provided by the Ministry of Law, it means that you are dealing with a legal one.

Furthermore, money lending is not allowed via text messages, social media platforms, or even phone calls. If you come across any money lender contacting you on either platform, you must shy away from them pronto.

In addition, you can also examine the fraud by checking the way money lenders are advertising. For instance, a licensed money lender is only allowed to advertise on the following:

  • Any business directory only on the online media or print
  • On an official website wherein the list of licensed moneylenders is given
  • Advertisements are placed within their office premises either within the exterior or inside of their offices.

So, stay away from any moneylender who is advertising beyond the points stated above.

Which Activities are Prohibited for a Licensed Money Lender?

Any licensed money lender will never:

  • Abuse or threaten
  • Ask your ID and password
  • Ask your other official documents including ATM cards
  • Ask you to sign a blank or an incomplete Note of Contract
  • Grants you loan without briefing the terms and conditions
  • Process your loan via a text message or an email
  • Withhold any part of your money without giving you an explanation
  • Charge more than 4% of the monthly interest rate

How Can You Avoid an Unlicensed Money Lender Singapore?

Getting financial assistance in times of need may cause you to end up with an unlicensed moneylender. Taking advantage of the situation, such hoax money lenders further threaten or abuse and lead to many troubles. In this case, you must be vigilant about your options. Here are some tips that can help you

Apply for an Online Loan Through a Licensed Moneylender Application Form

A lot of licensed moneylenders today provide an online application form on their website through which you can easily apply for a loan even after their office hours. However, you may even come across illegal money lenders providing such an online application form by mimicking the logo and name of the licensed lender.


In this case, you can again check the list of Registry of Money Lenders by checking the website address provided in the list. Further, if you happen to look for moneylenders on a search engine, do not click on the ads. As we mentioned earlier, licensed moneylenders are prohibited to advertise on search engines.

Face to Face Verification is Crucial

As we mentioned earlier, you need to visit the office of a licensed money lender for the process of loan disbursement. The team will verify your identity and get you through the terms and conditions of the Note of Contract. Furthermore, you will also be provided a copy of the contract. If you come across any moneylender who doesn’t require a face-to-face verification, you should steer clear of them.

Follow the Rules on Interest Rates and Fees

Unlike licensed money lenders, unlicensed money lenders will offer 24-hour loans by asking for an upfront fee to process your loan. They might keep asking for more money until your loan is disbursed. Keep in mind that any licensed money lender Singapore will never ask for any money during the loan process. The moneylender will only ask for the following:

  • A fee not exceeding 10% of the principal loan when granting a loan
  • A fee not exceeding $60 for each month if you fail to repay
  • Legal costs asked by the court for each successful claim

Also, as we mentioned, the interest rates cannot exceed 4% per month. Hence, do not fall for any money lender that offers a higher rate of interest along with exorbitant fees.


The government of Singapore allows licensing of money lenders under the Ministry of Law to provide financial assistance to its citizens in urgent needs. This includes personal loans, business loans, and even foreign loans for people to meet their needs. However, staying cautious while this process is highly important to stay away from hoax money lenders.

If you are looking for a licensed money lender in Singapore, Tradition Credit can help you. Established in 1994, the team at Tradition Credit offers a comprehensive suite of financial services solutions including business and personal loan services. The efficient staff is knowledgeable and able to assist you with the best option by analyzing your financial needs. The team also ensures that no extra fees or early repayment are availed from the customers.

All you have to do is apply for the loan on their website, the team will get back to you to discuss your application and options. Once it is fixed, the team will verify your documents and confirm the facility amount. Lastly, you will be asked to sign the documents and you will receive the loan amount on the same day of your application. With such fast and easy service, Tradition Credit is no doubt the go-to option for people in Singapore. You can know more about them here.