We can never predict when we would require some extra money, right?

For instance, you can encounter a medical emergency, have to pay school fees for your child, or relocate suddenly. These are all urgent financial needs that require immediate monetary assistance.

What is the way out when such situations arise?

If you’re thinking about banks, let us break it to you — they will not be able to help you out so quickly. Fortunately, licensed 24-hour moneylenders in Singapore may be able to assist you.

Yes! We are referring to licensed lenders that the Ministry of Law closely regulates.

This blog discusses everything you need to know about 24-hour moneylenders in Singapore. The guide will be helpful if you are in a monetary emergency and your savings are not enough to get you through.

What Should I Expect From a Legal Lender In Singapore?

In Singapore, licensed moneylenders are highly regulated and inspected by the Ministry of Law. These organizations provide legal loans to all people, including citizens, permanent residents, and foreigners.

Most licensed lenders provide shortened application procedures if you require quick cash.

Are There Lenders Open 24 Hours in Singapore?

Singapore does not have any 24-hour moneylenders. A lender who is open 24 hours a day is probably operating illegally as a legitimate lender.

However, authorized loan providers have a website that is open for online loan applications 24 hours. You can apply for a quick personal loan or an emergency loan at any time of day.

Of course, you’ll have to go to the lender’s location for in-person confirmation. But if they want to continue the loan operation online, the moneylender will process and approve the personal or emergency loan on a business day.

List of Singapore’s Licensed Moneylenders

Referring to this comprehensive list of licensed moneylenders in Singapore is the best approach to determine whether a lender is licensed or not.

Make sure to verify that the lender is still licensed and not on a blacklist because the Registry of Money Lenders updates its list of licensed lenders every month.

How Can I Determine a Licensed Moneylender’s Legitimacy?

Make a list of the moneylenders in Singapore you want to borrow from, and then take the time to confirm their legality before requesting a loan.

Scammers have been using victims’ personal information for illegal purposes by duping licensed lenders. It is prohibited for a licensed lender to contact potential borrowers by phone, text, or social media. They must follow the rules set by the Ministry of Law.

Here are the practices that can help you determine if a moneylender is legitimate or not –

Prohibited Behavior for a Licensed Money Lender

A moneylender in Singapore with a license is not allowed to engage in certain activities. You should keep clear of interacting with any lender who displays any of these warning signs –

  • Refusing to return personal identification documents like your passport and NRIC;
  • Requesting that you sign an incomplete or blank loan contract;
  • Approving your loan without fully explaining the terms;
  • Failing to give you a copy of your loan contract;
  • Soliciting loans over the phone and through text messages.

Charges a Licensed Money Lender May Apply

According to the Moneylenders Act, a licensed lender in Singapore may charge a maximum interest rate of 4% per month based on the amount borrowed or interest from a late payment.

If the borrower stops making payments, a licensed lender may charge additional fees, such as approval fees for loans or court costs involved to reclaim their loans.

Physical Office

All licensed moneylenders in Singapore are required by law to maintain a physical office. The contract should be signed in the registered office of the lenders in Singapore, while the application may be submitted online through their website.

Therefore, if you come across a person or business that advertises itself as a low-interest lender but only operates online and refuses to provide an address, it may be an unregistered lender.

Authorization from the Ministry of Law

Every prospective licensed lender must pass tests administered by the Ministry of Law. According to the Money Lenders Act and Rules, all applicants must complete their initial exams for a license to get a practicing license as a moneylender.

The lender will be admitted to the Registry of moneylenders once they have met all technical and certification standards. Borrowers can rest assured — they will be working with respectable and customer service-focused businesses with the right screening, certification, and license.

Reviews on Dedicated Comparison Websites in Singapore

Reviews of moneylenders can be found online. Genuine borrowers might post testimonials concerning a lender’s particular services. They can be found on Singapore-focused loan comparison websites. You can accurately assess the nature and goals of your potential lender with a little bit of analysis and observation.

For example, former customers may drop a customer care team member’s name or loan agent’s name due to their assistance in completing a particular task. You may request the moneylender company to work with them for ease of convenience. Or some might mention how convenient the payment strategy that the lender created on their behalf is. You can use such bits to make informed decisions.

Moreover, never be hesitant to message the borrower and learn about their experience to assist you to determine whether a review is genuine.

What If I Come Across a Loan Shark?

If you find a loan shark in your research or someone tries to connect with you with suspicious means, report them to the police.

Call the police hotline at 1800-255-000 or 999 in an emergency. It will connect you to the concerned authorities where you can offer information about loan shark activities. If the general public has information on loan sharks, they can contact the National Crime Prevention Council’s X Ah-Long hotline at 1800-924-5664.


We strongly urge you to avoid using any suspected services provided by loan sharks.

If you need money immediately, visit the personal loan plans offered by Tradition Credit Co Pte Ltd.  We are one of the well-known 24-hour moneylenders in Singapore, helping people manage their financial needs. We also promise quick application processing times and fixed interest rates. Your ability to manage your demands and goals at that moment will undoubtedly be helped by this licensed lender.

Avail of their loan packages today to get the best personal loan plan for your financial needs. Fill out their loan inquiry form to apply.