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Thinking of getting a loan in Singapore but not sure how or where to start? Fret not, we are here to help. Licensed moneylenders can be a great option to consider if you need urgent cash. At Loanhere, we’re here to help you navigate through the process and get you the loan you need fast, easy and hassle-free!


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Whenever we apply for a loan, our top priority is almost always to look for the cheapest rates. This is completely understandable as all of us are merely trying to save on some cash and not burn a hole in our pockets.

However, it is crucial to remember that if something sounds too good to be true, it probably isn’t real, or legitimate. For example, a money lender that offers extremely attractive rates but uses high-pressure sales tactics and demands upfront payment.

No one wants to get caught in a loan scam, really. It’s important to ensure that what you’re dealing with is a licensed money lender in Singapore, not an illegal money lender.

Here are some precautions to take and warning signs to look out for when you apply for a personal loan in Singapore.

1. Check if the money lender is legal

The easiest way to differentiate a licensed money lender in Singapore from an illegal one is through the Ministry of Law’s Registry of Moneylenders site. This list contains the legal and credible money lenders that are approved by the government.

Take note that every legal lender should have a license number. These money lenders have been approved to manage their business under strict regulations set by the ministry. Before you apply for a personal loan, check your money lender against the list and if you don’t find them there, take that as a red flag.

Another way you can check if your money lender of choice is legitimate is by doing a little digging into their reviews and contact details. Money lenders should have their phone numbers and their business address on their secured websites. These are some of the information that illegal money lenders may leave out as they prefer being untraceable.

2. Pay attention to the required documents for verification purposes

While there are different types of personal loans available, certain documents are always needed when applying for a loan.

Your money lender would require you to submit your income tax statements, payslips, along with your NRIC.

Based on these documents, your money lender officer will determine your loan amount and personal loan interest rate before drawing out a verification document that you will have to sign. While some money lenders may not ask for your credit report when applying for a personal loan, they will always ask for your income statements.

If your lender does not ask for any sort of documentation related to your salary, it is probably a warning sign for you to walk away.

3. Compare with other lenders

A good way to gauge the credibility of your lender is to compare them with other money lenders, such as through money lender reviews. If your cheapest personal loan quote seems too good to be true, it probably is. Many illegal money lenders promise the cheapest personal loan interest rates in Singapore, which also come with unreliable protocols. For example, they may demand upfront payment even before processing an application and may even want money to be sent through an untraceable method, such as a prepaid gift card.

Licensed money lenders are not authorised to charge an administrative fee or processing fee to secure the loan before the loan is disbursed.

Another clear warning sign is that unlicensed lenders usually do cold calls or send out unsolicited text messages; legal lenders deal at their physical offices, which are verified by the ministry.

4. Ensure you aren’t being charged extra interest for your loan

While some illegal lenders promise the most hassle-free, cheapest personal loan in Singapore, they may also be trying to charge exorbitant rates without you even realising.

There are laws set in place by the ministry that put a cap on interest rates that licensed money lenders are allowed to charge their clients. For example, licensed money lenders in Singapore are authorised to charge a maximum interest rate of 4% per month. If the interest rate offered is higher than that, cancel your transaction immediately!

Before engaging with a money lender, it is important to do your research and tick off a checklist comprising both red and green flags.

Need a leg-up? Use LoanHere to get free loan quotes from top licensed money lenders in Singapore.

Do you still remember the good old days before Covid-19 hit our shores? It’s been more than 2 years since the world was swept up in the pandemic; many people are still struggling to manage their finances while some have had their finances negatively impacted.

What is the best way to manage your finances during a pandemic? Who can you turn to if you need financial assistance? Where can you find the best money lenders in Singapore? We’ll answer some of your burning questions and give you tips on how to better manage your finances during this trying time.

Stick to a tight budget

If your income has been affected during this time, we would strongly advise you to devise a tighter spending budget and stick to it. Take stock of your savings, income sources, and expenses. While you’re at it, try to be stricter with your spending as much as possible.

If you are new to budgeting or are creating a new budget with your family, besides manually tracking your expenses in spreadsheets, you can make use of free mobile budgeting apps (e.g. Planner Bee, Wally, Spendee, Monny) to stay on top of things on the go. These apps usually churn out monthly reports for you so to help you track your spending across various categories such as bills, food, entertainment, and transport. Scrutinise the reports, then cut back on or reallocate your funds accordingly. Having access to such data can help you set a more realistic budget.

Once you get the hang of tracking your finances, you’re likely to be more disciplined to spend within your means and be more mindful of how much goes into your savings.

Clear your credit card bills

If you have accumulated hefty credit card bills and are struggling with your cash flow, clearing your bills may be easier said than done. If possible, you should at least pay the minimum sum , and whatever you can spare (instead of waiting until you have enough cash to clear them in one go).

In more dire situations where you have trouble clearing your debts, you can connect with a licensed money lender in Singapore. A financial institution or a money lender in Singapore will be able to offer you financial relief if you meet their application criteria. For example, you may consider a debt consolidation loan from a licensed money lender in Singapore to consolidate your loans and pay through a single, lower interest account every month.

Increase or jump-start your emergency fund

Remember that saving even a small amount goes a long way. Living in a pandemic is certainly a reminder that we should always have an emergency fund to fall back on.

However, all hope is not lost if you don’t have sufficient savings and require cash for an emergency. You can consider reaching out to a licensed money lender in Singapore or other financial institutions for a quick and safe, legal loan option.

The best money lenders in Singapore

LoanHere is a platform that connects our customers to the best money lenders in Singapore. If you are looking for 12-month loan lenders in Singapore or a shorter-term loan for personal needs or business purposes, we are here to support and provide you with the necessary information that you require.

You may also apply for a personal loan such as a bridging loan, emergency medical loan, education loan, or driver’s loan from any licensed money lender in Singapore depending on your needs.

We help you narrow down your search for the best money lenders in Singapore by making it easier for you to compare your options and make an informed decision. All you need to do is fill out this application form on our website and we will reach out to you with a curated list of licensed money lenders.

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A guarantor is someone who agrees to pay a borrower’s debt if the borrower is unable to do so. Every good legal money lender in Singapore gives its clients the option of having a guarantor if they do not qualify for a loan themselves.

If someone has asked you to act as guarantor, it is a testament to your financial standing as well as the trust that the borrower places in you. However, financial matters tend to come between friends and family. You should take such a step only after adequate consideration.

Here is what you should know before you and after you sign the contract, and after the loan has been settled.

an infographic detailing precautions people should take before becoming a guarantor

Before signing – the precautions

A guarantor does not receive any money directly from the legal money lender or the borrower. However, they are liable for the entire loan amount, all interest, and any fees or penalties associated with the loan. If you place yourself in this lopsided equation, be aware of these four things:

1. Loan terms

Every licensed money lender in Singapore offers a range of different loans and each comes with unique terms and conditions. For example, a business loan may be linked to commercial profit. If you are co-signing such a loan, go over the business plan yourself to assess its likelihood of success. Only then should you consider becoming a guarantor.

2. Privacy issues

The document requirements for a guarantor are the same as those for a borrower. You will have to share your personal and financial information, including your credit history and current financial circumstances, with the money lender in Singapore. The borrower will also see this data during the loan assessment process.

3. Credit repercussions

When you co-sign as a guarantor, your credit score is affected in the same way as if you were the sole borrower. It reduces your ability to take on additional debt from a legal money lender until the loan has been repaid in full. This affects your chances of getting a home loan, car loan, credit card, or even an overdraft.

4. Consequences of default

If the borrower fails to make payments on time, you are responsible for all cumulative late fees, admin charges, and additional interest. Even the best money lender in Singapore will pursue you for the full amount due. This could add up to twice the original loan amount (a limit placed by Singapore law).

As we have seen, there are several serious concerns a guarantor must be familiar with. Do not allow anyone to pressure you into becoming a guarantor for them. It is your financial health on the line and the decision is solely yours to make.

Are there any advantages of being a guarantor?

Yes, but the advantages are fairly limited: There may be a positive impact on your credit score. This score takes into account how often you take on debt as well as the diversity of that debt. Acting as a guarantor widens your credit base and, especially if the loan is settled on time, tells banks and licensed money lenders in Singapore that you are a trustworthy borrower.

With a better credit score in tow, banks as well as the best money lenders in Singapore may offer larger loans, lower interest rates, and longer repayment periods. Apart from the possibility of saving money on your loans, you could even qualify for more lenient terms as well.

Throughout the loan repayment period

As a guarantor, you do not receive any money from a money lender in Singapore, but you must still keep abreast with the repayment progress. Always maintain a close relationship and communicate regularly with the borrower. Ask them to come to you before an instalment is due if they are struggling to gather the funds.

With this approach, you can foresee and circumvent missed or late payments, and the additional costs associated with defaulting. You will also prevent any damage to your credit score.

After the loan has been repaid

No one particularly enjoys being a loan guarantor because it is an additional burden that offers limited advantages. The person for whom you co-signed the loan may make every payment on time and repay the loan themselves, but it may still be best to avoid becoming a guarantor for them repeatedly.

Instead, help them gradually build their credit. If they need a loan again but you would rather not stand as guarantor, bring them in to speak to our LoanHere loan experts. We work with the best money lenders in Singapore to provide a wide range of loans that cater to your needs (e.g. personal loan, renovation loan, study loan, vacation loan, etc).

There has been numerous media coverage on loan scams of late as the Covid-19 pandemic has enticed more and more cunning scammers to ‘upgrade’ the tricks under their sleeves to trap desperate individuals into getting a loan scam.

We are certain that most of you have heard stories of people being scammed and scratched your heads as you wondered how people could be deceived so easily.

The reality is that these scammers are persuasive as they are charismatic: a few words, dashing smiles, some strategic ego-brushing, and you’re under their spell.

Thankfully, there are ways for us to distinguish between legitimate loans and loan scams. So, before you decide to take out a personal loan from a bank, financial institution, or a legalised money lender in Singapore, look out for these tell-tale signs:

1. Upfront payment

If you are required to pay an upfront fee or deposit to take your personal loan application forward, it is likely a scammer trying to make off with your money.

Just ask any bank or licensed money lender and they will confirm that a legitimate lender will never ask you to make any payments before receiving the loan. The act is deemed illegal in Singapore.

Therefore, if you find yourself in the presence of a so-called loan agent or consultant explaining that the upfront payment is for mandatory processing fees, advance repayments, or collateral, you should say your goodbyes and walk away immediately.

2. Missing physical address

Scammers will do everything in their power to make it impossible for you to get hold of them in the future. How, exactly? By failing to provide a real, physical address, of course.

This is done intentionally. Without a physical address, it will be incredibly difficult for you to press charges, let alone for the authorities to pursue them.

Before you get swept away by the perks of applying for a personal loan, put the brakes on until you can confirm the existence of a physical address.

3. No state registration or licenses

One of the biggest tell-tale signs that you are getting scammed is that the business doesn’t come with any legal license or registration details. In Singapore, it is mandatory by law for every licensed money lender to be registered with the legal authorities.

If a sketchy individual approaches you with a personal loan plan that wows you, remember to ask for their license and registration number to prove their legitimacy. In Singapore, every legitimate and authorised money lending institution is registered with the Registry of Moneylenders. Remember, you are always free to cross-check the information you’ve gathered.

4. No credit check

Did you know that credit checks are important for banks, licensed money lenders, and financial institutions as it helps them determine how financially trustworthy you are?

On the contrary, scammers wouldn’t even spend five seconds doing a credit check as they intend to scam you out of your money.

While credit checks can be a hassle, it appears that the hassle is necessary to prevent us from getting scammed when we apply for personal loans.

If the lender is making guarantees that are too good to be true before even running your financial history, that is a clear indicator to keep your guard up and be cautious.

5. Incomplete loan offer

Most scammers will prepare a mock offer in black and white that passes the bare minimum for a loan offer for the sake of deceiving their victims’ eyes.

If you look closely, you’ll find many flaws in the document, such as blanks on where the agreed interest rates and processing fee should be. This is why it is incredibly important for us to always read the fine print before signing any personal loan documents — it’s just good sense and it makes things easier for us to pick up red flags that would demand us to walk away and never look back.

Bottom line

As enticing as it may be, you need to stay alert as there is no such thing as a flawless (or free) personal loan.

  • Licensed money lenders will not apply pressure to push you to be agreeable
  • Scammers have a habit of offering deals that are too good to be true, such as offering 0% interest rates or 100% approval

Also, take note that a licensed money lender, bank, or financial institution will never ask for your debit or credit card details.

Speaking of card details, it is always best to refrain from sharing your identification number, driver’s license, or any other personal information until you are 100% certain you are dealing with a legitimate loan agent or consultant.

Unfortunately, we live in a time where a handful of irresponsible individuals are taking advantage of the financial woes experienced by many to feed their pockets. While personal loans undoubtedly have many benefits that can help us improve our credit score, manage debts, and provide us with financial assistance at short notice, let us be more vigilant in ensuring we are dealing with the right people when taking out a personal loan in Singapore.

Reach out to LoanHere to get free loan quotes from the top licensed money lenders in Singapore now!