There are more than 100 licensed moneylender in Singapore. However not many licensed money lender open on Sunday because Sunday is supposed to be a rest day. As these moneylenders strive to be the best in Singapore, they open their office everyday to serve you. This includes weekends as well! However, it seems that all money lenders are closed on public holiday. You have to give them a break 😉 

Getting a loan is so much easier now because we have more than one source that we can approach. Banks used to be the only source other than family and friends. But banks have very long processing time and may take days before you can get the money. Licensed money lender on the hand are different. They will be able to process and provide you with the money within an hour! This is a huge plus point for money lenders because the money will be given to people fast. This results in you being able to get the money within an hour. Especially if you are coming during lunch time. 

Furthermore, as there are many moneylenders competing against each other, they have now come up with monthly installment plans to allow you to slowly pay off your loan. If you are in need of cash, you may want to consider a legal moneylender! With the new regulations and laws from Ministry of Law, you do not have to worry about money lenders overcharging you. The law has stated that the maximum amount of interest every month will be set at 4%. This is a lot lesser than the past because in the past for people in the average annual income, the interest is decided among both parties. But now, there is a cap on the amount of interest chargeable! This makes it so much more affordable for people looking for to get a loan. 

Do not let how the media portray them scare you off. Those moneylenders are the black sheep of the industry. There are still reliable moneylenders in Singapore! Just like the 2 listed above. Also, please always check that the money lender is licensed before going down to their office. If you are unsure if their license is legit or not, you can check out the list of money lenders on Min Law’s website. Ministry of Law updates the list of money lenders about once a month. If you are unable to find the list or find that the list is not updated, you can always look for us! We are constantly updating ourselves on which money lenders are still license and which are not. Other than looking at Min Law’s list, we are also updating our database from other reliable sources like the MLAS. 

If you have never taken a loan before and have questions to ask, you can get in touch with us at +65 6871 4268. We will be able to solve all your problems! It can be nerve wrecking if you are taking a loan from money lenders for the first time. Thus, any question you may have, feel free to ask us. If we have the answer to your question, we will definitely let you know.