The Most Trustworthy
Licensed Money Lender
in Raffles

All entities wishing to provide money lending in Singapore are bound by certain rules and regulations.

A legitimate lender in Singapore is registered with the Ministry of Law under the Registry of Moneylenders and is governed by the Moneylenders Act and Rules. A moneylender in Singapore will also display their license number on their website and premises prominently. As a licensed moneylender in Singapore, Raffles Credit is License No: 31/2020 on the Registry. 

You can find the list of licensed money lender Singapore registered with the Ministry of Law here.  

In addition, a lender will not engage in any abusive language, hide the terms and conditions of their loans behind vague and uncertain language or ill-defined contracts. Raffles Credit has always prided itself as the best money lender in Singapore and our money lending services, contract, and behavior reflect the trust that our customers have placed upon us.

Under the advertising rules made under the Registry of Moneylenders’ Registrar’s directions on Advertising & Marketing Activities of Licensed Moneylenders, a licensed Singapore moneylender is permitted to advertise only through these three channels: 

• Business or consumer directories (in print or online media); 
• Websites belonging to the moneylender; and
• Advertisements placed within or on the exterior of the moneylender’s business premises.

All other channels are prohibited.

That means a money lender in Singapore like Raffles Credit would never give out flyers, SMSs or any other form of advertising not permitted under the rules. 

If you’ve encountered any advertisements bearing our name on a flyer, or SMS, please contact the Registry at 1800-2255-529 or the Ministry of Law  website.

There are several factors that determine how much you can borrow from licensed money lender. If you are taking out a secured personal loan with us, you would be able to borrow a larger amount. However, if you are taking out an unsecured loan, there are several factors that determine the amount. 

If you are a Singapore citizen or PR with an annual income of less than $20,000, you would only be able to borrow up to $3,000. If your annual income exceeds $20,000, you would be able to take out a loan up to six times your monthly income with us or with other licensed money lender.

If you are a foreigner or expat working in Singapore with an annual income of less than $10,000, you would only be able to loan up to $500 with us. If you have an annual income of less than $20,000, you would be able to loan up to $3,000 with us. Foreigners or expats with an annual income of $20,000 and above would be able to take out a loan up to six times your monthly income.

Yes, you can! In fact, we encourage you to pay off your loans early, if you have the ability to do so. 

All you need to do is inform us of your intentions, then deposit the lump sum value of the loan to Raffles Credit and your loan will be closed. An interest discount would also be given based on your early settlement.

All licensed money lenders in Singapore can only charge a maximum interest rate of 4% per month. This maximum applies regardless if the loan is secured or unsecured. Moneylenders in Singapore can also only charge a maximum late interest rates of 4% per month for each month the loan is repaid late. 

The interest rates lenders  can only be charged based on the principal remaining after deducting the original payments made. An example; Mr. A takes a loan of $10,000, and has repaid $4,000. Only the remaining $6,000 can be taken into account for the computation of interest.

In addition, the late interest can only be charged on an amount that is repaid late. The money lenders cannot charge on amounts that are outstanding but not yet due to be repaid. For example, Ms. B takes a loan of $10,000 and fails to pay for the first installment of $2,000. The lender may only charge the late interest on $2,000 but not on the remaining $8,000 as it is not due yet.

Second, only the following fees can be charged: 

• A fee not exceeding $60 for each month of late repayment;
• A fee not exceeding 10% of the principal of the loan when a loan is granted; and
• Legal costs ordered by the court for a successful claim by the moneylender for the recovery of the loan.

The total charges imposed by a Singapore money lender on the loan’s interest, late interest, upfront administrative and late fee cannot exceed an amount equivalent to the principal of the loan. 

Yes, you can submit your loan application online or over the phone. However, we would prefer for you to come to our office to discuss your financial situation with our loan officers in order for us to understand your current situation better. In addition, you would have to be physically present in order to sign the loan agreement with us in order for us to disburse the loan amount with you.

Before taking up a loan, first, you need to consider what the loan will be used for and the amount you need. Your priorities are just as important, if not more than the reasons you need the loan. For example, taking out a loan for a vacation while you have other urgent bills unpaid. 

Secondly, while it is tempting to have more money at your disposal, a loan will always have interest rates attached to it. This means that you should only take out the amount that you need, not the amount with a little extra just for your own enjoyment. That would only cause you to fall deeper into debt and cause you further issues in the future.

Yes, you can. You can take out a loan with us even if you have loans with another institution or bank. We understand that it is quite common for everyone to have more than one application at a time. 

We would only look at your repayment capabilities and current net monthly income after deducting the current loan amount owed to the other bank or lender, not the number of applications you have. 

However, as a responsible legal moneylender, we would caution you to think carefully about taking on another application as the amount you can borrow might be lesser than what you need or lead you to be unable to repay your applications, leading to a bigger cycle of debt. 

We understand that when disaster strikes, every second counts. We pride ourselves on approving our customers’ loans quickly, efficiently without delay. 

If you have brought all the necessary documentation, and are qualified for a loan with us, your loan application will be approved within an hour. Some would even have their loans approved within 30 minutes, and the loan amount disbursed within the hour, making it easier for you to resolve your financial issues as quickly as possible.

We do not judge your credit history, even if it is poor. What matters to us is your current income, and your ability to repay borrowed money. A regular income is the basis of our approval.