The Most Trustworthy
Licensed Money Lender
Singapore

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 money lender in Singapore will also display their license number on their website and premises prominently. As a licensed money lender in Singapore, Raffles Credit is License No: 55/2021 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 fast cash loans behind vague and uncertain language, or ill-defined loan contracts. Raffles Credit has always prided itself as the best money lender in Singapore and our money lending services, loan 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 money lender in Singapore is permitted to advertise only through these three channels: 

• business or consumer directories (in print or online media); 
• websites belonging to the licensed moneylender; and
• advertisements placed within or on the exterior of the licensed institution’s business premises.

All other channels are prohibited.

That means money lending Singapore like Raffles Credit would never give out flyers, SMS 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 a 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 permanent resident 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 of your monthly income.

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. If you have an annual income of less than $20,000, you would be able to loan up to $3,000. Foreigners or expats with an annual income of $20,000 and above would be able to take out an instant loan up to six times of your monthly income.

Yes, you can pay off your loans early! 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 loans 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 interest rates moneylenders charge apply regardless if the loan is secured or unsecured personal loans. Licensed moneylenders in Singapore can also only charge a maximum late interest rate 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. Legal 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 the borrower 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;
• Processing fees 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 repayment fees, upfront administrative and late payment fees cannot exceed an amount equivalent to the principal of the loan.

If you’re looking for excellent and reasonable interest rates, shop around. Compare different loan packages between lenders using a comparison website to find out which offers are most favorable. Do not commit just because they sound good – make sure that they actually suit your needs.

You can also reduce the interest on your loan by applying for a secured one. Compared to unsecured loans, these ones will have lower rates and give you access to higher amounts of money too. Having collateral such as properties or real estate could help you get better deals when it comes down to personal loan with effective interest.

Raffles Credit offers a low-interest rate, from 1-4% only. Our goal is to provide you with an affordable loan that meets your needs and goals, while still maintaining a responsible repayment plan for both parties. For more information or to apply online, please contact us!

Raffles Credit’s loans offer a low interest rate with the opportunity for fast approval, meaning you can have your money typically within the day.

Signing up for a Raffles Credit loan is as easy and straightforward as requesting for a loan online or calling from the comfort of your home. Our loan officer will schedule an in-person appointment to discuss terms with you, then we’ll get right down to it by giving you the borrowed money on the same day that our agreement has been signed.

Our goal is to make financing your needs easier than ever before. We offer competitive personal loan plans that adhere to the Moneylenders Act and only impose the required and permitted fees for each plan, as well as interest payments that are customized by you so everyone gets a fair chance at their dreams!

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 loans 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 cash at your disposal, a loan will always have interest 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 licensed money lender, 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.

Yes, borrowing limits can vary from lender to lender.

Typically, traditional banks in Singapore offer higher loan amounts for a much longer repayment period, but they have a more rigorous evaluation process to release the money and cash disbursement takes time.

Raffles Credit, on the other hand, gives users the option to get their loan through a fast and easy loan application process. Eligible borrowers’ applications can be approved in less than an hour, which is much faster than any other lending company in Singapore! The loan amount is up to 6 times your monthly salary with interest ranging from 1-4%, with no hidden fees.

Many banks reject applications due to bad credit history, but Raffles Credit is a trusted lending agency that responsibly assesses your financial situation –either you have a poor or good credit score.

Credit is one of the most important factors when it comes to getting approved for a loan. Banks are very strict with their requirements and may outright reject you if they see poor credit history on your application form, but that’s where Raffles Credit can help!

Our experienced team will assess your financial situation carefully to make sure we approve an affordable solution tailored just for you.

We understand that when disaster strikes, every second counts. We pride ourselves on approving our customers’ applications 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 applications approved within 30 minutes, and the amount disbursed within the hour, making it easier for you to resolve your financial obligations as quickly as possible.

There are a lot of scammers or unlicensed money lenders out there and it can be hard to tell the difference between those who have your best interest at heart and those just looking for their own personal gain. Here’s some advice on what red flags you should watch out for when dealing with unlicensed moneylenders:

1. 1. Asks for your SingPass user ID and/or password
   2. Fails to return your NRIC card or any other personal ID documents
   3. Asks you to sign a blank or incomplete loan contract
   4. Fails to provide a clear and thorough explanation of the terms and conditions of the loan.
   5. Grants you a loan without evaluating your loan application.
   6. Grants you a loan through phone, email, or SMS before receiving your loan application form and required supporting documents
   7. Withholds any part of your principal loan amount

If you encounter these errant lenders, report them immediately to government agencies, such as Police or the Registry of Moneylenders with detailed information including the moneylender’s business name and contact number.