Is Your Maid Seeking Funds? Find Out About Money Lenders

In the hustlin’ and bustlin’ city-state of Singapore, it’s a common sight to have domestic helpers around, or as we affectionately call them, maids. These hardworking souls lend a hand with all sorts of household chores and take care of our loved ones. However, when financial troubles loom over them, it’s our duty as responsible employers to take notice.

So, here’s the burning question: is your trusted maid out there, hunting for financial aid from money lenders? It’s a big deal, and we need to dive right in to find out more.

Get ready as we dissect the world of money lending, separating the wheat from the chaff. We’re on a mission to safeguard our maids and ensure they have access to secure borrowing options. Are you ready? Then let’s dive right in!

Grasping the Distinction Between Licensed and Unlicensed Money Lenders 

When your domestic helper needs to borrow money, it’s crucial to grasp the difference between licensed and unlicensed money lenders. Licensed money lenders are official financial institutions authorized by the government to provide loans. They prioritize fairness and transparency. 

On the other hand, unlicensed lenders operate unlawfully, often resorting to exploitative tactics that burden borrowers with sky-high interest rates and hidden fees. To help you understand the contrast, here’s a handy table:

AspectLicensed Money LenderUnlicensed Money Lender
AgreementCharges a processing fee of up to 10% of the loan amount, only upon loan approvalDoes not furnish a written contract or explain its terms
Interest RateCan only levy up to 4%Imposes rates exceeding 4%
Processing FeeCharges a processing fee up to 10% of the loan amount, only upon loan approvalDemands an upfront processing fee for loan approval
AdvertisementSolely advertises through directories, their own website, and at their physical premisesEngages in advertising through alternative avenues like flyers, SMSes, WhatsApp messages, and emails
Loan AmountAllows borrowing of up to S$500 for individuals earning an annual income below S$10,000 (for foreigners)Extends loan amounts surpassing

Verifying if a Money Lender is Licensed

When your maid intends to borrow money from a moneylender, it becomes crucial to determine whether the moneylender possesses a valid license. The following are a few dependable methods to confirm the legitimacy of a moneylender:

Check with Government Authorities

The Ministry of Law in Singapore is in charge of licensing and regulating money lenders. You can get in touch with them or visit their website to find out if a specific moneylender is licensed. They have this List of Licensed Moneylenders in Singapore that shows the licensed moneylenders’ business names, addresses, license numbers, landline numbers, and website addresses. Just make sure the moneylender’s name is on that official registry.

Use Online Platforms and Resources

There are plenty of online platforms that provide information and reviews about licensed moneylenders in Singapore. These platforms have user ratings, feedback, and recommendations, which can help you assess the credibility and reputation of a moneylender. Remember to check multiple sources and verify the information for accuracy.

Get Recommendations from Trusted Sources

Talk to people you trust, like your friends, family, or financial advisors, who might have dealt with licensed moneylenders before. Their recommendations can give you valuable insights and help you make a well-informed decision.

Spotting Signs of Unlicensed Money Lenders

It’s crucial to be on the lookout for warning signs that your maid might be dealing with unlicensed money lenders. By recognizing these indicators, you can protect her from potential exploitation. Here are some telltale signs that can help you identify unlicensed money lenders:

Sky-High Interest Rates and Hidden Fees

Unlicensed money lenders often impose outrageous interest rates and additional charges on borrowers. If your maid’s loan agreement includes exceptionally high-interest rates or unjustifiable fees, it could be a warning sign of dealing with an unlicensed money lender. Keep in mind that licensed moneylenders can only charge a maximum of 4% interest per month.

Lack of Transparency and Missing Documentation

Licensed money lenders are required to provide borrowers with clear loan agreements that lay out all the terms and conditions. However, unlicensed money lenders often operate in secrecy and may not provide proper documentation. If your maid can’t produce any legitimate loan documents or the ones she has lack transparency, it’s a possible indication of involvement with an unlicensed money lender.

Unprofessional or Unorthodox Lending Practices

Unlicensed money lenders may resort to unprofessional or unconventional tactics to lure in borrowers. These can include aggressive marketing, unsolicited SMS messages, or instant loan approvals without proper verification. If your maid has encountered any of these practices, it’s a clear sign that she’s dealing with an unlicensed money lender.

Lack of a Physical Office or Legitimate Contact Information

Licensed money lenders operate from registered offices and provide legitimate contact information. On the other hand, unlicensed money lenders may not have a physical presence at all or only offer mobile numbers or untraceable contact details. If you’re unable to reach your maid’s money lender through official channels or if they solely operate through mobile or online platforms, it raises suspicions about their legitimacy.

Taking Action if Your Maid is Dealing with an Unlicensed Money Lender

If you find out that your maid is tangled up with an unlicensed money lender, it’s super important to take swift action to safeguard her well-being. Here’s a rundown of steps you can take to handle the situation:

Encourage Honest Talks and Get the Full Picture 

Start off by having a heart-to-heart with your maid. Show her understanding and create a safe space where she feels comfortable opening up. Try to grasp the reasons behind her borrowing and any difficulties she’s facing. By building trust and offering support, you can work together to find a way out.

Reach Out to the Authorities 

If you’re being bombarded with threatening text messages or videos, here’s what you should do. Reach out to the police pronto by dialing the emergency hotline “999” or using i-Witness. You can also contact the National Crime Prevention Council’s X-Ah Long hotline at 1800-924-5564. Report the number as “Spam” and block it using a spam filter app that’s easily available.


Taking care of your maid’s financial well-being is essential as an employer in Singapore. It’s crucial to protect her from unlicensed money lenders and ensure her financial security. By recognizing the signs of borrowing from such lenders and guiding her to borrow from a licensed moneylender, you can provide the support she deserves.

For hassle-free and trustworthy financial assistance, look no further than Accredit Moneylender. As one of Singapore’s top licensed moneylenders, they are committed to helping your maid. Make the right choice and prioritize your maid’s financial stability with Accredit Moneylender today.

Accredit Pte Limited has 4 locations island-wide, to bring our transparent services closer to you.


Tampines Branch
(+65 6226 2662)
Yishun Branch
(+65 6219 2662)
Hougang Branch
(+65 6245 2662)
Clementi Branch
(+65 6261 2662)

Accredit @ Yishun

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Operating Hours:
Mon to Fri  : 10am – 8pm
Sat and Sun: 10am – 5pm

Accredit @ Tampines

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Operating Hours:
Mon to Fri  : 10am – 8pm
Sat and Sun: 10am – 5pm

Accredit @ Hougang

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Operating Hours:
Mon to Fri  : 10am – 8pm
Sat and Sun: 10am – 5pm

Accredit @ Clementi

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Mon to Fri  : 10am – 8pm
Sat and Sun: 10am – 5pm