Licensed Moneylender Personal Loans: How to Apply

Are you itching to get your hands on a personal loan from a licensed moneylender? Well, hold on tight because we’ve got the insider scoop on the steps you need to take.

But listen up, potential borrowers! If this is your first rodeo into the world of loan applications, then you’ve hit the jackpot. Stick around as we school you on everything you need to know about personal loans. 

What is a licensed moneylender?

A licensed moneylender stands as a beacon of hope for those seeking financial assistance, offering an alternative to traditional banks. With loans accompanied by interest and fees, these lenders operate under the watchful eye of the Ministry of Law, ensuring a safe and efficient service. 

But the true gem of this lending solution lies in its swift approval process and speedy cash disbursement. For those in need of a loan with haste, licensed moneylenders present an attractive option.

Who is eligible to borrow money from a licensed moneylender?

Personal loans from moneylenders are available to people with low incomes and poor credit. Also, they may be able to get a loan if they meet the following requirements below:

  • Age: 21 to 65 years 
  • Minimum annual income for Singaporeans and PRs: Less than S$10,000
  • Minimum annual income for foreigners: Less than S$10,000
  • Pass Type: E-Pass (for foreigners)

Personal loans details offered by licensed moneylenders in Singapore

Borrower’s annual incomeSingaporeans and PRsForeigners residing in SingaporeLoan TermInterest Rate Processing Fee
Less than S$10,000S$3,000S$50012 Months Up to 4% per month10% of the principal amount
Between $10,000 to $20,000S$3,000S$3,00012 Months Up to 4% per month10% of the principal amount
Greater than $20,0006 times the monthly income6 times the monthly income12 Months Up to 4% per month10% of the principal amount

Personal Loan Terms

  • Loan Amount: It is the amount of money you want to borrow from a lender. It must be within your monthly salary to repay the loan on time and in full. 
  • Loan Term: It is also called “loan tenure.” It indicates how long you have to pay back the money to the lender. 
  • Interest rate: The interest rate can show you the cost of borrowing money from a lending institution. It is usually seen as a percentage of the principal amount. 
  • Processing fees: It is also called administrative fees, which you have to pay so that your loan application can process by the lender.

How much can licensed moneylenders charge in interest and fees?

Under the Moneylenders Act, licensed moneylenders are required to maintain their interest rates and fees within the set limit. The charges are limited below:

  • Interest rate: Maximum at 4%
  • Late interest rate: Maximum at 4%
  • Late penalty: Cap at S$60 per month of late payments 
  • Administrative fees: Cap at 10% of the principal loan amount

What are the documents to prepare for getting a loan from a licensed moneylender?

Personal information of a borrower

You must provide your personal information when filling out the loan application form. This includes the following:

  • Full name
  • Date of birth
  • Personal identification number
  • Nationality
  • Residential address
  • Email address
  • Contact number
  • Loan amount

Supporting Documents

You also have to prepare the required documents when applying for a loan. Although, there are different sets of paperwork needed between Singaporeans/PRs and foreigners. Here is the list of it.

  • Three months of income proof
  • Utility Bills
  • Other Payslips
  • Income Tax Statements

Singapore Citizens and Permanent Residents

  • Identity card
  • Proof of employment
  • Proof of residence

Foreigners residing in Singapore

  • Passport
  • Work permit
  • Proof of residence
  • Proof of income and employment
  • Employment Letter

How to get a loan from a licensed moneylender in Singapore?

Step 1: Look for a licensed moneylender
The first thing you should do is look for a licensed moneylender that offers the best personal loan. To do this, you have to visit at least five different lenders. And compare their offers focusing on the interest rate, loan term, fees, etc. 

Step 2: Submit a loan application 
Having identified a lender that fits the bill, the next logical step is to get your loan application rolling. The process is very simple and can be done either in person at their physical location or virtually through their official website.

Step 3: Visit the moneylender’s office
Assuming your loan application receives the green light, it’s time to head over to your lender’s physical location. Once there, the lender will perform an in-depth analysis of your financial situation and customize a loan package that aligns with your fiscal capabilities.

Step 4: Sign the loan contract
You might expect to get a loan agreement from your lender that details the specifics of your loan. It is crucial that you read it thoroughly before signing, as it holds you legally accountable for the loan. 

Step 5: Get the requested funds
Upon completion of the contract, you can expect to receive the requested loan amount without delay, giving you the financial freedom to utilize the funds as you see fit.


For those with low income and a subpar credit score, seeking help from licensed moneylenders in Singapore can be a reasonable choice. The speedy approval process and prompt cash disbursement make licensed moneylenders an enticing alternative. 

Nevertheless, selecting a licensed moneylender that provides a personal loan package suitable for your financial situation is critical. Before signing the loan agreement, you must comprehend the loan terms, interest rates, processing fees, and repayment conditions. As with any financial product, adopting responsible borrowing habits is paramount to avoid falling into a cycle of debt.

Accredit Moneylender: The Top Choice for Reliable Personal Loans

When searching for a reliable and trustworthy personal loan provider, look no further than Accredit Moneylender, the best-licensed moneylender in Singapore. With over 17 years of experience and a reputation for dependability, Accredit has successfully completed over 200K cases, leaving a trail of happy clients. Its impressive track record is reflected in its top ratings and 5-star reviews on Google. 

Don’t waste your time looking elsewhere for your financial needs, choose 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

Google Reviews

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

Accredit @ Tampines

Google Reviews

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

Accredit @ Hougang

Google Reviews

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

Accredit @ Clementi

Google Reviews

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