There are times in our lives when we are short of money. If you’ve experienced this, you may have found a 24-hour money lender providing a quick cash loan on Google.

Whether it’s for medical bills, car repair or to fulfil your money needs, getting a fast cash loan is ideal. However, you might be asking if there is a legitimate 24-hour money lender in Singapore. In this article, we will discuss what you need to know about it.

What a Licensed Money lender in Singapore Can Offer?

In Singapore, the Registry of Money Lenders – Ministry of Law regulates and approves the list of licensed money lenders. Each month, they provide a list of licensed money lenders.

So, what can they offer?

Licensed money lenders in Singapore provide various types of loans. These loans include personal loans and business loans to Singaporeans, PRs, and foreigners. They are also known to be the providers of urgent cash loans. Unlike banks, they can approve loans within the day and they have less stringent requirements.

How does an Urgent Cash Loan Work?

An urgent cash loan or an instant loan is a type of loan in Singapore that works like a personal loan. Granting of loans happened after an approved application.

Since this works like a personal loan, you may use your instant cash loan for any purpose that you want. Applying for this type of loan is much easier since it is an unsecured loan so there is no need to provide collateral such as your house, car, jewellery, or valuable property.

While some money lenders can get your loan approved within minutes, some lenders may take days to process your application.

24 hours money lender

Urgent loans can help you pay for the following:

  • Medical bills
  • Car Repairs
  • Monthly Bills
  • Debt Consolidation
  • Home Repairs
  • Other Urgent Needs for Money

In your search for an instant loan, you might be looking for a 24 hours money lender in Singapore. So, you have to read the next lines to uncover the truth behind a 24-hour licensed money lender.

Is there a Licensed 24 Hours Money Lenders in Singapore?

The truth is there are no 24-hour licensed money lenders in Singapore. When you need to borrow money after office hours, what you can do is visit the money lender’s website since it works 24/7 to cater to your loan needs.

You may be wondering: What if you see a 24-hour money lender saying that they can provide you with the money? The sad thing is that this may be an illegal money lender.

Registry of Moneylenders-Ministry of Law states that you must meet the lender at their registered business address to get the money. If the money lender promised to send the money to your bank account within the day, it means it’s an illegal lender.

If you want to apply for a personal loan, you may also use the EasyFind loan matching platform. This platform is also available 24/7 and it’s so easy to use. EasyFind can help you find the right match for a legal money lender in a matter of minutes.

Is there any Licensed Money Lender Open on Sunday?

Aside from 24 hours money lenders Singapore, you may be asking if there are any licensed money lenders open on Sunday. Instead of finding a lender that opens on Sunday, you may take advantage of using an online application form. This way, you don’t have to line up anymore to file your application. You just need to come to their office to collect your loan money.

Another easy option that you can also do is to use the loan matching platform of EasyFind. No need to go over 150 licensed money lenders in Singapore. Within a few clicks in a matter of minutes, we can help you find the right match.

How to Know if You are dealing with a Legal Money Lender?

When you can verify a money lender’s name from the list provided by the Ministry of Law, that means that it is a legitimate business. You may also check the list of licensed money lenders.

Remember that money lenders are not allowed to solicit loans via text messages, social media messaging platforms, or even phone calls. They are also only allowed to advertise on the following:

  • Business Directories on online media or print
  • On their indicated website address within the list of licensed money lenders
  • Advertisements placed within their office premises either within the exterior or inside their offices

If you have found a 24-hour money lender in Singapore that advertises beyond the way stated above, they are likely unlicensed.

Prohibited Practices for a Licensed Money Lender

Here are the prohibited practices an illegitimate 24-hour money lender in Singapore may do:

  • Use of threatening or abusive language
  • Persistent to get your SingPass ID or password
  • Not returning your NRIC card, personal IDs, and documents like your ATM cards
  • Asking you to sign a blank or an incomplete Note of Contract
  • Granting you the loan without a full explanation of the terms and conditions
  • Not providing you with a copy of your loan contract
  • Not following the loan process e.g. will just approve your application via text message by not looking into your loan application
  • Withhold any part of your loan money without providing a clear explanation

If you have experience with either one of the mentioned above, please report them. You may also read our Important Notes to Borrowers before applying for a loan.

A licensed money lender is only allowed to charge up to a maximum of 4% for the monthly interest rate. The same rate applies for late interest. You must also be aware that there’s a limit on the loan amount that you can borrow.

Annual Income Singaporeans/PRForeigners Residing in Singapore
Less than $10,000 $3,000$500
At least $10,000
and less than $20,000
$3,000$3,000
At least $20,000 6x monthly income 6x monthly income
Source: Ministry of Law

To further discover more differences between licensed moneylenders and illegal lenders, check our article here.

How to Avoid Ending Up with an Unlicensed Money Lender?

When you need an urgent loan from a 24-hour money lender in Singapore, it is vital to find a safer option. Here are some tips on how to avoid ending up with an unlicensed money lender.

Apply for an Online Loan Using a Licensed Moneylender Form

As stated above, licensed lenders are now providing an online application form on their website. However, illegal money lenders are now posing as licensed lenders, with some using the logo of the licensed money lender and even their name.

One thing that you can do to avoid ending up on a fake website is to verify the website address on a list provided by the Registry of Money Lenders. When you are searching for a licensed money lender on search engines, do not trust the money lenders that use ads since this is not allowed.

Face to Face Verification is Essential

Another key to making sure that you don’t end up with an unlicensed money lender is through following a proper loan disbursement process. You need to go down to the office of a licensed money lender before granting the loan. They need to verify your identity and also they need to explain to you the terms of the Note of Contract. Moreover, they need to give you a copy of that contract. Keep in mind that the office address must be the same address indicated in the list of licensed money lenders by the Ministry of Law.

If you see a money lender claiming that there is no need for face-to-face verification, stay away. Never apply for a loan from a loan shark.

Follows the Regulation on Interest Rates and Fees

Loan sharks or unlicensed 24-hour money lender establishments in Singapore may ask for upfront fees or admin fees for your loan to process. They may also ask for another fee before your loan disbursement.

A legal money lender in Singapore will only ask for the following:

  • When granting a loan, a fee not exceeding 10% of the principal loan.
  • For each month of late repayment, you must only pay a fee not exceeding $60.
  • In addition, fees may include legal costs asked by the court for each successful claim by a licensed money lender.
  • When it comes to interest rates, the maximum they can charge must not exceed 4% per month. That’s also the same rate that applies each month you have a late repayment.

If you have met a lender offering higher interest rates and fees – you are surely facing an illegal money lender.

Believe Only in the Legal Advertising Channels of a Licensed Money Lender

As mentioned earlier, licensed money lenders are only allowed to advertise on 3 channels. These channels include business directories, their website, and within their business premises. If you have seen advertisements beyond these, don’t believe in them.

For example, if someone sends you an SMS, a message on WhatsApp, an email, or flyers, do not entertain it. These are the recently known ways illegal money lenders use to lure borrowers in Singapore.

If a money lender is advertising beyond the standard advertising means, you have to report these illegal lenders.

To avoid ending up in huge trouble, you need to stay away from illegal money lenders and never fall into their trap. Borrow money only from a licensed money lender in Singapore. These money lenders are strictly regulated under the law. Also, they operate according to the Moneylender’s Act.

How to Find a Reliable Licensed Money Lender?

Looking for a reliable licensed money lender is better than finding a 24-hour money lender in Singapore. After all, you don’t want to end up getting in huge trouble.

Here are some tips on how to find a reliable licensed money lender in Singapore:

Engage only with a licensed money lender with an outstanding reputation

One of the main considerations when looking for a licensed money lender is to make sure they have a licence. Licensed money lenders are strictly regulated by the Ministry of Law. Engage only with lenders recognised by the law.

Another thing that you must consider, they need to have a clean record. You may read the reviews online and check the number of years they are operating. The longer they exist in this industry, the better.

Offers Low-Interest Rates of Not More Than 4% and no hidden fees.

Find a money lender that follows the standard regulation in interest rates. Interest rates must not be more than 4% monthly interest rate.

Offers Flexibility in Loan Repayments

A good money lender can give you a custom repayment schedule that meets your financial capability. It’s not bad to take a loan, but it must not give you a burden in the long term. An ideal money lender can help you get out of your financial struggles.

How to File Complaints against Prohibited Practices

If you meet a licensed money lender doing any of the following prohibited practices below, do not hesitate to file a complaint against them.

  • Providing false information
  • Exhibits unfair moneylending practices
  • Money-collecting practices against the law
  • Providing a short-term loan which is less than a month
  • Asking you to sign a blank document or an incomplete contract
  • Violating the rules and regulations set by the Registry of Moneylender -Ministry of Law

Based on Singapore’s Moneylending Act, you have the right to know the right information about the contract. You must fully understand the terms in the language that you know.

You may report these lenders at Singapore’s Registry of Moneylenders at 1800-2255-529 or via their website.

The Bottom Line

The concept of a 24-hour money lender in Singapore may seem appealing to those in urgent need of financial assistance. However, it’s important to understand that while the idea of round-the-clock access to loans is attractive, there are no licensed money lenders in Singapore that operate physically 24 hours a day. That said, many licensed money lenders have adapted to the digital age by offering online platforms that are accessible 24/7. These websites allow potential borrowers to apply for loans at any time, providing a convenient solution for urgent financial needs outside of traditional operating hours.

if you are in need of a loan in Singapore, EasyFind can assist you in finding the right financial product to meet your needs. Whether for personal, business, or other specific purposes, EasyFind streamlines the loan process.

Published On: May 7th, 2024

Share This Story:

Subscribe to our eNewsletter:

Get A Personal Loan Now!

Thank you for your interest! As much as we want to extend our help, the loan offers are NOT available for foreigners in Singapore for the time being.

Please come back and check it out again in the future.

Terms and Conditions

Only 21 years old and above is eligible for loan application.

To preserve the confidentiality of all information you provide to us we maintain the following Privacy Principles.

By clicking "Submit" and providing your personal data, you consent to our loan providers contacting you via the telephone and email and permitting to do a search on the Credit Association Singapore (CAS) web portal for the loan application purpose.

We only collect personal information that we believe to be relevant and required to understand your financial needs.

We will only use any information collected as minimally as possible, mainly to assist us in customising and delivering loan packages that are of interest to our customers.

We will not make unsolicited requests for customer information through email or the telephone, unless customers initiate contact with us.

We have established strict confidentiality standards for safeguarding information on our customers.

Our loan providers will not use or disclose information collected from you other than for the purpose made known to you, authorised by you or required by the Law.

Recent Articles

Topics