There are many money lenders in Singapore. It can be tiring looking for best licensed money lender Singapore especially for first timer because how will you know a top money lender in Singapore when you have never taken a loan before? The mass launch of companies in this category makes it difficult to determine which the best among them is. It is a fact that not all of the money lenders will be super reliable with excellent services as many of them can be so disappointing due to their incriminating and vogue policies made to implicate the lendes. You will not want to borrow money from an average or unlicensed money lender which will get you frustrated in the end.
This is why it’s important you carefully research the money lenders before choosing. It is advised you go for the one that is licensed by the local authorities and has good reviews and reputation since they can easily be tracked down and slammed with lawsuits when they go against the law that licensed them. So, if you are looking for the best money lender in Singapore, this article has you covered.
We would be review the top 10 best money lenders in Singapore. These are legitimate loan companies for bad credit which anyone even with bad credit can apply for. So if you are looking for the best licensed money lender Singapore, let us get it started.
Top 10 Best Money Lenders In Singapore
Here are the 10 best money lenders in Singapore that are fully licensed and have the reputation of being reliable and easy to access in Singapore.
1. Fortune Credit
Fortune Credit is the best money lender in Singapore when it comes to a financial agency that offers efficient, friendly, and comfortable borrowing options and experiences.
Its licensed number is 34/2023, and it is widely known as the best-licensed money lender Singapore for unsecured loans, such as foreigner loans in the Bugis area in Singapore.
Since 2010, Fortune Credit has been respected for the flexible and friendly borrowing experiences it gives to its customers. They are known as one of the best loan advisors that understand their clients and offer them customized repayment plans to align with their financial needs and strengths.
2. A1 Credit
This is one of the top licensed money lenders Singapore with the licensed number 20/2023. From 2011 to date, AI Credit has been recognized and awarded for its excellent honors, achievements, and reviews.
As a top money lender Singapore, its customer service is top-notch and of a different level. They give their clients a listening ear and draft loan contracts that perfectly suits their short-term personal loan need.
Also, it is one of the best legitimate loan companies for bad credit, as it guarantees all customers even those with bad credit or financial history instant financing to help them meet their needs as soon as possible.
3. Fullerton Credit
Fullerton Credit, also called GM Creditz is the best money lender in Singapore City Hall since 2009. With the tagline “borrowing money made easy,” the platform offers one of the best, affordable, hassle-free, and fast loans customized to meet individual needs.
Fullerton Credit has been in the financial industry for 12 years and has established a reputation as a professional customer-oriented and efficient money lender.
4. 365 Credit Solutions
With the licensed number 19/2023, 365 Credit Solutions is the best money lender in Singapore when it comes to providing easy loans for individuals with low credit scores who have a constant steady income inflow.
Since 2010, 365 Credit Solutions has provided loan services for Singaporeans and foreigner alike. It maintains an unparalleled customer-centric approach that is patient, friendly, and helpful.
Their loan options come with the possible lowest interest rates. The options include business loans, bridging loans, personal loans, payday loans, business loans, and foreigner loans. Additionally, they make deliberate efforts to educate their customers on the loan terms and charges associated with the loan.
5. SME Care
This is a top money lender Singapore that specializes in providing loans for Small and Medium Enterprises. Also, it offers excellent funding options for business owners.
It was established in 2009 with license number 114/2021 and has since developed potent working relationships with SMEs across various industries such as retail, construction, shipping, and more. Additionally, they are known for their instant credit approval time.
6. Raffles Credit
Known as the best-licensed money lender Singapore for instant loan approval and disbursement, Raffles Credit is a top money lender to interact with. Its processing is so fast that you can get your payday loans and personal loans within an hour. The good part is that their repayment plan is convenient and affordable.
It was founded in 2011 with the licensed number 55/2023 and has since been recognized for its professional and excellent customer care service. Raffles Credit aims for a world where all individuals have easy access to financial help to meet their needs anywhere and anytime.
7. Bugis Credit
Bugis Credit is a top-notch well-recognized financial institution that provides excellent and fast borrowing experiences to its clients. Since 2007, Bugis Credit has successfully built a reputation as the best money lender in Singapore regarding customized loans.
It has the licensed number 27/2023 and offers an array of loan services that cover foreigner loans, monthly loans, payday loans, personal loans, and business loans. They are one of the best loan providers you can count on anytime.
8. S G Credit
Founded in 2009 with a licensed number 94/2022, G Credit has over 10 years of experience in the money lending industry. Their loans are flexible and super affordable, and their clients can choose from the list of loan services that include business loans, personal loans, and foreigner loans.
One unique thing about their loan provider is that they provide a loan that is within their client’s capacity to pay, so your creditworthiness is calculated first before your loan is disbursed.
9. Motor-way Credit
Motorway Credit with the licensed number 120/2021 is the top pre-owned dealer of sports, luxury, and exotic cars in Singapore. Additionally, it offers money lending services.
Since 1992, they have been offering loan solutions to their customers. You can easily get business and personal loans that align with your needs and repayment capacity at Motory-Way.
Additionally, they offer unparalleled services and quality products to their customers and this has kept them in the business.
10. Prime Motor
Prime Motors is a top money lender Singapore with the licensed number 126/2021. However, it is a top Parallel Importer/Retailer car dealer with a financing arm that offers attractive and instant in-house financing. Additionally, it offers instant car loans, which you can easily apply for and get processed swiftly.
Prime Motor offers financing for up to 8 years, and their approval rate is up to 95%, which means you have a better chance of getting help under this scheme.
Licensed Money Lender Singapore Interest Rate
From the top Licensed money lenders Singapore interest rate is a maximum of 4% per month. No licensed money lender in Singapore charges higher than 4%. This 4% is regardless of the nature of the loan or your income. Some illegal loan companies in Singapore might charge higher than that and you should avoid them or report them to the local authorities for proper investigation.
Legitimate Loan Companies for Bad Credit
There are legitimate companies for bad credit in Singapore. One of the major ones is HSBC. HSBC offers personal loans at one of the most affordable rates from 6% to individuals with bad credit or those who are unable to secure loans from the banks. Unlike banks that offer loans for 1 to 5 years, HSBC offers loans for up to 7 years,
Another example of legitimate loan companies for bad credit is Lendela. This platform allows individuals with bad credit to have access to the best type of personal loan. The income requirement in Lendela is very low. With a monthly income of S$1,200 per month, you can apply and get approved.
Also, if you have a bad credit score and need an urgent personal loan, you can access a personal loan from POSB and DBS as they offer instant loans to their personal line of credit and credit card customers. The good thing about them is that their loans are the cheapest in Singapore with a starting rate of 2.88%. However, for individuals who earn less than S$30,000 annually, the interest rate is higher and is usually an 11% flat rate, 20.01% EIR.
How to Check if a Loan Company is Legitimate
Checking the legitimacy of a loan company is crucial to protect yourself from potential scams or fraudulent activities. Here are some steps you can take to determine if a loan company is legitimate or not in Singapore.
1. Verify the Company’s Registration
Check if the loan company is registered and licensed to operate in your state or country. You can typically find this information on the company’s website or by contacting your local government agency responsible for regulating financial institutions.
Some countries also have a repository of all registered companies categorized by states or categories. You might want to check them out one after the other to see if the company is truly registered with any regulatory body. Use the name to search or use the licensing number to check if they have one boldly written on their website.
2. Research the Company
Look for information about the company online. Search for customer reviews and ratings on websites like the Better Business Bureau, Trustpilot, or Consumer Financial Protection Bureau (CFPB). Be cautious if you find numerous complaints or negative reviews. Also, find out if they have been featured on any blog or press release on external websites that links to their websites. Sometimes, bloggers can be the best researchers you can rely on for your vetting.
3. Contact Information:
Legitimate loan companies should have a physical address and contact information, such as a phone number and email address. Verify this information and check if it matches the details provided on their website.
4. Website and Online Presence
Examine the company’s website. Legitimate companies typically have professionally designed websites with clear and detailed information about their services, terms, and conditions. Be wary of websites with spelling errors, poor design, or missing information.
5. Check for Red Flags
Look for warning signs such as upfront fees, unsecured websites (look for “https” in the URL), and promises of guaranteed approvals without a credit check. Scammers often use these tactics.
6. Loan Terms and Conditions
Review the loan terms and conditions carefully. Legitimate companies will provide clear, transparent information about interest rates, fees, repayment terms, and any penalties for late payments.
7. Verify Identity
If the company claims to have affiliations with well-known financial institutions or organizations, verify these claims independently. Some scammers use false endorsements to appear legitimate.
8. Check for Licensing and Accreditation
Legitimate loan companies are accredited or licensed by a regulatory authority. Verify if the company holds the necessary licenses or accreditations. Always look out for their license number.
There is no one best money lender in Singapore. The above-listed 10 are all good, licensed, and reliable. They all have their peculiarities. Carefully go through them and choose which is the best for you and most convenient to interact with.