Dumb Little Man

5 Best Licensed Money Lender in Singapore 2023

Dumb Little Man

Many people have become scared and weary of money lending. This is because it is often confused with having to deal with loan sharks. Money lending is rather straightforward when you go through the right channels. A legal money lender, unlike a loan shark, would not commit you to a money lending agreement that could be detrimental at a later time. Top licensed money lenders ensure the loan application process proceeds with due diligence, ensure you are registered for the right loan type, consider your monthly income, other important detail and that you only pay back with reasonable interest rates.

 

Best Licensed Money Lenders in Singapore
Photo: thenewsgod

It is one thing knowing to choose only licensed money lenders in Singapore, but a different ball game knowing which are considered the best of the lot. This necessitated this post and encouraged me to compile the best of the best. Companies that are guaranteed to swing to your help regardless of whatever financial emergencies you might need to be resolved.

 

Photo: mainenewsonline

The below-listed companies are your go-to for financial assistance and to have all financial difficulties resolved. They offer different types of loans, from personal loans to payday loans, bridging loans, and also foreign loans.

Here are the 5 best-licensed money lenders in Singapore 2023

  1. Singa Credit Licensed Money Lender
  2. CreditMaster
  3. Horison Credit
  4. Credit Thirty3
  5. 365 Credit Solutions

5 Best Licensed Money Lenders in Singapore 2023

1. Singa Credit Licensed Money Lender

 

Contact Information

Website: https://singacredit.com/

Contact number: 66946166

Email: info@singacredit.com

Overview

When looking to take a line of credit, you want to make sure the credit company knows what they are doing and that they can tailor your loan to effectively handle your wants and needs. It does not get any better than the Singa Credit, and testament to its quality and experience is its Chairman being the current president of the Credit Association of Singapore (CAS).

Asides from the chairman being president of CAS, Singa Credit has been in operation since 1992 and has amassed a wealth of experience, connections and know-how that ensures you get a deal that is just right for you and your situation.

There is a tonne of loan options for you to take out. They are as follows:

What makes the company stand out is that they do not only have several options for you to choose from, you can also pay back your loan in predetermined installments or lump sum at an ATM deposit, through an online transfer to any of their local banks and cash at any of its physical branches.

Accreditation

One of two things usually happens when you try to take a new line of credit. You either run into overly strict regulations that do not give you enough freedom or take into account why you need the loan. The other is too much freedom that it becomes shady with excessive rates that make repayment near impossible.

Not with Singa Credit.

Here, due diligence is just enough to ensure you are good for the loan and free enough for you to determine what you’d consider being in your best interests. All you need to be eligible to take out a loan is for you to be at least 18 years of age, not facing any bankruptcy charge, permanently employed, a work permit for foreigners, or relevant documents if you are self-employed.

If you qualify, you can obtain up to $3000 if you earn up to $20,000 and up to 6 times your monthly salary if you earn above $20,000.

Unlike other legitimate money lending organizations, Singa Credit aims to put you first. The company understands that there might be times where you would have outstanding debt and would still need credit, and is willing to lend out money under such or similar conditions. It changes little if your credit rating is low, you are still afforded a haven at Singa Credit and you do not need a guarantor if you would rather keep your affairs private.

Interest rates

The interest rates are easily spelt out. There are only 5 fees you need to concern yourself with as far as repayment of the loan is concerned. The first is a maximum of $60 for every month the payment is late, a 10% fee on the principal loan amount, 3.92% for interest & late interest respectively. Lastly, any legal costs the company would incur upon successfully reclaiming the loan if the time exceeds as specified in the loan contract.

Perks/Other features

Singa cares: Two things struck me when I inquired about the Singa Cares feature. Particularly the choice of words, in the description, it was regarded as more than a service but a pledge, and that “we care.” Those are not the type of words we have come to expect from money lenders, the narrative is usually how they are trying to scheme you off your loot but you can see this is NOT the case here because Singa Cares.

There is no moral obligation to care and to look out for you or your affairs, but the company has gone out of its way and pocket to ensure you get an experience that does not just solve your current financial problems but sets you up in a way that you are never in this position ever again.

You are paired up with a team that forensically analyzes your financial situations, points out flaws you might have missed, gives advice on how to navigate the murky waters and how best to put this behind you. This way you avoid having to repay even bigger debts in the future, why?

Because Singa Cares.

Blog feature: The blog feature on the Singa Credit website is just what the doctor ordered. This is a free resource to continually orient you as you move through the world making financial decisions. It educates you on how to keep your wallet fat and expenses down, and all you need to know about taking out loans from a money lender.

2. CreditMaster

 

Overview

CreditMaster is one of the names that would quickly come off anyone’s lips the moment you inquire about licensed money lenders in Singapore for a quick cash loan. The loan applications are very easy and after filling out a simple form, you would be on your way to some form of financial relief. What makes this company stand out is the number of loan options they have on offer for both locals and foreigners. These loan options are listed below:

The sheer number of loan options is one of the many reasons to do business with CreditMaster before considering most other money lenders in Singapore. It is not just about having several packages, but they have really thought out packages that are designed to be instant solutions to problems across all spheres of life.

CreditMaster was founded with one sole aim, the continuous search and provision of financial aid for well to do individuals that might be finding it hard to take loans from traditional institutions like banks due to no fault of theirs. This company comes in especially handy for individuals that could consider a typical loan contract and application cumbersome, here, you are guided every step of the way to make informed, personalized decisions.

As soon as everything checks out, the money is immediately disbursed as agreed so you can get to use the money as soon it is needed. You are also afforded a repayment plan or scheme that makes it a lot easier to pay back the principal loan with the interest agreed. It is important to note that you are not alone even after you have taken the loan, the company has in its employ expert finance advisers ready at the phone to give you advice on how best to utilize your newfound line of credit.

Accreditation

Eligibility for a loan contract has never been easier. Before you fill out the form, you need to ensure you are a citizen or resident in Singapore or a foreigner with an employment pass or passport at least age 21. It is crucial that you are not facing any bankruptcy charge, that you are permanently employed, hold a valid work permit or valid documentation if you are self-employed.

If you have the necessary documentation, the next thing to consider is whether you would be taking secured loans or unsecured loans. There is no limit to the principal loan if you are taking out a secured loan. Unsecured personal loans on the other hand have the extent of the principal loan contract determined by where you reside, nationality and annual salary.

Singapore citizens or permanent residents foreigners residing in Singapore can take out loans of no more than $20,000 if they have an annual income of at least $3000. This class of people also have the option to take a loan up to six times their monthly income if their annual income is upwards of $20,000.

Foreigners residing in Singapore on the other hand have the option to take a $500 if they have an annual income of less than $10,000, a loan of about $3000 if they have an annual income of more than $10,000 and less than $20,000 and loans up to six times their monthly income if their annual income is upwards $20,000.

Interest rates

The interest rate on your loans are capped at 4% monthly and can not exceed this rate. It stays the same whether you take out a secured or an unsecured loan. This makes it relatively easy to pay up your loan amount with the interest accrued. In the event that a borrower fails to repay the money as specified in the loan application, this licensed money lender would continue to charge 4% interest on the amount to be balanced until fully paid.

Perks/Other features

Several loan types: One feature that makes CreditMaster one of the more popular licensed money lenders in Singapore is the number of loan options available. Here you would not need to settle as you can get the best choice for yourself, family or business right off the bat. Once you speak with a representative, rest assured that they would not stop until they find what you consider perfect for you.

News/Articles: It can be a lot to consider when taking out a loan or after you have taken the loan. People that find themselves need a resource to orient their decision making to enable them to pay the loans on time and use the money as planned. There are many such resources that litter the internet but very rarely do you find any with so much depth, and verified information as you will find on the CreditMaster website, for free too!

3. Horison Credit

Overview

Horison Credit is relatively new to the Singapore credit business but what they lack in experience they make up for in efficiency and cutting edge. The answer is already in the name, they took an already important industry to much better, higher horizons. This was achieved because they always put their customers first and because they were able to carefully analyze the industry, carve out the problem, figure out the solutions and dish it out better than anyone else has ever done before them.

This company is one of the top licensed money lenders in Singapore, and it is evident in the number of loan options they have to offer their potential customers. These loan options include:

At Horison Credit, you do not get to settle for the closest option but the best possible option for you. The company understands how difficult it can be sifting through vague, technical options and they went on to design people-friendly, easy to understand, relatable options that make sense at first glance. This makes your choice of loan that much easier, much more personal and made from intentional, informed decisions.

Accreditation

Before you are eligible for a loan contract, you must satisfy some conditions. Unlike other companies that would require you to jump through hoops, this Horison credit accreditation process is easy to navigate.

For your loan application to be even considered you must be at least 21 years old before anything else. This top licensed money lender would only be able to offer you a line of credit if you are legally obliged to fulfil any contract you open with the company. It means that you have considered where you at as far as business is concerned, financially and all other factors that can aid or make it difficult to honour your arrangement with the company. If all checks out, you are ready to take out credit and the next thing to worry about is how much you can take out.

If you are taking out a secure loan, there is no limit to the loan amount but if your loan is unsecured, how much you are eligible for would be determined by your residence situation and your annual income.

Singapore citizens and permanent residents with an annual income of less than $20,000 can take out a loan of no more than $3,000 or a loan up to six times their monthly income if they earn at least $20,000 annually.

Foreigners residing in Singapore have the same loan options listed above with the added option of being able to take out a loan no more than $500 if they have an annual income of less than $10,000.

Interest rates

The interest rates on all the different loan types are no more than 4% and it remains fixed whether the borrower takes out a secured or unsecured loan. The same rate is applied in the event that the borrower is unable to pay back the money lender, and the rate is applied to whatever is left to pay not just the entire sum.

Perks/Other features

Blog feature: The blog feature has become increasingly important for money lenders as it gives their customers a free resource to understand how best to take out a loan, the common practices and how to stay steadfast to the repayment plan. It is an excellent addition that helps both the borrower and the money lender at no cost to people trying to borrow money.

4. Credit Thirty3

Overview

Credit Thirty3 is one of those few companies that actually put the interests of their customers first. The company is built around a safety policy that protects the identity of its customers trying to take out a loan. It is widely reported that there are many people in cities around the world in need of financial aid but are unable to come forward because of the unwanted publicity that eventually accompanies signing a contract with loan sharks. But at Credit Thirty3, people are guaranteed that whatever happens in Vegas, actually stays in Vegas. They are treated to a host of loan services that are guaranteed to help with whatever financial inconveniences they might be experiencing.

This money lender is your one-stop for any loan service for people living in Singapore. The following are some of the loan options on offer:

Accreditation

Before you are ready to sign a loan contract, you want to first confirm your eligibility. The first box to check is that you must be at least 21 years old for you to take out any type of loan. If you check the box, the next thing is to determine if you would be opting for an unsecured loan or a secured loan. A secured loan means you can take out as much money you need while how much you can draw from an unsecured loan is determined by your residence and your annual salary.

Permanent residents and Singapore citizens can draw two types of unsecured loans. The first one is to a tune no more than $3,000 and this is eligible for people with an annual income of no more than $20,000. The second one allows people to draw up to six times their monthly income if they earn at least $20,000 as their annual income.

Interest rates

The interest rate on any loan, whether secured or unsecured is no more than 4%. This makes the principal loan amount easily payable with the accrued interest. The same rate is applied f the borrower is unable to pay the loan amount and it is only applied to whatever is left to pay.

Perks/Other features

Personal loan calculator: This is one of the most important tools for people looking to take a loan and what makes it most exciting is that it is free. You input information like the interest rate, loan amount and tenure and it would break down your payments into monthly and total allocations.

Blog feature: The blog feature comes in handy for people that are new to using money lending services. It brings them up to speed with all they need to know as far as borrowing money from money lenders is concerned. It teaches them ways to pay back the loan without racking too much interest.

5. 365 Credit Solutions

 

 

Overview

365 Credit Solutions pretty much says it all. A visit here guarantees you a never-ending stream of financial solutions all day, all year. The company was founded with the sole aim of helping society, it has created and continues to create new ways to offer credit to people that are looking to establish themselves, set up businesses, take care of their families and cure one health condition or the other.

365 Credit Solutions was founded in 2010, and the number of positive reviews it has been able to accumulate in a relatively short period is mind-boggling and testament to the unique, client-first experience that makes them one of the best-licensed money lenders in Singapore.

The following are the different loan options this licensed money lender has on offer:

Accreditation

Accreditation informs you about the prerequisites necessary to take out a loan and the first thing is that you must be at least 21 years old. The next thing is considering whether you would be taking out an unsecured loan or a secured loan. Bear in mind that secured loans do not have a cap on the amount you can take out while unsecured loan amounts are determined by your residency and your annual income.

If you are a Singapore citizen or a permanent resident with an annual income of less than $20,000, you can take out a loan of no more than $3,000 with 365 Credit Solutions. If you earn at least $20,000 and above, you can be credited about six times your monthly income.

The above loan options are available for foreigners or expats in Singapore, with the added benefit of being able to take out a loan to the tune of $500 if they earn no more than $3,000 annually.

Interest rates

The interest rate stays the same as the other licensed money lenders on this list. The rate can not be more than 4% and it stays the same when the grace period for you to repay the loan elapses. Whether secured or an unsecured loan, the interest rate can not be more than 4%.

Perks/Other features

Loan calculator: The loan calculator is an excellent feature that allows you to calculate what the interest on your loan would be, how much you would end up paying throughout the loan term, and spread across monthly. This free feature is available on the 365 Credit Solutions website and all you need to do is enter parameters unique to your loan situation.

Conclusion

Choosing a money lender is no walk in the park, it’s even more difficult to choose the right licensed money lender. There are so many money lenders everywhere you look that it makes settling for one a herculean task. While all the money lenders are right in their own ways, there is that perfect one for you. The above post has listed the top picks for you to find the Cinderella to your glass slipper. Good luck!

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