Singapore Licensed Money Lender
Best Legal Loan Company in Tampines
Hassle-free application
Fuss-free online application with Singpass.
Quick approval
Same-day loan approval and disbursement in 20 mins.
Flexible terms
Personalised loan tenures that suit your budget and needs.
Transparent rates
No hidden fees, 100% transparency.
1-Cash: Trusted Licensed Money Lender in Singapore for Over 17 Years
For over 17 years, 1-Cash has been a reliable presence in the money lending industry in Singapore, helping thousands with dependable financial solutions. As a licensed private money lender in Singapore, our experienced loan consultants are dedicated to help you in planning your finances for a secure financial future.
Our Commitments to You: Reliable and Personalised Legal Money Lending
1-Cash isn’t just about loans; we’re about responsible financial empowerment. As a legal money lender in Tampines, we collaborate with local social service agencies to assist those in financial difficulty.
Our mission is also to educate and protect vulnerable individuals from scams, helping them make informed financial decisions. We are a licensed money lender that prioritises transparency and integrity in all services.
Why Choose Us as Your Preferred Private Loan Company in Singapore?
We are a licensed money lender in Tampines that takes regulatory compliance seriously. Our company undergoes annual reviews by the Ministry of Law (MinLaw) to uphold the highest standards. We are here to meet your short term lending needs. Whether you’re seeking inclusive financial support, personalised repayment options, or a convenient location, 1-Cash has you covered.
Our Tampines office, just 100 metres from Tampines MRT, is easily accessible. You can also conveniently submit your loan applications through our website, which is available 24/7. After applying online, you need to only visit our money lender office for in-person verification to complete your application.
Choose 1-Cash—your credible private money lender in eastern Singapore—and embark on a journey towards a brighter financial future.
Customer Reviews
Our Office
Range of Loan Options
Personal Loans
Renovation Loans
Debt Consolidation Loans
Wedding Loans
Emergency Loans
Payday Loans
Medical Loans
Business Loans
Features and Benefits
Low interest rates:
1 - 3.92% monthly*
Flexible repayment plans:
Up to 12 months or more*
Transparent pricing: No
hidden fees
Quick approval:
Get approved in as little as
20 mins
*Terms and Conditions Apply
How to Apply for a Loan with 1-Cash, SG’s Best Legal Money Lender:
Complete our online loan application form using Singpass for a quick and secure process, or visit our office near Tampines MRT to apply in person.
Our friendly loan consultant will contact you to arrange an appointment at our Tampines office, ensuring service tailored to you.
Get fast approval and sign the contract. Receive funds immediately through a bank transfer or in cash, making it convenient for you.
Required Documents for Loan Applications with Licensed Money Lenders:
For Singaporeans
Employees
- Original IC (Identity Card)
- Your Singpass credentials
Self-employed
- Original IC (Identity Card)
- Your Singpass credentials
- Proof of income (e.g., bank statements, income slips)
For Foreigners
Employees or Self-employed
- Your Singpass credentials
- Work Pass
- Utility bill
- Proof of income (e.g., bank statements, income slips)
FAQs
Explore common questions about licensed money lenders in Singapore
What is the purpose of the Moneylenders Act?
The Moneylenders Act not only serves as the legal framework outlining what licensed money lenders in Singapore can and cannot do, but also sets rules for how borrowers’ data is handled during loan applications with authorised money lenders in Singapore.
What exactly is a licensed money lender?
Licensed money lenders in Singapore are approved and regulated by the Ministry of Law’s Registry of Moneylenders. Only legitimate lending companies with a valid money lender’s licence are allowed to conduct their moneylending business at their registered address.
How do I check for registered money lenders in Singapore?
The complete list of registered money lenders can be found on the MinLaw website; currently, there are 153 licensed money lenders listed. This figure may be updated periodically.
How much am I eligible to borrow from a licensed money lender in Singapore?
| Borrower’s annual income | Singapore Citizens and Permanent Residents | Foreigners 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 | 6 times monthly income | 6 times monthly income |
How much interest and late fees can a reliable money lender in Singapore legally charge?
To protect borrowers, all licensed money lenders in Singapore are subject to strict regulations regarding the private money lending rates and fees they can impose:
Max. interest rate:
4% per month
Max. late interest rate:
4% per month
Max. late fee:
$60 for every month of overdue payment
Max. administrative fee:
10% of the approved loan principal
Note: If your loan principal is $5,000, the total charges, including interest, late payment interest, late penalties and administrative fees, cannot exceed $5,000
What are the eligibility criteria to obtain a licensed money lender loan?
The standard eligibility criteria for loans from a licensed money lender in Singapore generally include:
- Age: Applicants must be between 18 and 65 years old.
- Residency/Work Status: Applicable to Singapore Citizens, Permanent Residents, and Foreigners holding valid work passes.
- Credit Profile: Individuals with weak credit standing are welcome.
- Employment Type: Salaried employees, business owners, and self-employed individuals (including freelancers, gig workers like delivery riders or PHV riders, and professionals with variable income, such as insurance or property agents).
1-Cash is a preferred licensed money lender in Singapore known for providing accessible financial solutions customised for diverse needs. Contact us to learn more.
Can borrowers get a loan from a licensed money lender without undergoing a credit check?
No, loans from licensed money lenders in Singapore cannot be issued without a credit check. While legal money lenders in Singapore generally have more lenient criteria than banks and are more accommodating to those with less-than-perfect credit, they are still obligated to conduct a credit check to establish your borrowing limit and creditworthiness.
Are loans from licensed private money lenders in Singapore available to unemployed individuals?
This may come as a surprise, but unemployed individuals may still qualify for loans offered by licensed private money lenders in Singapore if they can demonstrate a stable source of income. This may include alimony, dividend earnings, retirement payouts, or annuities.
Providing clear documentation of such income can significantly support your loan application. Note that not all authorised money lenders in Singapore offer this — check with your money lender for good measure!
Do legal money lenders offer loans to borrowers with less-than-ideal credit scores?
Absolutely! Legal money lenders often focus on your ability to repay instead of scrutinising your credit score, so you might still qualify for a loan even with a less-than-perfect credit history.
In fact, when you apply with 1-Cash, you’ll be able to take up a variety of loans — from bad credit loans, monthly loans, to business loans.
Am I eligible to take up a new loan with a licensed money lender if I’m currently servicing an existing loan?
Yes, you may apply for a new loan even if you’re currently repaying an existing loan with a licensed money lender. However, we advise you to carefully review your obligations to ensure you stay within your financial means.
Will I be penalised if I settle my loan early with a licensed money lender?
No. Licensed money lenders can only impose these specified fees, effective from 1 October 2015:
- A fee not exceeding $60 for each month of late repayment.
- A fee not surpassing 10% of the principal amount upon loan approval.
- Court–ordered legal fees, if the money lender succeeds in claiming for loan recovery costs.
Are my personal details protected if I borrow from a licensed money lender in Singapore?
Absolutely! At 1-Cash, safeguarding your personal data is one of our top priorities as a legal and licensed money lender in Singapore. We adhere to strict data protection laws and use the latest security systems to ensure your information remains confidential.
Additionally, our systems are routinely monitored to prevent unauthorised access, so you can rest assured that your details remain private and secure throughout your loan journey with us.
How is loan interest calculated by legal money lenders in Singapore?
The reducing balance method is used by licensed money lenders in Singapore to calculate loan interest, where interest is only charged on the outstanding loan balance. As timely repayments are made, your outstanding loan amount reduces, which decreases the interest paid per instalment. This differs significantly from the flat rate method, which calculates interest solely based on the loan principal sum.
Example: Assume you take out a loan of $5,000 at an interest rate of 24% per annum, with a loan tenure of 12 months.
| Reducing Balance Method | Flat Rate Method | |
|---|---|---|
| Interest rate per annum | 24% | 24% |
| Loan principal | $5,000 | $5,000 |
| Loan tenure | 12 months | 12 months |
| Total interest on the loan | $673.57 | $1,200.00 |
Suppose all other factors are the same, a reducing balance loan incurs lower total interest charges than a flat rate loan.
Do legal money lenders in Singapore apply late interest charges daily?
Yes, licensed money lenders apply late interest daily using the following formula:
Daily overdue interest rate = Annual interest rate / 365 days
Daily compound interest rate = Annual interest rate / 365 days
Note that late interest is levied on the overdue amount, while compound interest is applied to the overdue unpaid principal amount.
Can I easily apply for a loan with private money lenders in Singapore?
Absolutely! Private money lenders in Singapore offer a more streamlined borrowing process compared to traditional banks. With faster approvals and more flexible requirements, licensed money lenders are ideal for borrowers with urgent financial needs.
Do licensed money lenders in Singapore submit borrower information to credit reporting agencies?
Payment records will be reported to MLCB (Moneylenders Credit Bureau), but they will not be reported to CBS (Credit Bureau Singapore).
What would happen if I missed a repayment to a licensed money lender in Singapore?
Licensed money lenders in Singapore may charge a maximum of 4% per month on the overdue amount and up to $60 monthly in late fees. The exact rates are specified in your loan contract.
What are the repercussions of defaulting on a loan repayment to a licensed money lender in Singapore?
A loan default leads to snowballing debt and negative repercussions on your MLCB credit report, which will likely hinder future loan applications. Legal action is also a potential outcome. If you anticipate difficulties with loan repayment, please contact us immediately so that a viable repayment plan can be arranged.
What steps should I take if I encounter financial challenges after obtaining a loan from a legal money lender in Singapore?
If you’re unable to pay a money lender in Singapore, consider approaching your licensed money lender to renegotiate your repayment terms. Help is also available from social service organisations, which offer debt management guidance, credit counselling services, and support in negotiating with creditors.
What are the key considerations before borrowing from a licensed money lender in Singapore?
Avoid committing to a loan with a licensed money lender right away — be sure to review the private money lending rates, repayment terms and fees involved. Also, confirm that the lender is on the MinLaw’s list of licensed money lenders to ensure legitimacy.
You should also assess your finances carefully and examine factors such as your salary, expenditures, and the potential impact of late payment charges, which will apply to overdue repayments. Always compare licensed money lenders to identify the most suitable option.
How do licensed money lenders differ from banks?
With scams on the rise, it’s crucial to only borrow from banks and trusted money lenders in Singapore, even if you’re in urgent need of funds.
There are important things you need to know about borrowing from licensed money lenders. Here’s a quick look at how borrowing from licensed money lenders compares with borrowing from traditional banks.
Licensed Money Lenders
Traditional Banks
Maximum Personal Loan Sum
6 times monthly salary
10 times monthly salary
Loan Tenure
Up to 12 months
Up to 7 years
Interest Rates
1-4% per month
3-6% per annum
Administrative Fee
Up to 10% of approved loan sum
1-2% of approved loan sum
Accessibility
- No min. income requirement
- Open to people with poor credit rating
- Foreigners can apply
- Key factor is one’s ability to show proof of consistent income
- Min. income requirement of $20,000 annually for Singaporeans & PRs
- Min. income requirement of $40,000 – $60,000 annually for foreigners
- Not available to people with bad credit
Do instant money lenders disburse funds right away?
Instant money lenders are known to be incredibly quick in reviewing, approving and disbursing loans; however, in-person meetings at their registered business premises are still necessary for identity verification.
Quick and reliable money lenders in Singapore may approve and release funds in as little as 30 minutes, provided that supporting documents are duly submitted.
What activities are permitted for licensed money lenders?
In addition to offering fair and transparent loans within regulated limits, licensed private money lenders in Singapore are only allowed to utilise the following approved advertising channels:
On their own official website(s)
On their registered office’s shopfront as well as window decals and office interior
In consumer or business directories
In the event of missed repayments, legal private money lenders in Singapore may take the following actions to recover the loan amount:
Serve you a Letter of Demand by mail or in-person
Visit your home or workplace
Engage professional debt collectors to collect debt on their behalf
Initiate legal action against you
Should a money lender win a lawsuit against you, you will be liable for the court-ordered legal fees for their debt recovery efforts.
What actions are licensed money lenders prohibited from taking?
In Singapore, licensed money lenders cannot charge exorbitant interest rates, use aggression and intimidation to recover debts, or resort to deceptive practices. Legal private lenders are also required to provide clear and transparent loan agreements to protect borrowers.
Here’s what licensed money lenders are not authorised to do:
- Reaching out to individuals via social media platforms or unsolicited messages
- Advertising on unauthorised websites that they do not own
- Demanding Singpass login details or keeping borrowers’ NRIC or official ID documents
- Failing to explain loan terms adequately before issuing loans
- Allowing borrowers to sign on incomplete or blank contracts or withholding signed copies
- Approving and disbursing loans without conducting credit assessments and in-person interviews
- Imposing fees upfront before loan approval
- Applying excessive interest charges or fees, or imposing late charges on amounts not due
- Resorting to threats, verbal or physical abuse, or harassment against borrowers
What can I do if I get harassed by a licensed money lender in Singapore?
Do not suffer in silence if you ever encounter harassment from licensed money lenders — call 1800-2255-529 or file an online complaint with the Registry of Moneylenders.
Can all private money lenders in Singapore provide fast and dependable services?
Not every private money lender in Singapore offers speedy or reliable services. For example, illegal money lenders are considered private money lenders, but they are certainly not trustworthy. Steer clear of illegitimate money lenders!
Apart from family and friends, one should only borrow from a bank or a licensed legal money lender in Singapore. It will also be helpful to familiarise yourself with the telltale signs of money lender scams.
What should you check to confirm the legitimacy of a licensed money lender online?
Verifying the legitimacy of a licensed money lender online is simple — just look up the money lender’s name in MinLaw’s list of legitimate money lenders in Singapore. Confirm that the details provided by the lender (business address, licence number, landline) align with the records in the list.
Keep in mind that a licensed money lender online would NOT:
- Offer unsolicited loans via social media platforms, Telegram, WhatsApp, or calls
- Request upfront payment before loan processing
- Release funds without an in-person meeting at their registered office
Pro tip: If a lender is insistent on transacting online and turns down your request to meet in person, it’s a red flag. Cut off all contact with them immediately.
Can you find any legitimate online money lenders in Singapore that operate 24/7 online?
Convenient 24/7 online loan applications are offered by most legal money lenders in Singapore, but it’s important to note that they do not provide in-person services around the clock. All legitimate online money lenders in Singapore have fixed opening hours for their registered offices.
Do licensed money lenders conduct business on Sundays?
Licensed money lenders aren’t always open on Sundays, but if you’re in the Tampines region, you’ll be happy to know that 1-Cash is open from 11 am to 5 pm on Sundays, and 11 am to 7:45 pm from Monday to Saturday.
Can online money lenders in Singapore be trusted?
Be vigilant when seeking online money lenders in Singapore. While many authorised local money lenders can be found online, unlicensed money lenders do exist, and you should steer clear of them. At the same time, keep a lookout for blacklisted money lenders — while they were previously legal lenders, they have flouted the rules and hence, it’s advisable to stay away from them.
Note that reliable online money lenders in Singapore typically have an online presence and allow secure loan applications on their websites, often integrating Singpass capabilities to maximise convenience for their borrowers.
To receive your cash loan from a money lender, an in-person visit to the legal money lender’s business premises is required for identity confirmation, quick credit assessment, and contract signing.
Where can I find reliable and well-reviewed legitimate money lenders in Singapore?
Thorough research is required to identify highly rated and legitimate money lenders. Search for ‘registered money lenders in Singapore’ or ‘authorised money lenders in Singapore’ online and read reviews of these local money lenders. Personal recommendations from acquaintances with prior borrowing experience from licensed money lenders can also be helpful.
If you’re looking for a highly rated and legitimate money lender offering cheap loans in Singapore, 1-Cash is an ideal choice!