#1 Personal Loan
Legal Moneylender in Singapore

• Personal Loan – Up to six month’s worth of income 
• Foreigner Loan – Up to six month’s worth of income 
• Payday Loan – Up to one month’s worth of income
• Business Loan – Up to $200,000

The loan application process is swift and efficient. Please expect to receive your borrowed money within a few hours only, or upon the signing of the contract when you’re contacted to come in for the signing of the contract. 

Note that a licensed moneylender will ask to come to their physical office to receive the money and sign the loan contract. 

Loan application at Fortune Credit makes it easier online, send us your loan requirement online and we’re ready to assist you any time of the day!

To avoid loan scams, the first thing that you must check is to verify if the money lender in Singapore that you are looking for is a licensed moneylender registered with Singapore’s Ministry of Law. 

The Ministry of Law has very strict regulations regarding licensed moneylenders in Singapore, thus you can find the legal moneylenders official list in the registry of moneylenders supervised by the Ministry of Law. 

The next thing to do after checking the legibility of the moneylenders, you can compare the best loan offers according to your budget and repayment capability. Also, don’t forget to check the customer service reviews on Loan Advisor and Google Reviews to check the customer satisfaction reviews.

All licensed moneylenders in Singapore is only permitted to impose the following charges and expenses on personal loans or other types of loans:

• A fee not exceeding $60 for each month of late repayment;
• A fee not exceeding 10% of the principal of the loan when a loan is granted; and 
• Legal costs ordered by the court for a successful claim by the moneylender for the recovery of the loan.

The total charges imposed by a licensed money lender on any loan, consisting of interest, late interest, upfront administrative, and late fee also cannot exceed an amount equivalent to the principal of the loan.

Meanwhile, the maximum interest rate that moneylenders can charge is 4% per month, regardless of the borrower’s income and whether the loan is an unsecured or secured one. 

If a borrower fails to repay the loan on time, the maximum rate of late interest a legal money lender can charge is 4% per month for each month the loan is repaid late.

The computation of interest charged on the loan must be based on the amount of principal remaining after deducting from the original principal the total payments made by or on behalf of the borrower which are appropriated to the principal. 

The late interest can only be charged on an amount that is repaid late. The legal money lender cannot charge on amounts that are outstanding but not yet due to be repaid.

Yes, you could apply for loans with different interest rates and borrowing limits. For example, banks in Singapore offer higher lending amounts but have stricter requirements. This means that it takes time before they will release your funds after approval because of their rigorous evaluation process.

On the other hand, licensed moneylenders such as Fortune Credit offers an easy application process, a lower interest rate of up to 4%, and upfront processing fees with no hidden charges!

Visit the Ministry of Law’s full list of licensed moneylenders in Singapore here to verify if the agency is registered or not. 

Fortune Credit’s license number is 34/2023 listed in this downloadable list. Fortune Credit Pte Ltd is among the top 10 legal moneylenders in Singapore and touted as the best moneylenders in Bugis as well as in Bras Basah. You can also check our customer service reviews for legitimacy, we can assure you that we only provide the best customer service tailored to each of our clients.

Licensed moneylenders are permitted to advertise only through these three channels:

• business or consumer directories (in print or online media); 
• websites belonging to the moneylender; and
• advertisements placed within or on the exterior of the moneylender’s business premises. 

All other channels are prohibited. Thus, if you receive flyers, text messages(SMS), emails, or other forms of advertisements, please report the advertisements to the Registry at 1800-2255-529 or via the Ministry of Law’s website.

If you’re looking for the best loan rates in Singapore, it’s smart to shop around and compare different lenders. 

Banks’ secured loans can offer you a higher principal amount. However, collateral such as properties, real estate, bonds, collections, and other items or objects that have value are required to lower your personal loan’s effective interest rate.

Meanwhile, licensed lenders such as Fortune Credit can provide you a loan plan that best fits your objectives and repayment capability without collaterals required. 

Reviews are available on our Reviews page for those who wish for more information about Fortune Credit’s loans or application process before applying online; feel free to call us at any time if you have further questions!

Here are some common red flags to watch out for:

• Asks for your SingPass user ID and/or password
• Fails to return your NRIC card or any other personal identification documents
• Asks you to sign a blank or incomplete loan contract
• Fails to provide a clear and thorough explanation of the terms and conditions of the loan.
• Grants you a loan without evaluating your loan eligibility.
• Grants you a loan through phone, email, or SMS before receiving your loan application form and required documents
• Withholds any part of your principal loan amount

You should never do business with these errant lenders! If you encounter one, report them to the Registry of Moneylenders. Provide information including their name and contact number for future reference if needed again.

With our loan plans, you can get access to the funds that will help you. We work with clients all over Singapore who need a helping hand in their financial struggles.

We make sure that we customize each plan appropriately – taking into account any special needs or restrictions for repayment periods- so it is right for you! Our competitive rates ensure low monthly payments while still getting out of debt fast.

Moreover, Fortune Credit offers a quick and easy application process that usually lets your money be in hand the same day. 

After requesting online or by calling our team from home, we schedule an appointment with one of our loan officers who will review the terms for your plan. This is all done on the spot so there’s no long waiting!

After you get the loan, it’s important to make sure that your lender is giving you everything they promised.

• A provider can only deduct a 10% fee upfront for processing and approval of a loan- so stay on top of them!
• Pay the loan installments on time to avoid incurring late payment fees, additional interest rate and late interest.
• Make sure the lender issues you a receipt every time you make any repayment of the loan amount towards your personal loan, and check it for correctness (e.g. name, amount, date).
• Make sure you receive a statement of account for all your personal loans at least once every January and July and check it for correctness (e.g. name, amount, date); and
• You should retain all statements of accounts and receipts of payments as documentation and evidence of payments.