|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|
Based on the current laws as of 24 July 2020, the amount you can borrow depends on your income. Please refer to the table above to find out more.
Please also note the following charges:
- Up to 10% administrative fee when you take the loan.
- Interest rate of up to 4% per month.
- Late interest of up to 4% per month.
- Late fee of $60 per month.
As you can see, the late charges are quite hefty. Therefore, please try to ensure that you make your loan repayments on time. This can help you to avoid having to pay additional costs.
To check if a company is a licensed money lender, you can do so here. This list is regularly updated by Ministry of Law to reflect the current operating money lenders.
Unlicensed Money Lender aka Loansharks
If you are approached by any one claiming to be a legal money lender, please know that they are not. How do we know this for sure? That’s because Ministry of Law does not allow any forms of soliciting for loans. This includes cold calling, approaching you on the streets or even calling existing customers.
Please be very careful when you are taking a loan. Do not go for convenience. Always ensure you find out more about the company before sending any private information. It is very rare for any licensed money lender to ask you for your personal information over the phone. This is due to the PDPA law.
Always approach a licensed money lender to ensure that you know who you are dealing with. And of course, because licensed money lenders must operate via an approved office space.