24 Hours Money Lender in Singapore: Do They Exist?

24 Hours Money Lender in Singapore: Do They Exist?
24 Hours Money Lender in Singapore: Do They Exist?

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In search of a quick loan to tide over an emergency but not sure about 24-hours money lenders in Singapore despite hearing about this term multiple times? You’ve come to the right place.

In this article, we’ll shed light on what 24-hours money lenders really refer to, how to differentiate legitimate lenders from illegal lenders or scammers who tout themselves as 24-hours money lenders, and how you can easily apply for an emergency loan with an authorised lender.

What do licensed lenders in Singapore do?

Legalised money lenders in Singapore provide different types of loans to borrowers who are seeking them. These loans include anything from personal loans and renovation loans to payday loans and business loans.

Why do people go to licensed lenders? For starters, it is much easier and quicker to get loan approvals as compared to banks.

One’s credit history does not matter as much and the amount of documents required when applying is far lesser as compared to banks’ requirements. Additionally, there are circumstances where the loan terms from a licensed lender would work better for the borrower than if they were to take up a loan from a bank.

For example, a Grab loan in Singapore, catered especially for Grab drivers who can cash out their earnings daily can repay their loans on a more regular, albeit ad-hoc basis.

​​Are there 24-hours money lenders in Singapore?

While licensed lenders in Singapore have websites that operate 24/7, their registered businesses do not operate for 24 hours per day. Therefore, there are no true blue 24-hours money lenders in Singapore that are legitimate.

Although many of these authorised lenders may market themselves as 24-hours money lenders in Singapore, take note the lenders are referring to their 24-hours loan application option available on their website.

You can submit your loan application on the licensed lender’s website anytime and anywhere. You can do this in the middle of the night if it tickles your fancy or if you only have a short amount of time to spare after a long day at work.

How to apply for a personal or emergency loan

  1. Visit your licensed lender’s website online.
  2. Check if your lender is a legal business registered in Singapore. View the complete list of licensed lenders in Singapore to get started.
  3. Find the loan application form and fill it out with your personal particulars (name in NRIC, phone number, income, and your desired loan sum, etc).
  4. Wait for our friendly loan officer to get in touch with you. Don’t be surprised if you get a call in as little as 10 minutes!
  5. Arrange an appointment for face-to-face verification with your loan consultant at your legal lender’s registered office address.
  6. Meet your loan officer. Make sure you have every required document on hand when you drop by the office. You wouldn’t want your application and loan approval to be delayed because of missing documents.
  7. Before signing on the loan contract, make sure you fully understand every term and condition of the contract; interest payments, loan tenure, late charges, repayment schedule, and other important details. If necessary, clarify with your loan officer; he/she will be more than happy to assist you with your queries.
  8. If all’s good, you will receive your cash loan in a jiffy.

Those that offer 24-hour loan disbursement services are either unlicensed money lenders or scammers

People looking for emergency cash like 24-hour loans are more likely to experience loan shark harassment due to time pressure and the inability to discern what is and isn’t legal at the point of obtaining a loan.

As a matter of fact, licensed lenders in Singapore are not allowed to solicit loans through social media platforms, WhatsApp messages, text messages, and other communication channels. Be on the alert whenever you receive these messages. They are likely to have been sent by scammers or loan shark syndicates.

On top of that, licensed lenders in Singapore are not allowed to disburse loans remotely. They have to verify your identity in person at their registered business address and go through the contractual terms and conditions, repayment schedules, and more with you in black and white. It is unlikely that loan sharks will bother drafting any contracts for their victims!

If a lender promises to disburse funds to you immediately and remotely, it’s likely either a loan scam or that you are dealing with loan sharks. Do not continue engaging in conversation with them and look towards a licensed lender or bank to help ease your cash flow instead.

All that we’ve mentioned above are some of the rules and regulations stated in the Moneylenders Act. And to further enhance the protection of borrowers, licensed money lender new rules were introduced by the Ministry of Law, such as the regulation of unsecured loan limits to prevent borrowers from taking on more debt than they can feasibly manage.

How To Avoid An Online Loan Scam

  1. Stop things before they start — if it sounds too good to be true, it probably is
  2. Don’t offer or do anything for loan sharks
  3. Check the legitimacy of the money lender and its registered business address against the Registry of Moneylenders
  4. Review the terms of the loan’s contract carefully

Also, trust your gut feeling when you receive an offer that sounds too good to be true. There’s never a free lunch in this world. No matter how in need of cash you are, illegal money lenders are never the way to go. Additionally, falling prey to a scam puts you in an even bigger financial rut.

Apply for a loan round the clock with MM Credit

MM Credit is a licensed Bedok money lender that has been in business since 2010. Our loan officers will provide you with a customised loan quote based on your needs and current financial circumstances.

Simply apply for a loan on our website and we’ll reach out to you as soon as possible. Otherwise, you may also contact us if you have any queries regarding our services and loans.


The information contained on this website is not intended as a substitute for advice from a licensed professional. We do not guarantee the accuracy, completeness, suitability, or validity of any information provided on this website. We will not be responsible for any errors or omissions on the site nor will we be liable for any loss or damage caused by reliance on any information obtained through this website.

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