24 Hours Money Lender Singapore: Do They Exist?

Young man applying for an online loan from a 24 hours money lender in Singapore hoping for fast approval
Young man applying for an online loan from a 24 hours money lender in Singapore hoping for fast approval

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What do licensed money lenders in Singapore do?

Licensed 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 money lenders in Singapore? 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 money lender would work better for the borrower than if they were to take up a loan from a bank.

For example, private hire drivers who can cash out their earnings daily can repay their loans on a more regular, albeit ad-hoc basis.

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

While licensed money lenders in Singapore have websites that operate 24/7, their registered businesses do not operate for 24 hours per day. Therefore, no 24 hours money lender currently exists in Singapore.

You may, however, submit your loan application on the licensed money 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. Open your licensed money lender’s loan webpage.
  2. Check that your licensed money lender is indeed a legitimate business that is registered in Singapore. Click here to view the complete list of licensed money lenders in Singapore.
  3. Fill out the online loan application form with your personal details (name, contact number, salary, and the desired loan amount).
  4. Wait for our friendly loan officer to contact you. Don’t be surprised if you get a call in as fast as 10 minutes!
  5. Set up an appointment to meet your loan officer at your licensed money lender’s registered business address.
  6. Meet your loan officer. Make sure you have all the necessary documents with you when you visit. You wouldn’t want your application and loan approval to be delayed because of missing documents.
  7. Ensure that you are clear about all the loan contract’s terms and conditions, late charges, interest payments, repayment schedules, and other important details before signing the contract. Feel free to get your loan officer to clarify anything you may be unsure of.
  8. If all’s good, your emergency cash loan will be disbursed 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 fall into the trap of loan sharks due to time pressure and the inability to discern what is and isn’t legal.

As a matter of fact, licensed money 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 money 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 scam or that you are dealing with loan sharks. Do not continue engaging in conversation with them and look towards a licensed money lender or bank to help ease your cash flow instead.

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.

MM Credit is a licensed money lender that has been in business for 7 years. Our loan officers will provide you with a personalised quote based on your needs and current financial circumstances. Simply fill in the Online Loan Form here and we’ll reach out to you as soon as possible.


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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