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All you need to know about the Registry of Moneylenders in Singapore

Building of Registry of Moneylenders
Building of Registry of Moneylenders

Table of Contents

Who is the Registry of Moneylenders?

The Registry of Moneylenders is an entity of Singapore’s Ministry of Law.

What does the Registry of Moneylenders do?

The Registry of Moneylenders oversees the registration and regulation of licensed moneylenders in Singapore. The Registry of Moneylenders has the power to grant or reject a license issuance or renewal to the money lenders — this is precisely why licensed money lenders have to comply strictly with all the laws and regulations if they wish to continue their money lending business legally.

The Registry of Moneylenders is responsible for ensuring that the moneylending industry in Singapore remains a highly regulated one.

Apart from regulating the licensed moneylending industry in Singapore, the Registry of Moneylenders provides a wealth of resources for both moneylenders and borrowers alike.

Important information borrowers can get from the Registry of Moneylenders

1. List of licensed money lenders in Singapore

As a savvy borrower, it is always a good idea that you do your due diligence before committing to a loan. You can access the list of licensed money lenders in Singapore anytime, anywhere at no charge.

Just so you know, this list is updated to show all the licensed money lenders in Singapore at any point in time — money lenders whose licenses have been suspended will be made known at the bottom.

In case you’re wondering, you should only borrow from money lenders with valid licenses! As a matter of fact, there have been increased cases of scammers and unlicensed money lenders masquerading as licensed money lenders to deceive victims into taking loans from them.

2. How much you can borrow from licensed money lenders in Singapore

  • Singaporeans, Permanent Residents, and foreigners residing in Singapore can borrow a maximum of 6X their monthly income if they earn at least $20,000 annually
  • Singaporeans and Permanent Residents can borrow a maximum of $3,000 if they earn less than $20,000 annually
  • Foreigners in Singapore can borrow a maximum of $500 (if they earn less than $10,000 annually) or $3,000 (if they earn between $10,000 and $20,000 annually)

3. Interest rates that licensed money lenders can charge

The maximum interest rate that licensed money lenders can charge is set at 4% per month. This applies regardless of whether the loan is secured or unsecured. It applies regardless of the borrower’s income, too.

4. Fees that licensed money lenders can charge

All licensed money lenders in Singapore are only allowed to impose the following charges and expenses:

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

Also, the total charges imposed by a money lender on any loan, consisting of interest, late interest, upfront admin, and late fee should not exceed an amount equivalent to the loan principal.

5. Where to report licensed money lenders should you encounter unacceptable practices, unfair practices, and/or contract

You can contact the Registry of Moneylenders at 1800-2255-529.

Rest assured your personal details will be kept confidential — the Registry of Moneylenders will not disclose your details to the money lender without your consent.

6. The Registry of Moneylenders cannot help negotiate terms with your lender

If you’re facing financial difficulties hence are unable to repay your lender, consider approaching social service agencies for assistance in negotiating a debt repayment plan with your lender. Unfortunately, the Registry of Moneylenders is not in a position to provide any assistance to you in this regard.

7. Things to look out for after loan approval

  • Ensure you are getting the correct loan principal amount given that the maximum upfront admin fee that can be deducted is 10% of your loan principal amount
  • Pay your loan installments punctually according to your loan repayment schedule to avoid late payment fees and hefty late interest charges
  • Ensure your lender issues you a receipt each time you repay your loan installment double check that the name, amount, and date are documented correctly



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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