Approval in 30 minutes – No Obligation
Best Personal Loan in Singapore
Cash Mart Pte. Ltd
Licensed Moneylender | 170/2016
- 277 Balestier Road, Singapore 329726
- +65 6397 4111
- RISK FREE all our loans are covered with a 7 days service guarantee unconditionally.
- TRANSPARENT borrow with assurance because you see all your costs up front with no nasty surprises.
- COST EFFECTIVE save on interest when you make an early settlement without incurring any penalty fees.
Best Renovation Loan in Singapore
Best Car Loan in Singapore
Best Education Loan in Singapore
Approval in 30 minutes – No Obligation
Best Loan Review: Top 10 Licensed Moneylenders in Singapore (2018 Update)
When it comes to personal loans, you can’t afford to make mistakes. Just like any financial decisions, a personal loan must be taken seriously. You need to shop around to know which licensed moneylender provides a personal loan which fits your needs and priorities.
Good thing there are now best loan reviews to help you out. Here is a list of best moneylenders and loan facilities in Singapore to get a personal loan.
Cash Mart Pte Ltd
Cash Mart Pte Ltd is a reputable licensed moneylender established in 1969 to provide various loan products to every Singaporean from industry professionals to small-income earners. Throughout its 48 years of service, this licensed moneylender located in Balestier Road has accumulated vast experience with customer service and financial assistance. This is why it is your best option if you are looking for a trusted licensed moneylender who can help you decide the best loan terms for your financial needs. As a responsible moneylender, Cash Mart is fully compliant with the Moneylenders Act as mandated by Singapore’s Ministry of Law (MinLaw). Cash Mart specialises in small-cap express loans to provide financial solutions to the clients’ immediate needs. More details about Cash Mart here.
Hua Yang Credit Pte Ltd
Established in 1984, Hua Yang Credit Pte Ltd is a reputable one-stop automotive company providing solutions for car buyers and owners. It also offers car loans with competitive rates to help Singaporeans get their dream car. Hua Yang services include buying and selling of new and pre-owned cars, repair services, vehicle valuation, and hire purchase. Hua Yang Credit currently has five (5) used car branches, two (2) new car branches and a vehicle workshop to continue giving convenience to Singaporeans. Hua Yang Credit is the first used car company to be bestowed the ISO 9002 Certification in 1999. The said prestigious award was later converted to ISO 9001:2000. Check their website here.
Prime Motor & Leasing Pte. Ltd
Prime Motor & Leasing Pte Ltd is an extensive automobile company which deals with locally used car re-sale, taxi fleet leasing & management, new car imports, car rental & leasing with 600 units, used car export, and panel & servicing workshops. With its Head Office and Showroom located in Benoi Place, it proves to be an accessible location for those in need of a new set of wheels. Why should you trust Prime Motor & Leasing? Simply that it has always been stringent with its car leasing, financing and other processes. Prime Motor & Leasing details here.
OCBC offers two types of Cash Loans: EasiCredit (Flexible Repayment) & ExtraCash Loan (Fixed Repayment). EasiCredit is accessible through ATM, cheque and Online or Mobile Banking. It is a line of credit which you can repay at your own pace provided that you can handle the interest charge every month. ExtraCash Loan has a loan tenure of 12 to 60 months. OCBC is among the top 3 banks in Singapore and it continues to offer a full range of financial products and services to individuals. OCBC does not only serve Singaporeans. It also gives valuable financing services to foreigners with an annual income of S$45,000 and above. Check OCBC Singapore website.
DBS is one of the leading financial services group headquartered in Singapore with over 280 branches across Asia. It offers a personal loan with an amount as much as 10 times your monthly salary. While it is not offered to foreigners, Singaporeans or Permanent Residents can enjoy this service provided that they earn S$20,000 and above. The monthly instalments can last from one to five years. On the other hand, you can enjoy the flexibility of a cashline if you are an existing DBS account holder. More about DBS financial services.
CIMB Group offers consumer banking and various loans to Singaporeans. This includes the CIMB CashLite which has flexible loan tenure and competitive interest rates. CIMB offers an interest-free period for 23 days if the borrower is able to fully pay them by the payment due date each month. With various financing solutions, CIMB supports personal aspirations starting with an approved loan amount of S$1,000. CIMB offers loan tenures of one year to five years. Your approved interest rate, on the other hand, will greatly depend on your risk profile. This means it is quite handy for those with high credit score. CIMB Singapore website here.
Citibank Singapore LTD is owned by Citigroup which has established its operations in Singapore since 1902. Citibank offers various financial solutions such as personal loans to both Singaporeans and foreigners. It has three types of personal loans which are Citibank Ready Credit, Ready Credit Smartcash, and Paylite Instalment Loan. The Ready Credit is usually used for bank transfer, Ready Credit Smartcash is for a short-term need. You can repay this up to three years. On the other hand, Paylite Instalment Loan can stretch up to five years. Learn more about Citibank.
Standard Chartered in Singapore is able to earn reputable image despite the world’s most dynamic markets. Being in Singapore since 1859, Standard Chartered was among the first international banks to have a Qualifying Full Bank (QFB). Throughout the years, it has provided private banking services as well as corporate financing to many SMEs in the city-state. The Standard Chartered personal loan has competitive interest rates for its credit card holders with good credit score. Visit SC Singapore website.
RHB Bank was established in Singapore in 1961. With its invaluable financial experience, RHB is able to deliver excellent service to both corporates and individuals. The wholly-owned 17-storey RHB Bank Building at 90 Cecil Street is prominent and accessible to those in need of a loan. The RHB Easy Loan has competitive interest rates and can be used for various reasons. This is offered to those with a regular salary of at least S$30,000 a year. With seven branches, applying for a loan from RHB is made convenient. More details about RHB.
Maybank is one of Asia’s leading banking groups with an international network of 2,400 offices in 20 countries. Maybank offers extensive range of financial products and services including personal loan. With options for various needs, Maybank helps every client find the best option to fit their needs. The suited needs are discussed to make sure that the clients can meet the repayment with ease. It is important that you get a loan from an approachable financial partner. This way you can open up about your financial needs. This makes Maybank one of the best place to get a personal loan. You can visit Maybank website here.
Why Get Personal Loans from Licensed Moneylenders
Getting a loan is handy for various reasons such as building a positive credit score and bridging financial gaps. Banks and financial institutions have a long list of paperwork aside from their established restrictions. After all, they are known for being risk-averse. If you are earning less than $20,000 a year, getting a loan from them is almost impossible.
On the other hand, personal loans from licensed moneylenders are more accessible for most Singaporeans. Licensed moneylenders in Singapore have a stringent industry. Part of this environment is the strict moneylender guidelines set by the Ministry of Law to protect both borrowers and the moneylenders from fraudsters. Here are other reasons why you should get a personal loan from licensed moneylenders.
- Licensed Moneylenders in Singapore have interest rates capped at 4%. This means that the interest rates are highly competitive and the fees are transparent. If you borrow from a licensed moneylender, you will be sure that the interest rates will be within manageable range.
- Ministry of Law strictly implements the Moneylenders Act. This means from the start of your loan process till you pay it off with agreed fees, no harassment will be involved. Aside from this, the repayment scheme must be reasonable. Failure of following this guideline will cause fines and other legal consequences.
- The loan process of licensed moneylenders are notably shorter and faster compared to other financing institutions. The process may 24 hours up to a couple of days. Since there is no collateral needed, there will be less paperwork which also shortens the process.
- Licensed moneylenders are required to have a physical office to do their operations. They must have a registered landline and a valid license. You can drop by their office to ask for information and or do personal verification if required. This way you do not have to give them an access to your SingPass Login over the phone or text.
- The IPTO’s (Insolvency and Public Trustee’s Office) set rules on how these businesses should advertise or communicate with borrowers. This saves you from unnecessary SMS advertising which is a violation of the Money Lenders’ Act.
How to Tell the Difference Between a Licensed Moneylender and a Loanshark
Loans give us convenience in times of financial troubles. Now that you know the benefits of getting personal loans from licensed moneylenders you need to know which are the legitimate moneylenders and who are loan sharks. Ah long’s posing as licensed moneylenders have become prevalent. Here are some tips to help you know which moneylenders to trust.
Legal Moneylenders Explain and Ensure That Borrowers Understand Their Loan Terms
IPTO makes sure that licensed moneylenders are transparent when it comes to loan terms. It is not enough that it is included in the contract. They must use the language that you understand and answer your enquiries before having you sign the loan contract.
Licensed moneylenders must explain your interest rate, payment method options and repayment scheme. As a borrower, you must not hesitate to ask for any clarification. A loan shark, on the other hand, is only interested in pressuring their borrowers to sign the contract. They refuse to explain the detail and even use vague terms to get away with it.
Licensed Moneylenders Have Maximum Loan Amount
The Ministry of Law sets maximum loan amounts for licensed moneylenders to offer. Here are the rates for unsecured loans:
- Less than $20,000 a year: up to $3,000.
- Greater than $20,000 but less than $30,000 a year: up to 2 months’ income.
- Greater than $30,000 but less than $120,000 a year: up to 4 months’ income.
- Annual income $120,000 or above: no limit.
If the moneylender offers outrageously high loan amount, then you are dealing with a loan shark. A licensed moneylender wants to give you reasonable loan that you can handle and repay. Loans are supposed to help you regain financial stability.
However, a loan shark will make sure that you will always be deep in debt to they can milk money from you as long as they can.
Legal Moneylenders Will Never Acquire Your SingPass Remotely
Licensed moneylenders invite borrowers to drop by their registered office address for final verification and (if approved) singing of contract. It is prohibited for a moneylender to get the SingPass login detail of a borrower. If needed, you must be the one to key in your login details.
Licensed Moneylenders are Listed on the Registry of Moneylenders
A legitimate moneylender must be included in the list of licensed moneylenders found in the Ministry of Law website. The Moneylenders Act is strictly implemented and not complying with the set rules will cause revocation of license.
Before you get a loan, make sure your moneylender is complying with the Moneylenders Act by checking if it is included in the list of licensed moneylenders. If the moneylender is not on the list but claims that it only got listed recently, call the ministry at 1800 2255 529 to verify its registration.
Licensed Moneylenders Will Have You Sign a Complete Contract
Licensed moneylenders are required mandated to have their customers sign a loan contract. The contract must include the interest rate, late payment fee, repayment period and other details. Loan sharks, in contrast, offer loans without a contract or they will have you sign an incomplete contract. Blank or incomplete contracts can be easily manipulated.
How Do I Find the Best Licensed Moneylender in Singapore?
With a long list of licensed moneylenders offering various financial products, how will you know which one is best one for you? Take note that each individual has a unique need. What is the best choice for one may not be for another. This is why it is important to take your time to shop around and consider various factors.
- Purpose of Personal Loans
Personal loans can be used in a myriad of ways. While many offer a multi-purpose personal loan, other loans have specific uses. There are renovation loans, education assistance loans good for purchasing laptops and other educational gadgets and there are also bridging loans.
When getting a personal loan, you have to make clear on how you plan to use it. This way you can use it wisely and you can get it from the best-licensed money lender. It will be a dilemma if you use a loan for a different thing and end up getting another one to fulfil the original purpose. Also, do not be surprised if the moneylender will ask why you want to take a personal loan.
A responsible licensed moneylender naturally wants to know if you have a plan on how to use the personal loan you are applying for. This gives an idea that you know how to handle your finances. Licensed moneylenders are more confident giving a loan to individuals who are conscious of their spending.
- Fees and Other Charges
Moneylenders usually charge processing fees aside from the interest. This is not a surprise since moneylender spends for the company’s basic needs such as maintaining its website and using the services of credit bureaus. However, what you should take note is that the fee must not be more than 10% of the principal loan. Also, you must not pay the processing fee before the actual application process.
Licensed moneylenders can charge processing fees in two ways: either they deduct it from the principal loan upon its disbursement or you pay it in instalment which is included in the repayment terms. On the other hand, loan sharks charge processing fees before the loan process itself. They say that you can’t continue processing the loan unless you pay the fee.
Aside from the processing fee and interest charge, a licensed moneylender can charge penalties in case the loan ends up in default. In the end, what you must do is to ask for a breakdown of charges so you will get reminded on how much you really have to pay and when.
A business will need to have quality products and services to stay thriving over the years. Of course, a good financing company will aim to be the best, and they will always be competitive in its industry. This means they always look for ways to improve the customer experience so they will continue to have a loyal clientele.
Another thing you must check is if the moneylender you are eyeing is licensed under the regulation of MinLaw. Licensed moneylenders strictly follow the Moneylenders Act to protect both the borrower and its license to operate. This means that they are required to evaluate each application, charge an interest rate with a cap of 4% a month and advertise only within its limits.
- Loan Amount and Repayment Term
A responsible licensed moneylender will not approve an outrageous loan amount way higher than your capability to repay it. You must also choose the moneylender that offers flexible terms that fits your financial capacity.
Remember that you are getting a loan to get back to financial stability. It is a handy tool for every individual in all walks of life. If the moneylender is insistent that you choose an unfavourable term, then it must be a loan shark. A reputable licensed moneylender is always willing to help you choose a term that you can meet without sacrificing your needs.
Traditionally, taking out a personal loan usually takes time. Choose a licensed moneylender offering online loan application processes. Within minutes, you can start your loan application and they will get in touch within the day. This was you can quickly know if you are eligible for a loan. There is no need to go to different moneylender’s offices and spend a lot of time on each one. You can now apply for a loan in the comforts of your own home, any time of the day.
Getting a personal loan is a serious financial decision. Make sure that you get it from a responsible licensed moneylender with reputable years in the industry. Take your time to shop around, compare rates and choose the best terms to fit your immediate needs.