Question 1

Why choose Lending Bee® as a licensed moneylender in Singapore?

Accepted Answer

Lending Bee® is a premier money lender in Singapore and is 1 of only 6 firms hand-picked for the Ministry of Law&#8217;s New Business Model (NBM) Pilot Scheme.

Government-Vetted: Selected from 38 applicants for elite regulatory compliance and S$1 million capital stability.
Advanced Technology: We utilise Singpass MyInfo and a proprietary mobile app for faster, secure, and paperless loan processing.
Elite Authority: Our Pilot status allows us to offer more flexible credit solutions and higher borrowing limits than standard shops.

Question 2

What are the benefits of using the Lending Bee® mobile app for loan management?

Accepted Answer

Our Lending Bee® personal loan app is a key part of our Pilot Scheme status, designed to provide a transparent and efficient borrowing experience.

Instant Management: View your loan balance, check application status, and retrieve account statements in seconds.
Smart Reminders: Set automated repayment notifications to manage your budget and avoid late fees.
Exclusive Rewards: Earn points for timely repayments, redeemable for NTUC vouchers and lower interest rates.

Question 3

What is the difference between a bank and a licensed moneylender in Singapore?

Accepted Answer

While banks are suitable for large, long-term debt, a money lender in Singapore offers superior speed and flexibility for urgent, short-term needs.

Approval Speed: We offer 30-minute approvals, whereas banks can take 1–2 weeks.
Credit Flexibility: We evaluate each applicant&#8217;s current ability to repay, welcoming those with poor credit who may be rejected by banks.
Loan Tenure: Our terms are designed for shorter, manageable cycles (up to 35 months), helping you stay debt-free faster.

For faster approval and simpler requirements, you can consider applying for a personal loan in Singapore through a licensed moneylender.

Question 4

How much can I borrow from a licensed moneylender in Singapore?

Accepted Answer

The maximum loan amount for unsecured loans in Singapore is regulated by the Ministry of Law and depends on your annual income:

Borrower’s annual incomeSingapore Citizens and Permanent ResidentsForeigners residing in Singapore

Less than S$10,000S$3,000S$500

At least S$10,000 and less than S$20,000S$3,000S$3,000

At least S$20,000Up to 6 × your monthly incomeUp to 6 × your monthly income

Reference: Ministry of Law (Registry of Moneylenders), Singapore. These limits apply across all licensed moneylenders combined, not per individual lender.
If you are looking to manage multiple debts, you may also consider a debt consolidation plan in Singapore to simplify your repayments.

Question 5

What are the eligibility criteria for a personal loan?

Accepted Answer

To apply for a loan from a licensed moneylender in Singapore, you must meet the following basic requirements:

Age: At least 21 years old.
Residency: Available to Singaporeans, Permanent Residents (PRs), and Foreigners with valid work passes (e.g. Work Permit, S Pass, Employment Pass).
Proof of Income: Having supporting documents such as payslips or bank statements

Approval is subject to the lender’s assessment and your ability to repay the loan.
If you meet the basic requirements, you can proceed with our personal loan application for a faster assessment.

Question 6

What documents are needed to apply for a personal loan in Singapore?

Accepted Answer

The required documents may vary depending on your profile:
For Singaporeans / PRs:

NRIC (identity verification)
Proof of income (CPF statement or bank statements)

For Foreigners:

Valid work pass (Work Permit / S Pass / Employment Pass)
Proof of residence (e.g. utility bill or tenancy agreement)
Proof of income (payslips or bank statements)

If you apply using Singpass, some information can be retrieved automatically, allowing you to complete your online loan application more quickly with a simplified verification process.

Question 7

What are the legal interest rates and fees for licensed moneylenders in Singapore?

Accepted Answer

Licensed moneylenders in Singapore must follow strict caps set by the Ministry of Law:

Interest Rate: Up to 4% per month on the outstanding principal.
Late Interest: Up to 4% per month on the overdue amount only.
Late Fee: Up to S$60 per month.
Administrative Fee: Up to 10% of the principal (charged once upon loan approval).

The total cost of the loan (excluding principal) cannot exceed 100% of the loan amount.

Question 8

Can I apply for a loan with a bad credit score?

Accepted Answer

Yes, some licensed moneylenders in Singapore may consider applicants with lower credit scores.
Approval depends on:

Your current income
Existing financial commitments
Ability to repay the loan

Each application is assessed individually, and approval is not guaranteed.
If you have past credit challenges, you may consider exploring a tailored bad credit loan in Singapore that fits your current situation.

Question 9

How fast is the loan application and disbursement process in Singapore?

Accepted Answer

The loan process with a licensed moneylender in Singapore is typically fast and straightforward:

Application: Completed online in a few minutes.
Approval: In-principle approval may be provided within 30 minutes.
Disbursement: Funds are released after in-person verification and contract signing.

If you require urgent funds, you may explore our instant fast cash loan for quicker access.

Question 10

Where are Lending Bee®’s branches located in Singapore?

Accepted Answer

We operate four strategic branches across the island, all conveniently located near major MRT stations to facilitate your mandatory face-to-face verification.

Orchard: Located at Far East Plaza (near Orchard MRT).
Yishun: Located at Yishun Central 1 (near Yishun MRT).
Bedok: Located at Bedok North Street 1 (near Bedok MRT).
Jurong East: Located at Jurong Gateway Road (near Jurong East MRT).

All branches are open Monday to Saturday (11:00 am – 8:00 pm) and Sunday (10:00 am – 6:00 pm), and are closed on public holidays.
Visit any of our branches for assistance and in-person verification. You can explore all locations on our
👉 licensed money lender locations in Singapore.

Question 11

Why do I need to visit your branch to get my loan?

Accepted Answer

Under the Moneylenders Act, it is a legal requirement to have a face-to-face meeting at the lender&#8217;s registered office.

Security: This prevents identity theft and ensures your personal data remains secure.
Legal Compliance: Our officers must explain the contract terms in a language you understand before you sign.

Question 12

What are the repayment options and how can I track my loan?

Accepted Answer

Lending Bee® provides structured repayment options designed to help you manage your loan clearly and consistently.

Monthly Instalments: Repay your loan through fixed monthly instalments aligned with your income cycle.
Digital Payment Modes: Make repayments conveniently via bank transfer or PayNow through your preferred banking platform.
Loan Tracking via Mobile App: Use the Lending Bee® mobile app to check your remaining balance, view repayment history, and receive reminders for upcoming payments.

You can also use our loan repayment calculator to estimate your monthly instalments before applying.

Question 13

Are there any penalties for early loan settlement?

Accepted Answer

No. Lending Bee® does not charge penalties for early repayment.

Pro-rated Interest: You only pay interest for the time you actually use the funds.
Cost Savings: Settling early helps you save on total interest costs and rebuild your credit faster.

Question 14

How do I verify if a licensed moneylender in Singapore is legitimate?

Accepted Answer

To verify whether a moneylender is licensed in Singapore:

Check the official Registry of Moneylenders on the Ministry of Law website.
Confirm the company name and licence number match the listing.
Ensure the loan is processed at a registered business address.

Licensed moneylenders will not contact you through unsolicited SMS, WhatsApp, or social media.
You can also read our guide on how to identify loan scams in Singapore to better protect yourself.

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Why Borrowers Choose Lending Bee®

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Apply Online with Singpass

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FAQs About Money Lending Services in Singapore