Imagine this situation: your elderly mother is in a wheelchair. She’s living with you and your family. One evening, the kids don’t want to sleep as usual. Instead, they start jumping on their grandmother’s wheelchair. Unfortunately, they break it before you can intervene.

At this point, a 24-hour money lender in Singapore would save the day. You could get a personal loan in a few hours, and your mother wouldn’t have to stay immobile for days.

However, there are loan scams in Singapore. People have lost their lifelong savings due to these scams.

Let’s see if you can find a 24-hour loan service in Singapore and what to watch out for.

What Do Licensed Money Lenders In Singapore Do?

The essential thing to remember is that Singapore is ridden with loan sharks. These illicit creditors are very dangerous and cunning.

Conversely, licensed moneylenders in Singapore offer you convenient loans following MinLaw’s regulations. You can borrow from most of them regardless of your earnings, credit score, and citizenship.

But can you get a 24-hour loan from a licensed moneylender? 

Are There 24-hour Money Lenders In Singapore?

The bad news is that you can’t find 24-hour moneylenders in Singapore.

So, if you find one on the Internet that promises non-stop service, it’s probably a loan shark. 100%. 

Don’t stop reading here, though.

We’ll tell you the best alternatives to non-stop moneylenders so that you can solve your financial difficulties seamlessly.

First, search for a trustworthy licensed moneylender online.

How can you tell if they are reliable or not? Double-check reviews and compare various rates. Then, use MinLaw official list of registered agencies to ensure that your moneylender is genuinely legit.

So here’s the solution:

Almost all moneylenders in Singapore have excellent websites. These portals are open 24/7 so that you can apply anytime you need, even in the middle of the night.

For example, we at Lending Bee have synchronised our website with SingPass. Anytime you log in with your SingPass details, we retrieve all your financial information in seconds.

That’s how fast applying for a loan with us is!

Linking with SingPass is also a sign of our reliability and legitimacy.

Calculate how much you can borrow using our personal loan calculator and apply in minutes. We can set that appointment within the next business day.

How To Apply For A Personal Or Emergency Loan

We already discussed a bit about how to apply for a personal or emergency loan in Singapore. Let’s detail those steps so that you can get a better idea of the necessary paperwork:

1. Open your licensed moneylender’s loan webpage.

2. Fill in personal ID details, your earnings, and the desired loan amount.

3. Log into your SingPass from our company’s website so that we can understand your financial background.

4. Add some additional paperwork to verify your residence and ability to repay the loan. Most licensed moneylenders need a utility bill with your name on it and 3-month payslips or your CPF statements.

5. Hit send to submit your application.

6. Let the staff contact you. They should reach out within hours. 

7. Check your pre-approval status. If your loan has been approved, a loan agent will contact you to arrange that due diligence meeting. Remember that if someone wants to forego this step, they’re breaking the law.

8. Go through the contract with your licensed moneylender to clarify your questions. 

9. Sign the document and receive your money in cash or through a bank transfer.

How To Spot An Unlicensed Money Lender

People looking for emergency cash like 24-hour loans are more likely to fall into the trap of Ah Longs. Read loan scam scenarios here.

1. No Well-Written Contract

Nvm, chin chai la.

Loan sharks never go through due diligence. That’s why they don’t draft law-binding contracts.

Well, they aren’t following the law in the first place.

However, they may ask you to sign some papers just for a show or to scare you off.

You’ll know these papers are fake if they don’t follow MinLaw’s rules about:

  • Precise tenures
  • Maximum loan amounts according to your income and citizenship status
  • Maximum 4% interest rates

We’ll discuss these below.

Other loan sharks won’t bother with a contract at all, especially if they sniff desperation and you’re borrowing what they consider a small sum. In this case, Ah Longs will simply approve your “loan” with a call or text.

2. Charges

The Ministry of Law in Singapore sets the following maximum rates and fees:

  • 4% interest/ month
  • 4% late interest/ month of late repayment
  • $60 maximum penalty fee for late repayment
  • 10% admin fee

If a loan agent tells you to pay pre-approval fees or higher charges, they’re breaking the law.

3. Advertising Channels 

MinLaw doesn’t let licensed moneylenders advertise their business on every media like other brands. That’s because taking up a loan involves more financial responsibility than buying Coca-Cola.

So, if you see a loan ad on Google or get a flyer, that’s a loan shark in action. Registered moneylenders can only use:

  • Business and consumer directories
  • Their official websites
  • On their physical headquarters’ building (e.g., walls or doors)

4. Maximum Loan Amount

Here’s how much MinLaw says you can borrow from a moneylender:

Annual incomeSingapore Citizens and Permanent ResidentsForeigners residing in Singapore
Below $10,000$3,000$500
$10,000 – $20,000$3,000$3,000
$20,000+Six times of monthly incomeSix times of monthly income

5. Physical & Psychological Intimidation

Loan sharks use threats, physical violence, and harassment if you’re late repaying your loan. Sometimes, they use these tactics when they raise their interest rates more than what you’ve agreed.

A registered and law-abiding moneylender will never use violence. If you can’t repay your loan, a licensed moneylender will help you renegotiate your terms, or you can find more solutions with Credit Counselling Singapore.

Remember: Your contract outlines specific courses of action for late payments, plus fixed installments. 

Do not seek out loan sharks even if you have a bad credit score. Bad credit loans by Lending Bee are available to help.

How To Avoid An Online Loan Scam

Now that you know how to recognise an illegal moneylender, let’s see how you can avoid their scams:

1. Stop Things Before They Start

The Internet has smoothed out any creases that were usually happening with loan applications. Diminished bureaucracy is a definite advantage because you currently have access to faster loan approvals, better sums, and less paperwork.

The bad news is that loan sharks have easier access to you too. All they need is a fake website to hook you to apply.

Remember: Always use MinLaw’s updated list of registered lenders to vet your financial provider before applying. Otherwise, they can get your data and harass you even if you don’t borrow from them.

2. Don’t Offer Or Do Anything For Ah Longs

Loans sharks want to get as much money from you as possible. Some promise more money or forgive late payments if you:

  • Give them your bank account passwords and ID
  • Agree to harass other people

However, these things will lead to even worse predicaments than the one you’re currently in because:

  • The Ah Long can steal money from your bank account.
  • They will use your ID and passwords for blackmail.
  • The authorities in Singapore can prosecute you for aiding and abetting Ah Long. If you’re found to be an accomplice, you can receive a gaol sentence, a 6-figure fine, plus strokes of the cane.

4. Review The Contract Carefully

Ensure this contract features:

  • Loan tenure
  • All your fees
  • Installment schedule
  • Interest rate
  • Principal amount
  • Conditions and rights for all parties

Also, make sure these sums respect MinLaw’s rules we’ve discussed above. After signing the contract, the moneylender should give you a signed copy as well.

3. Check The Headquarters

As we’ve said before, licensed moneylenders in Singapore are legally required to meet with you at their headquarters. Therefore, they must have a physical address where they conduct due diligence.

Conversely, loan sharks will meet with you in informal places, like the park, your parking spot, or at a bar. 

Licensed Money Lenders In Singapore FAQ 


We understand that people interested in 24-hour moneylenders – like you – also want the quickest way out of a financial emergency. 

We can assist you.

Read the frequently asked questions that we’ve answered below to make sure you get the best financial support:

How Will A Moneylender Calculate My Interest Rate?

Licensed moneylenders in Singapore are required to offer you fixed installment plans and set interest rates below 4%/month. 

These conditions don’t depend on your earnings, credit score, citizenship, or an unsecured loan. Beware of loan agents telling you otherwise.

Now let’s see how the licensed moneylender will calculate your interest.

Let’s say you’re getting a $2,500 loan with a 3% interest and $200/ month installments. Your first-month interest will be $75, while $125 goes towards your principal loan amount. So, the second month’s interest is 3% out of the remaining $2,375, meaning $71.25.

What about late repayments?

The maximum a moneylender can ask in this case is:

  • 4%/month interest 
  • $60 late fee

So, if you’re late with the second month’s installment, the moneylender will ask you for:

  • 4% out of $200 = $8
  • $60 late fee

If your moneylender tells you to pay 4% out of your principal amount as late interest, they’re breaking the law.

Pro tip: The Ministry of Law doesn’t let moneylenders charge you more in fees than the principal loan amount. As such, the added interest, late payment fees, and admin fee should be below your loan sum.

How Do I Lodge A Complaint Against A Money Lender?

After reading this article, you may have noticed that your moneylender is trying to bend the law. In this case, it’s wise to report them to the authorities, such as Singapore Police or the Registry of Moneylenders:

Remember: Don’t worry about the repercussions in case the moneylender learns you’ve reported them. The Registry of Moneylenders won’t disclose your identity.

Here’s what usually happens after you get in touch with them:

  • An official will ask you for information on the law-breaking moneylender. You’ll have to give them the company’s name and license number.
  • Wait until a MinLaw agent contacts you.
  • Set up an interview and answer their questions truthfully. Bring any evidence you have against the moneylender, such as written documents or recorded conversations.

What Can I Do If A Licensed Money Lender Is Harassing Or Threatening Me?

Remember that using threats, harassments, or physical violence is illegal. If you believe you’re in immediate danger, you should call the Police Emergency Line at 999. 

Other options for reaching the Singapore Police are:

What Documents Do I Need To Apply For A Loan? 

Unlike banks in Singapore, moneylenders will require fewer documents, which they’ll check faster. Although some loan agents may have different requirements, the usual paperwork is:

Proof of identityProof of residenceProof of income
- Passport
- Bills
- Bank statements
- Lease agreements
- Letters addressed to you
- Payslips
- Tax statements
- Employment contract
- Employment letter
- CPF statement

What Must A Licensed Moneylender Tell Me Before Granting A Loan?

A good moneylender should explain to you the contract that you’re signing. Make sure their explanations are clear and detailed. This talk should leave you with no remaining questions or doubts regarding:

  • The interest rates’ quantum and system
  • All the fees that you must pay
  • The installment amounts and schedule
  • The precise tenure
  • All of your rights and requirements

You should also receive the cautionary statement according to the new MinLaw rules. This document warns customers about possible ways in which moneylenders can bend the law and how to act if they notice anything illegal.

So, if you want to get fast cash from a trustworthy licensed moneylender, apply with us.

We at Lending Bee understand that you want quick solutions, so we’ve streamlined our website with 24/7 loan solutions.

To find out how we have helped our customers over the years, read real reviews here.

About Lending Bee

In a volatile, uncertain, complex and ambiguous world, you can count on one thing – your partner in credit, Lending Bee. Just like an industrious bee, we are committed to helping each and every customer access credit – quickly, easily and seamlessly.