How much can I borrow from a licensed money lender in Singapore

Under MAS Ruling, For secured loans, you can obtain a loan of any amount. For unsecured loans, you can obtain:

  • Up to $3,000, if your annual income is less than $20,000;
  • Up to 2 months’ income, if your annual income is $20,000 or more but less than $30,000;
  • Up to 4 months’ income, if your annual income is $30,000 or more but less than $120,000; and
  • Any amount, if your annual income is $120,000 or more.

For loans contracted between 1 June 2012 and 30 September 2015, moneylenders are only permitted to charge six types of fees:

  • For each occasion of late repayment of principal or interest;
  • For each occasion the terms of the loan contract are varied at your request;
  • For each dishonoured cheque issued by you;
  • For each unsuccessful GIRO deduction from a bank account, as payment to the moneylender;
  • For early redemption of the loan or early termination of the contract; and
  • Legal costs incurred for the recovery of the loan.
    Any other fees are not permitted, and are hence not enforceable by the moneylender.With effect from 1 October 2015, all moneylenders are only permitted to impose the following charges and expenses:
  • a fee not exceeding $60 for each month of late repayment;
  • a fee not exceeding 10% of the principal of the loan when a loan is granted; and
  • legal costs ordered by the court for a successful claim by the moneylender for the recovery of the loan.

    The total charges imposed by a moneylender on any loan, consisting of interest, late interest, upfront administrative and late fee also cannot exceed an amount equivalent to the principal of the loan. [To illustrate, if X takes a loan of $10,000, then the interest, late interest, 10% administrative fee and monthly $60 late fees cannot exceed $10,000.]

Source – :https://www.mlaw.gov.sg/content/rom/en/information-for-borrowers/guide-to-borrowing-from-licensed-moneylenders-english.html

Recommended Licensed Money Lender in Singapore

1) Jeff Lee Credit , Licensed Moneylender In Singapore – https://www.creditwaves.com/

2) SKM Credit Pte Ltd, Licensed Money Lender In Singapore – https://www.rcssvc.com.sg/

3) JR Credit , Legal Money Lender In Singapore– http://www.mydirectcredit.com/

4) IP Credit, Reputable Licensed Money Lender In Singapore – http://www.expressloans.com.sg/

5) HSX Credit, Best Service Licensed Money Lender In Singapore – http://www.globalcreditwaves.com/

6) Licensed Money Lender Singapore – http://moneylendersingapore.net/

7) Singapore Licensed Moneylender In Singapore – http://moneylendersingapore.biz/