Singapore has strict regulations to protect borrowers who need quick access to cash, which is why it’s so important to deal only with licensed money lenders. The official list of licensed money lenders in Singapore is maintained by the Ministry of Law’s Registry of Moneylenders, and this list is the most reliable way to check whether a lender is legitimate and operating within the law. Borrowers can easily verify a lender’s name, business address, licence number, and contact information to make sure they are not dealing with illegal or unlicensed operators.
A licensed money lender must follow clear rules, including caps on interest rates, processing fees, and late payment fees. They are also required to explain the loan terms clearly and provide borrowers with proper loan contracts and receipts. Unlike illegal lenders, licensed money lenders will never ask for upfront fees before giving out a loan or pressure you with aggressive tactics through social media or SMS.
Checking the official list of licensed money lenders in singapore before borrowing is simple: you can visit the Ministry of Law’s Registry of Moneylenders website and download the updated list anytime. Doing this helps you avoid scams, unlicensed lenders, and unfair loan terms. Always make sure to meet your lender at their registered office, review the loan contract carefully, and ask questions if anything is unclear. Borrowing from a licensed money lender means you are protected under Singapore’s law, so you can handle your financial needs with more confidence and peace of mind.
