Singapore is well-known for its high living costs and, from time to time, we all need a helping hand with our finances. That said, it can sometimes feel daunting to take out a credit card, sign a loan contract or borrow some extra cash from the bank – especially if you’re worried about accumulating interest and keeping up your repayments.
Many Singaporeans fear strict eligibility requirements, intense scrutiny of their credit scores, and even getting turned down when they come to apply for a loan, but it doesn’t always have to be this way.
Private lenders in Singapore offer ample solutions to borrowers who are experiencing financial distress – and their loans are often specially tailored to suit borrowers who need higher loan amounts, more affordable interest rates and less stringent credit checks. If you need cash quickly, a private licensed money lender could be the ideal solution.
Private Moneylenders: What are they and how do they work?
So, what actually are private moneylenders in Singapore? Put simply, a private money lender is any licensed money lender or trusted PTE LTD company in Singapore that lends money to customers but isn’t a traditional bank or financial institution – it instead acts as an easier alternative.
These companies offer personal loans, business loans, foreigner loans and many other tailored products to anyone who needs an attractive loan with a straightforward approval process and clear-cut repayment terms.
Each licensed money lender here in Singapore acts according to a series of rules and regulations laid out by the Ministry of Law, meaning borrowers can always be sure of certain protections. Whenever you take out a loan from a licensed money lender, this will be governed by a loan contract signed by both yourself and the moneylender – protecting everyone’s rights at either end. These contracts will contain:
- All relevant loan contract terms
- The loan amount
- The agreed interest rate and repayment plan
- Any additional important information
In short, this means that you’ll know everything there is to know about your specific loan from day one – and these pre-agreed terms will never change. You won’t ever have to worry about fluctuations in interest rates, phone calls about changes to repayment terms, or being hit by unpredictable fees.
What Types of Loan Can I Get from Private Moneylenders?
You can approach a licensed moneylender for virtually any kind of loan you desire in Singapore – from quick cash payday loans to traditional personal loans and debt consolidation loans. Let’s take a look at some of the most popular loan options.
Standard personal loans are probably the most popular loan contract taken out by people here in Singapore. This type of loan can be used on renovations, car purchases, holidays, debt consolidation or virtually anything else you desire. Traditional banks are well-known for slow approval processes and stringent personal loan terms, but a private money lender could help you to access:
- A loan amount of up to $50,000
- An interest rate of 4% or less
- Loan approval within 30 minutes
Personal Loan for Foreigners
Foreigners living in Singapore can struggle with living costs, settling allowances and sending money back home to their family members. Fortunately, private moneylenders in Singapore can provide respite in the form of low interest loans specifically geared toward foreigners. With A1 Credit, you can enjoy:
- Affordable loans available to foreigners earning as little as $2,000 per month
- Interest rates equal to standard personal loans
- A total loan limit of up to 6 times your monthly salary
Payday Loan Singapore
If you’re facing a financial emergency, a fast cash or “payday” loan might be the best way to get your hands on the money you need quickly and efficiently. Trusted moneylenders like A1 Credit can offer short-term loans to tide you over until your next paycheck. You can expect:
- Super-fast approval within one hour
- Payday loans offering up to one month’s salary
- Clear-cut repayment terms
Business Loan Singapore
Entrepreneurial clients who need extra money to grow their business, renovate their premises, invest in advertising or expand into new territories, can apply for a business loan with affordable repayments using a private moneylender. Typically, a licensed money lender Singapore will offer much faster approvals than your average bank. With A1 Credit, you can expect:
- A loan amount of up to $200,000
- Loan tenures of 6 – 24 months
- An interest rate of 5 – 15%
Buying and selling real estate can be super-stressful – especially when there’s a lot of money involved. If you’re moving home and need extra capital, a bridging loan can help you “bridge” the gap between the two properties or cover any other short-term costs you might incur. With A1 Credit PTE LTD, you can:
- Borrow between $5,000 and $200,000
- Enjoy a fast, 30-minute loan approval
- Get a loan of up to 6 times your monthly salary
Fast Cash Loan or Emergency Loan
Licensed lenders tend to tailor their services to meet the needs of borrowers in Singapore who need money quickly – and preferably with a flexible repayment schedule that can be adapted to suit their needs. If you need fast cash to handle a financial emergency, A1 Credit’s loans enable you to:
- Borrow up to six times your monthly salary
- Get your loan approved in 30 minutes or less
- Bypass difficult bank eligibility checks
Bad Credit History Loan
One of the top reasons people in Singapore are turned down for a loan is a low credit score – but private licensed moneylenders have much looser eligibility criteria than traditional banks. This means that even if your credit history is poor, you can still access a sizeable loan with the appropriate terms and loan tenure you need. A1 Credit PTE LTD offer moneylender loans that:
- Are still available to people in Singapore with bad credit
- Range from $500 to $50,000 on a personal loan basis
- Offer fixed interest rates and fast processing times
How Can Private Moneylenders Help You to Relieve Financial Stress?
Whether you’ve racked up one too many credit card bills, are struggling to manage an unforeseen financial emergency, or just need a little extra money to get you through until payday, being in debt can feel like a huge burden to bear.
Fortunately, licensed moneylenders offer a fantastic range of products and services that can help you ward off those annoying text messages from debt collectors and regain control of your finances.
What’s more, it is always possible to seek help from Credit Counselling Singapore here if ever things start to get a little too much.
Getting a loan from licensed money lenders can help you to better manage the following kinds of debt:
Credit Card Bills
Credit cards can seem like a convenient way to pay for groceries, everyday costs and big-ticket items, but outstanding balances often attract sky-high interest rates and here in Singapore it’s easy for these debts to spiral out of control. A personal loan can help you pay off your balance quickly and efficiently and escape those nasty rates.
There’s no situation more stressful than an unexpected financial emergency. Fortunately, seeking a fast solution like a personal loan can help you to relieve the pressure with ease. Getting help from licensed moneylenders puts you in a comfortable position to handle the likes of last-minute medical bills, funeral costs or unforeseen expenses in a timely manner, then repay later at a reasonable rate.
Utility Bill Arrears
Sometimes day-to-day living costs can get the better of us – but if you’re struggling to keep up with your payments, you’re not alone. Approaching licensed moneylenders for a fast cash or payday loan can help you to make ends meet before your debts start to snowball.
Other Loans with High Costs
Not all loans have clear contracts and reasonable interest rates – but refinancing is always an option if you feel like your other loans are getting on top of you. Find a deal with lower interest and more attractive terms or consider consolidating your debts into one manageable monthly payment.
What Are the Advantages of Getting a Loan from a Private Money Lender Singapore?
If you need a loan in Singapore, banks are never your only option – licensed moneylenders in Singapore are plentiful and borrowing from these reliable institutions regulated by the Ministry of Law has a number of great benefits. With licensed moneylenders, you can always expect:
Quick Loan Approval
One of the top benefits of borrowing from licensed moneylenders instead of banks is speed – you can always expect lightning-fast approval times. Most licensed moneylenders in Singapore offer loan approval within the hour – but A1 Credit can approve your loan within just 30 minutes.
All moneylender companies that are listed on the Registry of Moneylenders here and properly licensed cannot charge interest rates of more than 4%. This means you can be sure you’re paying fair interest every time you approach a licensed money lender Singapore for a loan.
Excellent Terms on Small Loans
Private moneylenders are well-known for offering fast cash loans with flexible repayment tenures, easy-to-meet eligibility criteria and a generous loan amount that can be tailored to meet your needs. With most moneylenders, the upper limit typically extends up to six times customers’ monthly salary.
No Rejections over Low Credit Scores
If you have a poor credit score, you’re much less likely to be turned down by licensed moneylenders in Singapore than your local bank. What’s more, a private money lender loan can be a great way to gradually rebuild your credit over time – just be sure to keep on top of your payments.
Offering lightning-fast approval times, flexible terms and low interest costs for borrowers, licensed moneylenders in Singapore are a real lifeline for anyone facing financial stress or looking to ease their debt burden. That said, it’s important to know how to spot licensed moneylenders in Singapore from dubious, unregulated providers.
MinLaw and the Registry of Moneylenders operate a comprehensive list of properly licensed moneylenders online here. It’s important to take note of this so you can cross-reference with any suspicious-looking lender that might contact you via phone calls or text messages touting for business. Other resources, such as Credit Counselling Singapore, provide lots of helpful information worthy of note here. If in doubt, always double-check to ensure your borrowing experience with moneylenders here in Singapore will be 100% safe and secure every time.
A1 Credit is one of the best-known and highest-rated private licensed moneylenders in Singapore. We offer a comprehensive range of personal, business, payday and foreigner loans to help people in Singapore stay on top of their debts and ease their financial burdens. Apply for best personal loan Singapore today to regain control of your finances.