How do I check if a moneylender is licensed in Singapore?

How do I check if a moneylender is licensed in Singapore?

Sometimes you might find yourself in a situation where you need quick cash. In such cases, you can avail for a personal loan. A personal loan can be used for many purposes under varied circumstances. You can avail of a personal loan in case of a shortage of funds or planning a wedding. An important factor to consider while taking a personal loan in Singapore is to check whether the moneylender is licensed or has authority. So before availing of a personal loan, you might ask the question: how do I check if a moneylender is licensed in Singapore?

Points to tick regarding a licensed moneylender

  • Checking the list of licensed moneylenders: One of the easiest ways to check if a moneylender is licensed or not is by referring to the list of licensed moneylenders in Singapore on MinLaw’s website. The Registry of Moneylenders provides an updated list of licensed moneylenders every month. Apart from checking if the license is valid or not, one should still take time to read the reviews on them. 
  • Checking out The advertisements of Licensed Advertisements: The method of advertisements is genuine in the case of licensed moneylenders. A moneylender is contacting and offering loans through text messages, phone calls- it is a strong indication that it might be an unlicensed moneylender. This is called ‘Ah Long’ in Singapore or licensed moneylender violating the rules. 

There are certain channels broadcasted in Singapore only through which licensed moneylenders can advertise. These channels are given out on MinLaw’s website. These are as follows:

  • Business or Consumer Directories.
  • Websites that belong to a licensed moneylender. 
  • Advertisements placed within licensed moneylender’s interior and exterior side of their place of business (such as wall, door, shutter, gate).

In terms of licensed moneylender advertisements, it is generally advised and better to seek clarification from the moneylender himself rather than solely relying on the advertisements. One should appreciate the term of the loan contract before borrowing from a licensed moneylender in Singapore. 

A licensed moneylender follows standard interest rates and imposes fees that are strictly mentioned by the Registry of Moneylenders. There is often a red flag if any of the following is missing in your agreement: 

  • Monthly Interest rates should be less than 4% in the case of personal loans.
  • The late interest is up to 4% for each late repayment.
  • The late fee is less than $60.
  • A clear-cut explanation is needed in cases of interest rates and fees.

Difference between Licensed Moneylender and Loan Scam

  • Transparency: All licensed moneylenders in Singapore need to explain to you the terms and conditions under which they can provide you a personal loan. By law, they are also required to provide you a contract that will include the repayment period, method of repayment and the interest rate charged. 


Generally, unlicensed moneylenders don’t provide you with a contract. They might send you documents in PDF format over WhatsApp or SMS. Such documents are strictly part of loan scams and do keep in mind that you are not required to pay any fees in Singapore before the loan gets approved.

  • Interest rate: as regulated by MiniLaw, licensed money lenders can charge interest only up to 4% per month on the loan amount. In cases of loan payments, they can charge a late interest rate of up to 4% per month. The late interest will only apply to the unpaid amount. Unlicensed moneylenders are known to charge high-interest rates and many of them choose to include other implicit costs.


Crawfort SG  is the most trusted licensed moneylender in Singapore. It can provide you with a personal loan in 3 simple steps within a short period of time. Crawfort values your trust. It has disbursed more than 2,00,000 loans in Singapore since it was established in 2011. Crawfort is known to have won an award from Singapore’s Prestige Brand Awards in 2019. It works on the principle of quality service and care for its customers. Every step you need to avail a loan from Crawfort is tailored to ensure your comfort and convenience. Crawfort sees to it that you can avail a loan hustle-free within a short time.