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Licensed Money Lender in Orchard, Singapore | Legal Loan Company

Hello. Welcome to 111 Credit.

Enjoy efficient loan services with our quick online application form, available 24/7 and fully integrated with Singpass Myinfo. It’s secure, fast, and straightforward! Get the financial support you need today.

READY TO START?

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Licensed Money Lender in Orchard, Singapore | Legal Loan Company

Hello. Welcome to 111 Credit.

Enjoy efficient loan services with our quick online application form, available 24/7 and fully integrated with Singpass Myinfo. It’s secure, fast, and straightforward! Get the financial support you need today.

READY TO START?

Two young female entrepreneurs learning about getting loans from the best Orchard Money Lender
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With over 13 years of experience as a licensed money lender in Singapore, 111 Credit is an established legal private loan company that has helped over 8,600 satisfied customers since 2009. 111 Credit is a fully registered and licensed money lender in Singapore, authorised by the Ministry of Law. Licence number: 55/2024.

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Your Trusted
Licensed Money Lender in Singapore

We are a centrally located, authorised loan company based in the heart of Singapore’s shopping district. We aim to provide straightforward and convenient legal loans, ensuring a seamless borrowing journey for our customers.

Are you in urgent need of funds? Submit your loan application online. We are a trusted licensed money lender with a secure and user-friendly online loan application system.

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Happy couple signing on a loan contract from the top licensed money lender in Orchard, Singapore
Smiling lady satisfied with the good borrowing experience she’s had with the top Orchard legal money lender in Singapore
Smiling lady satisfied with the good borrowing experience she’s had with the top Orchard legal money lender in Singapore

Why Choose Us as Your Legal Money Lender in Singapore?

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We’ve approved a total of 10928 applications and counting.

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We boast an impressive approval rate of 90%

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Our average loan processing time is just 25 minutes.

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Read Glowing Testimonials on Our Moneylending Services

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Our Private Moneylending Office in Orchard

Our Tailor-Made Money Lender Loan Solutions

Personal Loan

Personal Loan

Borrow up to 6X your monthly salary.*

Monthly instalment options for up to 12 months.*

Interest Rates: max 3.92% per month.

Debt Consolidation Loan

Debt Consolidation Loan

No maximum loan limit under the Debt Consolidation Scheme.*

Monthly instalments for up to 24 months.*

Interest Rates: start from 2.88% per month.*

Business Loan

Business Loan

No processing fee.

Loan amounts up to S$150,000.*

Interest Rates: start from 4.28% per month.*

*Terms and Conditions apply.

Navigating a loan application can be a complicated and overwhelming process, especially with the many private loan companies in Singapore from which to choose. As a trusted licensed money lender in Orchard, our goal is to ensure a stress-free experience and help you meet your financial needs without overstretching your budget.

Our application process is secure, convenient, and straightforward. We offer reliable support whenever and wherever you need it.

Navigating a loan application can be a complicated and overwhelming process, especially with the many private loan companies in Singapore from which to choose. As a trusted licensed money lender in Orchard, our goal is to ensure a stress-free experience and help you meet your financial needs without overstretching your budget.

Our application process is secure, convenient, and straightforward. We offer reliable support whenever and wherever you need it.

Frequently Asked Questions (FAQ) on Licensed Money Lenders in Singapore

Frequently Asked Questions (FAQ)

Answers to common questions on licensed money lenders in Singapore

What is a legal money lender in Singapore?

A legal money lender in Singapore is a licensed and authorised moneylending business operating within the country’s regulations. Registered with the Ministry of Law’s Registry of Moneylenders, a legal money lender has to follow stringent rules and regulations pertaining to their loans, the way they conduct their business and how they treat borrowers at every point of their loan journey.

Singaporeans, Singapore Permanent Residents, and Foreigners aged 18 to 70 can apply for a loan with a licensed private money lender in Singapore, such as 111 Credit, if they are employed or can provide proof of consistent income, and have not reached the allowable loan limit imposed by the law.

Who is eligible to apply for a loan with a private licensed money lender in Singapore

If you intend to take out a loan from a licensed money lender, it is important to take steps to ensure that you are dealing only with legal money lenders in Singapore, as there is an increasing number of loan and money lender scams.

Verify the private money lender’s details against the list of licensed money lenders in Singapore available on MinLaw’s website

Verify the private money lender’s details against the list of licensed money lenders in Singapore available on MinLaw’s website. The company name, contact number, and business address on the money lender’s documents and licence must match those on the regulator’s list.

Avoid lenders who attempt to market themselves through flyers, SMS, emails, cold calls, WhatsApp messages, or Telegram messages

Avoid lenders who attempt to market themselves through flyers, SMS, emails, cold calls, WhatsApp messages, or Telegram messages. Licensed private money lenders in Singapore are not allowed to use the abovementioned means to solicit loans.

Reliable authorised money lenders in Singapore can only charge a maximum interest rate of 4% per month
Reliable authorised money lenders in Singapore can only charge a maximum interest rate of 4% per month

Verify the loan interest rates and fees they charge. Reliable authorised money lenders in Singapore cannot overcharge their borrowers in terms of fees and interest rates.

How can I distinguish a licensed money lender from an unlicensed one

A licensed private money lender in Singapore will be on the Registry of Moneylenders’ official list of licensed lenders. Details such as their licence number, office address, office landline number and website, if any, are all there. To be doubly sure, make a trip to the lender’s office and ask to see their moneylending licence and ask as many questions as you’d like.

Unlicensed money lenders will not be found in the Registry of Moneylenders’ official list of licensed lenders. Unlicensed money lenders often solicit loans through means like SMSes, WhatsApp, Telegram, calls, emails, and social media platforms.

That’s not all. They are known for offering any loan amount you want to borrow, dealing remotely and charging sky-high interest rates. Unlicensed money lenders do not bother giving you a loan contract and explaining the terms and conditions to you. They are likely to engage in a myriad of harassment methods in the event that you fail to pay up.

What actions are permitted for licensed money lenders

Licensed money lenders are allowed to:

What actions are prohibited for licensed money lenders

Licensed money lenders are not allowed to:

Are legal money lenders allowed to advertise

Yes, legal money lenders in Singapore are only permitted to market their services through business or consumer directories, both in print and online, their listed websites, and advertisements displayed within their registered business premises.

Yes, interest rates and fees are regulated by MinLaw, and lenders exceeding these caps may face penalties for unfair practices.

Licensed money lenders in Singapore charge a maximum interest rate of 4% per month. Late interest and fees are capped at 4% and S$60 per month respectively, while processing fees are limited to up to 10% of the loan sum.

Are licensed money lender interest rates and fees controlled

Approaching a bank may be the first option that comes to mind when you need a loan. However, dealing with banking institutions involves lots of paperwork and lengthy processing times. If you earn less than S$20,000 per annum, your chances of securing a loan from any bank in Singapore will be quite limited.

But what’s the difference between borrowing from banks and legal private money lenders in Singapore? Here’s a quick comparison, including registered money lenders’ personal loan interest rates and banks’ interest rates in Singapore.

Bank

Licensed money Lender

Borrowing limit

From S$1,000 to ten times monthly income

Singaporean and Permanent Residents (PRs) – S$3,000 to six times monthly income

Foreigners – S$500 to six times monthly income

Repayment period

12 to 84 months, though most offer tenures up to 60 months

Up to 12 months, though a few lenders might extend the tenure up to 24 months

Interest rates

From 3.38% per annum

Up to 4% per month

Fees

Around 1%

5% to 10%

Loan eligibility

  • At least 21 years old
  • Singaporeans and Permanent Residents with a minimum annual income of S$20,000 to S$30,000
  • Foreigners with a minimum annual income of S$40,000 to S$60,000
  • At least 18 years old
  • No minimum income

Documents required

  • CPF contribution history statement (latest six-nine months) or
  • Latest Income Tax Notice of Assessment or
  • Latest computerised payslip
  • CPF contribution history statement (latest three months) or
  • Latest Income Tax Notice of Assessment or
  • Latest three months’ bank statements with proof of income or
  • Latest computerised payslip

Bank

Licensed money Lender

Borrowing limit

From S$1,000 to ten times monthly income

Singaporean and Permanent Residents (PRs) – S$3,000 to six times monthly income

Foreigners – S$500 to six times monthly income

Repayment period

12 to 84 months, though most offer tenures up to 60 months

Up to 12 months, though a few lenders might extend the tenure up to 24 months

Interest rates

From 3.38% per annum

Up to 4% per month

Fees

Around 1%

5% to 10%

Loan eligibility

  • At least 21 years old
  • Singaporeans and Permanent Residents with a minimum annual income of S$20,000 to S$30,000
  • Foreigners with a minimum annual income of S$40,000 to S$60,000
  • At least 18 years old
  • No minimum income

Documents required

  • CPF contribution history statement (latest six-nine months) or
  • Latest Income Tax Notice of Assessment or
  • Latest computerised payslip
  • CPF contribution history statement (latest three months) or
  • Latest Income Tax Notice of Assessment or
  • Latest three months’ bank statements with proof of income or
  • Latest computerised payslip

Nope, you’ll be happy to know licensed private money lenders in Singapore do not impose any minimum income requirements. You can borrow regardless of whether you’re a high or low income earner.

Do private money lenders impose minimum income requirements

Nope, no minimum sums are involved when it comes to licensed money lender loans. Feel free to borrow a small amount of money if that’s what you need.

Is there any minimum sum I must borrow from a licensed money lender
Does my credit score matter to licensed money lenders

Having a good Credit Bureau Singapore credit score may land you a loan package that offers better terms and conditions when you borrow from licensed money lenders, but your credit score isn’t going to determine whether or not your licensed money lender loan will be approved or rejected. Unlike traditional banks and financial institutions, licensed money lenders are often willing to provide financial solutions, even to individuals with poor credit scores.

Do registered instant money lenders offer urgent loans with no credit check in Singapore

While it is true that legalised private money lenders in Singapore offer personal loans and fully private loans for bad credit, they will still conduct the necessary credit checks to assess whether they are confident of recovering the loan amount from the borrower. You can learn more in our guide on how to get no credit score check loans from money lenders.

Licensed money lenders conduct simple credit checks by looking at your Loan Information Report at the Moneylenders Credit Bureau. They’ll check your borrowing limits, repayment history, etc.

How do licensed money lenders conduct credit checks
Can an unemployed individual take legal money lender loans

Whether an unemployed person can take legal money lender loans depends very much on the private licensed money lender.

Some money lenders in Singapore offer loans to anyone who can show consistent proof of income (including investment dividends, alimony, retirement payouts, etc.) while some money lenders in Singapore only offer loans to eligible individuals who are gainfully employed full-time, part-time, freelancing, or self-employed.

What loan interest rates do trusted online money lenders in Singapore typically charge?

Licensed online money lenders in Singapore can only charge a maximum interest rate of 4% per month — typically, they offer an interest rate between 1% and 4% per month.

Keep in mind that while late interest is also capped at 4% per month for each month the loan is paid late, it can only be charged on the overdue amount. The registered money lender is not allowed to levy late interest on amounts that are outstanding but not yet due for repayment.

Example

If a borrower takes a loan of $5,000 and fails to pay the first instalment of $1,000, the money lender can charge late interest on $1,000, but not on the remaining $4,000, as it is not yet due.

Legal money lender interest rates are calculated using the reducing balance method. This method calculates interest payments based on the outstanding principal balance.

The advantage of this method is that you tend to pay much less in interest, as the principal amount is reduced after each repayment. Let’s assume you took a personal loan of S$3,000 to be repaid over a 6-month tenure with an effective interest rate of 7% per annum.

If the lender uses a flat rate method, your total interest payable will be S$210. If the reducing balance method is applied, the total interest payable will be lower.

Month

Instalment amount

Principal payment

Outstanding principal

Interest payable

1

S$510.26

S$492.42

S$2,507.58

S$17.84

2

S$510.26

S$496.79

S$2,010.79

S$13.47

3

S$510.26

S$498.30

S$1,512.48

S$11.95

4

S$510.26

S$501.56

S$1,010.93

S$8.70

5

S$510.26

S$504.25

S$506.68

S$6.01

6

S$509.59

S$506.68

S$0

S$2.92

Total

S$3,000.00

S$60.88

Month
1
2
3
4
5
6
Total
Instalment amount Principal payment Outstanding principal Interest payable
S$510.26 S$492.42 S$2,507.58 S$17.84
S$510.26 S$496.79 S$2,010.79 S$13.47
S$510.26 S$498.30 S$1,512.48 S$11.95
S$510.26 S$501.56 S$1,010.93 S$8.70
S$510.26 S$504.25 S$506.68 S$6.01
S$509.59 S$506.68 S$0 S$2.92
S$3,000 S$60.88

When calculating your loan interest, using a calculator can be very helpful in determining your monthly loan repayment amount.

The amount of money you can borrow from a legalised money lender in Singapore is regulated by MinLaw. The maximum amount is six times your monthly income at any one time, across all licensed money lenders in Singapore.

Borrower’s Annual Income

Singapore Citizens and Permanent Residents

Foreigners

Less than S$10,000

S$3,000

S$500

At least S$10,000 and less than S$20,000

S$3,000

S$3,000

S$20,000 and above

Six times of monthly income

Six times of monthly income

Do licensed money lenders impose penalties for early loan repayment or full settlement

Licensed money lenders do not impose penalties for early loan repayment or full settlement before your loan tenure is up. The sooner you pay off your loan, the lesser interest you’ll be paying overall!

What should I do if I’m unable to pay my money lender

If you cannot afford to make a repayment, you should first attempt to negotiate a new repayment plan with your trusted money lender in Singapore. Requesting a payment extension is important, as failing to meet your loan repayment can lead to unfavourable outcomes.

What happens if I’m unable to pay my trusted money lender in Singapore

Several things can happen if you aren’t making repayments to your lender:

Late interest, capped at 4% per month, and late fees of up to S$60 per month will accrue on overdue balances. They will compound, too.

The money lender may issue a Letter of Demand or visit your residence or workplace to request payment. Although harassment and threats are prohibited, they are allowed to contact you and visit your home or office.

If necessary, the lender may pursue legal action, and you will be liable for any court-ordered legal costs.

How can I resolve disputes with licensed money lenders in Singapore

Most licensed money lenders in Singapore will aim to settle disputes as amicably as you do. If you find yourself in a difficult situation and are unable to repay your loan, try to renegotiate for an extended payment schedule.

Don’t hesitate to seek help from social service agencies, which can provide credit management information, credit counselling, and debt repayment negotiation support.

If you’re facing harassment, lodge a complaint with The Registry of Moneylenders at 1800-2255-529 or via their online form. You can also refer to our guide on how to lodge a complaint against a money lender for step-by-step instructions.

As a last resort, you may consider filing for bankruptcy, but be aware of the significant repercussions it carries.

Do all licensed money lenders in Singapore provide monthly loans

Yes, licensed and reliable money lenders in Singapore offer monthly repayment loans (i.e. loans with monthly instalments). Most legal money lenders provide short term loan tenures ranging from 3 to 12 months, with some local lenders offering loans up to 24 months.

Are loan applications with licensed money lenders fuss-free

Absolutely. Licensed money lenders strive to make the loan application process as fuss-free and quick as possible for their customers. A simple online loan application can be completed in just a few minutes!

Documents required for Singaporeans / PRs

Documents required for foreigners

  • NRIC 
  • Proof of income for the preceding three months before loan application (for example, CPF contribution history statement, the latest Income Tax Notice of Assessment, the latest bank statements with proof of income, or the latest computerised payslips)
  • The latest IRAS Notice of Assessment (for self-employed individuals)
  • Passport
  • Work pass or permit 
  • Latest payslips for three months before loan application
  • Tenancy agreement/billing proof of address

 

Documents required for Singaporeans / PRs

  • NRIC 
  • Proof of income for the preceding three months before loan application (for example, CPF contribution history statement, the latest Income Tax Notice of Assessment, the latest bank statements with proof of income, or the latest computerised payslips)
  • The latest IRAS Notice of Assessment (for self-employed individuals)

Documents required for foreigners

  • Passport
  • Work pass or permit 
  • Latest payslips for three months before loan application
  • Tenancy agreement/billing proof of address

 

Yes, your private data is safe and secure when you take a loan from a licensed money lender in Singapore like 111 Credit. We treat your private information with utmost care and respect, always.

Is my private data safeguarded when I take a loan from a licensed money lender in Singapore
Is a loan from a legal money lender in Singapore right for you

The cheapest personal loan in Singapore may not be accessible to everyone. Personal loans from banks are typically more affordable, but they are only available to those with a good credit score.

If you need a loan urgently and don’t have an excellent credit score, approaching quick money lenders may be your best option. Although instant money lenders’ interest rates are higher than those of banks in Singapore, they can still be a viable solution to help you through a financially challenging period.

That said, you should compare different quick money lenders before choosing the one that best suits your needs.

Are all licensed money lenders in Singapore the same

Not really, every licensed money lender differs in expertise level, reputation and unique selling points. Although licensed money lenders in Singapore offer similar loan solutions, each individual loan package can vary due to their specific terms and conditions. Hence, it is advisable to compare loan packages if you’re determined to suss out the best loan offer that fits your requirements.

Get more facts on licensed money lenders and legal private loans in Singapore.