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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.
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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?
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: 49/2025.
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.
We’ve approved a total of 10928 applications and counting.
We boast an impressive approval rate of 90%
Our average loan processing time is just 25 minutes.
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Borrow up to 6X your monthly salary.*
Monthly instalment options for up to 12 months.*
Interest Rates: max 3.92% per month.
No maximum loan limit under the Debt Consolidation Scheme.*
Monthly instalments for up to 24 months.*
Interest Rates: start from 2.88% per month.*
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.
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.
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. 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. Licensed private money lenders in Singapore are not allowed to use the abovementioned means to solicit loans.
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.
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.
Licensed money lenders are allowed to:
Licensed money lenders are not allowed to:
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.
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
Documents required
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
Documents required
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.
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.
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.
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.
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.
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
Source: Registry of Moneylenders
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!
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.
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.
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.
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.
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
Documents required for Singaporeans / PRs
Documents required for foreigners
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.
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.
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.
304 Orchard Road #01-36A,
Lucky Plaza, Singapore 238863
Monday – Saturday 11am to 7.30pm
Sunday 11am to 4.30pm
Closed on Public Holidays
+65 6908 8111
