Detailed loan offers from four legally licensed moneylenders in Singapore

UPDATE: We now have new a live listing of current loan offers from legally licensed moneylenders in Singapore.

Each month the Moneylender’s Directory of Singapore receives hundreds of inquiries requesting information about actual borrowing costs and if monthly repayments would be possible. As a followup to our article detailing the maximum allowable fees and interests under current government regulations and as a service to our visitors we asked a few of our directory members to publish example loan offers.

Offer Number 1: Quick Credit Pte Ltd

Principal: $10,000
Administration Fee (10%): $1,000
Amount Disbursed after Admin Fee Deduction: $9,000
Interest Rate: 47.04% per annum (3.92% per month)
Late Payment Fee: $60 per month
Late Interest: 47.04% per annum (compounded daily on total amount outstanding)
Term: 5 months
Repayment: Monthly

PaymentPrincipalInterestTotal
1$1,849.33$391.67$2,241.00
2$1,921.77$319.23$2,241.00
3$1,997.03$243.97$2,241.00
4$2,075.25$165.75$2,241.00
5$2,156.62$84.47$2,241.09

Total cost to borrow $10,000 for three months if all payments are made on time: $2205.09 (total fees and interest)

Click here to visit Quick Credit’s review page.

Offer Number 2: GM Creditz Pte Ltd

Principal: $5,000
Administration Fee (10%): $500
Amount Disbursed after Admin Fee Deduction: $4,500
Interest Rate: 47.04% per annum (3.92% per month)
Late Payment Fee: $60 per month
Late Interest: 47.04% per annum (compounded daily on total amount outstanding)
Term: 2 months
Repayment: Monthly

PaymentPrincipalInterestTotal
1$2,452.05$195.83$2,647.88
2$2,547.95$99.79$2,647.74

Total cost to borrow $5,000 for two months if all payments are made on time: $795.62 (total fees and interest)

Click here to visit GM Creditz’ review page.

Offer Number 3: Singa Credit Pte Ltd

Principal: $6,000
Administration Fee (10%): $600
Amount Disbursed after Admin Fee Deduction: $5,400
Interest Rate: 12% to 47.04% per annum (1% to 3.92% per month)
Late Payment Fee: $60 per month
Late Interest: 12% to 47.04% per annum (compounded daily on total amount outstanding)
Term: 1 month
Repayment: Monthly / Payday Loan

PaymentPrincipalInterestTotal
1$6,000.00$60-$235.20$6,060-$6,235.20

Total cost to borrow $6,000 for one month if all payments are made on time:: $660 – $835.20 (total fees and interest)

Click here to visit Singa Credit’s review page.

Offer Number 4: Crawfort Pte Ltd

Principal: $1,000
Administration Fee (10%): $100
Amount Disbursed after Admin Fee Deduction: $900
Interest Rate: 10.8% per annum (0.9% per month)
Late Payment Fee: $60 per month
Late Interest: 48% per annum (4% per month)
Term: 1 month
Repayment: Monthly / Payday Loan
Offer Validity: until December 31, 2016

PaymentPrincipalInterestTotal
1$1,000.00$9.00$1,009.00

Total cost to borrow $1,000 for one month if all payments are made on time: $109.00 (total fees and interest)

Click here to visit Crawfort’s review page.

Note: Borrowers are advised to repay both principal and interest due promptly to avoid incurring late fees and late interest.

Additional terms and conditions may apply. Approval of loan amount is subjected to the borrower’s income. The Moneylender’s Directory of Singapore is not responsible for the accuracy of this information.