Singapore’s top 10 highest rated moneylenders as of October 2016

UPDATE: We now have a new feature that dynamically lists the top 10 licensed moneylenders in Singapore in real time. The Moneylender’s Directory of Singapore is dedicated to providing you with the highest rated legally licensed moneylenders in Singapore. Should you require a loan, you can benefit from the experiences of other borrowers in selecting the best lender to suit your needs. Before applying for your next loan, take the time to learn which lenders treat borrowers the best providing the highest quality service and lowest interest rates. Top 10 Highest Rated Moneylenders in Singapore* Happy Cash – 4.83 out ... Read more

Not paying your loans on time can ruin your life

Taking a loan might sound like a great idea if you want to buy the latest smartphone or to go on a holiday. ‘I will repay it in a few months and everything will be ok’, you might say. It is normal that everyone wants to live better. The numerous types of credit products on the market let many people boost their lifestyle, but also land others in a big trouble. Taking a loan does not mean that you have just received a gift from the bank. It is an obligation you will need to fulfill or it can ruin your life. ... Read more

How to live on credit without falling into debt

Do you have relatively decent income but still have many loans and for some reason you cannot repay all of them on time? You might wonder where all the money goes and why you are always out of money at the end of the month. Are you watching enviously friends that have the same income but live on their own home, drive a new car and travel all the time, wondering what is wrong with you? Here are some possible answers. A lot of debt? An average middle-class person with healthy finances might have a mortgage, a car loan, a personal loan and ... Read more

Getting Married: Should You Borrow to Pay for Your Wedding?

In 2014, around 43.6% of Singapore’s population belong to the “young” age group, or people aged 15 to 44 years old.  Because of this, weddings are quite common in the country.  In 2015 alone, more than 28,000 couples got married. However, costs associated with weddings are no joke. Should you, therefore, borrow money to pay for yours? How much does it cost to get married in Singapore? It is expensive to get married in Singapore. To give you a general idea, the top hotels charge around $2,000 for each table that can accommodate 10 guests. That means you have to spend ... Read more

Moneylending in Singapore

Moneylending makes up a small portion of the total consumer credit market in Singapore, with moneylenders providing less than 1% of total consumer loans. The Moneylenders Act (2008) and the Moneylenders Rules (2009), together with multiple subsequent addendums, regulate Singapore’s moneylending industry. Replacing the Moneylenders Act of 1959, these new rules are more in sync with the needs of today’s borrowers.  These rules and regulations provide a modern framework that balances the rights and interests of the borrowers with the those of the lenders.  The new regulations are also less stringent than the 1959 act but still imposes several severe limitations ... Read more

Unlicensed Moneylending Activities Lead to More Arrests in 2016

The Singapore Police Force has arrested 90 people in connection with unlicensed moneylending activities.  The suspects consisted of 61 men and 29 women over a period of three days. During simultaneous raids, six separate police divisions in conjunction with the Criminal Investigation Department carried out the arrests. The bulk of the 90 arrestees allegedly opened bank accounts to help loan sharks with their illegal moneylending activities.  Investigators suspect at least one of those detained was a runner for the loan sharks and transferred funds from ATM machines.  Investigations into all of those arrested are still underway. The country’s Moneylenders’ Act ... Read more

How to Stay Out of Debt in Singapore

With the high cost of living in Singapore, it is not surprising that many people find themselves in debt.  However, you can still live in Singapore while retaining total control of your financial position and avoid getting into debt. Just make sure you know how to stay out of debt! To stay out of debt in, you must first understand why people end up borrowing money when they have a job and a steady income. Stay Out of Debt: Understanding Why You Are in Debt Some people find themselves owing others a lot of money without even understanding how they ... Read more