Licensed Private Money Lender in Clementi, Singapore
Get affordable loans from a reliable legal loan company
that provides fast approvals
Need a loan from a private money lender granting flexible repayment plans?
Licensed Private Money Lender in Clementi, Singapore
Why Choose Synergy Credit as Your Legal Loan Provider in Singapore?
Why Choose Synergy Credit as Your Legal Loan Provider in Singapore?
We’re a Trusted and Reliable Licensed Money Lender Who Cares
We’re a Trusted and Reliable Licensed Money Lender Who Cares
At Synergy Credit, we offer a wide variety of money lender loans at affordable interest rates so that you can make the most of your funds and not worry about more financial issues.
The interest rates for fast cash loans range from 1 to 4%*. For business and working capital loans, interest rates can be as low as 3%*.
The processing fee when you’re borrowing from a licensed money lender like us starts from 5%*. Rest assured that all our fees are well within the Ministry of Law’s regulated limits.
*T&Cs apply
Highest Reviewed Licensed Money Lender in Clementi
Established History and Credentials
Established History and Credentials
A licensed money lender in Singapore since 2009, Synergy Credit has been a trusted financial partner who has disbursed over S$74 million worth of loans to 5,600+ customers.
As a licensed money lender and member of Credit Association Singapore (CAS), we take pride in delivering the best customer service possible. Our team of highly qualified loan officers are proficient in customising loan schemes to suit different customer needs and profiles.
Our Registered Money Lender Office
We Offer Various Money Lender Loans at Affordable Rates
- Fast cash loan
- Business & working capital loan
- Medical loan
- Study loan
- Credit Card Debt Consolidation Loan
Get a Loan from a Money Lender You Can Trust
A 3-Step Application Process to Borrowing From a Licensed Money Lender
01
Apply Online in Seconds
Simply fill in the online application and consent forms for your money lender loan.
02
Confirm Your Application Status
Our friendly loan officer will be in touch to discuss your loan details and repayment plan within the same day. You will be invited for a short interview at our authorised money lender office so we can better understand your needs and verify your personal information.
03
Receive Your Cash Swiftly
Sign the money lender loan contract, and your funds will be disbursed in the form of cash or via PayNow. This entire process will take no more than 30 minutes.
Frequently Asked Questions
for Money Lenders in Singapore
What is a licensed money lender in Singapore, and are they regulated?
A licensed money lender in Singapore is a registered loan company authorised to conduct the business of moneylending. Unlike illegal money lenders, licensed money lenders are registered with the Ministry of Law’s Registry of Moneylenders, and are obliged to follow the guidelines set out in the Moneylenders Act.
Are licensed money lenders trustworthy?
While every licensed money lender is different, established money lenders like Synergy Credit are absolutely trustworthy and legitimate. We take pride in offering transparent, fair loan services.
Licensed money lender vs. bank: How do their lending practices differ?
For unsecured loans, banks generally allow you to borrow a maximum of 10 times your monthly income. However, if you earn less than S$20,000 a year, they will likely reject your application.
The amount of money you can borrow from legal money lenders in Singapore may vary, but all licensed money lenders will have to adhere to Singapore’s regulations: 6 times one’s monthly salary.
Do licensed money lenders impose minimum income requirements, and can I get a loan if I’m a low-income earner?
Nope, licensed money lenders do not have minimum income requirements. You may apply and get approval for a licensed money lender loan even if you’re a low-income earner. For more details, check out our guide on how to get personal loans without a high income.
Do licensed money lenders offer online services?
Yes, many licensed money lenders allow you to easily apply for loans and submit enquiries on their websites.
Is my private licensed money lender loan fully remote?
No, a legitimate private money lender’s loan process cannot be fully remote. Even though the application can be done online, you’ll have to meet your money lender at their office for identity verification and to go through the loan contract in detail.
Is it easy to apply for a licensed money lender loan?
Absolutely, it takes just a few steps —and a few minutes— to apply for a licensed money lender loan in today’s day and age.
Do licensed money lenders provide same-day loan disbursements?
Yes, many licensed money lenders are able to provide same-day loan disbursements if all documents are in order and the loan process can be completed smoothly.
Do licensed money lenders in Singapore offer perks for borrowers with good credit?
Although not all licensed money lenders in Singapore offer perks for borrowers with good credit, Synergy Credit is pleased to offer benefits such as lower interest rates and processing fees, etc.
Can I borrow money from a private money lender despite a bad credit history?
If you have a bad credit history or an unstable income, a bank will likely reject your loan application. Most private money lenders in Singapore, on the other hand, offer more leeway. You can get your loan approved even with a bad credit history, though usually at a higher interest rate.
What’s the repayment period for private money lenders’ loans?
While banks generally give you up to five years to repay your loan, trusted money lenders in Singapore would usually offer a repayment period of 12 months. If necessary, a reliable licensed money lender may offer you a repayment period of up to 24 months on a case-by-case basis. Don’t be afraid to negotiate with your money lender.
Are there quick money lenders in Singapore?
If you’re looking for an instant or fast cash loan, you might have a better chance with legal fast money lenders. Quick money lenders can offer nearly instant approval with funds disbursed to you within 30 minutes, while banks can take up to 1-2 weeks to approve an application.
What are the interest rates that licensed money lenders charge?
Banks’ interest rates on a loan can vary from around 2% to 6% per annum, while a licensed money lender’s interest rates hover around 1-4% monthly.
Any legal money lender in Singapore can only charge you a maximum of 4% in interest, monthly. They can also only charge a maximum late interest of 4% a month, for every month that your loan instalment is repaid late. To learn more, check out our guide on moneylender loan interest and fees.
How do legal money lenders calculate interest?
Legitimate local money lenders typically use reduced balanced interest rates. This means that your loan’s interest is calculated according to the remaining loan amount at the end of a specific period, whether monthly or annually. Essentially, the amount of interest you pay reduces as time progresses, as you’d be paying down your debt.
This is different from a flat interest rate, which is calculated once, based on the full principal amount of your loan.
Here’s an example of how a loan amount of $5,000 might look if it had a 6-month repayment term and a reducing balance interest rate of 3% monthly.
| Month | Outstanding principal amount payable this month | Interest amount payable this amount (3%) | Total amount payable this month | Balance amount remaining on the principal loan |
|---|---|---|---|---|
| #1 (January) | $772.99 | $150 | 922.99 | $4,227.01 |
| #2 (February) | $796.18 | $126.81 | 922.99 | $3,430.83 |
| #3 (March) | $820.07 | $102.92 | 922.99 | $2,610.77 |
| #4 (April) | $844.67 | $78.32 | 922.99 | $1,766.10 |
| #5 (May) | $870.01 | $52.98 | 922.99 | $896.09 |
| #6 (June) | $896.09 | $26.88 | 922.99 | $0.00 |
In this instance, with a reduced balance interest rate, you’d only have spent $537.92 on loan interest. On the other hand, all else equal, with a flat interest rate of 3% monthly on $5,000, your spending on interest payment would have summed up to $900.
With a reduced balance interest rate in this scenario, you’d only have had to repay $922.99 monthly, whereas a flat rate would have meant you’d repay $983.33 monthly to clear your loan.
Do licensed money lenders charge processing fees?
Yes, licensed money lenders can charge processing fees that add up to a maximum of 10% of your principal loan amount.
Do licensed money lenders charge late fees?
Yes, licensed money lenders can charge late fees when a repayment is overdue. The late fees are capped at a maximum of $60.
Do licensed money lenders charge early repayment fees?
Nope, unlike banks that penalise borrowers for repaying early, licensed money lenders do not charge any early repayment fees. If you can manage your cash flow comfortably, do not hesitate to repay your private money lender loan early!
How do I tell an illegitimate money lender in Singapore apart from one with a money lender licence?
Call to verify
First, call the office landline of the licensed money lender to verify that it’s a legitimate number. You should obtain this number from the Ministry of Law’s list of licensed money lenders. You should also ensure that the registered money lender has a physical office.
Identity verification
Additionally, private money lenders in Singapore are legally not allowed to complete the processing of a loan application entirely online without in-person identity verification.
Check the reviews online
You can also look for reviews of the licensed money lender online on Google, social media, and online forums by searching for terms such as “money lender Singapore review”. This will give you a sense of how reliable and professional the lender is. For more red flags and tips, see our guide on how to avoid dealing with loan sharks.
What are the benefits of getting loans from private money lenders in Singapore?
There are numerous benefits to taking a loan from money lenders in Singapore:
As quick money lenders, they can provide instant approval for your loan application in as fast as 30 minutes
Easier loan applications with minimal documents required
Funds will be given in cash or by bank transfer immediately after the loan contract is signed
No credit score discrimination – you can still take out a loan from a money lender even if your credit history is subpar
Loans offered by legalised money lenders in Singapore can be up to six times one’s monthly income
With a maximum repayment of 12 months (though some lenders may extend it up to 24 months), this makes a licensed money lender loan an ideal choice if you’re looking for a fast loan you can repay quickly
Are licensed money lenders easy to work with?
Licensed money lenders are generally easy to work with. They are flexible and accommodating to customers’ needs.
Do licensed money lenders generally have high approval rates?
Absolutely! Many people are able to get loan approvals from licensed money lenders in Singapore so long as they are gainfully employed, not in any legal proceedings, not bankrupt, and are within the borrowing limits set by the law.
How do I know if a legalised money lender in Singapore is right for me?
Check your loan contract
Determine whether a legalised money lender in Singapore is a right fit by checking your loan contract’s terms and conditions, ensuring they are what you have agreed to. If there’s anything you are not sure of, make sure to clarify and get the answers you need.
Communication Matters
You should also ensure that your licensed money lender communicates clearly with you. They should be polite and responsive.
Spotting Red Flags in Money Lenders
Keep an eye out for any bad press around the money lender you’re working with. Any misconduct tends to make headlines, and they are good indication that you should steer clear of these and consider other options. For more guidance, read about the 5 qualities of reliable lenders in Singapore.
Secured vs unsecured loans – What are the differences?
Secured loans
Secured loans are loans pegged to a collateral or asset. To illustrate, a home loan may be pegged to the home that you are purchasing. If you default on secured loan payments, an authorised money lender can repossess your collateral. In the case of a home loan, the money lender may seize your home.
Unsecured loans
Unsecured loans, on the other hand, do not require any collateral to be pledged. While this may contribute to a less stressful loan journey, it also means that there is a higher risk undertaken on the licensed money lender’s end when they are providing you with the loan. And so, unsecured loans tend to have higher interest rates to account for that increased risk.
For further insights, our article on secured vs unsecured loans breaks down these differences and explains the application process.
Are loans from licensed money lenders accessible?
Yes, many licensed money lenders are happy to provide loans not just to Singaporeans and Permanent Residents, but also foreigners.
What does it take to get a loan with legitimate instant money lenders in Singapore?
During the loan application process, your money lender may require a number of documents from you. If you’re working with an online money lender in Singapore, having these documents ready might mean you can get your loan application approved almost instantly, and later disbursed.
How can I get my loan approved with the lowest money lender interest rates?
Have the required documentation ready
The documentation you will need may vary based on your employment and citizenship. Here is what to have on hand:
Employed (Singaporean/PR)
- IC
- CPF contribution statements
- latest three months’ payslips (if your monthly salary is more than S$6,000)
Self-employed (Singaporean/PR)
- IC
- Notice of Assessment (NOA) from IRAS
- Income proof (commission statements, bank statements, etc.)
Foreigner residing and working in Singapore
- Employment pass
- Evidence of your house address
- Latest three months’ payslips
Looking to take a business loan
- Latest six months’ bank statements
- ICs and NOAs of the major shareholders and directors
- Copy of your tenancy agreement
- Documents such as Bizfile and credit report with Credit Bureau Singapore (CBS)
Maintain a good credit history
To get yourself the most promising interest rates from legalised money lenders in Singapore, make sure to repay your loan promptly and avoid getting too close to your credit limit. Make sure to only apply for the credit that you need.
Stay away from illegitimate money lenders
It can be stressful to manage multiple loans, so be careful, stay on top of your financial circumstances and keep track of outstanding payments to avoid getting caught in a debt cycle. If you encounter unlicensed money lenders, get in touch with the police right away.
Do licensed money lenders offer customer support services?
Of course. Established licensed money lenders like Synergy Credit are always ready and happy to offer customer support services that aim to help resolve your concerns and/or queries.
