Key Takeaways
- Always verify a lender’s registration with the Registry of Moneylenders in Singapore before borrowing to ensure they are properly licensed and regulated.
- Licensed money lenders can only meet borrowers at their registered business address.
- Interest rates and fees from licensed money lenders are legally capped and regulated, so there are no hidden surprises.
- Reading your loan contract carefully helps you understand the repayment terms, fees, and obligations, reducing the risk of financial stress later on.
- Choosing a licensed lender like Synergy Credit means borrowing from a provider that operates transparently and complies with Singapore’s regulations.
- Responsible lenders don’t just offer loans — they provide clear explanations and personalised support so you can make informed borrowing decisions with confidence.
When borrowing money in Singapore, knowing who you are borrowing from is just as important as understanding the loan itself. This is where the Registry of Moneylenders plays a crucial role.
Maintained by the Ministry of Law (MinLaw), the Registry of Moneylenders in Singapore is the official database of all licensed money lenders legally allowed to operate in Singapore. For borrowers, it serves as an essential safeguard — helping you confirm a lender’s legitimacy, avoid loan scams, and ensure that your loan is fully regulated under Singapore law. Whether you are comparing banks with licensed money lenders or simply checking a lender’s credentials, you should always start with the Registry of Moneylenders.
What Is the Registry of Moneylenders?
As Singapore’s regulatory authority for licensed money lenders, the Registry of Moneylenders enforces laws governing interest rates, fees, and loan terms to protect borrowers from exploitative or predatory lending.
Every licensed money lender in Singapore must comply with the Moneylenders Act and related regulations, which set clear rules for how loans are offered, advertised, and collected, ensuring fairness and transparency for borrowers at every step.
In Singapore’s tightly regulated financial environment, the Registry of Moneylenders provides an important layer of consumer protection. It empowers borrowers to make informed decisions while holding licensed lenders accountable to clear legal standards.
Before applying for any loan, borrowers are strongly advised to check the official list of licensed lenders on the Registry of Moneylenders website to confirm that the lender is licensed and operating legally.
Why You Should Always Check the Registry of Moneylenders Before Borrowing
Checking the Registry of Moneylenders in Singapore before borrowing is one of the simplest and most effective ways to protect yourself.
Unlicensed money lenders — also known as loan sharks — operate outside the law and may engage in unfair practices such as imposing excessive interest and hidden charges, or harassing borrowers — all of which are strictly prohibited for licensed money lenders.
By contrast, lenders listed on the Registry of Moneylenders are held to strict rules, including regulated interest rates, capped fees, transparent contracts, and clear limits on debt collection practices. This regulatory framework helps to foster a fair and ethical moneylending landscape in Singapore.
Borrowers are consistently advised by the Singapore government to verify lenders through the registry and to engage only with those that are listed. Taking a few moments to check can ensure you’re dealing with a legitimate lender and protect you from serious financial and personal distress.
How to Use the Registry of Moneylenders: Step-by-Step Guide
Using the Registry of Moneylenders in Singapore is quick, free, and simple. These steps should only take a few minutes:
- Locate the official Registry of Moneylenders list on the organisation’s website. This is the only authoritative source for verifying licensed lenders in Singapore.
- Search for the lender using the company name or licence number provided to you. Legitimate lenders should always appear in the Registry.
- Review the listing details carefully. The Registry shows key information such as the lender’s official business name, registered address, landline number, website(s) and licence number.
- Compare the details with what the lender has provided you. If the lender’s name does not appear on the list or the details don’t match, treat it as a serious red flag and avoid proceeding.
Checking the Registry only takes a moment, but it can help you avoid illegal lenders and protect yourself from loan scams.
Licensed Money Lender Rules & Requirements in Singapore
Licensed money lenders in Singapore must follow strict laws designed to protect borrowers.
- Licensing & Renewal: Every licensed lender must hold a valid money lender licence, which is renewed annually. Lenders who break the rules risk licence suspension or revocation.
- Advertising Rules: Licensed lenders can only promote their services through approved channels. Unsolicited WhatsApp messages, SMSes, or phone calls from lenders are strictly prohibited. Outreach via social media platforms is not permitted, either.
- Interest & Fee Caps: Licensed money lenders in Singapore are legally allowed to charge up to 4% monthly interest and late interest, a 10% admnistrative fee, and S$60 late fees for each month of late repayment, ensuring borrowers are protected from excessive charges.
With these updated regulations in place, licensed money lenders are a safer and more transparent alternative for those unable to access traditional bank loans.
Common Red Flags: 5 Signs How Illegal Lenders Try to Appear Legitimate
Despite strict regulations in Singapore, some illegal lenders try to pose as licensed money lenders to deceive unsuspecting borrowers. Recognising the warning signs can help you avoid falling into a costly trap. Watch out for these red flags:
- Unsolicited loan offers via WhatsApp, SMS, or phone calls.
- Requests for upfront “processing” or “administration” fees before receiving the loan.
- No physical office or refusal to meet in person.
- Claims of guaranteed approval without any credit checks.
- Pressure tactics or threats to get you to act quickly.
Local media outlets like CNA and The Straits Times frequently report on loan shark activities, revealing how unlicensed operators continue to adopt new digital tactics to target unsuspecting or vulnerable borrowers. If any of the signs above seem familiar, disengage immediately and report the lender to the authorities.
Tips for Safely Borrowing Money in Singapore
To borrow safely and responsibly, keep these simple tips in mind:
- Always check the Registry of Moneylenders in Singapore to ensure the lender is properly licensed before you apply for a loan.
- Only meet the lender at their registered business premises.
- Take time to read your loan contract carefully, paying close attention to the stipulated interest rate, fees, and repayment terms to avoid unpleasant surprises later.
By using the Registry of Moneylenders and choosing reputable licensed lenders such as Synergy Credit, you can borrow securely and with greater confidence.
Why Choose a Licensed Money Lender Like Synergy Credit?
As a licensed money lender registered with the Registry of Moneylenders in Singapore, Synergy Credit lets you borrow safely and with peace of mind.
As a well-deserving loan provider on the best licensed money lenders list, Synergy Credit upholds transparency and adheres to all legal requirements. We hold a valid licence, maintain a registered business address, and ensure all loan terms comply with Singapore regulations. Interest rates are legally capped and competitive, fees are clearly explained upfront, and there are absolutely no hidden charges.
Beyond compliance, we are committed to responsible lending and personalised support. Our team takes the time to understand your needs and clearly explain your loan and repayment obligations, helping you make informed decisions.
If you’re looking for a safe, regulated loan option, you can apply for a loan, speak with our team for guidance, or explore our educational articles to learn more about borrowing responsibly in Singapore, including how much you can borrow from a licensed lender. You can also see what our customers have to say on our testimonials page.
