Money Lender here to help you find the suitable loan for your situation.
Use our online application form or apply with Singpass Myinfo and your form will be filled automatically with data from various
Its secure, fast and easy! Applications using Myinfo are also approved faster!
About 118 Credit
118 Credit is a legal, recognized and licensed money lender here in Singapore. Since 2010, we have provided an extensive range of money lending services for those in need of quick cash, with tailored loan packages for Singaporean residents, businesses and foreigners alike.
Our mission is to offer our clients fast access to emergency cash to ease financial difficulty and get through a tough time. Our process is both convenient and hassle-free — no endless applications and no long loan approval waiting times. Our clients are of utmost importance to us; our team will ensure your loan transactions will go through smoothly and quickly, in order to tide over the difficult times. Our repayments are flexible too — we can cater to specific remuneration dates or agreed on monthly installments.
How it works
Make an Application
Loan applications are done online in 3 easy steps, completed in 1 minute. By applying with Singpass Myinfo, loan approvals are even faster!
Wait for the response
Once the application is received, loan approvals can be as quick as 30 minutes so stand by your phone!
Collect the money
No hidden fees! Approval within 20 minutes with instant cash disbursement in our office!
Licensed Loan Agency in Singapore for all situations
There are many instances in life when you might need fast cash, such as buying a new car, paying for your upcoming wedding, going overseas to study, or paying off hefty medical bills.
Given how expensive it is to live in Singapore, it is completely understandable that you will not have enough money on hand to pay for certain things. Many banks have a lengthy and complicated approval process with many terms and conditions. Worse, you might not even be awarded the loan contract after all that!
118 Credit is here to change that. We ensure that you don’t waste any time when getting funds. Furthermore, we are licensed by the government. It is very important to take loans from a licensed money lender as they are bound by legal rules. Be it a personal loan or business loan for citizens and permanent residents or foreigners, we make getting a cash loan hassle-free. Our office is situated around Bugis, in a high rise building with the most privacy and travelling convenience!
Cash disbursed instantly upon approval
Here at 118 Credit, we also take great pride in ensuring our customers are 100% satisfied. We do not have any hidden fees and interest charges; we are completely transparent and ensure you fully understand any terms and conditions that come with the package before you sign the loan contract.
Loan Agency Services in Singapore
- Recognized Legal Money Lender in Singapore since 2010.
- Monitored and licensed by the Registry of Moneylenders Singapore.
- Provide an extensive range of services.
- Offer fast access to emergency cash in times of financial difficulty be it personal or business loan.
- Friendly and experienced team offers fairness, convenience, transparency and quick responses. Read our Reviews!
There are numerous occasions when you may want quick cash loans for a sudden big purchase or to pay off large medical expenses. Given that Singapore has a high cost of living, it’s reasonable that you won’t have enough cash on hand to pay for some items. Many banks have a lengthy and convoluted approval procedure, including numerous terms, restrictions, and even loan approval charges. Worse, even after paying the processing costs, you could not be given the loan contract!
We at 118 Credit, a legal loan agency, also take great pleasure in ensuring that our borrowers are completely pleased. You’d best expect no hidden charges from us! We are entirely open, and we make sure you fully understand all of the terms and conditions before you sign the loan contract. Furthermore, we are licensed by the government. It is critical to obtain loans from licensed money lenders that are regulated by regulatory regulations.
Our company offers a variety of loan services such as short-term loans, payday loans, fast cash loans, wedding loans, and many more.
Why Choose 118 Credit?
Best Provider of Alternative Licensed Lending Services since 2010
Fast Cash Loan Approval for You!
Apply for a loan now
The process is simple — just enter your basic contact information and the loan amount!
Customer Reviews & Testimonials
Burlington Square, 175A Bencoolen Street, #11-08, Singapore
The officers attended to me was very polite and helpful... i have no problem doing loan with them...
Very professional and friendly customer service and easy to approch.
Service is prompt and quick, reminders of upcoming payments are a big help. Any issues with payments are also easily settled. Highly recommended
We are happy with the service. We have been with them for 3 years. The staffs are pleasant, very helpful in advising and helping us.
118 Credit service are good. SK Explain in clear detail to me.Receive cash in 20min. Thanks !
Have no doubt on their professionalism in handling my inquiries to suit my financial needs. Good service, helpful staff, affordable rates and fast approval. Thumbs up!
Service quite fast but still able to explain the terms clearly, will definitely come back when I need their service again, HIGHLY RECOMMENDED!
First time taking loan from money lender was a bit scared, but after their explanation everything went smoothly .They will assist and willingly to help your financial problem .GOOD SERVICE AND FRIENDLY
118 Credit is understandable and willingly to cater to your needs when required. Do approach them if you need any financial assistance. They willing to listen and come up with a suitable loan proposal for you. Keep up the good work.
Very helpful and friendly service. They will explain to you in detail and understand your financial issue and will advice on the best solution for you. Highly recommended.
I have no difficulties having the good service from this credit company. The staff gave me full assistance in handling my matters. Really appreciate the good services.
What do Loan Providers in Singapore Do?
A licensed money lender is here for you when you are in financial distress and have no one to turn to.
At 118 Credit, we understand that it can be frightening to be in an unexpected situation. We also know it can be confusing with so many things to worry about.
That's why we want to make getting fast cash easy for you.
When you apply for a loan at a licensed money lender like us, we'll hand-hold you through the entire application process because we put the needs of our clients first, we always approve money loans in a matter of minutes.
Although we assess your basic documents just for regulatory purposes, we don't have strict credit checks on your history.
Finally, we always structure a flexible repayment schedule to make loan borrowing accessible, affordable and hassle free.
Legal money lenders also adhere to regulations set by the Ministry of Law. On the other hand, an unlicensed money lender is not bound by the moneylenders act and rules so they will likely impose a very high interest rate. In fact, it is illegal to even borrow from them!
What should I consider before taking up a loan?
What are you using the loan for and is it necessary to take out a loan?
We always encourage our clients to spend within your means. But if you have an existing, high interest debt to pay off or have urgent bills to pay, using a loan from a licensed money lender as a form of debt consolidation would make sense.
Next, consider your ability to repay the principal loan amount and its interest payment. Do you have any other financing solutions? As much as a loan is meant to help tide you through your financial difficulty, it still needs to be repaid at some point. If this is an ongoing cycle that you feel burdened by then you may want to consider professional advice or counseling.
If you've determined that you can handle that, here are some other considerations:
- Are you borrowing from a bank (and do you qualify) or are you borrowing from a moneylender (and are they a licensed and legal money lender recognised by the Registry of Moneylenders)
- What type of loan are you looking for
- What is the loan amount you require
- What is the interest rate (remember to calculate the EIR too)
- What is the loan tenure and what are the loan terms
- Remember to include payment fees into your calculation (and factor in late fee or late interest charges if you feel you might be unable to repay the loan on time)
- Read the Advisory for Borrowers on Licensed Moneylending for further suggestions.
How much can I borrow?
Licensed money lenders are bound by consumer protection rules and MAS regulations. Here are some basic cash loan requirements they have to adhere to.
- No Restriction to any amounts
- If your annual income is less than S$20,000 : Up to S$3,000
- If your annual income is at least S$20,000 and more, in addition to AWS and Bonuses: Up to 6X of your monthly income
- Business owners are eligible to take up a small business loan of any size between $10,000 to $300,000. The right amount depends on your business needs and the size of your company in Singapore.
Feel free to fill out our online loan application and head down to our office so we can assess the maximum amount loan amount we can disburse for your specific case.
Are there compulsory requirements needed for any loan?
In order to take out a loan from any licensed money lender, you have to fulfil these requirements stated below:
- A Citizen or Permanent Resident of Singapore
- At least the age of 21 and above
- Must not be declared undischarged bankrupt nor any bankruptcy that is ongoing
- Permanently employed contributing monthly CPF
- Foreigners and Expats must have a Valid Work Permit or Valid Passport
- Self-Employed to have their Income Tax Assessment, ACRA, or Vocational License
118 Credit will need some documents to be submitted for verification purposes.
Singapore Citizen / Permanent Resident:
- Copy of NRIC (front and back) OR
- Copy of Passport (for Permanent Residents)
Proof of residence using any of the following documents:
- Latest Utility bills (electricity, water, refuse collection), rates or tax bills
- Latest Credit Card or Bank statements (including e-statement)
- Copy of Rental Agreements showing your address
- Latest Mobile phone statements / pay TV statements
- Letter from Employer stating current address
- Government issued documents stating address (e.g. IRAS, CPF, ICA)
- Proof of current income documents
- Copy of latest Income Tax Notice of Assessment (2 years for Self-employed); or
- Copy of latest 1 month computerised payslip from current employer; or
- Copy of latest 12 month CPF Contribution Statement
Moreover, according to IPTO's regulation, all successful personal loan applications require the applicant to collect the loaned amount in cash from the licensed moneylender's office. This is so to ensure that all paperwork required for the loan application is legal and binding between both parties.
What are the interest rates that can be charged in Singapore?
Interest rates moneylenders charge are typically slightly higher than banks, mainly because they take the risk of money lending without any collateral (which is better for customers).
Nevertheless, as a premier licensed money lender must abide by the standards and policies set by the Ministry of Law, you can count on the competitive interest rate options they offer. These rates are reasonable since there is a maximum interest rate moneylenders can apply on a borrower's income.
So, you can be guaranteed that you will only need to repay a fair amount of money once the term of your loan is over. In the same way, there are many flexible repayment plans available. You can also check with the moneylender what their payment terms are, so you will be able to foresee the cost you need to pay at the end of the period of your loan.
As mentioned above, these items should be stated in the loan contract, and do make it a point to review the details carefully to avoid any problems in the long run with regard to legal circumstances.
*Note: There are additional late interest charges that a licensed money lender can charge for late repayment if a borrower fails to pay on time.
Are there other hidden fees and charges?
- late repayment fees not exceeding $60 for each late month;
- a fee not exceeding 10% of the granted principal loan disbursed; and
- legal costs ordered by the court for a successful claim by the moneylender for the recovery of the loan.
Is there a way to get a loan extension if I really need one?
Yes it is possible, but we cannot guarantee you will be awarded an extension. Extensions and Refinancing will need to be done through 118 Credit.
Just call our hotline and one of our experienced loan advisors will guide you through the process. We will then follow up with you on information about approval, cancellations, your future payment plan, and the possibility of extensions.
118 Credit follows the recommended code of ethics and it's important that you contact us early to discuss your needs. If not, late payment fees will be applicable.
What should I do if I'm deciding on a provider?
There are many money lenders available in Singapore. So when choosing one for your financial concerns, it is important that you deal with one offering a reliable level of service and is flexible with your requirements.
Most importantly is checking the background of money lenders so you can avoid a loan shark or unlicensed moneylenders. Let's be honest, not every lender can meet your standards and requirements. There are now some moneylenders known for their false and misleading advertising while others are notorious for their malpractice.
Here's what you can do:
- Search for the list of licensed moneylenders in Singapore.
- Check out their website and see what they have to offer.
- Speak to the Customer Service Team over the phone. Good customer support is a great indicator!
- Feel free to enquire about the interest rate moneylenders offer.
After you've decided on a moneylender and you are approved of a loan, you will need to request for a contract that indicates information about the principal amount, interest rates, penalties, and schedule of payment.
The language used in the contract must be one that you can understand, so there will be no confusion or uncertainty as you read it. Make a copy of the loan contract and keep it to avoid any possible disputes.