How Much Can I Borrow from Money Lender?

For many people in need of money, the options are to borrow from family and friends or get a loan from a bank. But if you’re not comfortable with either of these options, Singapore Money Lenders like 118 Credit offer loans to borrowers at an affordable interest rate. 

Moneylenders provide all necessary documentation and paperwork for approval and can approve loans within 24 hours. These lenders also offer flexible repayment terms depending on the borrower’s needs – it may be possible to have your monthly payment adjusted based on your income level or other factors that could change from month to month.

In this informative article, you will learn more about borrowing from moneylenders in Singapore. These lending options are available to individuals of all backgrounds, so feel free to contact 118 Credit for a loan today.

What Is A Licensed Money Lender?

In a world full of lending options, it’s important to make sure the lending source is trustworthy and safe for borrowers. If you say, money lenders, there are two types: licensed moneylenders and unlicensed moneylenders (loan sharks). You should know that it’s important to know the difference between a licensed moneylender and an unlicensed moneylender.

Licensed money lending companies like 118 Credit work closely with lending partners and always keep up-to-date with lending regulations in Singapore. This means they know exactly what is required for licensing and how interest rates, lending policies, and other business practices should be handled.

On the other hand, unlicensed money lending companies or loan sharks aren’t held accountable for any lending laws or regulations. This often results in lower loan approval rates, high-interest rates, and bad credit consequences that can make getting a personal loan difficult after defaulting on payments.

Lenders like 118 Credit offer competitive interest rates, and you can always contact them for more details about lending terms and conditions.

How to Apply for Secured or Unsecured Loans?

If you are planning to find a loan with a licensed moneylender, contact them, and they will take it from there. Some lending companies require borrowers to fill out long and complicated application forms before discussing lending options.

Then there are some lenders who help streamline the process so that you know exactly what is required upfront instead of wasting your time on unnecessary fields or requirements. In fact, many customer service representatives at lending companies also have experience as debtors – this allows them to provide lending advice from both perspectives, which makes finding a personal loan easier for those borrowing money and those lending money.


Applying for a personal loan or whichever type of loan with a licensed money lender in Singapore is easy, but there are some lending criteria that you should know before making any decisions. To be eligible for a personal loan from a lending company, you must fall under the following criteria:

Be of age 18 and up.

The first criteria might seem obvious, but it means that money lenders in Singapore do not lend to minors. While it may be common for children to receive lending products from parents or other family members, licensed money lenders will not extend personal loans to minors even if they are given permission by their parent or guardian.

The importance of this criteria is that licensed money lenders hold borrowers responsible for the lending terms and conditions. A lending company can sue anyone who fails to uphold lending agreements – this is why lending to minors is against regulations.

Earning an income of at least $2,000 per month

This ensures that the borrower has some sort of stable income which makes repaying borrowed funds easier regardless of financial circumstances. Typically debtors earn more than this amount at licensed money lenders, but you can always contact them for more information about lending requirements.

The importance of this lending criteria is that licensed money lenders always check the borrower’s credit history. If someone has no income or little to no credit, they will not be able to take out secured loans or borrow money from licensed money lenders.

Be a Singapore citizen or permanent resident.

You must have citizenship status in order to borrow money from licensed money lenders in Singapore. This means that only Singapore citizens and permanent residents are eligible to apply for secured or unsecured loans with licensed money lenders in the city-state. Borrowers who hold employment passes, work visas, dependents passes, student passes, temporary employment passes are not eligible regardless of how long they have resided within Singapore.

The importance of this lending criteria is that licensed money lenders hold borrowers responsible for the lending terms and conditions. A lending company can sue anyone who fails to uphold lending agreements – this is why lending to foreign workers who do not hold citizenship or permanent resident status in Singapore is against regulations.


It is important for licensed money lenders to see proof of income and employment before lending money or approving the personal loan application, so it’s common for lending applications to ask the borrower if they are currently employed in Singapore. If someone is unemployed, the licensed money lender will require proof of income such as proof of savings or investment before getting the loan approved.

Not imprisoned

If you’re in prison at the time when applying for a loan with a licensed lender, then that means you can’t repay your borrowing costs – this means money lenders in Singapore will not consider your application until you have been released from jail.

Residing in Singapore or is a Permanent Resident

The next criteria money lenders in Singapore will ask for is proof of residency in the country. This only confirms that the borrower’s borrowing history is on file with lending companies – this means any lending applications submitted while residing outside of Singapore will be declined.

The reason why a money lender in Singapore requires proof of residency is that they must verify your borrowing history (even from previous financial institutions). Whenever lending agreements are made, both the lending company and borrower will sign contracts to ensure that all parties fulfill their obligations under the lending agreement. This means if you fail to repay or miss payments on a loan (personal loan, unsecured loan, or other secured loans), the licensed money lender can sue borrowers by collecting court records from Singapore.

Do take note that to secure money from a licensed money lender, you need an existing bank account. You will need this bank account through which the lending company can transfer the funds into.

Requirements of Licensed Money Lenders

The lending industry is full of different requirements. However, the general rule to follow when applying for a loan with this company is that you will need to submit your loan application in person and provide documentation verifying income/assets and any other relevant information about yourself, or else they might deny approval.

The requirements for a licensed money lender vary from one another. In general, you will be required to submit the following:

  • A copy of your NRIC or passport
  • Copies of recent payslips from your employer
  • Your latest CPF contribution statement
  • Your proof of residency
  • Your Personal identification number

Other documents that might be needed include a letter for proof of income, a copy of your car registration if you are applying for a car loan, and/or a letter from your landlord if you are taking out a personal loan to pay off an existing rental payment. The lending company may also require that you provide other documents depending on the amount borrowed.

How Much Can I Borrow?

If you have fully decided to take out a loan from a moneylender, you should know how much is the limit of the amount of money that you can borrow. Most lending companies in Singapore set the lending limit of borrowers at S$3,000 to S$20,000. Larger lending companies may also offer a larger lending range depending on your credit history and eligibility.

The max amount you can borrow depends on several factors, including but not limited to:

  • Your salary
  • How many dependents that you have
  • The number of outstanding loans that you currently hold
  • Whether your loan is guaranteed by someone else or not.

If you are interested or have been looking into borrowing money from a licensed money lender in Singapore, do note that the total amount of interest paid may be larger than the actual sum borrowed. This is because the money lender in Singapore charges a high-interest rate on their lending products to ensure that they obtain a sufficient return on investment for lending out large sums of money.

If you need help with borrowing funds or even if you are planning to lend some money yourself, give us a call, and we’ll gladly help you.

Interest Rates A Moneylender Charge

There are lending companies in Singapore that offer lending services at lower interest rates. These rates can change drastically between banks and moneylenders. The maximum interest rate moneylenders charge is 4% monthly, but the price you pay for this service will depend on your specific situation as well as how much time it takes them to process secured or unsecured loan requests.

This is because the licensed money lender in Singapore is not subject to commercial lending rates set by banks. Thus lending companies can be more flexible with the lending rates. Other than this, lending companies also have different special offers available from time to time which would attract borrowers looking for lower interest rate loans.

It’s important to note that there are some lending companies out there that offer higher interest rates. As a rule of thumb, these financial institutions that offer lower interest rates will ask for more stringent requirements from those seeking loans (personal loans, unsecured loans, or secured loans) in order to qualify them for this type of service and product offered by the company.

In addition, one should also consider their credit score when choosing which lender is best suited towards meeting needs, as well as being able to fulfill any criteria necessary with regards to eligibility based on what was discussed previously about each respective institution.


Borrowing money can be a very difficult task to do when you are not aware of the lending limits offered by lending companies in Singapore. There are many lending companies available, with some lending higher personal loan amounts than others depending on your credit history and also the availability of funds.

Before deciding on borrowing money from any lending company, it is important that you know what you need for lending eligibility criteria so that you would not apply for secured or unsecured loans without knowing if they will accept your loan application or not.

Also, choosing a loan can be challenging, so it’s best to be sure to consider lending rates when you are comparing lending companies. Your choice of lending company should also depend on what special offers they have available at the time that you need to borrow from a licensed lender.

Finally, remember that borrowing too much money can not only affect your credit score but could also leave you struggling financially if you are not able to repay the personal loan. Before you take out a lending product from any lending company in Singapore, make sure that you are aware of how much it would cost to pay off the personal loan so that you will not suffer through too much financial stress.


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