22 September 2023

Unexpectedly, you might be looking for access to a 24-hour money lender in Singapore or a lender that can provide you with an instant cash loan. A sudden need for cash can arise at any time.  Your savings might not be enough to tide you over problems like car repairs or medical bills.

Besides, the busy lifestyle in Singapore also means that most of the time, you only have the weekends to settle your personal needs. So, you might be looking for the best licensed money lender  online or searching for a licensed money lender near me” or “money lender near me” that’s open on a Sunday or outside office hours that can cater to your needs.

In this article, we will discuss if about 24-hour money lender in Singapore. Moreover, find how to differentiate a licensed money lender from an unlicensed lender.

What Is A Licensed Money Lender Singapore?

A licensed money lender in Singapore is an approved lender under the Ministry of Law.

A money lender can provide instant loans to Singapore citizens, and Permanent Residents. Moreover, a lender can provide loans to foreigners with valid Employment Passes.

Legal moneylenders in Singapore are an alternative to consider when applying for urgent personal loans as the processes are generally quicker and less stringent compared to applying with traditional banks.

Since you may need an instant cash loan in unexpected situations, you might be wondering if there are any 24 hours money lenders in Singapore that you can go to, which brings us to the next point.

Are There 24-hour Money Lenders in Singapore?

There are no 24-hour money lenders in Singapore. If you happen to chance upon one, it’s highly likely that it’s an illegal money lender or one that’s pretending to be a legal money lender. 

However, there are online loan application portals that are available 24 hours from licensed money lenders in Singapore. You can apply for the best personal loans there at any time.

When you apply for a personal loan with Crawfort, your loan can be approved within 8 minutes. Therefore, you will not wait for an hour or get your loan approved in two hours, but it only takes minutes to get your loan approved.

This may sound too good to be true, but Crawfort’s new loan platform allows you to do that. You can submit a loan application at any time and place and get it approved as fast as 8 minutes.

The integration of MyInfo with Crawfort’s system speeds up the application process by pre-filling certain information. Accurate information is retrieved from multiple government agencies and applied accordingly. This helps to eliminate any human error and speeds up your request such that it can be approved as quickly as possible.

With your submitted information, real-time data from credit bureaus, and in-house data that are collated over the years, Crawfort’s proprietary algorithmic formula makes it possible for your application to be approved within 8 minutes.

Of course, this is also subject to Crawfort’s operating hours, as you’ll need to head down to the outlet for face-to-face verification before you can get your loan disbursed. 

While your loan can be processed and approved within 8 minutes, if you were to apply on a Sunday morning, the earliest you can receive your loan will be on Monday morning. You may check out Crawfort’s operating hours here.

How Do You Apply For A Personal Loan With Crawfort?

Infographic on the loan application process with Crawfort, a licensed money lender Singapore

With Crawfort, you can get your loan application processed and approved within 8 minutes.

You can apply for a personal loan with Crawfort in just 3 simple steps

Firstly, head over to crawfort.com/sg/  and fill in your details your citizenship, monthly salary, and how much you’d like to borrow.

Then, log in via SingPass and your application will be pre-filled automatically with the data retrieved from various government agencies.

Next, upload the documents necessary for your loan application. Once that’s done, submit your loan application, and you’ll receive your application results through SMS within the next 8 minutes.

Once your application is approved, all you have to do is schedule an appointment on Crawfort’s loan portal and head down to the office for a face-to-face verification. 

We’ll go through the loan terms and contract with you in person and clarify any questions you may have. You can also opt to collect your approved loan in cash or have it disbursed into your bank account.

How To Differentiate Between Licensed Money Lenders And An Unlicensed Money Lenders in Singapore

Many illegal money lenders masquerade as legal money lenders that guarantee 24-hour loans. Do keep in mind that licensed money lenders are governed by Singapore’s laws. Hence, there are regulations that Singapore licensed money lender have to abide by. 

Here are some ways to differentiate between a licensed money lender and an unlicensed money lender.

1. Terms And Conditions Of Your Loan Contract

Firstly, a Singapore licensed money lender has to go through the terms and conditions of your loan to you before you sign the contract. A loan contract stating all the terms and conditions is required by law. These include terms like your repayment period, payment methods, interest rates, and any details pertaining to the loan. 

On the other hand, unlicensed money lenders often don’t provide contracts. They may even send PDF documents via SMS or WhatsApp to get you to pay a deposit before the loan is approved. 

Do not fall into that trap, as it’s part of their loan scam. No fees are required to be paid before any loan approval by a licensed money lender. 

2. Licensed Money Lender Interest Rates And Late Repayment Rates

Under the Ministry of Law’s regulations, licensed money lenders can only charge up to 4% interest rate per month for their loans. If a borrower fails to repay the loan on time, licensed money lenders can only charge a late interest rate of up to 4% per month.

3. Advertising Channels

Licensed moneylender in Singapore is only allowed to advertise their services through business or consumer directories, websites belonging to the licensed money lender, and advertisements placed within or on the exterior of their business premise.

Hence, any advertisements that you see via other channels can be from unlicensed money lenders or licensed money lenders that have violated the law. If you get an SMS offering you cheap, fast cash loans in Singapore be wary. These are illegal money lenders trying their luck. Do not entertain the idea of borrowing from them just because they are convenient and are lending you a helping hand at the right time. 

What’s more, dealing with illegal money lenders can be quite a headache. Want to learn how to deal with illegal money lenders in Singapore? Here’s how

4. Loan Amount That You Can Borrow

You might be asking this question: “How much money I can borrow from a private money lender in Singapore?“.  There’s a limit on the amount that you can borrow for unsecured personal loans.  

Annual income Singapore Citizens and Permanent Residents Foreigners residing in Singapore
Less than S$10,000 S$3,000 S$500
S$10,000 – S$20,000 S$3,000 S$3,000
S$20,000 and above 6 times of monthly income 6 times of monthly income

Source: Ministry of Law


Hence, any money lender that offers an amount more than the limit set by the Ministry of Law is possibly an illegal money lender.

5. Blackmail Or Threats

Licensed money lenders don’t intimidate, blackmail, or threaten to damage or take control of your property. Without a Writ of Seizure And Sale, a licensed money lender cannot seize any of your property. 

They also don’t damage property, such as vandalising public spaces or even your property. 

What are the differences between a licensed and unlicensed money lender? We cover more here.

Find out how to settle your personal loan if you are unable to pay a licensed moneylender in Singapore. 

What To Look Out For To Avoid An Online Loan Scam

Woman on computer with a scam popup

Technology makes it easy for scammers to target victims.

It’s easy for illegal money lenders to put up scams online. All they need is a website and a fake address for them to get their business going.

While it can be hard to distinguish a licensed money lender from a loan shark, there are some telltale signs that you can watch out for to avoid being scammed. 

Here are some things you can keep an eye out for.

1. Remote Application And Loan Disbursement

It’s common to have online loan applications from online money lender in Singapore  as more and more licensed money lenders go digital. 

There are private money lenders in Singapore that have a presence online, offering services that can be applied for online. 

But the increase in remote applications also gives unlicensed money lenders an opportunity to scam others.

A licensed money lender will do a face-to-face verification before disbursing your loan to you. On the other hand, for unlicensed money lenders, your application may be approved via email, SMS, or phone call without any contract. There may not be any face-to-face meetings, and they may even disburse your loan straight to you.

Hence, be sure to check and not fall for these types of scams. Remember also to check whether the licensed money lender you are dealing with is licensed. Ensure that the lender you’re going with has a proper business address and application procedure. 

If going down to a physical outlet to sign a detailed loan contract isn’t required, this is a huge red flag and a sign that you should cut all contact immediately. 

2. Fees And Interest Rates

An unlicensed money lender or loan shark may ask for upfront fees, processing fees, or admin fees before your loan will be processed. They may even say that you’ll have to pay a fee before they’re able to disburse your cash loan to you.

A licensed money lender will never ask you to transfer money to them before they disburse the loan. They will only charge a 10% admin fee after your loan is approved, which is deducted from your principal loan amount. 

Besides that, loan sharks or unlicensed money lenders also charge interest higher than 4% per month. They charge higher to earn a huge amount of money in a short period of time through the high-interest rates.

On the other hand, licensed money lenders are regulated by the Ministry of Law in Singapore. They can only charge at a maximum of 4% per month for both nominal interest and any late repayment interest.

Remember to check on the interest rates you’re being charged with.

You can get the lowest interest rate with a licensed money lender in Singapore. 

3. Physical Addresses

A licensed money lender must have a physical address. You need to go to their office for verification and go through the loan contract and terms. 

Thus, if a money lender is unable to provide you with an address, the money lender is probably a loan shark.

You can also check the Ministry of Law website for the list of licensed money lenders in Singapore for their official addresses.

4. Advertising Means

Have you ever received SMS regarding loans? Well, these are probably from unlicensed money lenders or loan sharks. 

As businesses go digital, they also take the opportunity to keep up with the trends. They may use these tactics such as advertising via SMS, WhatsApp, flyers, and emails to entice people to borrow from them. 

But these are actually violations of advertising rules for licensed money lenders. Hence, the next time you ever receive this advertising, block and report the number immediately.

Licensed money lenders can only advertise via the 3 channels mentioned earlier. They are strictly regulated and can get their licence revoked if they advertise illegally. Hence, it’s best to deal with licensed money lenders since they are mandated under the Moneylenders Act in Singapore.

Read more about the things you need to know about loan sharks in Singapore here.

FAQs On Borrowing From Singapore Licensed Money Lender

Now that you understand more about licensed money lenders in Singapore, these FAQs can help clarify any doubts you have.

How Much Can Money Lenders Charge?

Licensed money lenders in Singapore can only charge a maximum of 4% interest rate per month. This is regardless of your income and whether your loan is secured or unsecured. 

For example, if you take a loan of S$10,000 and have repaid S$4,000. Only the remaining amount of S$6,000 can be used for the calculation of interest.

As for late interest fees, you can only be charged a maximum of 4% per month and can only be charged on the amount repaid late.

For example, if you take a loan of S$10,000 and make a late payment for the first repayment of S$2,000, the late repayment fee can only be charged on the S$2,000 since the remaining amount for repayment is not due yet.

Licensed money lenders can also only impose charges and expenses of:

  • Fees not exceeding S$60 for each month of late repayment
  • Fees not exceeding 10% of the principal of the loan
  • Legal costs ordered by the court for a successful claim by the licensed money lender for the recovery of the loan.

The total charges imposed, which include the interest, late interest, upfront administration, and late fee by a licensed money lender also cannot exceed an amount that’s equivalent to the principal of the loan.

For example, if you take a loan of S$10,000, the total interest, late interest, 10% administrative fee, and monthly late fees of S$60 cannot add up to be more than S$10,000.

What Else To Take Note To Ensure That You’re Dealing With A Licensed Money Lender 

Even if a money lender is licensed, look out for these occurrences as they may be in violation of the law:

  • Use of abusive language or threatening in any manner
  • Asking for your SingPass user ID and/or password
  • Retaining your NRIC or any personal ID documents
  • Asking you to sign on a blank or incomplete loan contract
  • Granting you a loan without giving you a copy of the loan contract 
  • Not explaining the terms and conditions 
  • Withhold any part of your principal loan amount for any reason

How To Lodge A Complaint Against A Money Lender?

If you would like to lodge a complaint against a money lender, you can report them to the Registry of Moneylenders with the money lender’s business name, license, and contact number.

You may report it to the Registry at 1800-2255-529 or via their website.

All details will be kept confidential and will not be disclosed to the Singapore moneylender without your consent. In addition, to facilitate the investigation of your complaint, you may be required to attend an interview with the Ministry of Law officers to provide them with relevant information and documents relating to your loan transactions or dealings with the money lenders. 

What Can I Do If A Licensed Money Lender Singapore Is Harassing Or Threatening Me?

Any harassment or threatening behaviour is considered unfair practice and will be subject to regulation by the Registry of Moneylenders. You can also make a police report as such behaviours are taken seriously.

What Are The Supporting Documents Needed To Proceed With A Loan Application?

You’ll need to provide the following documents:

  • Proof of identity: NRIC or passport
  • Proof of residence: Bank statements or bills
  • Proof of income: CPF contribution or payslips

Alternatively, you may also use your income tax statements or employment contract for your proof of income.

What Must A Money Lender Inform Me About Before Granting A Loan?

Before approving any loan, a legal money lender must inform you in writing about the terms of the loan and the following information:

  • Nominal interest rate
  • Late interest charges
  • Other permitted fees to be charged
  • Instalment details

All licensed money lenders in Singapore are required to provide you with a cautionary statement in writing before any loan is granted to you.  You should also be informed about where you can lodge a formal complaint if necessary. Moreover, you must be familiar with licensed money lenders new rules to protect your rights as a borrower.

Need to get an instant cash loan? With Crawfort’s 24-hour accessible and fast online application, apply for a loan in just 3 simple steps and get approval in the next 8 minutes!

Apply Now!

A Personal Loan In 8 Minutes.
That’s how fast it takes.

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Filing for bankruptcy in Singapore can stir up feelings of stress, anxiety, depression, and failure. Let’s face it, the process of filing for bankruptcy is also a tedious affair combined with the social stigma that comes with it. So before you decide to file for bankruptcy, why not consider other alternatives that are more desirable […]

Personal Loan
How To Clear Credit Card Debt With A Personal Loan In Singapore

Credit cards have a lot of benefits. Not only do they boost your spending power, but they’re also very convenient since you don’t need to keep drawing and carrying cash. However, for the convenience they offer, you run the risk of incurring high interest and accumulating debt quickly. What should you do when you find […]

Personal Loan
The 2 Types Of Personal Loans In Singapore To Consolidate Your Debt 

Besides being symbolic of financial independence and adulting, owning a credit card is a great way to earn rewards and cashback on your spending as long as you pay your bills dutifully every month. But what if you’re unable to pay your bills on time? With sky-high interest rates and a few late payment fees, […]

Blogs and Opinions
10 Travelling Tips For Your Next Trip And How A Personal Loan In Singapore Can Help

In a world where everything has its price, your dream of travelling the world can seem far and out of reach. Especially when you have daily expenses to account for and pressing bills to pay. Travelling can be expensive. However, the experiences you gain and memories forged from travelling is oftentimes invaluable. Though travelling can […]

Blogs and Opinions
Should You Take A Personal Loan In Singapore For Your Wedding?

Most of us dream of having the perfect wedding with our significant other. We want to make the day perfect to celebrate our love for our partner with our family and friends. However, planning a wedding can be stressful. Not only do you have to decide on the location, settle the most minute details, and […]

Blogs and Opinions
When Should You Consider Taking A Personal Loan Over A Renovation Loan In Singapore?

Now that you’ve collected the keys to your new home and browsed countless web pages for decor inspiration, it’s time for the next step. Imagine, after a long day at work, going back to a home that’s furnished and personalised just the way you like it. Isn’t that exciting? That is until you realise the […]

Personal Loan
Should You Take A Personal Loan In Singapore For Your Vacation?

Have you been toying with the idea of taking a good break for a while? And when we mean a break, we mean a good, quality break that’s going to give you a good reset. Maybe it’s been something on your mind for a while now but you haven’t gotten around to it because it’s […]

Personal Loan
Why You Should Upgrade Your Skills And How A Personal Loan In Singapore Can Help

According to Robert Kiyosaki, a successful businessman and author of Rich Dad Poor Dad, continuous learning is the key to getting rich. If you want to be successful in life, you need to have the right attitude, the right mentality, and seek continuous learning. Even after graduating, you should continue to upgrade your skills, which […]

Personal Loan
3 Ways To Reduce Your Wedding Costs And How Getting A Personal Loan In Singapore Can Help

Your wedding day is undoubtedly one of the most important days of your life. If you’ve been saving diligently after meeting “the one”, kudos for planning in advance! However, it may be the case that your savings still aren’t enough to cover the costs of your dream wedding.  To help you along on your journey, […]

Personal Loan
Renovation Loan Vs Personal Loan In Singapore For Home Renovation: What’s The Difference?

The priciest thing you can buy in Singapore is probably your home. Even if you don’t mind a rugged aesthetic, minimalistic, or industrial look, basic renovation is still necessary for installation of electrical endpoints, tilework, paintwork, and so on.  If you’ve done the maths, you’ll realise that renovations can cost an arm and leg. However, […]

Personal Loan
Personal Loan In Singapore: How Can It Help With Wedding Expenses?

Your wedding day is probably the most significant milestone as a couple. It’s a momentous and joyous occasion, where family and friends come together to celebrate the love and union between the two of you. How would taking out a personal loan in Singapore come into the picture? Well, every couple dreams of having that […]

Personal Loan
2 Types Of Personal Loans In Singapore To Consider In Times of Emergency

It’s always good when we receive a heads up before something happens, so that we can prepare for it.  But that doesn’t happen all the time. You can never predict when something unexpected crops up, and when you need extra cash urgently. In such times, a personal loan can be a viable option.  Types Of […]

Personal Loan
How Personal Loans In Singapore Can Be Useful For Grab And Taxi Drivers

The past few months have been difficult for many people in various industries. Most businesses, especially in the service industry, have been badly affected by the COVID-19 social distancing measures. Taking a personal loan in Singapore is one option to get through this tough time.  Ever since the outbreak began, less people have been going […]

Personal Loan
When Should You Take Out A Personal Loan In Singapore To Upgrade Your Skills?

We’re often told to continuously upgrade our skills because we need to stay relevant in times of changing needs. And one way to do that is through taking up courses. Plus, doing so can be helpful when we choose to switch careers. But taking up courses in Singapore can be quite expensive. For instance, a […]

Blogs and Opinions
8 Reasons Why You Have Low Credit Score In Singapore

Looking to purchase a home, car, or paying for that dream wedding? High costs of living in Singapore can make that hard to achieve. In fact, taking on personal loans to make those dreams a reality is not uncommon. Before applying for a loan, you should look at a few key considerations banks and financial […]

Blogs and Opinions
7 Things You Didn’t Know About Licensed Money Lenders In Singapore

Getting married, buying a home, or furthering your studies are major milestones in life. And these milestones usually come at a hefty price. Remaining debt-free becomes increasingly difficult as you move up the different stages of life; the last thing you want is to be trapped in a financial emergency. Turning to loved ones or […]

Personal Loan
Secured Vs Unsecured Personal Loan In Singapore: Which One To Take?

If you’re facing some kind of financial difficulty, getting a personal loan in Singapore could help improve your situation. Whether you choose to borrow from a bank or a licensed money lender in Singapore, you have a decision to make: you’ll need to decide whether to take out a secured loan or an unsecured loan. […]

Blogs and Opinions
Licensed Money Lenders In Singapore: What Are Your Options If You Can’t Repay Your Loan?

Some of us encounter financial difficulties at different junctures in life. In such situations, borrowing from lenders like banks or licensed money lenders in Singapore would be among the available options to help get you back on your feet. Whether you borrow from a bank or licensed money lender, you’re of course obligated to make […]

Blogs and Opinions
4 Things To Consider When Borrowing From A Licensed Money Lender In Singapore

Whether it’s taking out a loan to renovate your brand new home or financing an unexpected medical emergency, there may come a time when you need some financial assistance. Taking out a personal loan to fund such expenses is a common option.  As a borrower, you’re usually faced with 2 main options: a bank or […]

Company News
Leveraging On Digitalisation To Simplify Loan Application

Singapore — (19 May 2020) — Staying ahead of the digital economy, we at Crawfort, the consumer loan subsidiary of Capital C Corporation, have incorporated digitalisation strategy to introduce a new loan platform with an improved user interface and experience on our website, alongside a new brand name and logo. In line with our goal […]

Personal Loan
5 Reasons Why Your Personal Loan Application In Singapore Was Rejected

Perhaps it’s a time right now when you require extra financial support for your needs—for an emergency, for a dream vacation for you and your partner, or even for a plan to move forward and venture out of your comfort zone. However good your reasons may be, you may have faced problems having your personal […]

Personal Loan
Are You Eligible For A Personal Loan In Singapore?

When we’re short on cash, most of us will consider borrowing from friends and family members. However, if you don’t want to trouble them, how about taking a personal loan instead? A personal loan is a lump sum of money borrowed from a bank or licensed money lender. You’ll need to pay it back over […]

Blogs and Opinions
6 Things A Licensed Money Lender In Singapore Can’t Do When Collecting Debts

Getting a loan from a money lender in Singapore might be nerve wracking for some. When most think of money lending, they think of a pig’s head hanging by their door or that ‘O$P$’ red paint on the corridor.  However, loan sharks and licensed money lenders in Singapore operate very differently.  Let us look at […]

Personal Loan
6 Reasons Why You May Need A Personal Loan In Singapore

Have you ever found yourself stuck against a wall financially? When you have so many bills to pay, then suddenly, you or someone you know gets into an accident or gets sick. You are then overwhelmed with bills and the debt you need to pay, and the money you’ve saved or earned just isn’t enough […]

Personal Loan
4 Types Of Personal Loan In Singapore You Should Know

It is tough sometimes when we land ourselves in unexpected situations that require immediate financial assistance, such as medical emergencies or investment opportunities. At times like this, taking out a personal loan in Singapore could be a viable option to ease your financial burden.  A personal loan is a type of unsecured loan that does […]

Personal Loan
Personal Loans In Singapore: What To Consider When Applying

Personal loans can seem like a mystery. What are they? When should you take them? How do you go about applying for personal loans in Singapore? A personal loan is a lump sum of money borrowed from a bank or licensed money lender, which you have to pay back in instalments (fixed payments) over a […]

Blogs and Opinions
Licensed Money Lender in Singapore Vs Bank: Key Differences

Getting married and buying a home are some of the most significant milestones and expenses you’ll incur when adulting. The last thing you want is to be strapped for cash. When that happens, most people think of borrowing money to tide them through the rough patch. You’re usually faced with two choices – should I […]

Personal Loan
Top 5 Personal Loan in Singapore Myths Busted

It’s pretty common to take up a car loan and/or a housing loan, especially since it’s costly to own a car and a home in Singapore. But when it comes to taking a personal loan in Singapore, it’s usually perceived as the result of poor financial management.  Depending on the circumstances, taking a personal loan […]

Company News
Advisory on COVID-2019

In light of the COVID-19 situation, Crawfort Singapore has stepped up and implemented additional precautionary measures at our outlet.



Company News
Crawfort Is Awarded
ISO 9001 : 2015

Crawfort is proud to be awarded the TUV ISO 9001 mark of quality, and will continue to provide excellent quality of services.

Company News
Crawfort Is Honoured To Be Awarded The Singapore Prestige Brand Award (SPBA) 2019

We are pleased to announce that Crawfort has been awarded The Singapore Prestige Brand Award (SPBA) 2019 – Promising Brands. Into its 18th year, SPBA seeks to recognise and honour distinguished brands for their outstanding achievements in branding. Our team went through rigorous rounds of judging by stellar industry professionals who evaluated us based on […]

10 Business Leaders Recognised As Entrepreneur Of The Year

From training aspiring pilots to lending money, 10 local entrepreneurs received the Entrepreneur of the Year Award (EYA) 2019.

The Breakfast Huddle

Find out how we can help F&B SMEs scale their businesses.

CEO Conversation: Transforming Into A Digital Financial Services Provider

Find out how our Group is leveraging technology to serve underbanked customers in the region.

The Case For Alternative Lending

In the last decade, we have witnessed rapid growth in the alternative lending space, with the creation of new business models opening up the range of alternative lending products available.

How Fintech Is Driving Innovative Lending?

In Singapore, SMEs account for around two-thirds of the workforce and a large chunk of GDP growth. And if these firms can’t get funding, their failure to thrive has a dampening effect on the larger economy.

Company News
Crawfort Joins Singapore’s Fastest Growing Businesses

Crawfort rewrites the rules when it comes to moneylending solutions.

Crawfort: Breaking Stereotypes Through Innovation

Innovative business Crawfort is rewriting the rules when it comes to moneylending solutions

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