SOON SENG CREDIT
Licensed Money Lender in Singapore | Trusted Chinatown Loan Company
We’re a reliable legal money lender in Singapore providing loans with affordable interest rates personalised to your needs.
Why We’re Your Go-To Licensed Money Lender in Chinatown
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Apply for a personalised loan with a trusted legal money lender in Singapore
A Licensed Money Lender in Singapore Which Strives to Meet Your Needs
Soon Seng Credit is a licensed money lender listed on the Ministry of Law’s Registry of Moneylenders. Our loan company follows all rules and regulations for legal money lenders in Singapore.
Apart from our straightforward money lender loan application process, we’ve also integrated Singpass Myinfo for even greater convenience. Accessibility extends to our authorised money lender office location too. As a licensed money lender in Chinatown, our central location is easy to visit for our valued customers.
As a veteran private money lender in Singapore, we boast an experienced and dedicated team with 30 years of industry expertise. We strive to establish long-term relationships, maintain complete transparency in our legal money lender services, and provide sound financial advice to our customers.
Our money lender loans are unmatched in variety. Whether you’re looking to renovate your home or enrol into higher education, Soon Seng Credit offers loans for any financial situation. We are a licensed money lender in Chinatown you can count on to deliver.
Personal Loan
Payday Loan
Business Loan
Debt
Consolidation Loan
Grab/Gojek Loan
Wedding Loan
Renovation Loan
Bridging Loan
Medical Loan
Study Loan
Personal Loan
Business Loan
Grab/Gojek Loan
Renovation Loan
Bridging Loan
Payday Loan
Debt
Consolidation Loan
Wedding Loan
Medical Loan
Study Loan
We’re a reliable money lender in Singapore that customises loans and repayments terms to meet your needs.
A Peek at Our Chinatown Money Lender Office
Frequently Asked Questions About Money Lenders in Singapore
Who are licensed money lenders in Singapore?
A legal money lender in Singapore is a business that has been authorised and licensed by the government to lend money to members of the public. Each legalised private money lender in Singapore is under constant scrutiny to abide by the Moneylenders Act.
Every registered private money lender in Singapore has gone through a stringent process to earn their money lender licence. A legal money lender in Singapore is NOT an ‘ah long’ or loan shark.
Where can I find a list of licensed money lenders in Singapore?
You can find an updated list of licensed money lenders on the Ministry of Law’s Licensed Money Lender registry. If the local money lender you are approaching is not on this list, beware – they could be illegal.
How can I apply for a money lender loan?
Applying for your money lender loan takes seven steps:
1
Fill out the consent form and sign the money lender loan application form in the Soon Seng Credit office. Alternatively, you may also apply online through our website. As a reliable money lender in Singapore with loan applications round-the-clock, you can apply with us any time.
2
We will perform credit checks on your income documents.
3
We will then carry out a credit assessment and a short interview with you to better understand your financial needs.
4
We will discuss the licensed money lender loan amount and repayment terms with you.
5
Once your loan is approved, we will walk you through the loan offer’s details to ensure that you understand the contract’s terms and conditions.
6
You can then sign the loan contract once you are agreeable to the terms.
7
The entire process will take less than 30 minutes. We will then disburse your funds via cash or PayNow instantly.
What are your private money lending rates and other fees?
We’re a legal loan company in Singapore that offers interest rates from 2.5-4%* per month for personal loans and 4-8%* per month for business loans. Our processing fee is around 5-10%* of your approved principal loan amount. Additionally, we may levy the following charges for your money lender loan:
| Late Payment Fees: | Legal Costs: |
|---|---|
| Rest assured that this fee for late repayments will not exceed S$60 per month the instalment is repaid beyond the due date | We will only charge the amount instructed by the court for a successful reimbursement of costs incurred to recover the loan (should you default on it) |
Lastly, do note that the total charges we apply – the combined value of processing fees, loan interests, late interests, and late fees – cannot exceed the loan principal amount.
*T&Cs apply
What is the eligibility criteria to apply for a loan from a money lender?
When borrowing from a licensed money lender, you must be between 21 and 65 years old and meet the following income criteria:
| Minimum annual income | Singapore Citizens and Permanent Resident | Foreigners residing in Singapore |
|---|---|---|
| Less than $10,000 | $3,000 | $500 |
| Between $10,000 and < $20,000 | $3,000 | $3,000 |
| $20,000 and more | 6 times of monthly income | 6 times of monthly income |
What benefits* can regular clients or clients with a good credit history enjoy?
If you’re a regular client with a money lender in Singapore or client with a good credit history, you stand to enjoy the following:
Loan Terms
Interest rates
There is a possibility of reduced interest rates for regular and long term clients of a licensed money lender in Singapore.
Repayment terms
We can provide longer repayment terms so that clients are more comfortable with their monthly instalments.
Loan amount
We can provide a higher loan amount for clients who need it based on their long-standing relationship with us.
Processing Fees and Time
Processing time and approval speed
You can get your loan approved within 15 minutes.
Processing fees
You might receive a special discount on the money lender loan’s processing fee.
Other Perks
Free credit report and statement of account (SOA)
We provide a free credit report from Credit Bureau Singapore to all regular clients so that they can monitor their own credit health. We also provide statements of account (SOA) to all clients so they can keep track of their outstanding repayment amount.
Late charges
A grace period is given to regular clients if any late repayment occurs. This enables them to avoid late charges.
Payments
We also provide payment due date reminders and customised payment due dates.
Opening hours
We are happy to arrange for special opening hours at our registered money lender office to assist our regular clients who need urgent access to funding.
Early settlement
We allow regular clients to prorate their interest rates in the event of early settlement of loans.
Payday loan
You may qualify for a payday loan at 0% interest rate.
Special loan scheme
Our loan officers are able to arrange a special loan scheme for regular clients or clients with a good credit score.
Financial planning
We provide professional advice on financial planning, empowering you to manage your debts wisely.
Second loan application
Our regular clients may qualify for a second loan after careful consideration by our loan officers.
Approval rate
For clients with good credit history, you will likely get a higher approval rate for all loan requests.
Dedicated loan specialist
As an authorised money lender in Singapore, we have a team of professional and dedicated loan specialists waiting to serve you for all your financial needs.
Live repayment updates
We provide live repayment updates on a regular basis to allow clients to manage their finances in a timely manner.
*T&Cs apply
Can I still apply for a loan when I have a bad credit score?
Yes, you can. However, having a bad credit score may affect your money lender loan terms, such as interest rates and repayment terms. Speak with our loan officer today for a clearer picture on how you can enjoy competitive interest rates with flexible repayment terms.
Should you choose a bank or licensed money lender online?
When most people think of getting a loan, their first instinct is to approach a bank. Banks have been around all our lives and they have good reputations as well as very large reserves of cash. To the ordinary person, licensed private money lenders in Singapore may not even seem like an option.
In truth, a legal money lender in Singapore can offer terms and deals that are attractive to the borrower. Additionally, not everybody can qualify for a bank loan.
Here are the key differences between applying for a loan from a registered money lender versus a bank:
| Bank | Licensed money lender | |
|---|---|---|
| Eligibility for loan |
Stringent:
|
Less strict
|
| Documents needed | More documents need to be furnished | Fewer documents need to be furnished |
| Loan approval time | Up to 2 weeks | Less than 30 minutes |
| Disbursement | To a bank account | To a bank account or in cash |
| How to apply | Online or at a branch office | Walk-in to the office or online application (in-person verification is still required by law) |
| Maximum loan | Up to 10X monthly income | Up to 6X monthly income |
| Repayment period? (Personal loan) |
Up to 7 years | Up to 2 years |
| Interest rate | 3.5-6% per annum | 1-4% per month |
| Processing fee | 1-2% of the loan amount | Up to 10% of the loan amount |
Why should you borrow from a legal money lender in Singapore?
There are four reasons why you should borrow from a legal money lender in Singapore:
Easy
Eligibility
Forgiving eligibility criteria from most licensed money lenders means that almost anyone can qualify.
A Simple Loan
Application Process
It’s easy to apply for a money lender loan, with few documents required.
Fast
Approvals
Instant money lenders can approve a loan in under 30 minutes.
Immediate
Cash Disbursal
Your licensed money lender loan can be disbursed to you in cash instantly after the loan contract has been signed.
How do I find reliable money lenders near me?
One simple way to find a reliable money lender near you is to use Google Maps and search “licensed money lenders near me”. Take the time to compare local money lender ratings on Google to find a reliable money lender in Singapore you can count on.
It’s important to read their reviews before contacting any of them. You can also use Google and search for “licensed money lenders in Singapore reviews” to check if there are any red flags, such as complaints of harassment in forums.
Additionally, cross check the business’s details with the list of licensed money lenders online on the Ministry of Law’s website for their official addresses and contact details.
How do I identify an illegal money lender in Singapore?
Here are three ways to identify an illegal money lender in Singapore:
1
The private money lender is not registered with the Ministry of Law
2
The local money lender does not have a registered office. Instead, they would ask to meet in public places.
3
The money lender advertises its services via SMS, WhatsApp, WeChat, Facebook, or email
However, sometimes, the signs only become obvious when the money lender is processing your loan application. For example:
- The private money lender asks for your SingPass or other login credentials as well as the passwords
- The money lender insists to keep your original NRIC, FIN card, or passport
- They ask you to sign an incomplete loan contract or do not give you one at all
How can I effectively negotiate terms with an authorised money lender in Singapore?
Local legitimate money lenders are not as rigid as banks when discussing the terms of a loan. When you’re ready to get a loan from the money lender, ask for the best deal possible, as well as clauses. Here’s how you can effectively negotiate the following money lender loan terms:
Interest rate
This is dependent on your creditworthiness and repayment history
Repayment period
Try to get the maximum two-year repayment period from the authorised money lender if your budget is tight
Penalties
More lenient penalties from the licensed money lender will let you absorb small missteps and still pay your debts
Instalment due date
Schedule your repayment’s due date for payday, or just after it so you will have the required cash on hand
Repayment channels
Depending on your preference, you may ask to make loan repayments in cash, bank transfer, PayNow, or another mutually agreed method with the private money lender
How do I settle licensed money lender loans promptly?
Once you have signed on the dotted line and received your loan, you have also gained responsibility. All borrowers should follow these guidelines when repaying a loan to an authorised money lender in Singapore:
Borrow only what you can afford to repay
Read the money lender loan contract carefully. Know each instalment’s exact due date and the penalties for skipping or making late repayments
Read the legal guidelines for borrowing from a licensed money lender. Don’t let carelessness or ignorance cost you money
Make loan repayment your priority ahead of all casual expenses
Ask for receipts when you make repayments to the licensed money lender and take screenshots of all online transactions
Do NOT turn to illegal money lenders
What happens if I am unable to pay money lenders in Singapore?
If you are unable to pay off your loan despite your best efforts, a licensed money lender has a set procedure to follow:
1
The money lender will send a Letter of Demand (LOD) to your home or office. This document contains the details of the loan, the outstanding amount, a list of additional fees and charges, and other relevant information. The LOD states a due date before further steps are taken.
2
If the money lender loan is not repaid past the due date in the LOD, the legal money lender may send debt collectors to your home or office. Debt collectors are only allowed to request payment. They are prohibited from using intimidation and harassment, issuing threats, and violence.
3
The final step that a money lender can take is to bring formal court proceedings against you, the debtor.
How should I handle licensed money lender harassment?
No legitimate money lender or their outsourced debt collectors are allowed to confiscate belongings as ‘collateral’ until the debt is paid. They also cannot vandalise or damage a debtor’s home or possessions.
If you believe a private money lender is acting illegally, make a formal complaint to the Registry of Moneylenders online or call them at 1800-2255-529. You may also contact the police at 999 to report any illegal or threatening behaviour.
