Your Best Licensed Online Money Lender In Singapore: Cash Direct

At CashDirect, we offer fast, hassle-free legal loans tailored to your needs. Apply online with Singpass MyInfo and get approved in as little as 30 minutes. Our team is here to support you. Trust us as your reliable legal money lender in Singapore.

At CashDirect, we offer fast, hassle-free legal loans tailored to your needs. Apply online with Singpass MyInfo and get approved in as little as 30 minutes. Our team is here to support you. Trust us as your reliable legal money lender in Singapore.

Your Best Licensed Online Money Lender In Singapore: Cash Direct

Why Take a Money Lender Loan from Cash Direct?

Established in

2010

Interest rate (p.m)

2-4%*

Borrowers Served

7486

Loaned to date

>92mil

Established in

2010

Interest rate (p.m)

2-4%*

Borrowers Served

7486

Loaned to date

>92mil

*Terms and conditions apply.

Our Licensed Money Lender Office Is Convenient Yet Discreet

Just a 5-minute walk from Jurong East MRT station and Jurong East bus interchange, our newly renovated office building is conveniently located for those seeking a Jurong East money lender. We’re easily accessible and well-connected to the Jurong Lake District, one of Singapore’s largest commercial hubs in the West.

Icon representing a licensed money lender office in Singapore
92% of our clients repay their money lender loans on time

92% of our clients

repay their loans on time. 

What Our Customers Love About Our Money Lending Services

With over 4,005 glowing testimonials on Google, Cash Direct is one of the top-reviewed legal money lenders in Jurong East.

5.0Based on 4029 reviews
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Our Legal Money Lending Company Is Featured On

The Motley Fool
Yahoo finance
CNN Money
FINANCIAL TIMES
The Motley Fool
Yahoo finance
CNN Money
FINANCIAL TIMES

Find out more about our team qualifications, values, and office features here.

Find out more about our team qualifications, values, and office features here.

Do you have a good credit history or are you a returning client?

We offer these perks*

Do you have a good credit history or are you a returning client?

We offer these perks*

* Terms and conditions apply.

Apply for a Loan from a Licensed Moneylender in Singapore in 4 Steps

Fill up your particulars on the loan application form.

Our team of professional loan officers will then verify the information and credit checks.

*If you submit the form online, you will still need to visit the office for a brief in-person verification before your loan can be granted.

Fill up your particulars on the money lender loan application form
Fill up your particulars on the money lender loan application form

Fill up your particulars on the loan application form.

Our team of professional loan officers will then verify the information and credit checks.

*If you submit the form online, you will still need to visit the office for a brief in-person verification before your loan can be granted.

As a licensed money lender in Singapore, we will conduct a short interview with you to better understand your financial issues and concerns

We will conduct a short interview with you to better understand your financial issues and concerns.

During this time, we will discuss the loan amount and loan repayment.

Next, we will go through the loan contract with you and answer any questions you have in detail.

Once the loan is approved, you can sign the loan contract.
We will go through the money lender loan contract with you and answer any questions you have in detail
We will go through the money lender loan contract with you and answer any questions you have in detail

Next, we will go through the loan contract with you and answer any questions you have in detail.

Once the loan is approved, you can sign the loan contract.

Legal loan amount is then disbursed via cash or PayNow

Loan amount is then disbursed via cash or PayNow.

The entire process usually takes less than 30 minutes.

Frequently Asked Questions

Let us walk you through the commonly asked questions about licensed money lenders or online private loan companies in Singapore.

Both loan types have different implications for you as the borrower.

hand with coin

Secured loans require collateral. For example, if you take out a car loan, your car may serve as collateral. Should you default on loan payments, the registered money lender can seize and sell the collateral to recover losses. This is also common with property loans, where the property may be seized if payments are missed.

money bag on hand

Unsecured loans, on the other hand, do not require collateral, which means even the most reputable money lenders in Singapore face a higher risk when lending. As a result, unsecured loans generally have higher interest rates.

woman walking to Private Money Lender

In general, banks are significantly stricter with the loan application process. In such instances, an authorised money lender in Singapore is a good option, especially if you’re looking for a short-term loan.

In case you didn’t already know, most licensed private money lenders in Singapore are instant money lenders. As fast money lenders, they provide speedy loan assessment, approval and disbursement altogether.

There are numerous situations where a lender can help you.

Comparison point Borrowing from a bank Borrowing from a licensed money lender
Internal policy If you have a bad credit history, unstable income, or income of less than $20,000 a year, you’ll get rejected No credit discrimination, even with a poor credit history
Maximum loan amount Borrow up to 10 times your monthly income Borrow up to six times your monthly income
Repayment period Up to seven years Up to 24 months, though 12 months is more typical
Loan approval time Approximately two weeks for approval Instant approval, mostly under 30 minutes. Instant fund disbursement upon contract signing
Interest rates From 3.5% to 6.5% yearly From 1% to 4% monthly
Processing fees 6.5% to 20% of the principal loan sum yearly Up to 10% of the principal loan sum

Ultimately, you should evaluate all of the above-listed factors and decide if borrowing from a money lender or bank is a more suitable option for you.

A bank may be ideal if you need a long-term loan and have a strong credit history. In contrast, an online licensed money lender in Singapore could be more fitting for loans you can repay within 12 months. Trusted money lenders don’t discriminate based on credit history, allowing you to focus on rebuilding your credit with healthy financial habits.

If you choose a licensed money lender, compare rates and terms to find the best match. At Cash Direct, we’re a fast, reliable lender offering competitive rates and favourable terms.

The maximum amount you can borrow from a bank or licensed money lender in Singapore varies based on your nationality and income. This applies whether you’re applying for a loan online or in person.

If you’re considering an unsecured loan from money lenders, here are the limits you may encounter:

Annual Income The loan amount you can borrow from a bank The loan amount you can borrow from a legal money lender
I earn below $10,000 yearly You’ll get rejected Up to $3,000 if you’re Singaporean/PR

Up to $500 if you’re a foreigner living in Singapore
I earn at least $10,000 and not more than $20,000 yearly You’ll get rejected Up to $3,000 regardless if you’re Singaporean, PR, or a foreigner living in Singapore
I earn a minimum of $20,000 yearly Up to 12 times your monthly income Up to 6 months your monthly income regardless if you’re Singaporean, PR, or a foreigner living in Singapore

There is a maximum interest rate that legalised money lenders in Singapore can charge, which is 4% per month, or 48% per annum.

Licensed money lenders use the reducing balance method to calculate interest charges on your loan. This means the monthly interest amount is based on the outstanding principal balance at the end of each month.

For example, if you were to take a $5,000 loan with a 6-month repayment period and a monthly reducing balance interest rate of 2%, here’s how much you would have to pay in interest:

Month Principal payable this month Interest payable this month (2%) Instalment amount this month Outstanding principal
1 $792.63 $100.00 $892.63 $4,207.37
2 $808.48 $84.15 $892.63 $3,398.89
3 $824.65 $67.98 $892.63 $2,574.24
4 $841.15 $51.48 $892.63 $1,733.09
5 $857.97 $34.66 $892.63 $875.12
6 $875.12 $17.50 $892.62 $0.00

With a reducing balance interest rate, you would pay a total of $355.77 in interest on your $5,000 loan. If this were a flat interest rate, you would pay a total of $600 in loan interest.

people checking fees on private money lender using mobile phones

A trusted money lender in Singapore also has legal limits to processing fees. You may be charged processing fees when your loan is granted, but these fees cannot exceed 10% of the principal loan amount.

If you are late on your payments, you may incur a late repayment fee, which is capped at $60 per month. You will also be charged a maximum of 4% per month in late interest on any overdue loan instalment for each month the loan is repaid late.

No matter what, the total of your interest fees, processing fees, late interest fees, late repayment fees, and other fees cannot legally exceed the principal amount of your loan. Licensed money lenders with charges that exceed the legally permitted amount may be engaging in misconduct, or be unlicensed.

people standing in front contract

If you’re unable to repay your loan, an authorised money lender in Singapore may take legal action against you. If their action is successful, you could be required to reimburse the lender for any legal fees incurred.

That said, this is unlikely to happen as long as you communicate with your trusted money lender about your financial situation and work out a new repayment plan. However, this may incur additional fees.

If you find yourself trapped in a debt cycle you can’t escape from, seek assistance from a social service agency in Singapore. If your debt has reached at least $15,000 and you are unable to repay your loan, even with extensions, you might want to consider filing for bankruptcy. This will stop interest accumulation, and even quick money lenders will be unable to take legal action against you. However, bankruptcy should be a last resort due to its severe consequences.

Having a good credit score is the best way to secure the lowest interest rates. You can achieve this by paying your bills on time and minimising the frequency of loan applications. This is also the reason why it’s essential to understand what information is included in your credit report and how to obtain it from the Credit Bureau Singapore (CBS).

When you apply for a loan, a money lender will check your borrowing history with other lenders through the Money Lender Credit Bureau (MLCB), which is also operated by CBS.

rejected by licensed money lenders

There may be several reasons why authorised money lenders in Singapore might reject your application. This could include not having a Singapore home address, being bankrupt, being unemployed, or having applied for too many loans recently.

If you encounter this and are in urgent need of financial assistance, consider government schemes like ComCare and SupportGoWhere.

Sometimes, you may encounter illegitimate money lenders or loan sharks masquerading as licensed instant money lenders. While they may advertise attractive terms, such as low interest rates, their loan structures are designed to extort money from you. Many victims end up struggling to repay illegal money lenders.

Be vigilant and avoid falling prey to money lender scams. If a deal seems too good to be true, it probably is.

Tips for Safely Borrowing from Licensed Money Lenders in Singapore

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Verify the Lender’s Licence

It’s important to verify that your money lender is on the list of licensed money lenders maintained by the Ministry of Law. You can do this by visiting their website or by calling the office landline of the money lender to ensure that you have been communicating with the right party. When you visit a money lender’s office, also check if they prominently display their money lender licence.

Understand Borrowing Guidelines

Licensed money lenders must follow the Moneylenders Act, which protects borrowers. Familiarise yourself with these regularly updated guidelines to avoid unfair practices.

Ensure Face-to-Face Verification and a Physical Office

Legal money lenders require in-person verification. Always ensure they have a physical office by visiting their official business address indicated in the Ministry of Law’s list.

Read reviews and news on licensed money lenders in Singapore

Read online reviews and feedback to assess the reputation of the money lender. Look for insights on forums, Google, and social media to make an informed decision.

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Watch for Harassment or Unlawful Debt Collection

Avoid lenders with a history of illegal debt collection practices. Make sure the lender follows proper debt collection guidelines, and avoid those known for harassment.

Do you have more questions on licensed money lenders in Singapore?

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