List of Licensed Moneylenders & Top Banks in Singapore (2019 Update)

To save you more time, we’ve gathered the complete list of 157 licensed moneylenders and banks in Singapore verified by the Ministry of Law as of January 1, 2019.

Cash Mart Singapore is among these validly licensed moneylenders and is enumerated at #33.

Our operating hours:

Mondays to Fridays 11 am – 8 pm

Saturdays 11am – 6pm

Closed on Sundays and Public Holidays

APPLY FOR A LOAN

How will this list of licensed moneylenders help me as a borrower?

The updated list of licensed moneylenders in Singapore is well-maintained and regularly updated by the Registry of Moneylenders and the Ministry of Law.

MinLaw (Ministry of Law) and the Registry of Moneylenders collaborated to create guidelineregulating all moneylenders and protectingct borrowers from illegal lenders.

Those credit companies who are non-compliant with the Moneylenders Act and other corresponding regulations of MinLaw will not be on the list.

What are the rules in moneylending that I must know?

As of 1 October 2015, all licensed Singapore moneylenders are only allowed to impose the following charges and expenses:

• An administrative fee that’s no more than 10% of the principal loan amount when the loan is granted. This fee is when a loan gets approved
• Late fees should not exceed $60/month
• An Interest rate on late payments caps at 4% for each month of late repayment
• The total cost of interest rates and fees should not exceed 100% of the principal loan sum.

If borrower A takes a loan for $10,000, then all the charges (interest, administrative fee, and monthly $60 late fee) should not exceed the principal loan amount of $10,000.

Furthermore, Moneylenders are prohibited from practising the following:

• First, ask for your SingPass login details through SMS, phone call or email.
• Then, ask you to sign an incomplete loan contract.
• Grant you a cash loan without exercising a verification process with due diligence. If you can get approved without any documents or requirements, your lender is not operating as law mandates.
• Retain your personal ID documents such as your NRIC card, passport, driver’s licence, etc.
• Ask for an upfront fee before your loan is approved and disbursed.

How will I know if the online ad is from licensed moneylenders?

As of 1 November 2011, all licensed moneylenders are permitted to advertise using only these three channels:

• online or printed business directories;
• websites owned by the moneylender; and
• advertisements within or on the exterior of the money lender’s business premises.

Other channels not included on the said lists are prohibited.

Moneylenders with social media ads are either unlicensed moneylenders or legal money lenders violating the Moneylenders Act. So, ignore those Facebook, Instagram or Linkedin, and Google Ads.

Avoid borrowing from these lenders.

If you are looking for a legitimate money lender, you must take your time to shop around, read moneylender reviews, and get the feedback of the people you trust.

Though the government has done their best to regulate the money lending industry strictly, it still pays to be vigilant to avoid loan sharks and illegal money lenders who post as legitimate businesses.

Why Choose Cash Mart Among Other Licensed Moneylenders

With Singaporeans’ changing lifestyle and evolving culture, loans have been a part of their lives for emergency needs and added convenience.

Gone is when personal loans are just for bridging payday to payday or expanding small businesses. Now, loans can also be used for your grand wedding or a perfect vacation getaway.

Banks and licensed moneylenders in Singapore will offer you various loans, whatever your reason for a loan application.

Licensed moneylenders in Singapore offer more flexible loans with a shorter process, taking pride in instant loans for Singaporeans and expats.

With many moneylenders floating around online to offer loans, take the time to choose where to apply for a loan.

Choose a moneylender with a long list of satisfied clients, transparent terms and proficient service. Need instant cash but are confused about which lender can meet your exact needs?

As the leading legal private moneylender in Singapore, Cash Mart is backed by a team of trained staff willing to walk you through the process.

With innovative solutions, you can indeed walk out of its doors within less than an hour with satisfaction and cash in hand.

Get your needed loan now at Cash Mart, drop by or give a call and experience service from the friendly staff: uniquely personal and professional.

Our operating hours:

Mondays to Fridays 11 am – 8 pm

Saturdays 11am – 6pm

Closed on Sundays and Public Holidays

APPLY FOR A LOAN

Top 20 Singapore Banks (2019)

Singapore is known as the banking hub in Southeast Asia. It is an international financial centre under a government practising pro-business policies. Furthermore, our banking industry, regulated by the Monetary Authority of Singapore, manages more than $350 billion of assets.

Our global economy has been shaky, but now the markets are gaining ground and stability. Understandably, both Singaporeans and expats consider various factors when choosing their bank.

Out of Singapore’s 111 commercial banks, 49 merchant banks, and 45 banks with representative offices, we presented our Top 20 Singapore Banks in 2019.

DBS Bank/ POSB

• Established by the Government in June 1968
• 100 branches across the city-state
• Can make fast transfers between currencies
• Has affiliated branches worldwide
• There is no minimum balance required and no minimum salary input.
• Holds a long-term credit rating of Aa1 (High Quality) from Moody’s
• 2018 Total Assets at USD404.1 billion
• License Type: SGS Primary Dealer

UOB Singapore

• Founded in 1935
• It has 68 branches in Singapore
• More than 500 offices in 19 countries across Asia-Pacific, North America, and Western Europe
• Holds a long-term credit rating of Aa1 (High Quality) from Moody’s
• 2018 Total Assets at USD277.99 billion
• License Type: SGS Primary Dealer

OCBC Bank

• Operates through more than 570 branches
• Second largest financial services group in Southeast Asia
• With representative offices in 18 countries
• Formed in 1932
• With an Aa1 rating from Moody’s
• License Type: SGS Primary Dealer and Local Bank

Citibank Singapore

• Began operations in Singapore on 1 July 1902
• Operates over 2,600 branches across 160 countries
• Low-cost bank to bank money transfer from Citibank Singapore to another Citibank branch abroad.
• License Type: Full Bank and SGS Primary Dealer

HSBC Singapore

• The oldest banks were established in Singapore (December 1877)
• It has 9 branches with ATMs and over 10 self-service terminals
• The first bank to remove sales commission in Premier banking
• License Type: Full Bank

Maybank Singapore

• Active in Singapore since December 1960
• It has 27 service locations across the country
• 2018 Total Assets at USD189.1 billion
• License Type: SGS Primary Dealer

Standard Chartered Singapore

• Started operations in the city-state back in 1859
• Singapore’s largest custodian bank for foreign institutions
• Has 19 branches, 7 Priority Banking centres
• License Type: Full bank and SGS Primary Dealer

ANZ Singapore

• In 1974, it was founded as a representative office of the Australia and New Zealand Banking Group
• Converted to an offshore bank in 1980
• Implemented an adult financial education program in collaboration with the Institute of Technical Education
• License Type: SGS Primary Dealer

SBI Singapore

• State Bank of India started operations in Singapore in 1977
• Has a distribution network of 7 retail branches and 24 SBI ATMs
• License Type: Full Bank

Bangkok Bank Singapore

• A Thai Bank operating in Singapore focusing on corporate customers
• Provides full commercial banking services
• It has 32 branches in 15 economies
• License Type: Full Bank

CIMB Singapore

• Operating in Singapore since 1947 through Ban Hin Lee Bank
• By 2009 CIMB had begun to offer universal banking services
• Has Islamic banking products
• It has 3 branches in Singapore
• License Type: Full Bank

ICICI Bank Singapore

• The first overseas branch is the Singapore Branch
• Supports India’s trade with Singapore to address the needs of the global Indian community
• Presented globally in 19 countries.

RHB Bank Singapore

• Started operations in Singapore in 1961
• Located at the wholly-owned 17-storey building at 90 Cecil Street
• It has a network of seven (7) branches located around the island
• License Type: Full Bank

Bank of India Singapore

• Active in Singapore since 4th June 1951
• Equipped Forex Dealing Room
• Specialisation in India related business
• Currently has three branches
• License Type: Full Bank

Indian Overseas Bank Singapore

• It started its activities in February 1941
• It has a branch at Cecil Street and a Remittance Centre at Serangoon
• Has well equipped Forex Dealing Room
• Extended working hours on Saturday
• License Type: Full Bank

J.P. Morgan Singapore

• Operating in more than 60 countries
• Has total assets of about USD2.3 trillion
• The Singapore branch became the hub for J.P. Morgan’s South-East Asian operations.
• License Type: Full Bank

Hong Leong Finance

• Founded in 1961
• A subsidiary of the Hong Leong Group
• It has a network of 28 branches and 10 SME Centres
• License Type: Finance Company

BNP Paribas Singapore

• Begun operations in Singapore in 1968
• Focuses on Corporate and Institutional Banking
• Has a presence in 14 markets
• License Type: Wholesale Bank

Bank of Singapore

• A subsidiary of the OCBC Bank
• Specialises in private banking and wealth management
• 2018 total assets at US$32 billion
• License Type: Local Bank

Mizuho Bank Singapore

• It started its branch operation in Singapore in 1974
• With over 900 offices in major cities such as Tokyo, New York, and London,
• License Type: Full Bank

For more than 100 years, banks have been known as the go-to places to get premium loans, yet soon Singaporeans have developed an insight that banks only lend to those with sound finances: basically, those who don’t need loans.

Those who have just enough money in their bank accounts get a hard time processing their loans as banks believe it is too risky to lend money to them.

These brick-and-mortar establishments have devised a long list of required documents to assure less risky loan transactions; however, this results in a few days of the process, which beats the need for quick cash.

Banks are also mindful of lending to those with bad credit scores, no credit history, foreigners and no regular income.

Fortunately, you can easily get a loan from online licensed money lenders whenever you need extra cash.

Experience the fastest and most affordable online loans with Cash Mart today.