Cash Mart Singapore

Call Us To Discuss Your Loan Today

6397 4111


As a licensed personal loan moneylender in Singapore, we do not advertise nor solicit any advance fees for pre-approved loans through SMS, over the phone or emails.Incase of any issues, contact us at 6397- 4111 or

Moneylender Review: Low Interest Money Lender in Singapore (2022)

Are you trying to compare rates and services to find out who the right licensed moneylender is for you? Here’s a moneylender review for low interest money lender in Singapore. 

As you may probably know, a licensed moneylender review in Singapore is handy for first-time loan borrowers and even those looking for a better borrowing experience.

However, is this the best way to choose your ideal moneylender?

With various money lenders in Singapore claiming to have low interests and good quality service, it’s challenging to decide which one won’t mistreat you and help you with your finances.

It is one of the important reasons why many of us will need to go through the long process of browsing forums and moneylender review sites online to check the opinions and verify the experience of other borrowers.

Click Here to Apply for a Quick Loan with Cash Mart

Are Licensed Moneylender Review Sites Okay?

Most of us think that loan review sites give us the advantage of foresight.

We understand how a money lender deals with its customers with review sites based on what other people have experienced.

Also, it will ensure that a certain moneylender has quality service and loan products.

Based on the testimonials and ratings, you can tell how satisfied previous clients are.

On the other hand, some borrowers will share their bad experiences so others will know what to expect if they borrow from the reviewed lender.

With these review sites sprouting here and there, finding the best money lender is like a walk in the park.


But should you believe everything you read on these sites?

Limitations of Moneylender Review about Low Interest Money Lender Singapore

Around 58% of the BrightLocal annual survey respondents shared that average star ratings are the most significant factor in an online review site.

Overall, 84% of consumers admitted that they trust online reviews. However, can you trust every testimony written by you do not personally know?

A review site can’t give you the whole picture. Most consumers will write a review when they get a poor experience.

Some consumers who get positive experiences may not be as concerned with writing a review.

Click Here to Apply for a Quick Loan with Cash Mart

People have different viewpoints and opinions. There will be times when some aggravating factors for others may be bearable for you.

When looking for a money lender, you shouldn’t simply rely on star ratings. Also, take some time to dig deeper for concrete details.

Finding Low-Interest Moneylenders in Singapore

The Singapore government strictly regulates money lenders. A lender’s license can get revoked if they violate the Moneylenders Act (2008).

According to this Act, money lenders can only charge an interest rate of up to 4% a month.

This cap applies to unsecured and secured loans.

Let’s say a borrower failed to repay the loan on the agreed due date. Then, the maximum interest rate the private loan money lender can charge is no more than 4% of the remaining balance for each month that had lapsed.

It means that the interest must be computed based on the remaining principal loan amount after deducting the total payments made.

If you take a loan of $ 10,000 and have repaid the $4,000, you will only compute the interest rate for the late payment against the remaining $6,000. As you can see, the late interest will not consider the principal loan amount unless the borrower did not pay a single cent.

Let’s say you agreed to repay your loan by instalment. What happens if you miss one due date?

Take, for example, a loan amount of $ 10,000.

If a borrower fails to pay the first instalment of $2,000, the moneylender can only charge a late interest on the missed $2,000 repayment.

The remaining balance, which is not due yet, will not be affected or considered.

Here are some insights we’ve also created to help you find suitable moneylenders in Singapore:

The Insolvency & Public Trustee’s Office (IPTO) & Moneylender Registry

In 1998, the Insolvency and Public Trustee’s Office (IPTO) became the first legal institution in Singapore to be ISO certified. It provides various services, namely:

  • Administration of the affairs of individual and corporate insolvencies,
  • Administration of motor accident compensation claims,
  • Licensing and regulation of moneylenders & pawnbrokers, and
  • Administration of the estates of deceased persons.

However, in 2014, the IPTO website was divided into four parts:

Nevertheless, the regulation of the moneylending industry continues to be more stringent.

Over the years, the number of moneylenders with valid licenses has gradually decreased.

In the 3rd quarter of 2017, there were 161 licensed moneylenders.

In 2022, only 156 legal money lenders and credit companies were verified by the Ministry of Law.

The receding number of licensed moneylenders means that the Registry of Moneylenders (ROM) is constantly checking the money lending practices in the city-state.

Source: Registry of Moneylenders

What is the Money Lending Act?

moneylender act | Moneylender Review

The Registry of Moneylenders now oversees the registration and regulation of moneylenders as mandated by the Money Lending Act.

Moneylenders in Singapore must meet the standards laid out in the Money Lending Act before getting a license to operate in Singapore. Once they can legally operate, they will still have to follow the government’s strict guidelines.

If a violation has been found and proven, their money lending license could get revoked.

As a borrower, you need to know how a licensed money lender should deal with clients. Here are five things you need to keep in mind:

Transparent terms of your loan

Every licensed money lender in Singapore must inform the borrower about all the loan terms. For example, the interest rates, permitted fees, the date of the loan disbursement, the computation of the late interest fee, the frequency of the instalment payments, and the total amount you will pay over the entire loan term.

Loan application process

Every legitimate money lender has to have a loan application process mandated by the Money Lending Act. If the loan process is too easy or does not require any documents, consider it a loan shark.

A licensed moneylender needs to require the borrowers’ full name, date of birth, personal identification number, residential address and telephone number. In addition, borrowers need to provide reliable documentary evidence to support the information provided in the application form.

Loan contract

When borrowing from a licensed money lender, you must expect a loan contract containing all the necessary information about your loan. Therefore, the loan contract must be complete and precise. Also, it must note the equal instalments at equal time intervals for your chosen payment scheme.

Right advertisements

Legal money lenders cannot send advertisements through text, social media, e-mails, and pamphlets. Any promotions should only be within the money lender’s website and physical office.

Copy of Contact

A reputable money lender should always give you a copy of the Note of contract for the loan. The loan officer should explain every part of the contract. 

What is the Credit Association of Singapore (CAS)?

Formerly known as the Money Lenders Association of Singapore (MLAS), they have rebranded into the Credit Association of Singapore. They exist to protect both the interest of borrowers and licensed moneylenders in Singapore.

Signs of Licensed Moneylender Harassment

Not every licensed money lender provides quality customer service.

There are still some moneylenders who violate the Money Lending Act, even those with licenses to operate.

Be mindful of the moneylender who:

  • Ask for your SingPass user ID and/or password. If the moneylender needs your SingPass, you must personally go to their office and key in your details. Never share your SingPass information with anyone.
  • Retain NRIC card or other personal ID documents. Never let anybody take your original documents, as they can use them for fraudulent activities.
  • Asks you to sign an incomplete contract.
  • Grants your loan request without exercising due diligence. If the loan application seems too good to be true, it probably is. As mentioned above, the Money Lending Act requires every loan application to go through a checking your credit history with the credit bureau.
  • It uses abusive language and threatens you. Licensed money lenders may visit your residence to collect your outstanding loan, but vandalism and other threatening activities are red flags.
  • Ask for an outright processing fee before disbursing your loan. Legitimate money lenders will never ask or solicit any advance fees from the borrowers.

Should you deal with a money lender doing these violations, you must file a complaint against this lender.

How to File a Complaint Against a Licensed Money Lender in Singapore

Since the money lending industry is highly regulated in Singapore, all registered money lenders must operate their business in line with the strict supervision of the Registry of Moneylenders (ROM). The ROM is a branch of the Singapore Ministry of Law that oversees the registration and regulation of money lenders.

As a borrower, you can file a complaint against a money lender should you experience unjust contracts, unfair lending practices, illegal collections practices, and any violations of the rules and regulations set forth by the ROM.

You can contact the Registry at (+65) 6325 1416 and 1800-2255-529 or via e-mail at Alternatively, you can send your complaints to and

The Registry of Moneylenders can handle every complaint with the utmost confidentiality. Your personal details will not be revealed to the money lender without your consent. You may need to attend an interview with the Registry to provide all relevant information and documents related to your loan transactions.

If you think serious law violations are done to you by a money lender, you can file your complaint directly to the Singapore Police Force. However, if the complaint is civil, you may also file a complaint with the court under the Consumer Protection (Fair Trading) Act or the Small Claims Tribunal. The court has the power to set aside the loan transactions if proven substantially unfair.

The Registry views every complaint seriously and will investigate it thoroughly. But the best way to avoid such money lenders is to take your time shopping around. A moneylender review on low interest money lenders in Singapore helps you choose. Also, visit money lender review sites and read helpful information for borrowers in Singapore.

Are there Singapore Money Lenders for Bad Credit?

On a lighter note, a licensed moneylender can help you with your finances in the long run.

You can still get a loan from a reputable licensed money lender if you have a bad credit history due to unpaid loans and credit card bills.

Bad credit is usually caused by unpaid credit card bills and loans that you have allowed to balloon for the past months. Unpaid bills and outstanding balances are generally reported to the credit bureau.

Your credit score will pull down if you cannot resolve your debt. Bad credit means you will have difficulty applying for housing loans, auto loans, new credit cards, and other cash loans. So how will you be able to purchase your dream home or car?

The good news is that money lenders can help you rejuvenate your dwindling credit score.

You can get a personal loan from a licensed money lender. You may not be able to borrow a higher amount, but it is an excellent start to earning a positive credit score in the long run.

Once your loan has been approved, make sure that you pay the proper instalment at the right time. Always pay on time to have a positive record in the credit bureau.

What does it mean for me?

To avoid falling victim to loan sharks, get a loan only from a reliable licensed money lender in Singapore. As mentioned, a registered money lender will not charge you unfair interest rates. Moreover, money lending is a business based on trust. Later on, satisfied clients become loyal clients.

RELATED: Where to Get the Best Instant Cash Loan in Singapore

With more contented customers, the moneylender will stay in business throughout the years.

We at Cash Mart have been providing loans in Singapore since 1969.

Over the years, we’ve grown a long list of clientele with flexible terms and fair interest rates.

A moneylender review about low interest money lenders in Singapore indeed gives you a peep at how they treat their clients, but actual results speak for themselves.

If you want to get a taste of an excellent customer experience from a reputable moneylender in Singapore, you can give Cash Mart a call at +65 6397 4111 or drop by 277 Balestier Road today.