Singapore is home to a wide array of financial institutions that provide personal financing, including banks and moneylenders. However, banks, in spite of their established record and legitimacy, often come as second choice, due to their stringent eligibility requirements and long processing times. Licensed moneylenders, on the other hand, are (unfairly) associated with loan sharks, despite adhering to the strict regulations set out by the Ministry of Law.
In line with our mission to provide reliable financial insights, in this article, we’ll be sharing some of the best licensed moneylenders to consider, focusing primarily on Central Singapore.
1. EZ Loan
EZ Loan has two convenient branches currently operating within Central Singapore: one at Beach Road and the other at Marina Square. Both branches are open six days a week, except on Sundays and you can visit them from 11am to 7pm. As with most registered moneylenders, EZ loan allows borrowers to apply online at their convenience. We like them because they are very digitally advanced and 5/5 on hospitality. Their Marina Square branch is located within a co-working space which instantly puts borrowers at ease. Sip a coffee or a have a drink while their team assist you the process. Also, MinLaw mandates that all borrowers have to be physically present at branches for all loan application, EZ loan ensures that your process is made seamless. With quick Whatsapp registration and automated systems, you can expect your experience to be as swift as 5 minutes and under 3 mins if you have already pre-registered on Lendingpot.
2. Credit Xtra
With over 200 glowing reviews, and many commendations on customer service and consultancy, Credit Xtra is located at People’s Park Centre on Upper Cross Street, where they maintain an office. Like EZ Loan, they are open six days a week from 11 am to 7:30 pm, except on Saturdays where they close at 3:30 pm. Some of the loans provided by Credit Xtra include personal loans, SME Business loans and SME Micro loans. Why we like Credit Xtra is because of their flexibility in credit assessment. Their sales officers are patient to assess your financial situation and will do their best to accomodate your request within your means. Due to their personal nature, Credit Xtra is known to have one of the highest approval rate in the industry.
3. Capital Funds Investment
If you live in the Central District you’re probably familiar with Ubi Crescent, a well known industrial and commercial hub. Registered moneylender Capital Funds Investment Pte. Ltd. maintains their operation at Hola Centre there, conveniently located just behind a bus stop. Open 6 days a week from 12 pm to 8 pm from Monday to Friday and 11 am to 3 pm on Saturday. One thing we like about them is their ability to offer larger loans especially for businesses or individuals with private property ownership. Additionally, they also pride themselves on providing one of the lowest interest rates to borrowers, as well as extended loan tenors of up to 24 months or 2 years.
4. EZ Pte Ltd
Not to be confused with the aforementioned moneylender EZ Loan, EZ Pte Ltd is headquartered at Fook Hai Building on South Bridge Road. This firm has been in operation since 2004, and offers a variety of loans, including but not limited to personal loans, business loans, and pay day loans. Long years of operation and 5-star ratings notwithstanding, many customers have good things to say about their efficiency, and their competitive interest rates as evidenced by their Google reviews.
5. Friday Finance
Friday Finance is located just outside the Paya Lebar MRT Station, at the Singapore Post Centre on Eunos Road 8. It provides a wide range of loan products, including personal loans, renovation loans, student loans, wedding loans, start up loans and as well as tailored loan solutions for Gig or self employed individuals. Aside from the 50% rebate on admin fees with full and or timely payments, the brand takes pride in their commitment to high standards and efficiency, which has earned them glowing reviews from customers. What we really like about Friday is that they can also offer secured financing for customers who cannot cash out on their private properties from banks. While interest rates are slightly higher at 7.5% p.a. (as of Jan 25), their accommodative repayment schedules and TDSR waivers make them a good option to plug short term cash flow gaps.
Each of the money lenders highlighted above is not only licensed, meaning that they are registered with MinLaw, but also go to great lengths to provide quality services. Sign up with Lendingpot to gain access to more licensed money lenders in and around central Singapore. It only takes 2 minutes to register with Singpass Myinfo and begin receiving tailored loan products from over 45 banks and financial institutions on our platform. For more personal loan insights, click here.
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