Best Bugis Licensed Money Lender In Central Singapore
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Licensed Moneylender Singapore.
Dynamic
SU Credit is a reputable and reliable financial institution that understands the diverse financial needs of individuals and businesses.
Professional
When it comes to meeting your financial needs, trust a professional money lender to provide the expertise, reliability, and personalized service you deserve.
Trustworthy
When seeking financial support, it's essential to find a trustworthy money lender that puts your best interests first.
Caring
With a compassionate approach and a genuine concern for your well-being, we aim to provide the support and guidance you need.
Who are we
About Us.
One of the best licensed moneylender in Singapore is Su Credit. With a strong reputation and a track record of reliable services, Su Credit has become a trusted choice for individuals in need of financial assistance with hassle free loan solutions.Su Credit is widely regarded as one of the best money lenders in Singapore due to their diverse loan options, transparent practices, convenience, exceptional customer service, and positive customer feedback.
- Transparent
- Excellent Customer Service
- Diverse Loan Options
Why Choose SU Credit?
Possibility of interest rate reduction
Longer repayment term
Higher approved loan amount
Faster processing time
Possibility of a processing fee reduction
Instant loan approval
May qualify for payday loans at 0% interest rate
Customisable payment due date
Instant cash or Paynow disbursement.
Established in
2011
$45,227100
Disbursed in loans
11062
Borrowers Served
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FAQs
Explore common questions about licensed money lenders in Singapore
What is a Licensed Money Lender?
A licensed money lender in Singapore is a registered and legally authorized entity approved by the Ministry of Law’s Registry of Moneylenders to provide loan services.
These money lenders must hold a valid license to operate lawfully, whether online or in person, at their officially registered business address.
What is the Moneylenders Act?
The Moneylenders Act is the legislation governing licensed money lending in Singapore. It ensures that authorised money lenders operate within clear legal boundaries, regulating their business practices, the management of a credit bureau, and the handling of borrowers’ information for loan applications.
It protects both borrowers and lenders by providing a structured framework for ethical and lawful money lending activities.
Where can I find the list of registered money lenders in Singapore?
You can view the complete directory of registered money lenders in Singapore through the official Registry of Moneylenders.
As of now, the Ministry of Law’s directory includes 153 licensed money lenders in Singapore. This number is subject to change as the list is periodically updated.
Who is Eligible to Apply for a Loan with a Licensed Money Lender?
Age Range: 18 to 65 years old
Credit History: Open to applicants with poor credit history or low credit scores
Nationality: Available to Singaporeans, Permanent Residents, and foreigners holding all types of work passes
Employment Type: Suitable for employees, self-employed individuals, and business owners
Gig and Freelance Workers: Applications from gig workers (e.g., food delivery riders, private hire vehicle drivers), freelancers (e.g., coaches, tutors), and commission-based agents (e.g., property or insurance agents) are welcomed
Is my personal information safe and secure with a licensed money lender in Singapore?
Absolutely! At SUCredit, safeguarding your personal information is our top priority as a licensed money lender in Singapore.
We utilize robust security protocols and advanced technology to ensure your personal data is kept confidential and protected. Our systems are continuously updated and monitored to prevent unauthorized access. We comply with strict data privacy regulations and industry standards to ensure the highest level of security.
You can trust that your personal information is handled with the greatest care, and we are dedicated to maintaining a secure environment and confidentiality in all your interactions with us.
How easy is it to obtain loans from private money lenders in Singapore?
Yes, securing a loan from private money lenders in Singapore is often easier than getting one from traditional banks. Licensed money lenders tend to have more flexible lending criteria and faster approval times, making them a popular option for individuals in need of quick financial assistance.
Can people with poor credit ratings get loans from legal money lenders?
Yes, legal money lenders in Singapore, including SU Credit, are often willing to provide loans to individuals with poor credit ratings. They tend to focus more on the borrower’s current financial situation and repayment ability rather than just relying on credit scores.
Do licensed money lenders in Singapore offer loans without checking credit scores?
No, licensed money lenders do not provide loans without checking credit scores. Although they tend to be more flexible than major banks and may lend to individuals with poor credit, they still perform a credit assessment.
To determine your loan eligibility, licensed money lenders will review your Loan Information Report from the Moneylenders Credit Bureau (MLCB)
Is it possible for an unemployed person to obtain a loan from licensed private money lenders in Singapore?
Yes, an unemployed individual can still qualify for a loan from licensed private money lenders in Singapore, provided they can show proof of a reliable income source.
This income could include alimony, dividends, annuity payouts, or monthly retirement plan payments. Furnishing documentation to verify this income will play a crucial role in determining loan eligibility.
Do licensed money lenders in Singapore report to credit bureaus?
Licensed money lenders in Singapore report payment records to the Moneylenders Credit Bureau (MLCB). However, these records are not reported to the Credit Bureau Singapore (CBS).
What are the consequences of missing a payment to a licensed money lender in Singapore?
If you miss a payment to a licensed money lender in Singapore, a late interest of up to 4% per month may be charged on the overdue amount. Additionally, a late payment fee of up to $60 may apply for each month the payment is delayed. All applicable fees will be clearly outlined in your loan agreement.
What happens if I fail to repay a loan from a licensed money lender in Singapore?
Defaulting on a loan with a licensed money lender can have serious consequences. Apart from accumulating interest and fees that can cause your debt to grow quickly, it may also negatively affect your MLCB Loan Information Report, which could reduce your chances of getting approved for future loans. Additionally, legal action may be taken against you for failing to repay the loan. If you are struggling to meet your loan obligations, it’s important to reach out to your consultant as soon as possible. We can work with you to create a repayment plan that suits your current financial situation.
What should I do if I face financial difficulties while borrowing from a legal money lender in Singapore?
If you’re facing financial difficulties, it’s essential to reach out to your licensed money lender to discuss possible adjustments to your loan terms. Additionally, you may consider contacting local social service agencies that specialize in helping individuals manage significant debt issues. These agencies offer comprehensive support, including credit management advice, credit counseling services, and, where applicable, assistance in negotiating repayment plans with creditors.
Is it possible to take out a loan with a licensed money lender if I already have an existing loan?
Yes, you can apply for additional loans even if you have an ongoing loan with us. However, we advise you to manage your finances carefully to avoid borrowing beyond your means.
Licensed Money Lender vs. Bank: What Are the Key Differences?
Approval Speed:
Licensed Money Lenders: Fast approval, easier to get loans quickly.
Banks: Slower approval, with more paperwork.
Loan Amount & Interest:
Licensed Money Lenders: Smaller loan amounts, higher interest rates (within legal limits).
Banks: Larger loans, lower interest rates.
Eligibility:
Licensed Money Lenders: Easier eligibility, fewer requirements.
Banks: Tighter requirements, higher credit standards.
Loan Repayment:
Licensed Money Lenders: Shorter repayment period.
Banks: Longer repayment period.
Regulation:
Licensed Money Lenders: Regulated by the Ministry of Law.
Banks: Regulated by the Monetary Authority of Singapore (MAS).
What should you consider before taking a loan from a licensed money lender in Singapore?
Interest Rates: Understand the interest rates that apply to the loan to determine how much you will pay back.
Repayment Terms: Review the repayment schedule and terms to ensure they align with your financial situation.
Fees: Be aware of any additional fees, including administrative charges or early repayment fees.
Your Ability to Repay: Assess your income, expenses, and overall financial capacity to handle the loan and make timely repayments.
Lender’s Legitimacy: Ensure the lender is licensed and registered with the Ministry of Law. This guarantees that you are dealing with a legal and reputable money lender.
Late Payment Charges: Be mindful of any late payment charges that could apply if you miss a repayment.
Loan Contract: Always obtain a copy of the signed loan contract, so you have a written record of the terms.
How can you know if you’re applying for a loan from a licensed money lender online?
To make sure you are applying for a loan from a legal and licensed money lender, check the Ministry of Law’s official list of licensed lenders in Singapore. You can search for the lender’s name and compare the details like the office address, license number, and phone number with the official list.
Remember, a licensed money lender is not allowed to contact you through calls, SMS, WhatsApp, Telegram, or social media to offer loans. They also cannot ask for an upfront fee to process your loan or approve a loan without meeting you in person at their office.
Tip: If a money lender refuses to meet you face-to-face at their business address, stop all communication immediately. This could be a sign of an illegal lender.
What are the things licensed money lenders are not permitted to do?
Licensed money lenders in Singapore must follow strict rules to ensure fair practices. They are not allowed to contact you through messaging apps or social media to offer loans, advertise on unauthorized websites, or ask for your Singpass login or personal ID documents. They must explain the loan terms clearly and provide a complete loan agreement for you to sign. They also cannot approve loans without proper checks or demand fees upfront. Additionally, they cannot charge excessive interest or penalties, or threaten or harass borrowers. These rules help protect you when borrowing money.
What should you do if you experience harassment by licensed money lenders in Singapore?
Harassment by licensed money lenders is not acceptable. If you experience such behaviour, it is important to take action immediately. You can file a complaint with the Ministry of Law’s Registry of Moneylenders. This can be done by completing their online complaint form or by contacting them at 1800-2255-529.
Are private money lenders in Singapore always fast and trustworthy?
Private money lenders in Singapore are not always fast or reliable. While some may be legitimate, there are also illegal money lenders who operate under the guise of private lenders. These unlicensed lenders can be highly unreliable and should be avoided.
To ensure a secure borrowing experience, it’s recommended to borrow only from licensed legal money lenders or banks, rather than from family, friends, or unregulated lenders.
Do instant money lenders really offer immediate approval and disbursement?
Instant money lenders provide fast loan processing, approval, and fund disbursement. However, they still require in-person verification of your identity at their registered office.
Top quick and reliable money lenders in Singapore, such as SUCredit, can approve your loan and disburse funds in under 30 minutes, as long as all necessary documents are submitted.
Can I apply for a loan with Singapore's legitimate online money lenders at any time?
Although licensed money lenders in Singapore provide the option to apply for loans online at any time, their physical offices have fixed operating hours and are not open 24/7.
Are online money lenders in Singapore trustworthy?
Not all online money lenders in Singapore are trustworthy. While many licensed and authorized local money lenders offer their services online and are reliable, there are also many unlicensed money lenders that should be avoided.
Reputable online money lenders typically maintain a secure online presence, allowing you to apply for loans through their websites. Many integrate Singpass for added convenience and security for borrowers.
However, it’s important to note that even when applying online, you will still need to visit the lender’s physical business premises to sign the loan contract in person to complete the process.
How to Find Highly Rated Legitimate Money Lenders in Singapore?
To find reputable and licensed money lenders in Singapore, it’s essential to conduct thorough research. Begin by searching online for terms like “registered money lenders in Singapore” or “authorised money lenders in Singapore.” Reading reviews and ratings from other borrowers can provide valuable insights into their services.
Additionally, consider asking friends or family members who have experience borrowing from licensed money lenders. Their feedback can help guide you toward trusted lenders in Singapore. Always ensure the money lender is registered with the Ministry of Law to guarantee their legitimacy.
How can I find fast money lenders?
Finding fast money lenders is simple if you know where to look. SU Credit is one such lender, offering quick loan approval and fast loan disbursement. With all the required documents in place, you can expect to receive your loan in under 30 minutes.
Contact Us
Our Location
Nestled in the heart of Singapore’s bustling cityscape, our office at Burlington Square offers the perfect blend of convenience and accessibility. Located in close proximity to public transportation, our strategic position ensures that reaching us is a breeze. The Rochor MRT and Little India MRT stations are just a leisurely 5-minute walk away.
For all your banking needs, be it a visit to a bank branch or a quick deposit/withdrawal at an ATM, our proximity to major banking facilities ensures that managing your finances is seamless and hassle-free. Right in the vicinity, you’ll find the UOB Bank – Rochor Branch as well a host of ATMs from major banks such as DBS, UOB, OCBC, and also the AXS machine, all conveniently situated just around the corner at Sim Lim Square.
All within easy reach of our office are also various other shopping malls like Fu Lu Shou Complex, OG, Bugis Plus, Bugis Junction, and Bugis Street. And for those looking to explore the cultural heritage of Singapore, our office is also situated near iconic local temples; Kwan lm Thong Hood Cho Temple and Sri Krishnan Temple.
Visit us today for a hassle-free loan!
Our Location
Su Credit