Borrower Safety

Borrowing from a licensed moneylender in Singapore carries protections that exist whether or not anyone mentions them to you. This page collects them in one place.

Before you borrow, confirm the lender appears on the Ministry of Law register, and check the licence number and contact details rather than the business name alone. Scammers routinely use the name of a genuine licensed lender with their own phone number attached.

You are entitled to have the terms explained in a language you understand before you sign, to receive a copy of the signed contract, and to a statement of account showing what you have repaid and what remains. Identity verification happens face to face at the approved place of business, because the law requires it.

No licensed moneylender may retain your NRIC, passport or ATM card, ask for your Singpass credentials, ask you to sign a blank contract, charge a fee before a loan is approved and disbursed, or harass you, your family or your employer. Harassment is a criminal matter, not a collections practice.

If you are struggling to repay, contact us before a payment is missed. There are more options available before a default than after one. Credit Counselling Singapore also provides free, independent advice.