Top Licensed Money Lender Singapore

Yes, you may call GM Creditz at 6588 1866 or apply online here. 

You will be scheduled for an in-person consultation following the initial consultation over the phone. Please prepare the necessary documents and requirements prior to meeting our loan officer to avoid delays. As efficient as it is, you will receive the borrowed money on the same day upon signing the agreement.

• Personal Loan – Up to six month’s worth of income 
• Foreigner Loan – Up to six month’s worth of income 
• Monthly Loan – Up to six months’ worth of income
• Payday Loan – Up to one month’s worth of income
• Bridging Loan – Up to six month’s worth of income 
• Business Loan – Up to $200,000

Generally speaking, for secured loans, you can obtain a loan of any amount. For unsecured loans, please refer to the table below for the total maximum amount that you may borrow: 

The loan application process of GM Creditz is easy and straightforward. Your loan application will be processed within an hour. After applying online or calling from the comfort of your home, our loan officer will schedule an in-person appointment to discuss the terms of your loan contract. You will receive the instant loan on the same day as soon as the agreement has been signed.

The first thing is to visit the list of licensed money lenders registered with Singapore’s Ministry of Law to avoid loan scams.

Secondly, compare the best loan options from licensed money lenders suitable to your needs and repayment capability before you borrow.

Lastly, check the customer satisfaction reviews on Loan Advisor and Google Reviews to weigh in which licensed money lender is more reliable and trustworthy to borrow from. 

GM Creditz is licensed and registered with the Ministry of Law. Rest assured that we adhere to the law and offer fair and just interest rates since 2009.

All licensed lender is only permitted to impose the following charges and expenses on personal loans or other types of loans:

• A fee not exceeding $60 for each month of late repayment;
• A fee not exceeding 10% of the principal loan when a loan is granted; and 
• Legal costs ordered by the court for a successful claim by the licensed money lender for the recovery of the loan.

The total charges imposed by licensed moneylenders on any loan, consisting of interest, late interest, upfront administrative, and late fee also cannot exceed an amount equivalent to the principal of the loan.

Meanwhile, the maximum interest rate that moneylenders can charge is 4% per month, regardless of the borrower’s income and whether the loan is an unsecured or secured one. 

If a borrower fails to repay the loan on time, the maximum rate of late repayment fees that a legal money lender can charge is 4% per month for each month the loan is repaid late.

The computation of interest charged on the loan must be based on the amount of principal remaining after deducting from the original principal the total payments made by or on behalf of the borrower which are appropriated to the principal. 

The late interest can only be charged on an amount that is repaid late. The licensed money lender cannot charge on amounts that are outstanding but not yet due to be repaid.

To get the best loan rates in Singapore, you may compare different loan packages between lenders through loan comparison websites. Shop around for the most favorable loan terms. That said, avoid committing to any loan plan unless you are satisfied with the terms and conditions.

Please note that the interest rates depend on the loan plan you are applying for. Compared to unsecured personal loans, secured loans will have lower interest rates and can offer you a higher amount of money. 

Having collateral such as properties, real estate, bonds, collections, and other items and objects of value can also help you lower your loan’s effective interest rates.

GM Creditz offers the lowest possible interest rates, in accordance with the Ministry of Law, ensuring you that we practice legal lending and help our clients also practice responsible borrowing by helping you manage the best loan plans suitable for your objectives, budget, and repayment capability. 

If you wish to see our clients’ testimonials, please visit our Reviews page. You may also apply for a loan online or call us for further details.

GM Creditz’s loan is designed to ease your financial emergencies. We make sure to give you the assistance that you need immediately, with a low interest rate in as short as an hour.

This is guaranteed as the application process of GM Creditz is easy and straightforward. After requesting online or calling from the comfort of your home, our loan officer will schedule an in-person appointment to discuss the terms of your loan plan. You will receive the borrowed money on the same day as soon as the agreement has been signed.

We are proud of our competitive loan plans that adhere to the Moneylenders Act. And we only impose the required and permitted fees and interest rate and make sure to customise the loan plan accordingly.

Moreover, our ultimate goal is to help you with your financial difficulties, not to add a burden to your financial trouble. Take it from our clients’ verified reviews on Loan Advisor, Google Reviews, and Business Listings, that can attest to our promises and core values — professional, efficient, and client-oriented.

Yes, you can. Although you can apply for more than one cash loan, your application will still be subject to evaluation to ensure that you don’t over-borrow and suffer from financial difficulties. 

Take note that unlike traditional banks, GM Creditz does not solely rely on credit scores when approving your loan.

What we look for are the following but not limited to:

• Ability to repay the loan
• Certificate of employment
• Proof of income
• Other personal ID documents

Yes, the maximum cash loan amount you can borrow will differ from one lender to another. For instance, banks in Singapore offer a higher maximum amount for much longer tenure with a different interest payment. These banks have a more rigorous evaluation process to release the money so cash disbursement takes time.

GM Creditz, on the other hand, can disburse the amount, usually, in just only an hour with an easier application process. The interest rates that moneylenders can charge is up to 4% and 10% upfront processing fees – no hidden charges!

Banks usually reject the application due to low or bad credit history. At GM Creditz, as a licensed money lending Singapore agency, we responsibly assess your monetary situation and take into consideration the improvement of your current financial condition. 

That said, you can still apply for monthly installments even if you have no good credit score. Additionally, it doesn’t affect the interest payment charged on your loans. But you may not be eligible to borrow a higher amount.

Please feel free to talk to us so we can clear your confusion and further discuss your options.

Visit the Ministry of Law’s full list of licensed moneylenders in Singapore to verify if the agency is a licensed money lender.

GM Creditz’ license number is 101/2021 listed as number 61 in this downloadable list. 

Since 2009, GM Creditz has been legally operating and providing honest services to our clients. We are also a responsible lender, taking into consideration our clients’ financial capacity. Furthermore, we have been commended and applauded by our valued clients on Google and Loan Advisor Reviews. 

If you suspect that you’re dealing with unlicensed money lenders, report them to the government agencies, such as the Singapore Police Force i-Witness reporting page. Alternatively, you can also file a complaint to the Registry at 1800-2255-529 or through the Ministry of Law’s website.

Even if they are licensed, you must still be cautious. Watch out for these red flags:

1. Asks for your SingPass user ID and/or password
2. Fails to return your NRIC card or any other supporting documents
3. Asks you to sign a blank or incomplete loan contract
4. Fails to provide a clear and thorough explanation of the terms and conditions of the loan.
5. Grants you a loan contract without evaluating your loan application.
6. Grants you a loan through phone, email, or SMS before receiving your loan application form and required documents
7. Withholds any part of your principal loan amount

These practices are unacceptable. If you encounter these errant money lenders, you must immediately report the unlawful or unlicensed money lenders to the Registry of Moneylenders. Provide information including the money lenders’ business name, license, and contact number.

As a licensed money lender, we are subjected to the rules and regulations set by the Ministry of Law Singapore. We are prohibited to advertise our services through unofficial channels like SMS, WhatsApp, or social media. 

Legal money lenders are permitted to advertise only through these three channels:

• business or consumer directories (in print or online media); 
• websites belonging to the moneylender; and
• advertisements placed within or on the exterior of the moneylender’s business premises. 

All other channels are prohibited. Thus, if you receive flyers, SMSes, emails, or other forms of advertisements, report the unlicensed money lenders’ advertisements to the Registry at 1800-2255-529 or via the Ministry of Law’s website.

• Make sure the lender delivers to you the correct principal amount of the loan or actual amount. The lender is only permitted upfront processing fees deduction of a loan approval fee of up to 10% of the principal loan amount.
• Pay the loan instalments on time to avoid incurring late payment fees, additional interest rate and late interest.
• Make sure the lender issues you a receipt every time you make any repayment of the amount towards your personal loan, and check it for correctness (e.g. name, amount, date).
• Make sure you receive a statement of account for all your personal loans at least once every January and July and check it for correctness (e.g. name, amount, date); and
• You should retain all statements of accounts and receipts of payments as documentation and evidence of payments.