Welcome to Prosper Credit
Your Trusted Toa Payoh Licensed Money Lender in Central Singapore
At Prosper Credit, we offer tailored loan services designed for your convenience. Apply online 24/7 using Singpass Myinfo for automatic form filling and fast approval. Choose a reliable legal loan company you can trust.
99% loan approval rate
Fast loan process & disbursement
Customer-centric service
99% loan approval rate
Fast loan process & disbursement
Customer-centric service
Why Are We the Preferred Legal Private Money Lender in Singapore?
Legal and Regulated Licensed Money Lender
We are a legal and regulated licensed money lender, authorised by the Ministry of Law.
Fully Licensed Loan Company in Central Singapore
Established in 2010, we are an authorised and trusted licensed money lender conveniently located in Toa Payoh, Singapore.
Excellent Customer Service
Our friendly and empathetic loan executives provide excellent customer service, assisting you every step of the way. We offer support in your preferred language.
No Amount Is Too Big or Small
Whether you need $300 or $100,000, Prosper Credit, a trusted legal money lender in Singapore, is here to help. Simply submit your loan application online at any time.
No Credit Discrimination
We are a reliable licensed money lender that welcomes applicants with bad or poor credit histories. We believe everyone deserves access to the loans they need.
A Dedicated Licensed Money Lender Who Prioritises Your Unique Needs
We are a licensed money lender in Singapore that listens. Our loan package is customised to suit your specific requirements and situation. Enjoy a fast loan process and disbursement with our reputable legal loan company in central Singapore.
A Dedicated Licensed Money Lender Who Prioritises Your Unique Needs
We are a licensed money lender in Singapore that listens. Our loan package is customised to suit your specific requirements and situation. Enjoy a fast loan process and disbursement with our reputable legal loan company in central Singapore.
Money Lender Loan Reviews from Our Happy Customers
Our Money Lender Loan Features and Benefits
*T&Cs Apply
100% customised to your needs and requirements
Interest rate from 2.88%* per month from a reliable licensed money lender
Instant approval from a fast money lender, provided all required documents are in place
Hassle-free loan process with a trusted Singapore-licensed money lender
A fully legal and regulated licensed money lender registered with the Ministry of Law
Up to 12 months' loan tenure from a legal loan company
Types of Loans You Can Get from a Licensed Money Lender
An accredited Toa Payoh money lender with more than 10 years of money lending experience, these are the types of loans we offer as a top legal loan company in the heart of Singapore:
- Payday Loan
- Personal Loan
- Renovation Loan
- Study Loan
- Business Loan
- Debt Consolidation Loan
- Fast Loan
- Private Loan
- Micro Loan
Who Can Get a Loan from a Singapore Licensed Money Lender?
- Singaporeans, Singapore permanent residents, or foreigners
- Individuals aged 18 years and above
- Applicants who can provide proof of consistent income
- Borrowers with a bad credit history
Which Documents Are Required to Apply for a Legal Loan?
For Singapore citizens or permanent residents
For employed individuals:
- IC
- Last 3 months’ CPF contribution statements
- Proof of salaries credited to a bank account for the past 3 months
For self-employed individuals:
- IC
- Last 2 years’ Notice of Assessment (NOA)
- Proof of income (e.g. last 3 months’ bank statements, commission statements, income slips, etc.)
For foreigners
- Valid work pass
- Proof of residence (e.g. utility bills, rental agreement, etc.)
- Proof of salaries credited to a bank account for the past 3 months
4 Easy Steps to Apply for a Licensed Money Lender Loan
Get your loan from a trusted private money lender in central Singapore
Apply online*
Schedule a meeting
Visit our office for terms
Sign contract, get funds
*Alternatively, you can apply in person at our legal loan company office in Toa Payoh during business hours.
Commonly Asked Questions
About Licensed Money Lenders in Singapore
What are legal or licensed money lenders in Singapore?
A licensed money lender in Singapore is a business authorised by the Ministry of Law (MinLaw) to offer moneylending services. These registered private money lenders operate legally under strict regulations outlined in the Moneylenders Act 2008.
Are licensed money lenders legitimate business entities?
Yes, unlike loan sharks which operate illegally, licensed money lenders are legitimate business entities that lend money to the public and collect repayments with regulated interest and fees. Licensed money lenders must follow MinLaw’s rules, which are periodically updated.
How do loan companies obtain a money lender licence and conduct their business?
Obtaining a money lender licence in Singapore involves a stringent process, designed to ensure only credible and trustworthy operators are licensed. Licences are valid for 12 months and regularly reviewed. Currently, the Registry of Moneylenders has stopped issuing new money lending licences.
Employment of licensed money lender staff
Licensed money lenders must receive written approval from the Registrar before hiring employees. Additionally, they must:
- Submit employee details to the Registrar.
- Notify the Registrar within seven days if an employee leaves the company.
Approval may be denied if an individual has:
- Committed crimes involving dishonesty, corruption, or serious offences like drug trafficking.
- Violated provisions of the Moneylenders Act.
- Previously operated a moneylending business unlawfully.
How can I confirm if a money lender is licensed?
To confirm a money lender’s status, check MinLaw’s official list of authorised lenders. This list is updated on a monthly basis. If any money lender has been suspended, it will be clearly indicated within the document.
What is the Moneylenders Credit Bureau (MLCB)?
Many borrowers may be unfamiliar with the Moneylenders Credit Bureau, but it plays a critical role in the process of moneylending. The organisation was created under Section 30D of the amended Moneylenders Act. MinLaw has designated Credit Bureau Singapore as the operator of the MLCB.
The MLCB manages all borrower data in Singapore pertaining to loans and repayments with legalised money lenders in Singapore, including licensed online money lenders in Singapore that let borrowers kickstart their loan application process online.
Are licensed money lenders’ loans customisable?
Of course, licensed money lenders in Singapore are known for offering fully customisable loan solutions as every borrower’s needs and requirements are unique.
What types of loans do legal money lenders offer?
You’d be happy to know that legal money lenders in Singapore offer a myriad of loans, including but not limited to personal loan, debt consolidation loan, business loan, fast loan, payday loan, etc.
How do licensed money lenders do their due diligence?
Licensed money lenders are required to verify borrowers’ identities and documents through a face-to-face process at their registered place of business. They must also conduct credit assessments before granting any loan.
What does licensed money lenders’ credit assessment entail?
When assessing loan applications from individuals borrowing from licensed money lenders online or in-person, licensed money lenders pull out the borrowers’ Loan Information Report nestled in the heart of the MLCB.
The most relevant data they consider is a borrower’s outstanding loans and repayment history. This information is used to assess the creditworthiness of a potential borrower and manage credit risks when extending a loan. Many licensed online money lenders in Singapore like Prosper Credit work closely with the MLCB.
What is the typical loan repayment period for legal money lender loans, and can longer loan tenures be offered?
Most of the time, the loan period for legal money lender loans ranges between 3 and 12 months. However, some private loan companies are happy to provide loan tenures up to 24 months.
Do licensed money lenders offer monthly loans?
Yes, licensed money lenders usually offer loan solutions that require monthly repayments. If you prefer a weekly or bi-weekly repayment plan, be sure to discuss that with your lender.
Is it mandatory for licensed money lenders to explain the loan contract clearly?
Yes, it is mandatory that licensed money lenders clearly explain all loan terms and conditions to you so you understand all components of the loan prior to signing off on it. Also, they are required to explain in a language that you understand.
Are private licensed money lenders’ interest rates competitive?
While private licensed money lenders’ interest rates are quite a bit higher than banks’ interest rates, they are competitive amongst others. If you want to better understand how these rates work, check out our guide on licensed money lender interest rates in Singapore.
Do private licensed money lenders have interest rate caps?
Absolutely, the Ministry of Law has put a cap of 4% per month on interest chargeable by private licensed money lenders. This applies to the late interest rate, too.
How are private money lenders’ interest rates calculated?
The way interest rates work for licensed money lenders is through imposing a reducing interest, which means that interest is charged on the outstanding amount. This way, the interest decreases as the loan is paid off.
Consider a 6-month loan of $5,000 charged at the maximum 4% interest per month (which means an annual interest rate of 48%).
As you can see from the table below, the instalment amount is fixed for convenience, but the interest paid reduces after every instalment.
Can legal money lenders request loan administrative charges upfront?
Absolutely not! Legal money lenders are not allowed to make borrowers pay any loan administrative or processing charges at any point before the loan is granted.
Do private licensed money lenders have early repayment fees?
Nope, private licensed money lenders welcome borrowers to pay off their loan instalments early without imposing early repayment fees. In fact, they are happy when borrowers do so.
How are legal money lender charges and other fees determined?
When borrowing from a licensed money lender, additional charges and fees often apply, especially for late repayments.
Here’s an overview of key charges:
Late Interest
Capped at 4% per month (48% annually). This is calculated daily by dividing the annual interest by 365 days.
Compound Interest
Also limited to 4% per month. Compound interest accrues on the late payment but does not affect the principal amount not yet due.
Late Fees
Licensed money lenders can charge late fees of up to $60 per month for overdue repayments.
Processing Fees
Upon successful loan approval, lenders may deduct a processing fee of up to 10% from the loan amount.
What are the differences between banks and licensed money lenders in Singapore?
On the surface, banks and licensed money lenders both lend money and charge interest, but their processes and offerings vary significantly.
Here are the main differences between banks and legitimate local money lenders.
| Banks | Licensed Money lenders | |
|---|---|---|
| Reputation | Recognisable names | Smaller companies |
| Availability | Depending on banking hours | 24/7 online application |
| Eligibility | Stringent | Fewer requirements |
| Loan Process | Can take up to 2 weeks for a new customer | Within a day |
| Loan Amount | Up to 10x monthly income | Up to 6x monthly income |
| Interest Rates | 3.5 - 6% per annum | 1- 4% per month |
| Loan Term | Up to 7 years | Up to 24 months |
| Loan Disbursement | Bank Order Bank Account |
Cash Bank Transfer |
Can licensed money lenders advertise?
Yes, legal money lenders in Singapore can only advertise on their websites, office signages, within their office, or in consumer or business directories.
How can I spot an illegal money lender in Singapore?
Not registered with MinLaw
Legal money lenders must be listed in the Ministry of Law’s (MinLaw) registry. If a lender isn’t on the list, they are likely operating illegally.
No physical office
Illegal money lenders typically operate entirely online, using platforms like SMS or WhatsApp, and avoid face-to-face meetings. They may attempt to meet borrowers in public places, such as coffee shops.
Unapproved advertising
Any lender promoting loans via SMS, WhatsApp, email, or flyers is likely illegal and should be avoided.
No verification process
Lenders skipping steps that verify borrowers’ identities and documents in the name of offering “convenience” and bypassing verification are likely illegitimate.
Instant loan approval and upfront payments
Illegal lenders may offer instant approvals and disburse funds without requiring signed contracts or document checks. They may also demand upfront payments disguised as GST or convenience fees, which licensed lenders are prohibited from requesting.
How do I choose the right licensed money lender?
Proximity
Choosing a nearby licensed money lender can save time and provide quick access to resolve issues. To locate one, search “licensed money lender near me” on Google Maps or similar apps and note the options closest to you.
Quality
A reliable money lender ensures a smooth borrowing experience and peace of mind. Here’s how to evaluate quality:
- Check MinLaw’s website:
Confirm the lender is listed and review updates on suspensions or penalties. - Read reviews:
Look for high ratings, genuine feedback, and positive customer experiences. Check news mentions to ensure their reputation aligns with your needs. - Awards and recognition:
Industry accolades often highlight top-performing money lenders. Verify claims through news articles or the lender’s website. - Communication:
Assess their professionalism, knowledge, empathy, and clarity when discussing fees. Good communication is key to a trustworthy relationship. - Legitimacy:
Ensure the lender operates legally by visiting their office and confirming their registration on MinLaw’s list. Verify that fees and interest rates comply with legal limits, using sample contracts if necessary.
What should I consider before borrowing from a licensed money lender in Singapore?
Taking a loan might seem like a solution to financial difficulties, but borrowing for the wrong reasons or without careful thought can worsen your situation.
Before applying for a loan, consider these questions:
Do I truly need this money?
Avoid going into debt for non-essential expenses.
Can I manage another loan?
Taking on excessive debt can lead to long-term financial stress.
Is a licensed money lender the best option?
Explore alternatives like borrowing from friends or family.
Can government agencies or social services assist?
Many provide free financial management advice and support.
Can I repay on time?
Late repayments or defaulting can deepen your financial troubles.
Do I need a guarantor?
Understand the risks of guaranteeing or needing a guarantor for a loan.
What’s the impact on my credit profile?
Poor borrowing decisions can affect future loan approvals.
Should I check that my money lender has disbursed the correct loan sum?
For sure! Do double check that your money lender has disbursed the correct loan principal, minus all loan administration fees. Keep in mind that the maximum loan administration fees allowed are 10% of your loan principal sum.
Must my licensed money lender issue a receipt for each repayment?
Yes, your licensed money lender must issue a receipt within 7 days for each repayment that you make to pay down your debt. Make sure to double check your receipt for accuracy, paying special attention to the name, date, amount paid, etc.
How to clear debts quickly with a licensed money lender?
Here are practical tips to help you repay your debt promptly:
Borrow responsibly
Only borrow what you can afford to repay. Avoid taking the maximum loan amount just because you qualify, as this increases interest and stress.
Understand loan terms
Take time to read and fully understand every detail in the loan contract. You are solely responsible for the debt you incur.
Maintain steady income
Job stability is crucial for debt repayment. If possible, look for higher-paying roles or take on part-time work to ensure your income covers your financial obligations.
Plan debt repayments
List all your debts and create a strategy to pay them off systematically. This step may be stressful, but it’s essential for managing your finances effectively.
Cut unnecessary expenses
Avoid spending on non-essential items. Discipline yourself to prioritise needs over wants to free up funds for debt repayment.
Seek support
Family and friends may provide temporary financial help, while non-profit organisations can assist with budgeting or negotiating with creditors. Government agencies may also offer resources to support your financial recovery.
For more practical strategies, you can also refer to our guide on 8 ways to get out of personal loan debt.
Are loans with private licensed money lenders legally binding?
Yes, all loans with private licensed money lenders in Singapore are legally binding. Borrowers are obligated to fulfil all loan contracts that they enter into with their private licensed money lenders.
What should I do if I am unable to pay money lenders in Singapore?
If you’re struggling to repay a loan, it’s important to address the situation as soon as possible. You are legally required to repay the loan and any additional fees, including late payment charges.
Legal money lenders typically follow these steps in escalating order:
1. Send a Letter of Demand (LOD)
A formal letter outlining what is owed, the due date, and the overdue amount.
2. In-person visit
The lender may visit your home or office to deliver the message.
3. Initiate legal proceedings
If the loan remains unpaid, money lenders can take the matter to court, where the law will likely side with them if you’ve defaulted.
If you’re struggling to meet repayments, don’t simply stop paying. There are ways to address the situation:
Request an extension
Contact your lender to ask for more time to repay. Many money lenders may waive penalties if approached early.
Consider debt consolidation
If you have multiple loans, consolidating them can simplify repayment by combining them into one loan with a single interest rate and due date. You can learn more in our guides on how debt consolidation loans work and how to pay off multiple loans through debt consolidation.
File for bankruptcy
If you owe more than $15,000, bankruptcy may stop debt accumulation, but it comes with serious consequences, including the potential sale of your assets.
How should I deal with licensed money lender harassment?
While unlicensed money lender harassment is well-known, licensed money lenders have also been reported for intimidating borrowers, sometimes due to mistaken identity.
Licensed money lenders must follow strict regulations when pursuing debts and are legally prohibited from using abuse, threats, or intimidation.
If you experience such behaviour:
- File a complaint with MinLaw’s Registry of Moneylenders via their hotline (1800-2255-529) or website.
- Report the matter to the police.
