Licensed Moneylenders in Tanglin

NRIC for Singaporeans and PRs. Foreigners need a valid passport and work pass. All applicants must provide proof of income, recent payslips, CPF statements, employment contracts or bank records showing salary credits. Address verification is also required such as a utility bill, tenancy agreement or bank statement reflecting a Tanglin-area address.

The borrowing cap depends on annual income. Those earning under $20,000 are limited to $1,500 total across all licensed moneylenders. Borrowers earning $20,000 or above may borrow up to six times their monthly salary. These limits are cumulative and apply equally to Singaporeans, PRs and foreigners.

With all documents in order, approval typically takes between 30 minutes and one hour. Disbursement is usually same-day, via cash or bank transfer. Lenders are legally required to walk borrowers through the full loan contract clause by clause before signing this consumer protection step adds time but should not be waived or rushed.

Interest capped at 4% per month on the outstanding balance, a one-time administrative fee of up to 10% of the loan principal and a late payment penalty of up to $60 for each month a repayment is missed. The total cost of the loan including principal, interest, all fees and penalties cannot exceed twice the original loan amount under the Moneylenders Act. Any charge outside these three categories is not permitted.