Your Best Licensed Online Money Lender In Singapore: Cash Direct
At CashDirect, we offer fast, hassle-free legal loans tailored to your needs. Apply online with Singpass MyInfo and get approved in as little as 30 minutes. Our team is here to support you. Trust us as your reliable legal money lender in Singapore.
Why Take a Money Lender Loan from Cash Direct?
Established in
2010
Interest rate (p.m)
2-4%*
Borrowers Served
7486
Loaned to date
>92mil
Established in
2010
Interest rate (p.m)
2-4%*
Borrowers Served
7486
Loaned to date
>92mil
*Terms and conditions apply.
Our Licensed Money Lender Office Is Convenient Yet Discreet
Just a 5-minute walk from Jurong East MRT station and Jurong East bus interchange, our newly renovated office building is conveniently located for those seeking a Jurong East money lender. We’re easily accessible and well-connected to the Jurong Lake District, one of Singapore’s largest commercial hubs in the West.
92% of our clients
repay their loans on time.
What Our Customers Love About Our Money Lending Services
With over 4,005 glowing testimonials on Google, Cash Direct is one of the top-reviewed legal money lenders in Jurong East.
Our Legal Money Lending Company Is Featured On
Find out more about our team qualifications, values, and office features here.
Find out more about our team qualifications, values, and office features here.
Do you have a good credit history or are you a returning client?
We offer these perks*
Do you have a good credit history or are you a returning client?
We offer these perks*
- You might be granted a longer repayment term.
- Higher approved loan amount depending on your annual income and repayment history.
- Faster processing time – we will help you expedite your application.
- You might get a reduced processing fee.
- Instant loan approval for those with good credit history.
- You might be given a grace period for late charges.
- Customisable payment due date that would suit your financial needs.
- We can arrange special opening hours for you in times of need.
- Early settlement? We provide pro-rated interest.
- You may even qualify for payday loans at 0% interest rate.
- Free credit report (which usually costs $6.42 if you request them from Credit Bureau Singapore)
- Collection officers are available to provide doorstep cash collection service if you are unable to do a bank transfer.
- Option for staff to escort you to the cash deposit machine or bank for large deposits after your loan is approved.
* Terms and conditions apply.
Apply for a Loan from a Licensed Moneylender in Singapore in 4 Steps
Fill up your particulars on the loan application form.
Our team of professional loan officers at our Jurong East money lender office will then verify the information and credit checks.
*If you submit the form online, you will still need to visit the office for a brief in-person verification before your loan can be granted.
Fill up your particulars on the loan application form.
Our team of professional loan officers at our Jurong East money lender office will then verify the information and credit checks.
*If you submit the form online, you will still need to visit the office for a brief in-person verification before your loan can be granted.
We will conduct a short interview with you to better understand your financial issues and concerns.
During this time, we will discuss the loan amount and loan repayment.
Next, we will go through the loan contract with you and answer any questions you have in detail.
Next, we will go through the loan contract with you and answer any questions you have in detail.
Once the loan is approved, you can sign the loan contract.
Loan amount is then disbursed via cash or PayNow.
Types of Money Lender Loans We Offer
Grab/Gojek Loan
Bridging Loan
Study Loan
Our team of professional loan officers at our Jurong East money lender office will then verify the information and credit checks.
Frequently Asked Questions
Let us walk you through the commonly asked questions about licensed money lenders or online private loan companies in Singapore.
What exactly are licensed money lenders?
Licensed money lenders operate legal moneylending businesses in Singapore. In order to conduct their business and provide loans to individuals and small businesses, they must first possess a valid money lender’s licence, and be authorised by the Registry of Moneylenders, an arm of Singapore’s Ministry of Law. Whether you’re looking for a money lender in Jurong East or other parts of Singapore, always check that the business is registered and legally compliant.
Is it legal to borrow from licensed money lenders in Singapore?
Yes, it is legal —and safe— to borrow money from licensed money lenders in Singapore. There are more than 150 licensed money lenders in Singapore as of the time of writing.
Is Cash Direct a trusted money lender in the industry?
Yes, Cash Direct is an established Jurong East money lender that’s been in the moneylending business since 2010. We’re a reliable money lender with over 4,700 5-star reviews on Google to date.
Where can I find reliable licensed money lenders in Jurong East?
If you are looking for a trusted Jurong East money lender, Cash Direct is a reliable choice. As a licensed money lender with thousands of 5-star Google reviews, you can be assured that you’re in good hands. Alternatively, you can check MinLaw’s official list of registered money lenders in Singapore to locate licensed money lenders in Jurong East.
Do licensed money lenders offer a wide range of loans?
Yes, licensed money lenders in Singapore offer a wide range of loans to borrowers, as everyone has different needs. From wedding loans and medical loans, to payday loans, instant loans and renovation loans, you’ll find the right loan type in no time. If you’re looking for a trustworthy Jurong East money lender, simply speak to our loan consultant to find out how we can help.
Can licensed money lenders advertise their loans?
Yes, licensed money lenders can advertise their loans and range of services on offer, but they cannot take the liberty to do so freely. For example, licensed money lenders cannot advertise and solicit loans using social media platforms, messaging apps, text messages, phone calls, etc.
Licensed money lenders can only advertise on their own websites, at their registered office premises, or in consumer directories and business directories.
Are licensed money lenders allowed to operate fully online?
Although licensed money lenders can accept online loan applications from borrowers, and can give in-principle loan approvals remotely, they cannot operate their moneylending business solely in cyberspace.
In fact, all licensed money lenders in Singapore must have a registered business office. Face-to-face verification, credit assessment, loan contract signing, and loan disbursement must be done in person at the money lender’s office.
Secured loan vs unsecured loan from licensed money lenders:
What are the differences?
Both loan types have different implications for you as the borrower.
Secured loans require collateral. For example, if you take out a car loan, your car may serve as collateral. Should you default on loan payments, the registered money lender can seize and sell the collateral to recover losses. This is also common with property loans, where the property may be seized if payments are missed.
Unsecured loans, on the other hand, do not require collateral, which means even the most reputable money lenders in Singapore face a higher risk when lending. Consequently, unsecured loans generally come with higher money lender interest rates.
Is it easy to qualify for private money lender loans?
Yes, it is easy to qualify for private money lender loans in Singapore. You just need to be of legal age (18 or 21 years old and above, depending on the lender), hold steady employment, and can furnish both income and identity documents as ascertained by the private licensed money lender.
Do licensed money lenders impose minimum income requirements?
Nope. Licensed money lenders do not impose any minimum income requirements. You can apply for a loan no matter if you’re a high, middle or low income earner.
Is the loan application process easy with money lenders?
Most definitely. It takes just a few steps and a couple of minutes! The majority of reputable money lenders in Singapore have digitalised their moneylending services, allowing borrowers to seamlessly —and quickly— send in their loan application online anytime, anywhere.
Case in point, Cash Direct even lets you retrieve your information instantly via Singpass Myinfo to ensure your application form is filled out swiftly without errors. This allows for the hastened processing of your loan application, too.
Can I get a loan approval even with my relatively poor credit history?
This might surprise you, but yes, licensed money lenders in Singapore are quite lenient in this regard — many believe in giving second chances to borrowers so they can access the credit they need without jumping through hoops.
Why should I take a loan from a licensed private money lender in Singapore instead of a bank?
In general, banks are significantly stricter with the loan application process. In such instances, an authorised money lender in Singapore is a good option, especially if you’re looking for a short-term loan.
In case you didn’t already know, most licensed private money lenders in Singapore are instant money lenders. As fast money lenders, they provide speedy loan assessment, approval and disbursement altogether.
Read our articles to explore numerous situations where a lender can help you and reasons to consider a money lender loan.
What are the differences between taking a loan from a reliable money lender in Singapore and a bank?
| Comparison point | Borrowing from a bank | Borrowing from a licensed money lender |
|---|---|---|
| Internal policy | If you have a bad credit history, unstable income, or income of less than $20,000 a year, you’ll get rejected | No credit discrimination, even with a poor credit history |
| Maximum loan amount | Borrow up to 10 times your monthly income | Borrow up to six times your monthly income |
| Repayment period | Up to seven years | Up to 24 months, though 12 months is more typical |
| Loan approval time | Approximately two weeks for approval | Instant approval, mostly under 30 minutes. Instant fund disbursement upon contract signing |
| Interest rates | From 3.5% to 6.5% yearly | From 1% to 4% monthly |
| Processing fees | Typically 0%–2% of principal loan sum across major banks | Up to 10% of the principal loan sum |
Ultimately, you should evaluate all of the above-listed factors and decide if borrowing from a money lender or bank is a more suitable option for you.
For example, a bank may be ideal if you need a long-term loan and have a strong credit history. In contrast, an online licensed money lender in Singapore could be more fitting for loans you can repay within 12 months.
Also, trusted money lenders don’t discriminate based on credit history, allowing you to focus on rebuilding your credit with healthy financial habits — something you might want to consider if your current credit rating isn’t up to scratch.
If you choose a licensed money lender, compare their rates and terms to find the best match. Don’t know where to start? Here at Cash Direct, we’re a fast, reliable legal money lender in Jurong East offering competitive rates and favourable terms. Chat with us to learn how we can help.
How much money can I borrow from a licensed money lender online?
The maximum amount you can borrow from a bank or licensed money lender in Singapore varies based on your nationality and income. This applies whether you’re applying for a loan online or in person.
If you’re considering an unsecured loan from money lenders, here are the limits you may encounter:
| Annual Income | The loan amount you can borrow from a bank | The loan amount you can borrow from a legal money lender |
|---|---|---|
| I earn below $10,000 yearly | You’ll get rejected | Up to $3,000 if you’re Singaporean/PR Up to $500 if you’re a foreigner living in Singapore |
| I earn at least $10,000 and not more than $20,000 yearly | You’ll get rejected | Up to $3,000 regardless if you’re Singaporean, PR, or a foreigner living in Singapore |
| I earn a minimum of $20,000 yearly | Up to 12 times your monthly income | Up to 6 months your monthly income regardless if you’re Singaporean, PR, or a foreigner living in Singapore |
What is the maximum licensed money lender interest rate?
There is a maximum interest rate that legalised money lenders in Singapore can charge, which is 4% per month, or 48% per annum, for all loan types except business loans. This interest rate ceiling applies to licensed money lenders’ late interest rates, too.
What’s the interest rate for Cash Direct’s money lender loans?
For the most part, Cash Direct’s interest rate ranges between 2% and 4% per month. The exact interest rate applicable to you will be clearly stated in your loan agreement.
How to get better licensed money lender interest rates in Singapore?
Having a good credit score is the best way to secure the lowest interest rates. You can achieve this by paying your bills on time and minimising the frequency of loan applications. This is also the reason why it’s essential to understand the details within your credit report and how to obtain it from the Credit Bureau Singapore (CBS).
When you apply for a loan, a money lender will check your borrowing history with other lenders through the Money Lender Credit Bureau (MLCB), which is also operated by CBS. However, they’ll look at your Loan Information Report.
How much must I pay in interest for my money lender loan?
Licensed money lenders use the reducing balance method to calculate interest charges on your loan. This means the monthly interest amount is based on the outstanding principal balance at the end of each month.
For example, if you were to take a $5,000 loan with a 6-month repayment period and a monthly reducing balance interest rate of 2%, here’s how much you would have to pay in interest:
| Month | Principal payable this month | Interest payable this month (2%) | Instalment amount this month | Outstanding principal |
|---|---|---|---|---|
| 1 | $792.63 | $100.00 | $892.63 | $4,207.37 |
| 2 | $808.48 | $84.15 | $892.63 | $3,398.89 |
| 3 | $824.65 | $67.98 | $892.63 | $2,574.24 |
| 4 | $841.15 | $51.48 | $892.63 | $1,733.09 |
| 5 | $857.97 | $34.66 | $892.63 | $875.12 |
| 6 | $875.12 | $17.50 | $892.62 | $0.00 |
With a reducing balance interest rate, you would pay a total of $355.77 in interest on your $5,000 loan. If this were a flat interest rate, you would pay a total of $600 in loan interest.
What other fees might I be charged by private local money lenders?
A trusted money lender in Singapore also has legal limits to processing fees. You may be charged processing fees when your loan is granted, but these fees cannot exceed 10% of the principal loan amount.
If you are late on your payments, you may incur a late repayment fee, which is capped at $60 per month. You will also be charged a maximum of 4% per month in late interest on any overdue loan instalment for each month the loan is repaid late.
No matter what, the total of your interest fees, processing fees, late interest fees, and late repayment fees cannot legally exceed the principal amount of your loan. Licensed money lenders with charges that exceed the legally permitted amount may be engaging in misconduct, or be unlicensed.
What are Cash Direct’s processing fees like?
As a licensed money lender in Jurong East, we strictly abide by the legal limits set by MinLaw. In general, our processing fees for loans range between 6% and 10% of your principal loan sum.
Is Cash Direct’s money lender office open on Sundays?
Yes! If you’re looking for a licensed money lender in Jurong East that operates on Sundays, you’ll be pleased to know that our office is open on Sundays from 12 to 5pm, excluding public holidays. Not all licensed money lenders in Singapore are open for business on Sundays.
What should I do if I’m unable to pay my money lender in Singapore?
Suppose you’re unable to repay your loan. You should immediately communicate with your trusted money lender about your financial situation and work out a new repayment plan that allows you to better manage your debts.
While this may incur additional fees, it buys you time and lets you make your repayments with greater peace of mind, potentially also avoiding further late interest charges and late penalty charges that can set you back.
Can licensed money lenders sue borrowers?
An authorised money lender in Singapore has the right to take legal action against you for defaulting on your loan. If their action is successful, you could be required to reimburse the lender for any legal fees incurred. That said, this is unlikely to happen as long as you take actionable steps to repay what you owe.
Is assistance available if I really can’t pay up?
If you find yourself trapped in a debt cycle you can’t escape from, seek assistance from a social service agency in Singapore.
If your debt has reached at least $15,000, and you are unable to repay your loan, even with extensions, you might want to consider filing for bankruptcy. This will stop interest accumulation, and even quick money lenders will be unable to take legal action against you. However, bankruptcy should be a last resort due to its severe consequences.
What should I do if I get rejected by licensed money lenders in Singapore?
There may be several reasons why authorised money lenders in Singapore might reject your application. This could include not having a Singapore home address, being bankrupt, being unemployed, or having applied for too many loans recently.
If you encounter this and are in urgent need of financial assistance, consider government schemes like ComCare and SupportGoWhere.
What are some tips for safe borrowing from licensed money lenders in Singapore?
Verify the Lender’s Licence and Legitimacy
It’s important to verify that your money lender is on the list of licensed money lenders maintained by the Ministry of Law. You can do this by visiting their website or by calling the office landline of the money lender to ensure that you have been communicating with the right party.
When you visit a money lender’s office, also check if the address tallies with the information found in the Registry of Moneylenders’ database. Their money lender licence should be prominently displayed, too.
Understand Borrowing Guidelines
Licensed money lenders must follow the Moneylenders Act, which protects borrowers. Familiarise yourself with these regularly updated licensed money lender rules and guidelines to avoid unfair practices.
Ensure Face-to-Face Verification and a Physical Office
Legal money lenders require in-person verification. Always ensure they have a physical office by visiting their official business address indicated in the Ministry of Law’s list.
Read Reviews and News on Licensed Money Lenders in Singapore
Read online reviews and feedback to assess the reputation of the money lender. Look for insights on forums, Google, and social media to make an informed decision. You can also check out our guide on how to choose a reliable lender in Singapore for more tips on identifying trustworthy money lenders.
Watch Out for Harassment or Unlawful Debt Collection
Avoid lenders with a history of illegal debt collection practices. Make sure the lender follows proper debt collection guidelines and avoids those known for harassment.
Do licensed money lenders offer perks to returning customers?
We cannot say for certain if other registered money lenders offer perks for returning customers, but here at Cash Direct, a reputable money lender in Jurong East, we are happy to provide returning customers with a range of benefits, including but not limited to reduced processing fees, faster loan processing, longer repayment terms, etc. These benefits are available to borrowers with good credit history, too!
Are there fake licensed money lenders in Singapore?
You bet! You may encounter illegitimate money lenders or loan sharks pretending to be licensed instant money lenders. While they may advertise attractive terms, such as low interest rates, their loan structures are designed to extort money from you. Many victims end up struggling to repay illegal money lenders.
How do I make sure I’m not dealing with an illegitimate money lender in Singapore?
Be vigilant and avoid falling prey to money lender scams. Always verify their legitimacy before proceeding with the loan transaction. If a deal seems too good to be true, it probably is. Refer to our guide on how to ensure you are dealing with a legal lender for tips on what to look out for.
