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95% of Applications are processed within the hour of your application and the outcome will be released to you. However, should we require any additional documents or verifications, then it might take an extra few hours.
Only Singaporeans and Permanent Resident’s of Singapore may apply. All applicants must possess a valid domestic Proof of Identity such as NRIC. Applicants must be above the age of 18 with a valid proof of employment and income as well. For more details on the criteria for borrowing, please refer to the online application page
For Singapore Citizen and Permanent Resident (PR), you can loan up to SGD$3000, if your annual income is less than SGD$20,000. For annual income above SGD$20,000, you may loan up to 6X your monthly income.
As a licensed moneylender, the interest rates are charged up to a maximum of 4% per month. The range for interest is from 0% up to 4% with an acceptance fees up to 10% on your approved loan amount.
Based on the loan approved and as per the Contract issued, your repayment tenure may vary around the duration of one to three years. However, on a case by case basis, this may extend for up to 6 months or more.
Repayments can be done through a variety of channels. You may choose to make payments online at our website here or alternatively, you may proceed to do a funds transfer to our corporate account or approach our officers at our branch to make an over the counter payment.
Independent credit and asset based financing differs from Bank loans in the sense that we provide medium-term and short-term loans with minimal procedures to ensure that the funds reach you when you need it the most during your needed times whereas banking loans require a much more stringent process prior to approval and are usually tailored with a repayment tenure of years.
All information submitted and shared with Monetium Credit will be treated with the utmost confidentiality and kept with the strictest code of privacy. You may learn more about our privacy policy here.
You should keep these key points in mind:
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 at any time across all moneylenders in Singapore:
Borrower’s annual income
Less than $10,000
At least $10,000 and less than $20,000
At least $20,000
Singapore Citizens and Permanent Residents
$3,000
6 times monthly income
Foreigners residing in Singapore
$500
$3,000
6 times monthly income
With effect from 1 October 2015, the maximum interest rate moneylenders can charge is 4% per month. This cap applies 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 interest a moneylender 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. [To illustrate, if X takes a loan of $10,000, and X has repaid $4,000, only the remaining $6,000 can be taken into account for the computation of interest.]
The late interest can only be charged on an amount that is repaid late. The moneylender cannot charge on amounts that are outstanding but not yet due to be repaid. [To illustrate, if X takes a loan of $10,000, and fails to pay for the first installment of $2,000, the moneylender may charge the late interest on $2,000 but not on the remaining $8,000 as it is not due yet.]
With effect from 1 October 2015, all moneylenders are only permitted to impose the following charges and expenses:
The total charges imposed by a moneylender 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. [To illustrate, if X takes a loan of $10,000, then the interest, late interest, 10% administrative fee and monthly $60 late fees cannot exceed $10,000.]
Do not borrow from unlicensed moneylenders. Verify that a moneylender is licensed by checking the list of licensed moneylenders. “Click here to access the list of licensed moneylenders.”
Notwithstanding that the moneylenders are licensed, be mindful if they:
Such practices are not acceptable. If you encounter them, you should report the moneylender to the Registry of Moneylenders, with information such as the moneylender’s business name, licence and contact numbers. Please see Question 10 for more details.
To find out more about unlicensed moneylenders, you may click on this link: Unlicensed Moneylending
Under the advertising rules, which took effect on 1 November 2011, licensed moneylenders are permitted to advertise only through these three channels: (a) business or consumer directories (in print or online media); (b) websites belonging to the moneylender; and (c) advertisements placed within or on the exterior of the moneylender’s business premises. All other channels are prohibited.
In this regard, the advertising rules can help you differentiate between licensed and unlicensed moneylenders. If you receive flyers, SMSes, emails or other forms of advertisements which are not permitted under the rules, these would be from either licensed moneylenders operating in violation of the rules, or unlicensed moneylenders. Hence, you are advised not to respond to such advertisements. Instead, you should report the advertisements to the Registry at 1800-2255-529 or via their contact page here. Errant licensed moneylenders will be investigated by the Registry and unlicensed moneylenders will be investigated by the Police.
You are advised to seek clarifications on specific terms of the loan contract before signing up with a licensed moneylender, and not to rely solely on the content of advertisements from the moneylender.
You should ensure that:
You can contact the Registry at telephone number: 1800-2255-529.
Rest assured that the Registry will not disclose your details to the moneylender without your consent. To facilitate the Registry to investigate your complaint, you may need to attend an interview with our officers and provide us with all relevant information and documents related to your loan transactions and circumstances of your dealings with the moneylender. The Registry views complaints against moneylenders seriously and will investigate them thoroughly. Errant moneylenders will be taken to task.
If a moneylender has engaged in an unfair practice towards you, you can pursue the matter through the Small Claims Tribunal or the Court under the Consumer Protection (Fair Trading) Act. The Court also has the power to set aside loan transactions that are exorbitant or substantially unfair.Make sure you receive a statement of account for all your loan(s) at least once every January and July, and check it for correctness (e.g. name, amount, date); and You should retain all statement of accounts and receipts of payments, as documentation and evidence of payments.
The Registry of Moneylenders is not in a position to assist you in negotiating with his moneylenders with regard to his loans, as this is a matter of private contract between the moneylender and the borrower.
You may wish to approach any of the following social service agencies which help consumers recover from serious debt problems by providing general credit management information, credit counselling and where applicable, assistance in negotiating a debt repayment plan with creditors:
Monetium Credit (S) Pte Ltd (201326118D)
DBS Current Account