How Can You Check A Money Lender License?

Key Takeaways

• To understand how to check money lender license status, always verify the company’s exact registered name against the official Registry of Moneylenders list on MinLaw’s website.
• If a lender does not appear on the licensed money lender list in Singapore, treat it as a red flag, regardless of licence numbers or marketing claims.
• Licensed moneylenders can charge up to 4% interest per month with total fees capped at the principal, ensuring regulated borrower protection.
• Under Singapore law, licensed lenders cannot advertise via cold calls or SMS, retain NRIC, or approve loans without proper in-person verification.
• Learning how to check money lender license records before signing any contract reduces scam risk and ensures compliance with Ministry of Law regulations.

In Singapore’s tightly regulated credit market, legitimacy matters. Whether you are considering a short-term personal loan or financing for urgent expenses, the first step is always the same: verify that the company you are dealing with appears on the official licensed money lender list.

With loan scams still making headlines, knowing how to cross-check the list of licensed money lender in Singapore is not just good practice, it is essential financial hygiene. Here’s how to do it properly, and what else you should look out for before signing any loan contract.

Where to Find the Official Licensed Money Lender List

The only authoritative source for the list of licensed money lender in Singapore is the Registry of Moneylenders under the Ministry of Law (MinLaw).

You can access the updated licensed money lender list directly from MinLaw’s website. The list is typically published as a downloadable PDF and includes:

• Business name
• Licence number
• Office address
• Contact details

This is the definitive list of moneylenders legally permitted to operate in Singapore.

If a company claims to be licensed but does not appear on the official list of licensed money lender in Singapore, treat that as an immediate red flag. There is no “system glitch”, no alternative brand-name excuse, and no private list. Either the name appears on the Registry’s records, or it does not.

Why Checking the Licensed Money Lender List Matters

The Ministry of Law’s guidance is clear, borrowers should verify a lender’s licence before taking up any loan.

Unlicensed operators, often referred to locally as “Ah Longs”, frequently attempt to mislead borrowers by:

• Claiming their company operates under a different registered name
• Displaying a fake licence number
• Sending unsolicited SMS or WhatsApp advertisements
• Offering loan approval without proper documentation

Under Singapore’s regulations, licensed moneylenders are not allowed to advertise via cold calls, SMSes, or social media direct messages. They may only advertise through:

• Business or consumer directories, print or online
• Their own official websites
• Advertisements within or on the exterior of their business premises

If you received a random text offering instant approval, it is almost certainly not from a legitimate lender on the licensed money lender list.

How to Check If a Money Lender Is Licensed, Step-by-Step

If you want to verify a lender’s legitimacy, follow these steps carefully:

1. Visit the Ministry of Law website.
2. Navigate to “Information for Borrowers”.
3. Click on the List of Licensed Moneylenders in Singapore.
4. Download the PDF.
5. Search for the company’s exact registered name.

Do not rely solely on a registration number printed on marketing materials. Always cross-check the name against the official licensed money lender list yourself.

Even if the name appears, continue to assess their conduct. Licensing does not excuse unethical behaviour.

What Licensed Money Lenders Can and Cannot Do

Singapore’s moneylending framework is tightly regulated. The rules are set out by MinLaw and enforced strictly.

Interest Rate Cap

Since 1 October 2015, the maximum interest rate licensed moneylenders can charge is 4% per month, regardless of income level or loan type.

Interest must be calculated based on the remaining principal balance, not the original loan amount.

Late interest is also capped at 4% per month, and it can only be charged on the overdue instalment, not the entire outstanding loan.

Fees They Are Legally Allowed to Charge

Licensed moneylenders may only impose:

• A late fee capped at $60 per month
• An upfront administrative fee of up to 10% of the principal
• Court-ordered legal costs, if applicable

Importantly, the total charges, including interest, late interest, admin fees and late fees, cannot exceed the principal loan amount.

For example, if you borrow $10,000, the total amount of interest and fees cannot exceed $10,000.

They are also not permitted to:

• Retain your NRIC or passport
• Request Singpass credentials
• Ask you to sign a blank contract
• Approve loans without proper face-to-face verification at their registered office

These safeguards exist precisely to protect borrowers from abuse.

If you are considering a personal loan from a licensed moneylender, these regulatory caps and safeguards apply regardless of the loan purpose.

How Much Can You Borrow from a Licensed Money Lender?

Your borrowing limit depends on whether the loan is secured or unsecured.

Secured Loans

There is no statutory cap for secured loans.

Unsecured Loans

According to MinLaw’s guidelines:

These caps apply across all licensed moneylenders combined, not per lender.

This means even if you approach multiple companies from the list of licensed money lender in Singapore, your total borrowing must stay within these limits.

Should You Check Membership with the Money Lender Association Singapore?

Some borrowers also check whether a lender is affiliated with the money lender association Singapore, formally known as the Credit Association of Singapore (CAS).

While CAS membership is not mandatory for licensing, it may indicate that the lender subscribes to certain industry standards and ethical practices. However, this does not replace verification against the official licensed money lender list issued by MinLaw.

Always treat Registry verification as the primary check.

After Your Loan Is Approved, What to Do Next

The Ministry of Law advises borrowers to:

• Ensure you receive the full principal, less the permitted 10% admin fee
• Obtain and keep a copy of the loan contract
• Collect receipts for every repayment
• Receive statements of account at least twice yearly

Timely repayment prevents late fees and interest from accumulating. If you face difficulty, communicate early with the lender, but remember that the Registry does not negotiate private loan terms on your behalf.

FAQs About the Licensed Money Lender List

1. Is the licensed money lender list updated regularly?

Yes. The Registry of Moneylenders updates the list periodically. Always download the latest version directly from MinLaw’s website before making any borrowing decision.

2. Can a lender operate under a different brand name?

The registered business name must match what appears on the official list of licensed money lender in Singapore. If the brand name differs, ask for clarification and verify carefully.

3. Are all lenders on the list safe?

They are legally licensed, but borrowers should still review terms carefully, compare rates and ensure compliance with regulations.

4. What if I suspect illegal moneylending?

If you feel threatened or harassed, contact the Police via 999 or the relevant hotlines. You may also report errant licensed lenders to the Registry of Moneylenders.

The Bottom Line

Checking the licensed money lender list should be your first step, not your last. In Singapore’s regulated credit environment, verification protects you from scams, illegal fees and harassment.

Before signing any agreement:

• Confirm the company appears on the official list of moneylenders
• Understand the interest caps and fee limits
• Read the contract carefully
• Borrow only what you can repay

In a market where fast approvals can be tempting, diligence remains your best financial defence.

If you are ready to proceed with a regulated loan, you can submit your details through our secure online application form for a prompt response.