Licensed Money Lender in Singapore I Bedok Legal Loan Company
UK Credit
Benefit from fast approvals and low interest rates when you apply for legal private money lender loans through us!
Licensed Money Lender in Singapore I Bedok Legal Loan Company
UK Credit
Benefit from fast approvals and low interest rates when you apply for legal private money lender loans through us!
Established in
2008
S$45,227,100
disbursed in loans
11062
borrowers served
Established in
2008
S$45,227,100
disbursed in loans
11062
borrowers served
Affordable Rates and Longer Repayments
Interest Rates
per month
per month
of loan principal
*T&Cs Apply
Highest-Reviewed Private Money Lender in Bedok
Why Choose UK Credit as
Your Preferred Legal Money Lender in Singapore?
UK Credit is a licensed money lender located in Bedok since 2012. We are proud to be the most highly rated private licensed moneylender in Bedok.
A registered money lender since 2008, UK Credit has helped more than 11,000 customers resolve their financial struggles. We pride ourselves on providing fast and efficient cash loan services, with instant approvals so you won’t have to wait to receive your loan.
You can also opt to receive your money lender loan via cashless transactions in as fast as 20 minutes!
Our friendly staff have over 20 years of combined experience to help you with your financial needs and provide comprehensive debt management advice.
Also, our authorised money lender office is easily accessible, located within a five-minute fully sheltered walk from Bedok bus interchange and Bedok MRT station.
If you require banking services other than borrowing from a licensed money lender, we are less than one minute away from a UOB and Maybank branch, and three minutes away from OCBC, POSB, and Bank of China.
Types of Licensed Money Lender Loans We Offer
With our friendly staff and accessible services, expect plenty of resources to help you repay your money lender loans on time.
Are You a Returning Customer or Have a Good Credit History? Here’s What You Can Enjoy:
To repay the trust our customers place in us, returning customers or applicants with a good credit score have the chance to enjoy extra perks.
Money lender loan applicants with good credit scores stand to enjoy lower interest rates* and processing fees*.
Returning customers may also enjoy a second loan upon evaluation, or receive a special loan scheme (for individuals carrying a heavier financial burden).
*T&Cs apply
- Longer repayment terms
- Faster processing speed
- Higher approved money lender loan amounts
- A grace period for late repayments - so you won’t have to pay late charges
- Customised payment due date
- Prorated interest for early loan settlements
- 0% *subject to approval
- And much more
How Do I Apply for a Money Lender Loan with UK Credit?
Step 1: Fill up the enquiry form for your money lender loan online and submit it.
Step 2: Visit our registered money lender office with your supporting documents (eg. CPF, income tax, income statement) for verification and a quick interview with our onsite loan officer.
Step 3: Once your loan is approved, we will explain to you its terms and conditions before you agree to it and receive your funds via cash, bank transfer or PayNow.
To apply for a loan, you have to be above 21 years old.
Singapore Citizens or Permanent Residents looking to take up an unsecured loan may borrow up to S$3,000 if they have an annual income of less than S$20,000. Individuals above this pay grade can borrow up to six times their monthly income.
Foreigners residing in Singapore may borrow up to S$500 with an annual income of less than S$10,000, S$3,000 with an annual income of between S$10,000 to S$20,000, six times their monthly income with an annual income of at least S$20,000.
How Do I Apply for a Money Lender Loan with UK Credit?
Step 1: Fill up the enquiry form for your money lender loan online and submit it.
Step 2: Visit our registered money lender office with your supporting documents (eg. CPF, income tax, income statement) for verification and a quick interview with our onsite loan officer.
Step 3: Once your loan is approved, we will explain to you its terms and conditions before you agree to it and receive your funds via cash, bank transfer or PayNow.
To apply for a loan, you have to be above 21 years old.
Singapore Citizens or Permanent Residents looking to take up an unsecured loan may borrow up to S$3,000 if they have an annual income of less than S$20,000. Individuals above this pay grade can borrow up to six times their monthly income.
Foreigners residing in Singapore may borrow up to S$500 with an annual income of less than S$10,000, S$3,000 with an annual income of between S$10,000 to S$20,000, six times their monthly income with an annual income of at least S$20,000.
Our Registered Money Lender Premises
Frequently Asked Money Lender Questions
What exactly are authorised money lenders?
Authorised money lenders in Singapore provide loans to Singapore Citizens, Permanent Residents, and foreigners residing in Singapore with valid Work Passes. They are legitimate registered money lenders approved by the Ministry of Law.
These legalised private money lenders in Singapore are required to follow the rules and regulations dictated by the Ministry and operate their money lending business in accordance with the Moneylenders Act.
Why should I borrow from licensed money lenders in Singapore?
Firstly, registered money lenders have more lenient requirements than banks. For instance, banks are highly likely to deny your loan application if you have a subpar credit history or a yearly income lower than S$20,000.
Most private legal money lenders in Singapore only require you to have a regular source of income and not have a history of defaulting on repayments to other local licensed money lenders.
Furthermore, most of them are quick money lenders that have a much faster approval process than banks, which is crucial if your need for cash is urgent.
How do I check if a money lender is licensed and not an illegal money lender in Singapore?
Here’s a useful checklist to determine if the company you are looking at is a legalised money lender in Singapore:
- Check the official list of legal money lenders in Singapore.
- Does the lender advertise illegally? Legitimate registered money lenders are not permitted to solicit loans by calling or texting, or through any social media outlets.
- Be aware of overly high interest rates. Remember that the maximum interest rate for licensed money lenders as dictated by the Ministry of Law is 48% per annum or 4% per month.
- Ensure that there is a money lender license displayed. Check for the money lender’s license at their registered place of business to ensure you’re dealing with a reliable money lender in Singapore.
- Does the quick money lender approve loans without checking your income? Be wary when the quick money lender offers you a large loan without certifying your income first.
- Does the money lender ask for a fee before approving your loan? Reliable money lenders in Singapore will never ask for an upfront fee just to process or hasten your online loan application. They can charge a processing fee of up to 10% of the loan principal only after the loan is granted.
- Do you get to visit the money lender’s office? Authorised online money lenders in Singapore need to do compulsory face-to-face verification before they can discuss your loan contract and disburse the loan to you. This means that the money lender must have a legitimate office, and you will be required to visit the lender’s registered place of business for the loan contract signing and collection of funds.
- Are there any dubious terms in the loan contract? Be sure to read the fine print of the loan contract carefully. If they are incomplete or misaligned with what they have promised you verbally to make you get a loan from the money lender, these are red flags.
What are the pros of borrowing from a licensed money lender?
Here are the benefits of borrowing from registered, authorised money lenders in Singapore:
Less demanding minimum income requirements
It’s possible to get a bad credit loan even with poor credit history
Fast loan approvals (within 30 minutes)
Obtain a maximum loan amount of up to six times your monthly income
Who usually borrows from licensed money lenders online instead of banks?
These are generally the types of borrowers who take up loans from trusted local money lenders in Singapore versus banks:
People who borrow from banks
People who borrow from licensed money lenders
Have an excellent credit history
May have a poor credit history
Have a full-time job that provides a stable annual income of S$20,000 and above
Have regular income (but not necessarily from a full-time job)
May not need cash immediately
Need cash urgently
Might need a loan amount higher than six times the borrower’s monthly salary
Need a loan amount that is lower or equal to six times the borrower’s monthly salary
What are the documents required to apply for a personal loan with an online money lender in Singapore?
To get your personal loan application with a licensed money lender online processed, the following documents are required:
For Singaporeans/Permanent Residents:
1
NRIC
2
CPF statements (for full-time employees) or IRAS Notice of Assessment (for self-employed), to be retrieved using Singpass
3
Proof of income such as payslips, bank statements, or invoices (for self-employed individuals) from the last three months
For Foreigners residing in Singapore:
1
Work passes, such as an S-Pass or E-Pass
2
Proof of home address, for example a tenancy agreement, copy of a recent telephone bill, or other documents that include your residential address
3
Payslips from the last three months
What is the maximum amount you can borrow from a licensed money lender?
Your borrowing limits differ based on whether the money lender loan is secured or unsecured, as well as your nationality and income:
Secured Loans
For secured loans, we have to take into account the type of loan that you’re thinking of applying for.
Type of loan
Maximum amount
Car and property loans
55% of the borrower’s Total Debt Servicing Ratio (TDSR). TDSR is the portion taken from the borrower’s gross monthly income to make repayment for each one of their loans
HDB or Executive Condominium (EC) loans
30% of the Mortgage Servicing Ratio (MSR). MSR is the portion of the borrower’s gross monthly income that is taken to repay all of their property loans for HDBs and ECs
Car loans
Not more than 60% to 70% of the Loan-To-Value (LTV) ratio. LTV is the ratio derived from the loan amount divided by the purchase price of a vehicle. This figure depends on the vehicle’s open market value (OMV)
Unsecured Loans
As for unsecured loans from money lenders, the maximum amount is S$3,000 for borrowers who are Singaporeans and Permanent Residents with a yearly income lower than S$20,000.
For foreigners in Singapore, the maximum amount is S$500 if their yearly income is less than S$10,000, and S$3,000 if their income is at a minimum of S$10,000 but less than S$20,000.
The maximum amount is further increased to six times their monthly income for Singaporeans, Permanent Residents, and foreigners if they have a yearly income of more than S$20,000.
What are licensed money lenders’ interest rates in Singapore?
The maximum interest rate for monthly loans that local money lenders can charge is no higher than 4% per month or 48% per annum. Another important thing to note is that money lenders’ interest rates are calculated using a reducing interest rate formula. This means that interest is only calculated based on the outstanding loan amount.
Here’a an example: You’ve borrowed S$1,000 to be paid back over five months, with a monthly interest rate of 4%. The first month’s interest will be 4% of the S$1000 owed, which is S$40. The second month’s interest will be 4% of the outstanding amount, which is S$32.61, and so on.
Take a look at the table below for a better illustration of how reducing interest rate formula works:
Month
Payment (S$)
Interest (S$)
Principal (S$)
Balance (S$)
1
224.63
40.00
184.63
815.37
2
224.63
32.61
192.02
623.35
3
224.63
24.93
199.70
423.66
4
224.63
16.95
207.68
215.98
5
224.61
8.64
215.98
0.00
This means that you will pay less in the absolute amount of interest every month, as compared to a loan with a flat interest rate.
What are the types of fees that you need to pay to licensed private money lenders in Singapore?
A processing fee needs to be paid only after the money lender loan is granted, which is capped at 10% of the loan principal amount.
Also, late fees should never exceed S$60 a month.
Lastly, if there is a legal dispute to recover the loan (if you default on repaying the loan) and the money lender manages to make a successful claim, you will need to bear legal costs as determined by the court.
What should you do after your money lender loan is approved?
Keep all relevant proof of payments. Keep all receipts from the licensed money lender as they are proof of payments. Also, they indicate how much of the money lender loan is outstanding, and that can help you plan your finances.
However, if you are unable to repay a loan, speak to your loan officer. Explain your situation honestly so that a feasible extended repayment plan can be drafted. Do make sure that this new deadline can be met.
You can also seek help from welfare services that are approved by the Ministry of Law.
The last resort is to file for bankruptcy should your debt exceed S$15,000. Take note that this comes with serious consequences. Your assets will be sold to repay the debt and you will not be able to apply for another loan until you’re discharged from bankruptcy.
Get a fast cash loan with affordable rates
Apply with the best licensed money lender in Singapore!
