Is MatchmyLoan SG a licensed moneylender? 

MatchmyLoan SG is not a licensed moneylender.

We are a matching platform that matches your request for your loan to our subscribers (licensed moneylenders). They will make the best offers to you based on your information provided.

You can then compare loan offers quickly and easily.

Is my personal data protected?

Yes, we do the utmost to protect your data privacy.

Once you send your request for a loan quote via our website, only your loan amount requested, gross salary, length of employment, and credit exposure will be sent to our database of licensed moneylenders to assess their loan offers to you.

They will then send you their offers to you through our platform. You are free to accept or decline any offers that are made to you.

Only upon your acceptance and authorisation will further information about you be released to the selected lender.

Only upon your acceptance is both your identity and the lenders' identities be revealed to each other. The licensed lender will proceed to contact you to arrange for an appointment as well as answer your queries.

We will notify our subscribers of any declined offers. Your personal information will automatically be removed from our system for all declined offers.

Your information will not be used for anything else apart from processing your request.

If you have further concerns, you can check our privacy policy or contact us for more details.

How does MatchmyLoan SG work?

We have a simple few steps process.

  1. Key in your Loan information - Start by filling out a short application form with how much you need and a few simple details about yourself.

  2. Get Offers Within Minutes - You will get up to 10 competitive quotes for loans presented immediately with all the lenders' information.

  3. Pick an offer - Call or head down to the moneylender's office to finalize your loan.

Is there a limit to how many loans I can apply?

No there are no limits to the number of searches and it is free. We do not collect any commission fees or referral fees from borrowers.

More Questions?
Contact our Support Team

What happens if I found out I have taken a loan from a loanshark?

You should contact the police immediately and report the matter. If you are being harassed by loan sharks or fear that you will be in trouble, you should contact the VWOs for assistance. Click here to find the list of VWOs.

Do I qualify for a loan in Singapore?

To apply for a loan in Singapore, all the following criteria must be fulfilled:

  • Be a Singapore citizen or permanent resident of Singapore, or for foreigners, have a passport and employment pass.

  • Be above 21 years of age, and is not an undischarged bankrupt, nor facing any bankruptcy proceeding.

  • Be permanently employed, have a valid work permit (for foreigners) or self-employed with a valid income prove.

How much can I borrow?

There are caps that apply to loans from all licensed moneylenders combined.

For Singaporeans, if your annual income is:

  • Less than $20,000 a year - You can borrow up to $3,000

  • At least $20,000 a year - You can borrow up to 6 times your monthly income

For foreigners residing in Singapore, if your annual income is:

  • Less than $10,000 a year - You can borrow up to $500

  • At least $10,000 a year and less than $20,000 a year - You can borrow up to $3,000

  • At least $20,000 a year - You can borrow up to 6 times your monthly income

Please note that the above caps apply to unsecured loans from all licensed moneylenders combined.

We would, however, like to remind you to borrow responsibly.

Although moneylenders usually set a lower qualifying benchmark for loan approvals and a shorter approving timeframe in comparison to local banks, interest rates are typically charged on a monthly basis from 1-4% per month and a processing fee of up to 10% of your loan amount.

As such it is recommended that you do your sums prudently and borrow strictly for necessity.

What are the interest rates moneylenders can charge?

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 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 instalment 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.]

What are the fees that moneylenders can charge?

With effect from 1 October 2015, all moneylenders are only permitted to impose the following charges and expenses:

  • a fee not exceeding $60 for each month of late repayment;

  • a fee not exceeding 10% of the principal of the loan when a loan is granted; and

  • legal costs ordered by the court for a successful claim by the moneylender for the recovery of the loan.

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.]

How do I know whether a moneylender is licensed or not?

Do not borrow from unlicensed moneylenders. Verify that a moneylender is licensed by checking the list of licensed moneylenders. You are encouraged to visit,sg for an updated list of licensed moneylenders in Singapore.

Notwithstanding that the moneylenders are licensed, be mindful if they:

  • Use abusive language, or behave in a threatening manner towards you.

  • Ask for your SingPass user ID and/or password.

  • Retain your NRIC card or any other personal ID documents (e.g. driver’s licence, passport, work permit, employment pass, or ATM card).

  • Ask you to sign on a blank or incomplete Note of Contract for the loan.

  • Grant you a loan without giving you a copy of the Note of contract for the loan and/or without properly explaining to you all the terms and conditions.

  • Grant you a loan without exercising due diligence (e.g. approving a loan over the phone, SMS, or email before even receiving your loan application form and supporting documents, such as the income tax assessment and payslips).

  • Withhold any part of your principal loan amount for any reason.

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, license, and contact numbers.

Information extracted from

How can I tell whether an advertisement is from a licensed moneylender or an unlicensed moneylender?

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 MLAW.


Errant licensed moneylenders will be investigated by the Registry and unlicensed moneylenders will be investigated by the Police.

Can I rely on the content of an advertisement to take up a loan from a moneylender?

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.

In the event that I am standing as a surety for a loan, what should I look out for?

You should ensure that:

  • You understand your responsibilities as a surety;

  • You receive a copy of the Note of Contract at the time that the loan is granted to the borrower;

  • The moneylender has explained the terms in the Note of Contract in a language that you understand; and

  • The moneylender does not keep your NRIC card or any other personal ID documents (e.g. driver’s licence, passport).

  • The moneylender does not acquire any information that contains passwords to your user accounts (e.g. Singpass account, Internet banking account, email account).

What should I do after being granted a loan?

  • Make sure the moneylender delivers to you the correct principal amount of the loan. The moneylender is only permitted an upfront deduction of a loan approval fee of up to 10% of the principal amount.

  • Pay the loan installments on time to avoid incurring late payment fees and late interest.

  • Make sure the moneylender issues you a receipt every time you make any repayment towards your loan, and check it for correctness (e.g. name, amount, date).

  • Make sure you receive a statement of account for all your loan(s) at least once every 6 months, 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.

How do I lodge a complaint against a moneylender against unfair practices and/or contract?

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.

What is the main difference between a Bank and a Licensed Moneylender?

Banks in Singapore are regulated by the Monetary Authority of Singapore where the cost of the loan (including interest, processing fee, late interest, and penalty) is typically lower as compared to Moneylenders. They provide a wider range of products and typically issue a higher loan quantum repayable over a longer tenure.

One must note that banks are generally more stringent towards their qualifying criteria and the processing time usually takes a minimum of 1 week and above from the date of application to loan disbursement.

Licensed Moneylenders, though it provides similar products to banks albeit a narrower range, are regulated by the Registry of Moneylenders under the Ministry of Law. Cost of loan is usually higher than banks and loan is usually approved and disbursed within the same day.

Similar to banks, the moneylending industry is heavily regulated and consumer rights protected under the Moneylenders’ Act. However given the higher cost of lending, loans by moneylenders are better suited for smaller amounts at a shorter tenure.

More FAQs on Borrowing From Licensed Moneylenders

Please kindly refer to the external link to read up more facts and common questions when borrowing from Licensed Moneylenders (2020, Minstry of Law).

© 2020 by Xpress Solution, Business Registration No. 53403504C All Rights Reserved | Privacy Policy

© Copyright