CashMax Credit Pte Ltd is a licensed moneylender (License No. 72/2024 ) registered and regulated by the Ministry of Law.


Borrowing Money in Singapore

Borrowing money involves obtaining a loan from a lender, which can be an individual or institution providing loans to individuals and businesses. In Singapore, the act of borrowing money is a legal and regulated activity, conducted by authorized moneylenders.
Lenders offer short-term financial aid to individuals and businesses, assisting them in managing unforeseen expenses or funding projects. They provide tailored loans according to the borrower’s requirements, with competitive interest rates and adaptable repayment schedules.
Before securing a loan, contemplate your eligibility, the required loan amount, the applicable interest rates, the repayment schedule, and the fees associated with the loan. Confirm that the loan repayments are within your means and be cognizant of any late repayment charges or penalties.
In Singapore, the Ministry of Law mandates authorized moneylenders to provide loans with low-interest rates, not exceeding 4% per month (or 48% annual percentage rate).

Loan Repayment

The procedure for repaying a loan typically involves making consistent installment payments over a predetermined period, as stated in the loan agreement. If you fail to meet your repayment obligations, it’s crucial to liaise with your lender to discuss potential solutions and avoid late repayment charges or penalties.
Delaying loan repayments can lead to consequences such as additional charges or interest rates, penalties stipulated in the loan agreement, and potentially legal actions. Therefore, it’s crucial to familiarize yourself with your loan agreement’s terms and ensure payments are made promptly to evade these repercussions.

Should you find it challenging to fulfill your loan repayment, the first step should be to engage in a dialogue with your lender to explore possible solutions like loan restructuring or creating a new repayment strategy.

Loan Types and Features

Various loan options include personal loans, payday loans, wedding loans, renovation loans, urgent loans, short-term loans, and foreigner loans. Each loan type caters to specific requirements and circumstances.
Loans from licensed lenders in Singapore feature rapid approval, competitive interest rates, adaptable repayment schedules, and straightforward application procedures. Advantages include receiving your loan within an hour, transparent rates, and stress-free services.

Legal and Regulatory Framework

The Moneylenders Act (Cap. 188) regulates money lending in Singapore, outlining the prerequisites for obtaining a license, caps on interest rates, and other relevant regulations for moneylenders. The Ministry of Law further supervises the sector, mandating moneylenders to offer low-interest rates.

Identifying a trustworthy moneylender involves considering factors like the lender’s license number, online reviews and feedback, their operational duration, and their transparency in disclosing interest rates. Licensed moneylenders are obligated to display their license number on their websites.

Borrowers are expected to provide accurate information, fulfill their repayment responsibilities, and maintain clear communication with the moneylender in case of any issues. Moneylenders, on the other hand, must adhere to the legal norms, offer transparent interest rates, and extend equitable and reasonable loan terms.

Before initiating a loan application, gather all required documents, understand the terms and conditions of the loan, and assess your repayment capabilities. This preparation will ensure a smooth application process and assist you in making informed decisions about your financial obligations.

Loan Eligibility and Requirements

To qualify for a loan in Singapore, you must be a Singaporean citizen or permanent resident, or a foreigner residing in Singapore, be a minimum of 18 years old, possess a valid NRIC or passport, and offer proof of income such as your most recent payslip or bank statement.

During the loan application process, you will need to furnish pertinent documents like proof of income and employment, NRIC or passport, bank statements, proof of residence, tenancy agreement, employment letter, and pass (for foreigners).

You can verify the licensure of a moneylender by searching for their name on the Ministry of Law’s website or by requesting their license number. Licensed moneylenders are obligated to showcase their license number on their websites.

Help & Support

For Singaporeans / PRs:

  • Proof of identity (NRIC, passport)
  • Proof of income (CPF / bank statements)

For Foreigners:

  • Work Permit / S Pass / E Pass
  • Proof of residence (Utility bills, phone bills, tenancy agreement, etc.)
  • Payslips / bank statements

If you are an entrepreneur, taxi driver or is simply paid based on commission, do not worry. CashMax Credit offers loans to you as well.

Yes, you can!

While banks often turn away customers with bad credit scores, CashMax Credit does not limit any possibility, and we welcome all credit scores to apply.

We evaluate each case individually and will do our best to understand each and every applicant’s situation.

If we find that your current financial situation is something within your means, we are happy to provide a loan to you.

We aim to help our borrowers regardless of their credit scores. This is why we do not have specific restrictions with regards to credit scores.

You can easily apply for a loan here.

Definitely no!

You are most definitely not obliged to commit to a loan after making an enquiry. You will complete your loan contract only if you are comfortable with everything.

Please feel free to connect with us via our live chat at the bottom right corner, or call us at +65 62215480

Once you’ve signed the loan contract, you can receive your money in cash right on the spot at our office.

After your loan is approved, we will pass you the entire principal amount that you’ve agreed upon on the spot. Next, you just need to ensure to make punctual loan repayments, and that’s it!

Check the financial institution’s name against the list of licensed moneylenders created by the Ministry of Law.

If you’re looking for other telltale signs, a licensed money lender is NOT allowed to:

  • Use texts / WhatsApp messages / calls to get you to sign up for a loan with them
  • Approve of a loan remotely, without asking you to meet them at their place of business
  • Ask you to pay any installment before receiving the actual loan money

Moreover, licensed money lenders are only allowed to use the following advertising channels to communicate their messages:

  • Business or consumer directories
  • Their internet websites (please be aware of scammers impersonating themselves as licensed lenders)
  • Shopfront and window decals where they conduct their business

Therefore if you come across any other forms of advertising (such as Google Ads, Facebook Ads) from CashMax Credit, avoid them at all cost! They are either loan sharks or loan scams.

Yes, you can!

We will always evaluate each case individually and try to understand the applicant’s situation. If we find that your current financial situation has improved, we will still provide a loan to you. Unlike most banks and lending companies, CashMax Credit aims to help as many people as possible.

Over the past few years, more and more Singaporeans are taking up two or more loans. Statistics have shown that there was an increase of borrowers who have at least two mortgages and other loans. Most individuals have a home loan and a study loan. If you require more financial help, you can still apply for a loan.

At CashMax Credit, we are always willing and ready to help our customers. However, that does not mean that we will be irresponsible and force clients to take up huge loans that are tough to repay and end up straining their wallets further.

CashMax Credit evaluates customers’ situations responsibly and will only loan an amount that is suitable or affordable for the clients.

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