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Who is Moneylender Credit Bureau and what to look out for when borrowing from Licensed Moneylenders?

Loans can come in helpful during times of emergency especially when you are in urgent need to pay off a large sum of bills. Besides common lenders like banks and major financial institutions, there are Licensed Moneylenders (LMLs) that also grant personal loans.

LMLs are regulated by the Registry of Moneylenders, Ministry of Law (MinLaw).  As part of the regulatory framework, the Moneylenders Credit Bureau was launched to allow licensed moneylenders to assess the creditworthiness of borrowers, and help borrowers avoid borrowing beyond their means.


Who is Moneylenders Credit Bureau (MLCB)?

Commencing 1 July 2021, Credit Bureau Singapore (CBS) has been designated by MinLaw as the new operator of the Moneylenders Credit Bureau (MLCB).

MLCB is a central data repository on borrowers' loans and repayment records with LMLs It helps lenders make more informed decisions when considering loan applications by prospective borrowers, and helps borrowers better manage their loans and financial situation. The MLCB does not collect data on borrowers’ bank credit facilities or bank deposit information, nor does it make lending decisions on behalf of LMLs.


What is a Loan Information Report?

Your loan information report is a record of your loan payment history compiled from different LMLs. As these LMLs are required to check your loan credit report to assess your creditworthiness prior to approving the loan, a good loan repayment history or lower aggregate loan cap will make it less challenging for you to qualify for loans.


What are things to know and look out for if you are considering borrowing from a LML?


1.   Borrowing Guideline for unsecured loans

The guidelines set by the Ministry of Law dictate how much a borrower can borrow from a licensed moneylender for unsecured loans.

A Singapore citizen can borrow up to $3,000 if their annual income is less than $20,000 and can borrow up to 6 times their monthly income if their annual income is $20,000 and above.

Foreigners staying in Singapore can borrow up to $500 if their annual income is less than $10,000. For those with annual income between $10,000 and $20,000, they can borrow up to $3,000 and if their annual income is at least $20,000, they can borrow up to 6 times their monthly income.


2.   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.


3.   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:

1.   A fee not exceeding $60 for each month of late repayment;

2.   A fee not exceeding 10% of the principal of the loan when a loan is granted; and

3.   Legal costs ordered by the court for a successful claim by the moneylender for the recovery of the loan.



4.   Beware of borrowing from unlicensed moneylenders.

Licensed moneylenders are permitted to advertise only through these three channels:

1.   Business or consumer directories (in print or online media).

2.   Websites belonging to the moneylender.

3.   Advertisements placed within or on the exterior of the moneylender’s business premises.

All other channels are prohibited.

A list of licensed moneylenders in Singapore can be found here.


5.   Lastly, Borrow Responsibly.

Borrowing beyond your means can leave you struggling financially as you go further into debt.

Consider all the other existing loans that you have and understand your financial standing before applying for additional loans. Do not borrow for the sake of repaying another debt as you may risk falling into multiple, bigger debts which makes it even more difficult for you to repay in the future.

It is also important to do ample research and clear any doubts with the LMLs before you agree to take up the loans.

For more information, check out the MLCB website at

Should you have any questions regarding your Loan Information Report, call us at 6335 5897 or send in an inquiry to

Lastly, be sure follow and like MLCB Facebook page @MLCBSG for more useful content and tips to maintain a good credit reputation!

If you are facing increasing difficulties servicing payments to your credit cards or other unsecured credit facilities, consider attending our weekly Debt Management talks (conducted both over Zoom and in-person at our office), where you will learn more about what to do, when and how to communicate with creditors, what are the common collection actions creditors can take, what are the various debt settlement options are and what is the CCS Debt Management Programme. Click here for schedule.

After attending the talk, you can submit a request for one-to-one credit counselling. Details on the counselling session and instructions on how to arrange for an appointment will be explained during the talk.

Published 24 March 2023.