Licensed Money Lender in Yishun | Trusted Singapore Loan Company
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A legal money lender with a personal touch
How Are We Different from Other Licensed Private Money Lenders in Singapore?
Our aim as a licensed private money lender in Singapore is not just to help you with your immediate cash needs. We want to use our authorised money lender knowledge and experience to help you become debt-free as soon as possible.
We are a legal money lender who offers flexible repayment plans with customisable payment due dates, so you can adjust your payments to a timeline that works best for you.
As a trusted money lender in Singapore, our online loan applications are available round-the-clock at the convenience of your phone, tablet, or laptop. All our money lender loans also have fast approval processes, even for customers with a bad credit history. We are a reliable money lender that does not judge and discriminate. That’s why our customers love us!
To learn more about our loan company in Singapore, visit this page.
Licensed Money Lender in Yishun Providing Legal Loans at Your Convenience
R2D Credit is nestled in the Northern region of Singapore. We’re a licensed money lender in Yishun that’s easily accessible from any part of Singapore with many major bus services. In fact, we’re a money lender located only a one-minute walk away from Yishun MRT.
We’re also an authorised money lender with online loan applications available at any time of the day. We value your time and want to provide you with utmost convenience. Therefore, we’ve made our legal money lender loan application forms ultra simple!
To make things even more fuss-free and secure, we’re among the few local money lenders who offer Singpass Myinfo applications too.
As a licensed loan company in Singapore, we strive to offer all our customers a speedy approval process when they’re borrowing from a licensed money lender. This enables them to get the cash they need for any kind of financial situation.
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Top Highest-Reviewed Licensed Money Lender in Yishun
Established in 2009
6258 borrowers to date
S$74,812,870+ loaned
Certified in the Prevention of Money Laundering and Financing of Terrorism,
Money Lender Operations & Compliance Training (By Credit Association of Singapore)
Looking Into the R2D Credit Office
Types of Money Lender Loans Offered by R2D Credit
Our Simple Money Lender Loan Application Process
Our money lender loan application process takes just three quick steps to complete.
Step 1: Submit your money lender loan application
Fill out the money lender loan enquiry form online anytime. We’re a legal money lender in Singapore that offers online loan applications 24/7. Our loan officer will contact you and schedule an in-person appointment with you at our office.
Step 2: Visit our authorised money lender office for verification
At our registered money lender office, we will conduct a quick interview and credit history check to confirm your application. Remember to bring all the supporting documents for your loan along.
Step 3: Check the loan offer and receive your funds
Our loan officer will explain the money lender loan contract and ensure you understand every term of the contract. Once you’re agreeable, proceed to sign the loan contract. We’ll then disburse the funds to you via cash or PayNow.
Our Licensed Money Lender Interest Rates and Fees
Our loan company’s interest rates are capped at 4% per month.
Borrowers who are unable to repay their money lender loans on time may incur other fees as well. We charge a maximum of 4% interest per month for late payments (only on amounts overdue, not the entire outstanding amount). Additionally, we charge late fees capped at S$60 per month of late repayment.
Our processing fees for legal money lender loans range between 8-10% of the principal amount.
Rest assured, we are committed to ethical lending practices and will never charge more than 10% for your loan’s processing fee. We prioritise your financial well-being and strive to offer clear, upfront terms without any hidden charges or surprises.
Frequently Asked Questions
What are the benefits I can get when borrowing from a licensed money lender if I have a good credit history and/or am a regular customer?
We understand that repayment can be difficult when you’re borrowing from a licensed money lender. That’s why we reward clients who fulfil their responsibilities faithfully. They can expect a range of perks* that may include:
Loan principal amount
The eligibility to borrow larger sums of money for your money lender loan
Loan term
A longer repayment term
Interest rates
Lower interest rates, including prorated interest for early settlement
Fees
Lower processing fees for all money lender loans you take up
Late charges
A grace period to avoid late charges
Processing time
Accelerated money lender loan approval process, including instant approval. This includes a priority queue system for regular customers
Due date
The freedom to choose from the most convenient instalment due date
Payment reminders
Never miss a payment with our instalment due date reminders
Convenient hours
We extend opening hours at our authorised money lender office for your convenience
Special offers
Payday loans at 0% interest
Free documentation
A complimentary Statement of Account (SOA) for your loan
Personalised service
A dedicated loan specialist, so you enjoy a single point of contact. Regular customers in deep debt can receive a customised loan scheme and financial advice on debt management
*T&Cs apply
What is your eligibility criteria for money lender loans?
Borrowers of our money lender loans must satisfy the following criteria not only when applying with us, but when borrowing from licensed money lenders in general:
Be 18 years or older
Be currently employed
Earn a stable income
Furnish proper identity documents (NRIC, FIN, or passport)
Provide the relevant financial information (Payslips, CPF, and IRAS NOA)
What are R2D Credit’s qualifications and certifications?
As a licensed money lender in Yishun, R2D places an extraordinary focus on having the most qualified and most professional staff. Our experienced money lender team includes professionals with PhD qualifications.
We are a registered money lender that’s an accredited member of Credit Association of Singapore (CAS). We have earned the organisation’s certifications in PMFT (Prevention of Money Laundering and Financing of Terrorism) and Money Lender Operations & Compliance Training.
Additionally, our loan company is made up of a friendly and professional team with an incredible amount of collective experience. We have come out stronger and better prepared from the COVID-19 pandemic, and are one of the highest-rated money lenders in Singapore.
How can I identify licensed money lenders in Singapore?
An authorised money lender in Singapore is a registered loan company that conducts legal money lending with borrowers. It is approved, licensed, and regulated by the Ministry of Law. Governed by the Moneylenders Act, there are strict rules and regulations that registered money lenders have to abide by.
To check whether a private money lender in Singapore is licensed, all you have to do is access the Ministry of Law’s list of licensed money lenders in Singapore. The list is periodically updated to show which local money lenders are in operation, as well as the ones that have been suspended.
What can private licensed money lenders in Singapore do and not do?
The following is a set of activities that licensed money lenders may engage in:
1)
Advertise for their money lender loans, but not wherever they want
2)
Charge an interest rate of up to 4% per month
3)
Charge late fees and administrative fees (capped)
4)
Offer loans to borrowers with a steady income
5)
Offer borrowers flexible repayment schedules
After having identified what legitimate money lenders are allowed to do, take a look at what they can’t do:
1)
Solicit loans through messages or cold calls
2)
Perform loan transactions entirely online
3)
Skip contract explanations and financial assessments
4)
Keep your NRIC or any other personal ID documents
5)
Withhold a receipt each time you repay your loan from the money lender
Licensed money lenders vs banks: Which is the better option?
Regardless of whether you’re borrowing from a licensed money lender or bank, there are some key differences you need to know about. Here’s a quick comparison between borrowing from banks and legal fast money lenders, assuming you are getting a personal loan:
|
|
BANKS |
LICENSED MONEY LENDER |
|---|---|---|
| Max. sum you can borrow | Up to 10x monthly income | Up to 6x monthly income |
| Max. repayment period | Up to 7 years | Up to 12 months |
| Loan approval duration | Up to 2 weeks (for new customer) | Same day, typically within 30 minutes of face-to-face verification |
| Typical interest rate | 3.5 – 6% per annum | 1 – 4% per month |
| Ease of loan approval | Stringent | Lenient |
| Processing fee | Typically 1% of the approved loan amount, some charge no processing fee | Up to 10% of the approved loan amount |
| Application procedure | Apply online or visit the branch office | Apply online or visit the lender’s office, but identity verification before loan approval has to be done in-person. |
What are the upsides of borrowing from a licensed money lender in Singapore?
Borrowing from licensed instant money lenders often comes with these advantages:
Near-instant approval (usually less than 30 minutes)
A simple application process for your money lender loan
Minimal documents required
Funds disbursed by cash or bank transfer immediately after signing the loan offer
Money lender loans are accessible to most people, including those with bad credit history
Loans from money lenders allow borrowers to get up to six times their monthly income
24-hour money lenders in Singapore: Do they exist?
There aren’t any 24-hour money lenders in Singapore that are licensed. Those that run 24/7 and market themselves as ‘24-hour quick money lenders’ are likely to be illegal.
Although licensed private money lenders in Singapore have websites that run 24/7 (i.e. you can submit your loan application on the licensed money lender’s website anytime and anywhere to get a loan from the money lender), their physical offices have fixed office hours and do not operate round the clock.
How can I determine which licensed money lender is the best one for me?
Here are some characteristics that define the “best” money lenders in Singapore to help you decide:
The private money lender is licensed and has the relevant qualifications
The local money lender has a good variety of loans to meet your needs
The authorised money lender has a fast application and approval process
The money lender offers quick loan disbursements
The legal loan company offers competitive interest rates and charges
The firm has a credible reputation
The licensed money lender has verified reviews on Google and other websites
Negotiation is possible for a loan repayment schedule that works for you
Patient and knowledgeable loan officers who go the extra mile to ensure you fully understand all loan terms
The registered money lender has a convenient office location
What happens if I’m unable to pay a legal money lender?
If you don’t repay your money lender loan on time, expect to incur late fees, late interest, and compound interest on the amount that’s repaid late. If your loan is a secured one, your pledged collateral may be at risk of being liquidated.
Should you find yourself in such a situation, try to request a realistic payment extension — work things out amicably with your licensed money lender as many are usually willing to negotiate reasonably.