While most banks require at least a day for loan applications to be approved, legal lenders, We assure that you can get your cash shortly after an hour!

All licensed money lenders can charge a monthly interest rate up to 4% per month. This cap applies regardless of the borrower's income and the type of the loan (either secured or unsecured).

In addition, legal lenders are only allowed to impose the following charges and fees:

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.

You can apply for more than one loan, making your application subject to evaluation to guarantee that you do not over-borrow and suffer from financial burden.

Identifying a legal money lender can easily be done by checking the list of licensed moneylenders in the Registry of Moneylenders, under the Ministry of Law in Singapore here.

Note that legal moneylenders will always perform due diligence and walk you through the process every step of the way to ensure the customers are fully aware and informed. It will not use threatening behavior and they will not also ask for your Sing Pass password or any delicate or sensitive information unless necessary.

Under the advertising rules, licensed moneylenders in Singapore are allowed to advertise only through these three channels:
Business or consumer directories (in print or online media)
Websites belonging to the lenders
Advertisements placed within or on the exterior of the moneylender's business premises.
All other channels are prohibited. Should you receive flyers, SMSs, emails, or other forms of advertisements, these would be from either licensed moneylenders operating in violation of the rules, or unlicensed lenders.

A personal loan is a type of instalment loan, which allows you to borrow a fixed amount of money and pay it back with interest in monthly payments. Its amounts vary from lender to lender but what you qualify for is based on your credit health. It's ideal for medical emergencies, home renovation projects, vacation plans, and other big-ticket expenses.

We offer different loan plans with different repayment schedules.
You will be able to choose one that best fits your needs:
– Weekly
– Bi-weekly
– Monthly

No guarantors are required for personal loan applications with us.

Yes, you can!
While banks often turn away customers with bad credit scores, Credit89 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 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 on credit scores.

There are a lot of scammers or unlicensed money lenders out there and it can be hard to tell the difference between those who have your best interest at heart and those just looking for their own personal gain. Here’s some advice on what red flags you should watch out for when dealing with unlicensed moneylenders:

1. Asks for your SingPass user ID and/or password
2. Fails to return your NRIC card or any other personal ID documents
3. Asks you to sign a blank or incomplete loan contract
4. Fails to provide a clear and thorough explanation of the terms and conditions of the loan.
5. Grants you a loan without evaluating your loan application.
6. Grants you a loan through phone, email, or SMS before receiving your loan application form and required supporting documents
7. Withholds any part of your principal loan amount

If you encounter these errant lenders, report them immediately to government agencies, such as the Police or the Registry of Moneylenders with detailed information including the moneylender’s business name and contact number.

Yes, you can apply for a loan via Myinfo.
Credit89 has synced our system with Myinfo and will be able to retrieve the necessary information for loan applications. Rest assured that we will only do it with your consent. Connecting to Myinfo, a government portal further proves the reliability of our company.

Banks in Singapore often cater to larger loans with longer loan terms. Also, they require a longer processing time due to the bank's hierarchy system and red tape.

For licensed moneylenders such as Credit89, we minimize the documents needed for the loan application. We will only request your identity and income proof. Our application process is also hassle-free and can be made online.

5 minutes is all it takes to fill up our online loan application form. Our friendly loan officers will then get back within a few hours to follow up with you.

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 the 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 installment 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.]

For foreigners residing in Singapore, here’s how much you can borrow with us:
– If your annual income is less than $10,000, you are eligible for a loan of up to $500.
– If your annual income is between $10,000 to $20,000, you are eligible for a loan of up to $3,000.
- If your annual income is at least $20,000, you can borrow up to 6 times of your monthly income.

For Singaporeans and Permanent Residents, here’s how much you can borrow with us:
– If your annual income is less than $20,000, you are eligible for a loan of up to $3,000.
– If your annual income is at least $20,000, you are eligible to loan up to 6 times your monthly income.
Your eligible amount will be determined by your assessed ability to repay and your annual income. Those who submit all the completed required documents will tend to have a higher approval rate.