Top 10 Loans You Can Apply From Licensed Money Lenders In Singapore

Licensed moneylender in Singapore offer many types of loans to help with different financial needs. Unlike banks, they usually approve loans faster and with less paperwork, making them a convenient option for many people. Some of the most common loans you can apply for include personal loans for everyday expenses, wedding loans to cover big celebrations, renovation loans to upgrade your home, and even business loans for small entrepreneurs. There are also specialised loans for things like medical bills, education, or gig economy workers. While these loans can be very helpful, it’s important to understand the terms, interest rates, and repayment plans before borrowing. Being informed helps you avoid surprises and ensures you can manage your repayments comfortably. Responsible borrowing means choosing the right personal loan Singapore for your needs and sticking to your budget, so the loan works for you and doesn’t become a burden.

1. Personal Loan

A personal loan is a flexible, unsecured loan that you can use for a variety of needs—whether it’s an unexpected expense, a small home renovation, buying electronics, or handling an emergency. One of the biggest advantages is how quickly you can get the money, often within just one or two days, and with very little paperwork. Licensed moneylenders tend to be more understanding than banks, especially if you have a less-than-perfect credit history. However, it’s important to check the details carefully. Interest rates can be as high as 4% per month, and the repayment period usually lasts between 3 and 24 months. Make sure you’re comfortable with the monthly repayments and fully understand the loan terms before you commit.

2. Payday or Cash-Pivot Loan

A payday loan is a short-term loan meant to help you cover expenses until your next salary comes in. It’s a quick solution, with funds often available within just a few hours. Usually, you’ll repay the loan on your next payday. While these loans can be really useful for urgent cash needs, it’s important to be careful. The interest and fees can add up fast if you don’t pay it back on time. Because of this, payday loans are best used only to cover immediate, short-term gaps in your finances—not as a long-term borrowing option. Always make sure you have a clear plan to repay it quickly.

3. Debt Consolidation Loan

A debt consolidation loan lets you combine several smaller debts, like credit card balances, into one single loan. This makes managing repayments much easier because you only have to focus on one monthly payment instead of juggling many. Often, this approach can also lower the overall interest you pay and help you plan your budget better with predictable instalments. However, it’s important to remember that you need to qualify for the loan and be prepared to repay it in full over time. If you’re not careful, consolidating debt without changing spending habits can lead to falling into debt again. So, it’s best used as a tool to get your finances under control, rather than a way to borrow more. Always review your budget and repayment plan before taking out a debt consolidation loan to ensure it will truly help you.

4. Wedding Loan

A wedding loan is a personal loan designed to help cover the many expenses that come with planning a wedding, such as the venue, catering, dresses, and photography. It allows couples to enjoy their special day without having to use up all their savings upfront. These loans often come with repayment plans that fit comfortably into your budget after the wedding. However, it’s important to make sure the monthly repayments are affordable, as wedding costs can add up quickly. Taking on a loan can make the celebration less stressful financially, but only if you’re confident you can keep up with the repayments without stretching yourself too thin. Always plan carefully to ensure the loan supports your big day without creating unnecessary financial pressure afterwards.

5. Renovation Loan

A renovation loan is designed to help you finance home improvements such as tiling, painting, plumbing work, or new furniture. Having access to these funds when you need them means you can complete upgrades promptly, which helps maintain or even increase your property’s value. These loans typically have repayment periods of 6 to 12 months, giving you some flexibility to pay back comfortably. Before borrowing, it’s wise to get quotes from different contractors to ensure you’re not borrowing more than necessary. Careful planning can help you avoid taking on extra debt and keep your renovation project within budget.

6. Medical or Healthcare Loan

A medical or healthcare loan is designed to help cover the costs of treatments, procedures, or therapies that aren’t fully paid for by your insurance. This type of loan allows you to get the care you need without having to dip heavily into your savings. It can provide peace of mind, knowing that finances won’t stand in the way of your health. However, it’s important to budget carefully, as medical expenses can sometimes be unpredictable. Follow-up appointments or additional treatments can add up quickly, so make sure you consider these potential extra costs before taking out a loan. Planning ahead will help you manage repayments without adding financial stress during an already challenging time.

7. Study or Education Loan

A study or education loan helps cover expenses like tuition fees, course costs, certification programmes, or exam preparation. It’s a great way to invest in your career growth or gain new skills without having to wait until you’ve saved enough money. This type of loan makes education more accessible by spreading out the costs over a manageable period. However, it’s important to keep in mind that interest will accumulate over the loan term, so you should carefully check whether the total fees fit within your borrowing capacity. Planning your budget in advance ensures that the loan supports your learning goals without causing financial strain down the line.

8. Business or Startup Loan

A business or startup loan provides the funds you need to cover expenses like buying inventory, expanding your operations, or marketing your products and services. One of the biggest advantages is that you can get the money quickly, without having to provide collateral like banks often require, and without waiting through lengthy approval processes. However, even though the loan is usually unsecured, some lenders might still ask for business documents to understand your operations better. It’s crucial to have a clear and realistic repayment plan in place before taking the loan, so you can manage your repayments without putting your business under financial pressure. Proper planning will help ensure the loan supports your business growth without creating unexpected stress.

9. Gig-Economy (Grab/Gojek) Loan

This type of loan is designed specifically for ride-hailing drivers and delivery workers to help cover essential expenses like vehicle maintenance, insurance, or licence renewals. Since income in the gig economy can be irregular, these loans often come with flexible repayment plans to better match your cash flow. However, it’s important to remember that even with flexible terms, your variable income could affect your ability to keep up with repayments. Before borrowing, make sure you have a clear understanding of your average earnings and how the loan repayments will fit into your budget. This careful planning will help you manage the loan without added financial stress.

10. Holiday or Leisure Loan

A holiday or travel loan is a personal loan you can use to cover expenses for vacations, travel packages, or special event planning. It gives you the chance to enjoy those once-in-a-lifetime experiences, especially when great holiday deals pop up that you don’t want to miss. However, it’s important to remember that unlike investments, these loans don’t bring any financial return — you’re borrowing purely for enjoyment. This means repayments will come directly from your budget, so it’s crucial to make sure you can comfortably afford the monthly instalments without putting your finances under strain. Planning ahead and borrowing responsibly will help you make the most of your trip without worry.

Common Features across Most Licensed Loans

• Secured vs. unsecured: Secured loans (backed by collateral) generally offer larger amounts, whereas unsecured loans depend on income and have legal caps 
• Interest & fees: Interest capped at 4% per month; administrative fees up to 10% of principal; late fees up to S$60/month 
• Loan tenure: Usually ranges from 3 to 24 months, depending on loan type and lender policies 
• Eligibility: Singaporeans, PRs, and qualifying foreigners may borrow up to six times their monthly income for unsecured loans 
• Repayment schedules: Monthly instalments; some lenders offer flexible or partial repayment schemes.

Borrowing Responsibly: Tips for All Loan Types

1. Borrow only when necessary – Avoid impulse borrowing unless fully planned and affordable.
2. Check your repayment capacity – Monthly instalments should fit within your existing financial obligations.
3. Compare multiple offers – Interest, fees and flexibility can vary significantly.
4. Verify licence – Confirm lender’s registration on the Ministry of Law site and ensure contracts are clear.
5. Read the fine print – Understand interest methods (e.g. reducing balance), late fees, and administrative charges.
6. Keep all records – Retain copies of contracts, repayment receipts, statements for audit.
7. Be punctual with repayments – Avoid interest, late fees, and negative impact on credit.
8. Use self-exclusion if needed – Borrowers may restrict themselves from further unsecured borrowing via SingPass.
9. Explore debt consolidation – If juggling multiple loans, consider consolidating to ease management.
10. Seek help if in need – Registered moneylenders should offer restructuring; government support and counselling services are also available.

Conclusion 

Licensed moneylenders in Singapore offer a diverse range of loan types—from personal and wedding loans to business and gig-support financing. Their appeal lies in speed, accessibility, and flexible approval compared to traditional banks. Yet all loans carry responsibility. Once used thoughtfully—with full understanding of your commitments—borrowed money can assist you through emergencies, personal milestones, or business challenges without compromising your financial future.

Whichever loan you consider, ensure it aligns with your genuine need, fits your repayment capability, and enhances your progress — not your stress.