What Is the Licensed Moneylender Interest Rate in Singapore?
How Are Licensed Moneylender Interest Rates Calculated?
| Reducing Balance | Flat Rate | |
| Monthly Interest Charged | Decreases each month as principal balance reduces, e.g. Month 1: $400 charged on principal loan amount of $10,000; Month 2: $356.59 charged on remaining principal amount of $8,914.72; Month 3: $311.44 charged on the remaining principal amount of $7786.03; and so on | Remains the same every month, e.g. $400 charged per month, regardless of the remaining loan principal |
| Total Interest Paid | $1,882.22 | $3,200 |
Factors Affecting Moneylender Interest Rates in Singapore
Borrower Credit Profile
no credit check loansMoneylenders Credit Bureau
Secured vs. Unsecured Loans
How to Find Moneylenders With Low Interest Rates in Singapore
and
1. Verify the Lender’s Licence and Legality
MinLaw’s official registry of moneylenders
