Welcome to Dio Credit
No. 1 Licensed Money Lender & Legal Loan Company in Ang Mo Kio, Singapore
Our authorised money lender company’s approval rate is as high as 99%.
Interest rates from 0% to 3.92% per month from a trusted licensed money lender
Personalised loan solutions from a reliable money lender in Singapore
No hidden fees or charges with our legal money lender services
Established Licensed Money Lender Since 2013
A prominent loan company in Singapore, we have over a decade of experience in the money lending industry.
Tailored Loan Solutions by a Trusted Money Lender
We pride ourselves on actively listening to your needs and concerns before offering personalised money lender loan solutions.
100% Legal and Licensed Money Lender in Singapore
We are registered with the Ministry of Law and fully comply with the Registry of Moneylenders’ laws and regulations. As a legal loan company in Singapore, you can rest assured that our lending practices are transparent and fair.
Authorised Ang Mo Kio Money Lender in Central Singapore
We are a licensed money lender in Ang Mo Kio Central you can trust. Our stellar customer satisfaction ratings are a testament to our commitment as a trusted money lender in Singapore.
Established Licensed Money Lender Since 2013
A prominent loan company in Singapore, we have over a decade of experience in the money lending industry.
Tailored Loan Solutions by a Trusted Money Lender
We pride ourselves on actively listening to your needs and concerns before offering personalised money lender loan solutions.
100% Legal and Licensed Money Lender in Singapore
We are registered with the Ministry of Law and fully comply with the Registry of Moneylenders’ laws and regulations. As a legal loan company in Singapore, you can rest assured that our lending practices are transparent and fair.
Authorised Ang Mo Kio Money Lender in Central Singapore
We are a licensed money lender in Ang Mo Kio Central you can trust. Our stellar customer satisfaction ratings are a testament to our commitment as a trusted money lender in Singapore.
See Why Customers Choose Us as Their Trusted Licensed Money Lender
Our Legal Money Lender Office Conveniently Located in Ang Mo Kio
Our Legal Money Lender Office Conveniently Located in Ang Mo Kio
Types of Licensed Money Lender Loans
As an authorised private money lender in Singapore, Dio Credit offers a variety of loans to suit different needs:
Our Legal Loan Features and Benefits
Low interest rate:
From 0% to 3.92% per month
Loan approval time:
Just 15 minutes
for new customers
and
5 minutes
for returning customers
Unsecured loan:
No need to pledge collateral
Who Can Apply for a Loan with Licensed Money Lenders in Singapore?
- Singaporeans, PRs, and foreigners
- At least 18 years old
- Must have proof of consistent income
- Borrowers seeking urgent loans from a fast money lender in Singapore
- Borrowers with bad credit scores or poor credit history
Who Can Apply for a Loan with Licensed Money Lenders in Singapore?
- Singaporeans, PRs, and foreigners
- At least 18 years old
- Must have proof of consistent income
- Borrowers seeking urgent loans from a fast money lender in Singapore
- Borrowers with bad credit scores or poor credit history
Documents Required to Apply for a Loan from Legal Money Lenders
Singaporeans/Permanent Residents
For Full-time or Part-time Employees
- Singapore National Identity Card (NRIC)
- Latest 3 Months’ CPF Contribution Statements
- Latest 3 Months’ Computerised Payslips
For Self-Employed
- Singapore National Identity Card (NRIC)
- Latest 2 Years’ Income Tax Notice of Assessment
Proof of income (e.g. 3 months’ bank statements, computerised commission statements or income slips, etc.)
Foreigners (Full-time Employees)
- FIN (Work Permit/S Pass/E Pass)
Passport
Proof of residential address (e.g. utility bills, rental agreement, etc.)
Latest 3 Months’ Computerised Payslips
How to Apply for a Money Lender Loan with Dio Credit
Enjoy quick loan approval and disbursement with Dio Credit, a legal loan company in Singapore.
Enjoy quick loan approval and disbursement with Dio Credit, a legal loan company in Singapore.
FAQs on Licensed Money Lenders in Singapore
What exactly are licensed private money lenders in Singapore?
A licensed money lender is a business authorised by Singapore’s Ministry of Law to lend money to Singapore Citizens, Permanent Residents, as well as Foreigners with valid Work Passes. Authorised money lenders in Singapore must follow all rules and regulations set out by the Ministry of Law, and adhere to the Moneylenders Act.
Legalised money lenders in Singapore are also subject to additional layers of regulation from the Moneylenders Credit Bureau (MLCB). The Ministry of Law has designated Credit Bureau Singapore to operate MLCB, which contains information on borrowers’ loan and repayment records with all licensed money lenders in Singapore.
When you apply for a loan from a trusted money lender in Singapore, the money lender will have to check your existing loan records with other local money lenders. This is done through purchasing an MLCB report and this process of checking your existing loan records is required by the law. This way, legitimate money lenders can ensure that the approved loan amount does not exceed the borrower’s overall loan limit.
What are the advantages of borrowing from legal online money lenders in Singapore?
Quick approval
Fast money lenders in Singapore often approve loans in under 30 minutes, especially when all necessary documents are ready.
Streamlined application process
Legalised money lenders prioritise efficiency, offering quick responses and personalised service, which results in a smoother and faster loan application experience.
Lower minimum income requirement
Unlike banks, licensed private money lenders may offer loans to individuals with an annual income below S$20,000, so they are accessible even for those with lower incomes.
Bad credit history won’t be a deal breaker
Getting turned away from banks because you defaulted on your loans in the past? Trusted money lenders in Singapore will give you a second chance after a detailed consultation. While all licensed lenders do credit assessments, there are many money lenders that offer loans with no credit score checks, as well as loans for bad credit.
Secured vs unsecured loans: Which is better when borrowing from registered online money lenders in Singapore?
While fast licensed money lenders online usually provide a wide variety of loans, you need to first understand the difference between secured and unsecured loans.
Secured loans are backed by the borrower with assets such as a house or a vehicle. These assets are also known as ‘collateral’. Secured loans typically feature lower interest rates, a higher loan principal amount, and a longer tenure. Examples of secured loans include home and vehicle loans. However, should you default on your loan, you may lose your collateral.
Unsecured loans, on the other hand, do not require any collateral and typically feature higher interest rates, a lower principal amount, and a shorter tenure. Examples of unsecured loans include personal loans and payday loans from money lenders.
How much can you borrow from a legal money lender in Singapore?
Secured Loans
For secured loans, borrowing limits are governed by regulations like the Total Debt Servicing Ratio (TDSR), Mortgage Servicing Ratio (MSR), and Loan-to-Value (LTV) limits:
- TDSR: The first metric is the borrower’s TDSR, which applies to property and car loans. TDSR is a fraction of the gross monthly income from a borrower that is utilised to service all their loans, and its maximum is 55%.
- MSR: The second metric is the borrower’s MSR, which is applicable for HDB and Executive Condominium (EC) loans. MSR is a fraction of the gross monthly income from a borrower that is taken to repay their property loans for HDB flats and ECs, and its maximum is 30%.
- LTV Limits: Lastly, we have the LTV limit, which is applicable to car loans. LTV is the amount of loan expressed as a portion of the purchase price of the motor vehicle. That amount cannot exceed 60-70%, depending on the open market value (OMV) of your vehicle.
Unsecured Loans
The maximum amount you can borrow from licensed money lenders depend on your annual income and nationality:
- For incomes under S$10,000, the maximum loan is S$3,000 (for Singaporeans and Singapore PR) or S$500 (for foreigners).
- For incomes between S$10,000 and S$20,000, the cap is S$3,000.
- For incomes above S$20,000, you can borrow up to six times your monthly income.
How are the licensed money lender interest rates computed?
Licensed money lenders in Singapore must follow strict guidelines set by the Ministry of Law, capping interest rates at 4% per month. These lenders use a reducing interest rate method, meaning the interest decreases as you repay the loan, unlike a flat interest rate that remains constant throughout the loan term.
| Month | Payment Amt (S$) | Interest (S$) | Principal (S$) | Balance (S$) |
|---|---|---|---|---|
| 1 | 572.29 | 120 | 452.29 | 2547.71 |
| 2 | 572.29 | 101.91 | 470.38 | 2077.33 |
| 3 | 572.29 | 83.09 | 489.20 | 1588.13 |
| 4 | 572.29 | 63.53 | 508.76 | 1079.37 |
| 5 | 572.29 | 43.17 | 529.12 | 550.25 |
| 6 | 572.29 | 22.01 | 550.25 | 0 |
Say you borrowed S$3,000 to be repaid over six months with an interest rate of 4% per month. The total reduced balance interest you will be paying is S$433.71, and not S$720 (if it is a flat interest rate calculation). The interest you pay every month decreases with each instalment paid.
If you make a late repayment to a licensed money lender, no more than 4% late interest per month and a late payment fee of no more than S$60 per month can be charged on the amount that is repaid late. Also, do take note that all charges – from the interest to late fees and processing fees – cannot exceed the loan principal amount.
Verify if your money lender is legal: How to check a money lender’s licence?
To ensure you’re dealing with a legitimate money lender, check if they are listed in the Ministry of Law’s registry. The list, updated regularly, includes details such as company names, addresses, phone numbers, and licence numbers, which you can use to verify the lender’s legitimacy.
Next, be cautious of how the money lender advertises its loans. Legal lenders cannot solicit business through unsolicited calls, text messages, or social media. They can only advertise through approved channels like their website or physical ads at their registered office.
Finally, even if applying online, licensed money lenders require an in-person meeting for identity verification. When visiting their office, ensure their licence is displayed, as all legitimate money lenders must show it prominently.
Can money lender reviews help you find the most suitable licensed money lender?
Check the background and reviews of the registered money lender
Research the licensed money lender online and read their reviews such as Google Reviews. Prioritize genuine feedback and watch for any warning signs, such as complaints or indications of illegal practices.
Assess if the interest rate and loan terms are suitable for you
Ensure that the interest rates and loan terms align with your financial situation. A longer tenure may lower monthly payments but increase the total interest paid. If you can afford higher monthly payments, a shorter tenure will help you pay off the loan faster and reduce interest.
Communication
Evaluate the communication and respect shown by the loan officer. A strong, clear relationship is essential for managing stress and receiving the necessary support if you face challenges during the repayment process with the licensed money lender.
What can I do if my loan application is rejected?
Find a guarantor
A guarantor with a strong credit history can boost your chances of approval by reassuring the lender about repayment.
Apply for a secured loan
Offering collateral for a secured loan reduces the lender’s risk, making approval more likely.
Get consistent income
Stable income, even from side jobs or business profits, can improve your chances of loan approval.
Don’t juggle multiple loans
Pay off existing loans before applying for a new one to show your ability to manage debt.
What should I do if the money lender claims I did not repay my loan?
Check your payment records
Review receipts for each repayment, ensuring they are accurate and show the outstanding amount. If you paid in cash, insist on receiving a receipt. Also, ask for Statements of Accounts (SOA) to track payments and outstanding balances.
Check your bank account’s records
If you paid via bank transfer, check your bank records for proof of payment to the licensed money lender’s registered account. This can serve as sufficient evidence.
Discuss with the licensed money lender
Contact the licensed money lender and request a meeting with a loan officer. Present your payment records and calmly discuss the issue to identify any potential miscommunication. If needed, ask for clearer receipts for future payments.
What if you’re unable to pay back money lenders in Singapore?
Firstly, you can request an extension of your instalment’s deadline. Explain sincerely and truthfully your situation to your money lender, and negotiate with them to come up with an extended payment deadline. Do ensure that this new deadline is derived through proper financial planning and that it can be met.
Next, if you are unable to repay your debts and are under a lot of stress to accrue the funds required, you can also seek help from social service agencies as recommended by the Ministry of Law. These agencies can provide general credit management help and credit counselling, and they may also be able to help you negotiate a debt repayment plan with your creditors.
Lastly, if your debt has exceeded S$15,000 and you are repeatedly defaulting despite payment extensions, you can file for bankruptcy. While this is an absolute last resort that no one wants to use, bankruptcy stops the accumulation of loan interest and prevents legal proceedings from being carried out against you. That said, the consequences of bankruptcy can be severe and long-term.
What are some things to note before borrowing from licensed money lenders in Singapore?
Abide by the loan contract’s terms
Always comply with the loan contract to avoid penalties. Missing payment deadlines can result in late interest charges, late payment fees, or even legal action.
Know what happens when you default
If you default on your loan, the licensed money lender can hire debt collection agencies, who may send a Letter of Demand (LOD) to your residential address or workplace to demand that you return the money owed to them. They can also visit you at these places so that you are more pressured to repay what you owe.
Read the fine print before signing the loan contract
Carefully review the terms and conditions in the loan contract before signing. Failing to do so may result in unexpected fees or higher interest rates that could increase your total repayment.
Stay clear of illegal money lenders
Avoid loan sharks or unlicensed lenders, even if their offers seem attractive. They may lead to scams, unfairly high interest, or legal trouble.
Consider borrowing from the bank first
While licensed money lenders offer quick approval, banks often have lower interest rates. However, if you need fast cash or have a poor credit score, licensed money lenders may be more flexible in approving your loan.
How to deal with licensed money lender harassment?
Licensed money lenders are prohibited from engaging in common harassment tactics unlicensed lenders use. They cannot:
- Send excessive SMS or repeatedly call to harass you.
- Contact or visit you at odd hours, including at home or work.
- Loiter around your residential or workplace to intimidate you.
- Make threats
If you experience such licensed money lender harassment, take the following actions:
- Call the police and provide details of the incident, including the time and location.
- Report the lender to the Credit Association of Singapore (CAS).
- Report the lender to the Ministry of Law.
Read more tips to prevent money lenders’ harassment.