Licensed Money Lenders in Singapore

According to the Money Lenders Act Singapore, licensed money lender in Singapore are allowed to advertise their services publicly as long as they comply with the law.

licensed-money-lender-singapore

 

As this group of companies loan out to risky customers who have a higher tendency to default (after all the debtors are often users who have short term financial problems), interests rates are higher than banks in most cases.

Interestingly, there is an article in Asiaone which interviews a licensed money lender about his business and some of the problems he faces. You can read more about it here.