Understanding More About Licensed Moneylenders

1What is a Licensed Moneylender?
A Licensed moneylender is a company or organisation that is registered with and is issued a moneylender licence by the Registry of Moneylenders, Ministry of Law. As a licensed moneylender, we are bound by the law and regulation established by the Ministry that regulates various aspects of the business to protect both the borrower and the moneylender.
2What is the difference between a Licensed Moneylender and a Bank?
Generally a bank requires customers to have a strong credit history or collateral before giving a loan. However, this process usually takes time, which means it might not be a suitable avenue to access emergency funding.
3Why you should never consider borrowing from an Unlicensed Moneylender (Loan Sharks)?
Loan Sharks are not bound by Law. It is illegal to lend money without a license and by borrowing money from them, you are not protected under the law. Borrowing from Loan Sharks carry far more implications like continual threats, and harassment not just to you, but to your loved ones as well.
4How do I know whether a Moneylender is licensed or not?
You can verify whether a money lender is licensed or not by checking the Government’s list of licensed moneylenders here.
5What you should consider before taking a loan
At Credit Xtra, we are here to assist you in managing your financial needs. Before applying for a loan, you can consider a few things:
  • Only take a loan that you can repay comfortably without hurting your future financial condition.
  • Make sure you feel comfortable with the moneylender. A good moneylender will be professional, respectful, and transparent and happy to answer any of your questions.
  • Get all the information, avoid moneylenders that won’t be upfront with you. Make sure that you understand everything before you sign the agreement.

Applying for a Loan

1How do I apply for a loan?
Loan applications can only be done in-person. Please do not hesitate to Make an Appointment with us, and we will schedule a meeting with you.
2Which loan product is suitable for me?
Each of our loan products are tailored to suit different needs and situations of each individual. We have outlined the differences of our products here. Feel free to contact our friendly consultant at 6338-8829.
3What are the documentation required?
Depending on the loan product, you will need to provide us with different documentation. Your documents will allow us to help you tailor a loan plan and prepayment that you can comfortably handle, thus it won’t hurt your long term financial capability
4Do I have to have perfect credit?
Our loan solutions are designed to help those with less-than-perfect credit, and even those with no credit at all. It’s all about building and maintaining a credit history with us. Our consultants will be happy to assist you to find the right loan option, even if you were turned down by other lenders in the past.
5How much can I borrow?
The amount of money that you can borrow is regulated by the Moneylenders Act.

Interest Rate & Fees

1What is Credit Xtra’s prevailing interest rate?
Starting from 1 October 2015, Credit Xtra will charge a maximum 4% interest rate monthly. This maximum rate is applicable to all of our loan products.
The interest will only be compounded on outstanding principal amount that still remains, after previous payment(s).
If you are uncertain, Contact Us to speak to one of our friendly consultants.
2What is Credit Xtra’s prevailing late interest rate?
If you failed to make payment on time, Credit Xtra has the right to impose a late interest rate of maximum 4%, applicable on top of the amount that you have to pay in that particular month. If you are uncertain, , Contact Us to speak to one of our friendly consultants.
3What are the fees related to borrowing from Moneylenders?
Starting from 1 October 2015, there are several fees and charges that are chargeable by moneylenders.
  • A fee not exceeding SGD 60 for each month of late repayment
  • A fee not exceeding 10% of the principal of the loan when a loan is granted
  • Legal costs ordered by the court for a successful claim by the moneylender for the recovery of the loan
4Things I need to understand
Do note that Credit Xtra will reserve the right to apply a lower interest monthly rate, depending on the loan product.
As part of our commitment to be transparent, we will provide all this information, and ensure that our clients understand the interest rate, charges and fees related to their loan before the signing of the loan contract.


1How can I make my repayments?
There are several payment ways that our clients can choose from:
  1. Bank transfer
  2. Cash repayment
  3. Automatic GIRO deductions on a weekly, bi-weekly, or monthly basis at your convenience
Our consultants will be happy to assist you in creating payment plans that are affordable and appropriate for you.
2What if I can’t repay my loan on the due date?
Delaying your repayment might incur additional costs and charges, and affect your credit standing with us. To avoid this, please contact our consultants to discuss the possibility of a loan extension or set up another payment plan.
3Can I make early repayments of my loan?
Yes you can. Simply contact one of our friendly consultants at 6338-8829 or email us if you want to make an early repayment. Contact Us to discuss your options today.
4Once I pay off my loan, when can I receive another loan?
You can apply for another loan as soon as we can confirm that you have made full payment of your previous loan.