Are you searching for a reliable and trustworthy licensed moneylender in Singapore? Look no further than Magnus Credit Pte Ltd. With our commitment to integrity, transparency, and customer satisfaction, we've established ourselves as a leading name in Singapore's moneylending industry since 2009.
In Singapore's financial landscape, choosing a licensed moneylender is crucial for your financial security and peace of mind. Here's why :
With over a decade of experience since our establishment in 2009, we’ve had the privilege of helping thousands of Singaporeans and foreigners meet their financial needs.
Throughout the years, we’ve refined our approach, continuously adapting to the evolving market to offer the most effective and tailored solutions.
Our long-standing presence in the industry speaks volumes about our dedication to delivering reliable services and maintaining high levels of customer satisfaction.
It’s a reflection of the trust we've earned and the lasting relationships we've built with our clients.
We understand that financial needs vary from person to person. That's why we offer a wide range of loan products tailored to different requirements:
As a licensed moneylender, we are fully committed to adhering to the interest rate caps set by the Ministry of Law, ensuring that our practices are transparent, fair, and in line with regulatory standards.
However, we believe in going above and beyond the minimum requirements. That's why we offer some of the most competitive rates in the market, designed to make borrowing more accessible and affordable.
Our goal is to provide our clients with financial solutions that meet their needs without the burden of excessive costs.
Whether you're facing an emergency or planning ahead, we strive to offer financial support that helps you achieve your goals with confidence and peace of mind.
We understand that when you need funds, time is often of the essence. That's why we've streamlined our loan approval process:
As a licensed moneylender, transparency is at the core of our operations:
Our team of experienced loan officers is committed to providing you with top-notch service:
Fill out our online application form with your basic details and loan requirements.
Provide the necessary documents, such as proof of income and
identity.
Our team will
quickly assess your
application and creditworthiness.
Upon approval, we'll present you with a loan offer detailing the terms and conditions.
Visit our office to sign the loan contract and complete the necessary
paperwork.
Once everything is in
order, we'll disburse the funds to you
promptly.
As a responsible licensed moneylender, we encourage smart borrowing practices:
Borrow only what you need and can afford to repay.
Understand all terms and conditions before signing any loan agreement.
Plan your repayments and stick to the schedule to avoid additional charges.
Communicate with us proactively if you face any difficulties in repayment.
As a borrower, it's important to be aware of your rights and the regulations governing moneylending in Singapore :
When you choose Magnus Credit as your licensed moneylender in Singapore, you’re opting for a partner who values your financial well-being. We’re not just here to provide loans; we’re here to offer financial solutions that empower you to achieve your goals and overcome financial challenges.
With our combination of competitive rates, transparent practices, and customer-centric approach, we’ve earned the trust of countless satisfied clients. Whether you’re looking to fund a business venture, manage personal expenses, or navigate a financial emergency, Magnus Credit is here to support you every step of the way.
Ready to experience the difference of borrowing from a trusted licensed moneylender? Contact Magnus Credit today at +65 6338 9891 or visit our office to discuss how we can tailor our loan solutions to meet your unique financial needs.
Remember, at Magnus Credit, we believe in “The Smart Way to Borrow: Lending with Integrity, Borrowing with Confidence.” Let us be your partner in achieving financial success and peace of mind.
Whether for a planned purchase or extra funds, a personal loan offers the flexibility to meet your financial needs.
Whether it’s a planned purchase or extra cash, a personal loan offers the flexibility to manage your expenses.
Need a financial boost until your next paycheck? A payday loan can help you manage urgent expenses with ease.
As an expat in Singapore, if you need quick emergency cash, our hassle-free loan application makes it easy.
Whether expanding, managing cash flow, or investing in equipment, our business loans provide the support you need to thrive in Singapore's market.
Our Grab/Gojek loans offer flexibility to upgrade, maintain your vehicle, or manage cash flow in Singapore’s ride-hailing market.
A personal or debt consolidation loan offers flexibility to manage expenses or consolidate debt into one payment.
With our renovation loans, you can transform your home without tapping into savings or resorting to high-interest credit cards
Make your dream wedding a reality with our flexible wedding loans.
You should keep these key points in mind:
Before approaching a moneylender, consider other alternatives, such as the various financial assistance schemes offered by various Government agencies. You may contact the agencies to find out more about their schemes.
You are legally obliged to fulfil any loan contract you enter into with a licensed moneylender.
Consider whether you are able to abide by the contractual terms, bearing in mind your income and financial obligations. Borrow only what you need and are able to repay. Be mindful that if you are unable to meet the contractual terms, the late payment fees and interest payment will be a financial strain not just on yourself but also on your family.
The law requires moneylenders to explain the terms of a loan to you in a language you understand and to provide you with a copy of the loan contract. Make sure you fully understand the terms of the contract, in particular, the repayment schedule, the interest rate charged and the fees applicable.
Consider carefully before agreeing to any contractual term which allows a moneylender to lodge a caveat on the sale proceeds of your real estate property upon default of the loan repayment. When a caveat is lodged against your property, you will not be able to sell it without first repaying the moneylender in full. If the repayment is taken from the net proceeds from the sale of the property, it can wipe out all or a substantial portion of the proceeds.
You should shop around different moneylenders for the most favourable terms. You should not rush into and commit yourself to a loan until you are satisfied with the terms and conditions.
For secured loans, you can obtain a loan of any amount. For unsecured loans, please refer to the table below for the total maximum amount that you may borrow at any time across all moneylenders in Singapore:
Borrower’s annual income | Singapore Citizens and Permanent Residents | Foreigners residing in Singapore |
Less than $10,000 | $3,000 | $500 |
At least $10,000 and less than $20,000 | $3,000 | |
At least $20,000 | 6 times monthly income | 6 times monthly income |
With effect from 1 October 2015, the maximum interest rate moneylenders can charge is 4% per month. This cap applies regardless of the borrower’s income and whether the loan is an unsecured or secured one. If a borrower fails to repay the loan on time, the maximum rate of late interest a moneylender can charge is 4% per month for each month the loan is repaid late.
The computation of interest charged on the loan must be based on the amount of principal remaining after deducting from the original principal the total payments made by or on behalf of the borrower which are appropriated to principal. [To illustrate, if X takes a loan of $10,000, and X has repaid $4,000, only the remaining $6,000 can be taken into account for the computation of interest.]
The late interest can only be charged on an amount that is repaid late. The moneylender cannot charge on amounts that are outstanding but not yet due to be repaid. [To illustrate, if X takes a loan of $10,000, and fails to pay for the first instalment of $2,000, the moneylender may charge the late interest on $2,000 but not on the remaining $8,000 as it is not due yet.]
With effect from 1 October 2015, all moneylenders are only permitted to impose the following charges and expenses:
a fee not exceeding $60 for each month of late repayment;
a fee not exceeding 10% of the principal of the loan when a loan is granted; and
legal costs ordered by the court for a successful claim by the moneylender for the recovery of the loan.
The total charges imposed by a moneylender on any loan, consisting of interest, late interest, upfront administrative and late fee also cannot exceed an amount equivalent to the principal of the loan. [To illustrate, if X takes a loan of $10,000, then the interest, late interest, 10% administrative fee and monthly $60 late fees cannot exceed $10,000.]
Do not borrow from unlicensed moneylenders. Verify that a moneylender is licensed by checking the list of licensed moneylenders. Click here to access the list of licensed moneylenders.
Notwithstanding that the moneylenders are licensed, be mindful if they:
Use abusive language, or behave in a threatening manner towards you.
Ask for your SingPass user ID and/or password.
Retain your NRIC card or any other personal ID documents (e.g. driver’s licence, passport, work permit, employment pass or ATM card).
Ask you to sign on a blank or incomplete Note of Contract for the loan.
Grant you a loan without giving you a copy of the Note of contract for the loan and/or without properly explaining to you all the terms and conditions.
Grant you a loan without exercising due diligence (e.g. approving a loan over the phone, SMS or email before even receiving your loan application form and supporting documents, such as the income tax assessment and payslips).
Withhold any part of your principal loan amount for any reason.
Such practices are not acceptable. If you encounter them, you should report the moneylender to the Registry of Moneylenders, with information such as the moneylender’s business name, licence and contact numbers. Please see Question 10 for more details.
To find out more about unlicensed moneylenders, you may click on this link: Unlicensed Moneylending
Under the advertising rules, which took effect on 1 November 2011, licensed moneylenders are permitted to advertise only through these three channels: (a) business or consumer directories (in print or online media); (b) websites belonging to the moneylender; and (c) advertisements placed within or on the exterior of the moneylender’s business premises. All other channels are prohibited.
In this regard, the advertising rules can help you differentiate between licensed and unlicensed moneylenders. If you receive flyers, SMSes, emails or other forms of advertisements which are not permitted under the rules, these would be from either licensed moneylenders operating in violation of the rules, or unlicensed moneylenders. Hence, you are advised not to respond to such advertisements. Instead, you should report the advertisements to the Registry at 1800-2255-529 (airtime charges may apply to calls made from mobile phones to ‘1800’ local toll-free numbers) or via our website. Errant licensed moneylenders will be investigated by the Registry and unlicensed moneylenders will be investigated by the Police.
You are advised to seek clarifications on specific terms of the loan contract before signing up with a licensed moneylender, and not to rely solely on the content of advertisements from the moneylender.
You should ensure that:
You understand your responsibilities as a surety;
You receive a copy of the Note of Contract at the time that the loan is granted to the borrower;
The moneylender has explained the terms in the Note of Contract in a language that you understand; and
The moneylender does not keep your NRIC card or any other personal ID documents (e.g. driver’s licence, passport).
The moneylender does not acquire any information that contains passwords to your user accounts (e.g. Singpass account, Internet banking account, email account).
Make sure the moneylender delivers to you the correct principal amount of the loan. The moneylender is only permitted an upfront deduction of a loan approval fee of up to 10% of the principal amount.
Pay the loan instalments on time to avoid incurring late payment fees and late interest.
Make sure the moneylender issues to you a receipt every time you make any repayment towards your loan, and check it for correctness (e.g. name, amount, date).
Make sure you receive a statement of account for all your loan(s) at least once every January and July, and check it for correctness (e.g. name, amount, date); and
You should retain all statement of accounts and receipts of payments, as documentation and evidence of payments.
You can contact the Registry at telephone number: 1800-2255-529 (airtime charges may apply to calls made from mobile phones to ‘1800’ local toll-free numbers).
Rest assured that the Registry will not disclose your details to the moneylender without your consent. To facilitate the Registry to investigate your complaint, you may need to attend an interview with our officers and provide us with all relevant information and documents related to your loan transactions and circumstances of your dealings with the moneylender. The Registry views complaints against moneylenders seriously and will investigate them thoroughly. Errant moneylenders will be taken to task.
If a moneylender has engaged in an unfair practice towards you, you can pursue the matter through the Small Claims Tribunal or the Court under the Consumer Protection (Fair Trading) Act. The Court also has the power to set aside loan transactions that are exorbitant or substantially unfair.
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