We have moved! QV Credit is now 118 Credit as of 14 January 2022

Please find the same information and friendly customer service team over at our new website.

Licensed Loan Agency in Singapore for all your needs

A licensed money lender is here for you when you are in financial distress and have no one to turn to.


At QV Credit, we understand that it can be frightening to be in an unexpected situation. We also know it can be confusing with so many things to worry about.


Although we assess your basic documents for regulatory purposes, we don’t have strict credit checks on your history.


Finally, we always structure a flexible repayment schedule to make loan borrowing accessible, affordable and hassle free.


Legal money lenders also adhere to regulations set by the Ministry of Law. On the other hand, an unlicensed money lender is not bound by the moneylenders act and rules so they will likely impose a very high interest rate. In fact, it is illegal to even borrow from them!

Ways to Distinguish Licensed Money Lender from Unlicensed Ones

Each day, many people are looking for a solution to their cash problems. This can be complicated if you do not know which loan provider is right and what they will offer in terms of lending rate or lending amounts permitted on your behalf.


There’s no need to panic, because we’ve compiled some key points that may assist differentiate licensed Money loan providers versus unlicensed money lenders.

1. Singapore’s Law on Interest and Late Payment Rates for Money Lenders

Licensed money lenders are legally prohibited from asking for more than 4% monthly interest on their loans. If you fail to pay back your loan by the due date, then they can only bill a late fee of up to 4% per month, no additional fees!

2. Your Loan Contract Terms and Conditions

Lending contracts in Singapore need to be authorized by both individuals before any contract is signed. The terms and conditions of your contract will depend on what you’re borrowing, yet usually it includes information like monthly payment durations or interest rates as well details pertaining to the loan itself.


There are numerous unlicensed cash loan providers available that do not offer agreements and will definitely send PDF documents via SMS or WhatsApp just to get you to pay a down payment before they approve your loan. This is part of their fraud so see to it not fall prey. There’s no fees required for an approval by a licensed loan provider.

3. Promotion and Advertising

Licensed money loan providers in Singapore have a range of restrictions when it involves marketing their solutions. They are only allowed to advertise via company or consumer directories, sites belonging to the licensed lender’s business as well as advertisements put on or near where they make sales such that all prospective clients can easily discover them without excessive trouble.


Keep in mind, if you see an advertisement for cash offering services on TV or online or through SMS which provide “cheap and fast” loans but are actually illegal in Singapore then don’t be misled by their claim that they can help out with your emergency situation needs. These lenders may claim anything to get a client’s business – so make sure to do research before providing any information!

4. Threat and Intimidation

Licensed cash loan providers never intimidate, blackmail or threaten to damage your property. They are a professional solution that provides you with cash in an emergency and does not tolerate abusive practices such as vandalism!

5. Loanable Amount

In Singapore, there’s a restriction on how much you can borrow for unsecured personal loans.
Yearly income Singapore Citizens and Permanent Residents Foreigners residing in Singapore
Less than S$ 10,000 S$ 3,000 S$ 500
S$ 10,000– S$ 20,000 S$ 3,000 S$ 3,000
S$ 20,000 and above 6 times of monthly income 6 times of monthly income

Source: Ministry of Law.


Any money loan provider that offers a total amount more than the limitation set by the Ministry of Law is probably illegal.

Things to Consider Before Taking up a Loan

taking up a loan

What are you using the loan for and is it necessary to take out a loan?


We always encourage our clients to spend within your means. But if you have an existing, high interest debt to pay off or have urgent bills to pay, using a loan from a licensed money lender as a form of debt consolidation would make sense.


Check your credit score online via Credit Bureau or Money Lenders Credit Bureau (MLCB) to get a sense of your credit rating.


Next, consider your ability to repay the principal loan amount and its interest payment. Do you have any other financing solutions? As much as a loan is meant to help tide you through your financial difficulty, it still needs to be repaid at some point. If this is an ongoing cycle that you feel burdened by then you may want to consider professional advice or counseling.


If you’ve determined that you can handle that, here are some other considerations:

  1. Are you borrowing from a bank (and do you qualify) or are you borrowing from a moneylender (and are they a licensed and legal money lender recognised by the Registry of Moneylenders)
  2. What type of loan are you looking for
  3. What is the loan amount you require
  4. What is the interest rate (remember to calculate the EIR too)
  5. What is the loan tenure and what are the loan terms
  6. Remember to include payment fees into your calculation (and factor in late fee or late interest charges if you feel you might be unable to repay the loan on time)
  7. Read the Advisory for Borrowers on Licensed Moneylending for further suggestions.

Amount that you can borrow

Licensed money lenders are bound by consumer protection rules and MAS regulations. Here are some basic cash loan requirements they have to adhere to.


Secured Loan:

  • No Restriction to any amounts

Unsecured Loan:

  • If your annual income is less than S$20,000 : Up to S$3,000
  • If your annual income is at least S$20,000 and more, in addition to AWS and Bonuses: Up to 6X of your monthly income

Business Loan

  • Business owners are eligible to take up a small business loan of any size between $10,000 to $300,000. The right amount depends on your business needs and the size of your company in Singapore.

Feel free to fill out our online loan application and head down to our office so we can assess the maximum amount loan amount we can disburse for your specific case.

How it works

Make an Application

Loan applications are done online in 3 easy steps, completed in 1 minute.

Wait for the response

Once the application is received, loan approvals can be as quick as 30 minutes so stand by your phone!

Collect the money

No hidden fees! Approval within 20 minutes with instant cash disbursement in our office!

Different Types of Cash Loans in Singapore

Financial advisor a couple

Here are some different loan types based on your needs that QVCredit offers.


Personal loans are short term financing for immediate personal necessities. In Singapore, loans can be taken out as personal use and are applied for by qualified people. It is a short-term means of financing immediate personal necessities. They can be taken out from anybody, be it the lesser income category or the higher income cluster of people. We will not be able to predict the future nor the problems that might occur. However, often, incidents such as unforeseen car services or medical bills to be settled for your loved ones can arise, and it is in these situations that a personal loan can support you.

To get a personal loan in Singapore, you must be at least 21 years old and have an annual income of at least S$ 30 thousand.  But this can be selective to individuals that don’t meet this requirement. The best option would then be looking into licensed money lenders instead since they aren’t bound by any regulatory bodies like MAS which means more freedom when handling finances – just make sure all potential risks involved beforehand so nothing bad happens unexpectedly.


Payday loans are short-term financial assistance for emergencies when payday is still a few days away. These low interest rate alternatives can be used as a tool in time of need, but should only last no more than two weeks at most because they’re designed specifically with this purpose – to get us through until our next earning period starts up again!

Payday loans can be a lifesaver for many people in these tough financial times. They’re also useful if you need extra cash but don’t have any other sources of income or credit available.

If you’re short on cash and need to cover the bills before payday, there’s no reason not to take out an advance loan. You can use it for any number of things like paying off medical expenses or car repairs that are due now but won’t be paid until after your next pay day rolls around!


In Singapore, business loans are available for all registered companies. Nevertheless, because some banks and organisations have more stringent loan criteria, many SMEs are positioned at a downside.

Business owners are qualified to take up a business loan in Singapore of any dimension between $10,000 to $300,000. The right business loan for you is determined by the size and nature of your company. 

Having said that, as a customer, you should be liable and use each and every single penny properly.

Fast Urgent Cash

In an emergency, a fast cash loan can be the answer to all your financial prayers.

Fast cash loans are the quick and easy way to get money when you need it most. There’s no lengthy credit check, so even people with bad scores won’t be postponed from taking a fast loan because of their low ratings! All you really need to do is apply for an urgent fast cash loan online and our power team can return to you within one hr so you can obtain your cash loan.

The following are the policies established by MAS that Licensed moneylenders in Singapore should obey regarding loans in Singapore:

  • For unsecured loans of up to S$ 3,000, borrowers must have an annual earnings of at least $10,000 to $20,000.
  • For unsecured loans going beyond S$ 3,000, customers earnings will need to go to the very least S$ 20,000 per annum

Monthly Installment

Monthly installment loans are just like personal loans. You can take out a yearlong or longer loan amount at fixed interest rate, then use it for anything you want after the funds are disbursed!

The loan has a set monthly repayment that consists of principal and interest, where the dollar value continues to be steady.

If you find yourself in need of quick cash, but want to pay it back over time with monthly installment loans instead of higher interest rates on other forms of debt such as credit cards or personal files then this might be an option for your situation.

If you’re looking to take out a loan in Singapore, make sure that the lender is licensed and regulated by the Ministry of Law. You should also check their requirements before applying for any monthly financing plans so as not be disappointed with what’s available or how much it will cost!

For unsecured loans of as high as S$ 3,000, you should earn a minimum of $10,000 to $20,000 per annum.

For unsecured loans going over S$ 3,000, you must make at least S$ 20,000 per annum.

And if you earn more than S$ 20,000, a qualified money lender can offer you a maximum loan amount of as much as 6 times your monthly salary.

Short Term

When you need cash quickly, a short term loan might be the answer. These types of unsecured financing are perfect for those who have immediate personal or even business matters that require money right away and don’t want to put up any collateral like security interests in their property which can sometimes lead them into financial difficulty.

* Do note that since this loan does not involve putting up safety, the interest rates requested can also be more than secured loans.

Although loans are not issued based upon your existing credit limit, credit rating or have strict terms preventing you from getting the funds you need, there are still some financing policies we have to comply with.

As such, the highest loan total amount you can get from moneylenders accredited by the Ministry of Law in Singapore, such as QV Credit, relies on your earnings, various other costs, and debt servicing ratio.

Detailed FAQs when finding a Legal Money Lender

Here are some of the frequently asked questions that we get from most of our clients. Do take some time browsing through and we hope you may find the answers you are looking for!

Are there compulsory requirements needed for any loan?

In order to take out a loan from any licensed money lender, you have to fulfil these requirements stated below:

  1. A Citizen or Permanent Resident of Singapore
  2. At least the age of 21 and above
  3. Must not be declared undischarged bankrupt nor any bankruptcy that is ongoing
  4. Permanently employed contributing monthly CPF
  5. Foreigners and Expats must have a Valid Work Permit or Valid Passport
  6. Self-Employed to have their Income Tax Assessment, ACRA, or Vocational License

QV Credit will need some documents to be submitted for verification purposes.


Singapore Citizen / Permanent Resident:

  • Copy of NRIC (front and back) OR
  • Copy of Passport (for Permanent Residents)

Proof of residence using any of the following documents:

  • Latest Utility bills (electricity, water, refuse collection), rates or tax bills
  • Latest Credit Card or Bank statements (including e-statement)
  • Copy of Rental Agreements showing your address
  • Latest Mobile phone statements / pay TV statements
  • Letter from Employer stating current address
  • Government issued documents stating address (e.g. IRAS, CPF, ICA)
  • Proof of current income documents
  • Copy of latest Income Tax Notice of Assessment (2 years for Self-employed); or
  • Copy of latest 1 month computerised payslip from current employer; or
  • Copy of latest 12 month CPF Contribution Statement

Moreover, according to IPTO’s regulation, all successful personal loan applications require the applicant to collect the loaned amount in cash from the licensed moneylender’s office. This is so to ensure that all paperwork required for the loan application is legal and binding between both parties.

What are the interest rates that can be charged in Singapore?

Interest rates moneylenders charge are typically slightly higher than banks, mainly because they take the risk of money lending without any collateral (which is better for customers).


Nevertheless, as a premier licensed money lender must abide by the standards and policies set by the Ministry of Law, you can count on the competitive interest rate options they offer. These rates are reasonable since there is a maximum interest rate moneylenders can apply on a borrower’s income.


So, you can be guaranteed that you will only need to repay a fair amount of money once the term of your loan is over. In the same way, there are many flexible repayment plans available. You can also check with the moneylender what their payment terms are, so you will be able to foresee the cost you need to pay at the end of the period of your loan.


As mentioned above, these items should be stated in the loan contract, and do make it a point to review the details carefully to avoid any problems in the long run with regard to legal circumstances.


*Note: There are additional late interest charges that a licensed money lender can charge for late repayment if a borrower fails to pay on time.

Are there other hidden fees and charges?

With effect from 1 October 2015, licensed moneylenders are only permitted to impose the following charges and expenses:

  • late repayment fees not exceeding $60 for each late month;
  • a fee not exceeding 10% of the granted principal loan disbursed; and
  • legal costs ordered by the court for a successful claim by the moneylender for the recovery of the loan.

Is there a way to get a loan extension if I really need one?

Yes it is possible, but we cannot guarantee you will be awarded an extension. Extensions and Refinancing will need to be done through QV Credit.


Just call our hotline and one of our experienced loan advisors will guide you through the process. We will then follow up with you on information about approval, cancellations, your future payment plan, and the possibility of extensions.


QV Credit follows the recommended code of ethics and it’s important that you contact us early to discuss your needs. If not, late payment fees will be applicable.

What should I do if I'm deciding on a provider?

There are many money lenders available in Singapore. So when choosing one for your financial concerns, it is important that you deal with one offering a reliable level of service and is flexible with your requirements.


Most importantly is checking the background of money lenders so you can avoid a loan shark or unlicensed moneylenders. Let’s be honest, not every lender can meet your standards and requirements. There are now some moneylenders known for their false and misleading advertising while others are notorious for their malpractice.

Here’s what you can do:

  1. Search for the list of licensed moneylenders in Singapore.
  2. Check out their website and see what they have to offer.
  3. Speak to the Customer Service Team over the phone. Good customer support is a great indicator!
  4. Feel free to enquire about the interest rate moneylenders offer.

After you’ve decided on a moneylender and you are approved of a loan, you will need to request for a contract that indicates information about the principal amount, interest rates, penalties, and schedule of payment.


The language used in the contract must be one that you can understand, so there will be no confusion or uncertainty as you read it. Make a copy of the loan contract and keep it to avoid any possible disputes.

Why Choose QV Credit?

Easy Application

With a simple application form, you can immediately apply for a loan with us! No interviews and scheduling of appointments are needed. Unlike traditional banks, we only require proof of personal id documents.

Approval within an Hour

You will receive approval of your application loan online within an hour. No more waiting for weeks of approval. Just fill out the loan application form here for a quick turnaround.

Licensed Provider

There are many unlicensed money lenders such as loan sharks that take advantage of borrowers with ridiculously high-interest rates. It’s crucial you only borrow from licensed money lenders recognised by various government agencies and the Ministry of Law.

Low Interest Rates

Rest assured you can get past your financial difficulties because we offer one of the lowest interest rates. You may contact one of our loan officers to get a quote and expect reasonable interest rates.

Apply for a loan now

The process is simple — just enter your basic contact information and the loan amount!

Customer Reviews & Testimonials

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We have moved!

QV Credit is now 118 Credit as of 14 January 2022

Please find the same information and friendly customer service team over at our new website.

Apply for a Personal Loan with QV Credit