Key Takeaways
- Always verify a moneylender’s licence through Singapore’s official Registry of Moneylenders before sharing personal information or agreeing to a loan.
- Compare the lender’s business name, licence details, contact information and approved place of business against the Registry to guard against impersonators.
- Licensed moneylenders must meet borrowers in person at their approved business premises before granting and disbursing a loan, so be cautious of any fully remote loan offers.
- Never transfer money upfront to secure or release a loan, and be wary of requests for Singpass credentials, banking details or unexplained fees.
- If you cannot verify a lender, stop and seek help rather than proceeding! Preserve evidence and report suspected scams or unlicensed moneylending to the appropriate authorities.
A lender can have a polished website, glowing reviews and a convincing licence number—but can you actually prove it’s genuine?
Before sharing your personal details or agreeing to a loan, verify the lender with the Registry of Moneylenders (RoM) and compare its registered details and approved business address. It is also worth reviewing the loan terms carefully before making any commitment.
This guide breaks down how to check a licensed moneylender, what details to compare and what to do if something doesn’t quite add up. Read on to find out exactly how to protect yourself and borrow safely!
What Is a Moneylender Licence in Singapore?
A moneylender licence authorises a business to carry out moneylending activities in Singapore, subject to the relevant laws and regulations. The Registry of Moneylenders, under the Ministry of Law, maintains the official list of licensed moneylenders that borrowers can use for verification.
This distinction matters an awful lot. Licensed moneylenders operate within Singapore’s regulatory framework, while unlicensed moneylending is illegal, full stop. If you’re considering private moneylenders, checking the lender against the Registry is an essential first step before proceeding.
How to Check a Moneylender Licence in Singapore
If you’re wondering how to check a moneylender’s licence details, don’t rely on what a lender tells you. Take a moment to verify the information independently through the official Registry.
Step 1: Go to the Official Registry of Moneylenders
Start with the Ministry of Law’s official Registry of Moneylenders website rather than relying solely on information provided by the lender, online reviews or social media.
Using the official source also reduces the risk of being misled by outdated information or someone pretending to represent a legitimate business.
Step 2: Find the Lender on the Licensed List
Search for the lender using its registered business name. Be careful with names that look similar, as a scammer could deliberately use one that closely resembles a genuine business’s name.
If the lender cannot be found on the official list of licensed moneylenders, do not proceed until its status has been properly verified.
It’s also worth checking the latest available Registry information rather than relying on an old screenshot, directory listing, or social media post—those may be outdated or even fake!
Step 3: Compare the Licence Details
Finding the business name is only the beginning. Compare the details provided by the lender against the Registry’s records, including its:
- Business name
- Licence number and status
- Approved place of business
- Registered telephone or landline number, where provided
- Other identifying information available from the Registry (e.g. website(s))
This is important because scammers may impersonate genuine licensed moneylenders by copying their business names or licence information.
Case in point, the company name may look completely legitimate while the phone number, website or messaging account belongs to someone else entirely.
Don’t just check the name—make sure every detail lines up.
Step 4: Check the Physical Office
Compare the address provided by the lender with the approved place of business listed by the Registry.
Licensed moneylenders must meet borrowers in person at their approved place of business to verify their identity and personal information before granting and disbursing a loan.
So, if someone claims that you can complete the entire borrowing process remotely without ever visiting the lender’s approved premises, treat the offer with serious caution.
Step 5: Verify Before Applying
Complete your checks before submitting an application or providing any sensitive personal information.
If the lender’s website, contact details, or representative don’t match the information recorded by the Registry, stop and independently verify the business.
A few extra minutes of checking can be far less costly than trying to resolve a problem after you’ve already shared your information or committed to a loan.
What Should You Check Besides the Licence?
Checking the licence is an essential first step, but it isn’t the only thing that needs to be reviewed. Once you’ve established that you’re dealing with a licensed lender, turn your attention to the loan itself.
Check the Loan Terms
Read the written loan contract carefully before signing. Pay close attention to the:
- Licensed moneylender interest rates
- Applicable fees
- Repayment schedule
- Total amount repayable
Make sure the lender explains the terms clearly and provides the required documentation before you commit.
Look Out for Unusual Requests
Be cautious if a lender:
- Asks for your Singpass password or banking credentials
- Pressures you to sign immediately
- Refuses to explain the loan terms
- Provides incomplete documentation
- Makes claims that seem inconsistent with the normal borrowing process
📝 Note: If something doesn’t feel right, don’t let urgency make the decision for you. Pause and verify!
How to Tell if a Moneylender Licence Number Is Genuine
A licence number displayed on a website, advertisement or WhatsApp message does not automatically prove that you are dealing with the licensed business itself.
As a matter of fact, scammers can easily copy information belonging to genuine lenders to make their offers appear authentic. Rather than relying on a screenshot or document sent to you, access the Registry independently and check that the licence number genuinely belongs to the same business you’re dealing with.
If someone claims to represent Credit Empire, for example, verify the business through the Registry rather than relying only on the contact details they hand you.
Long story short, the goal isn’t simply to find a licence number—it’s to confirm that the licence actually belongs to the lender contacting you.
Red Flags of an Unlicensed Moneylender
One warning sign alone may not tell you the whole story. But several appearing together should make you stop and take a much closer look.
Be particularly cautious if:
⚠️ The lender does not appear on the Registry of Moneylenders’ official list.
⚠️ Its business name or contact details do not match the Registry’s records.
⚠️ You receive an unsolicited loan offer through SMS, WhatsApp, Telegram or social media.
⚠️ You are told the loan can be completed entirely online without an in-person meeting.
⚠️ You are asked to transfer money before receiving the loan or to pay unexplained upfront charges.
⚠️ The lender requests your Singpass or banking credentials.
⚠️ You are pressured to sign immediately or threatened when you ask questions.
These signs should never be ignored. If an offer doesn’t appear to follow the requirements expected of a licensed moneylender, stop and verify it thoroughly before proceeding.
What Should You Do if You Cannot Verify the Moneylender?
If you cannot confirm that a lender is legitimate, do not proceed with the loan, period. Avoid sending money or sharing sensitive information such as your Singpass, OTPs or banking credentials.
Keep evidence such as screenshots, messages, phone numbers and payment requests. If you suspect unlicensed moneylending, report it to the Police via the i-Witness portal or by calling 999.
You can also call the ScamShield Helpline at 1799 if you’re unsure whether an offer is a scam.
Conclusion: Check First, Borrow Later
When looking for a moneylender, know that appearances can be seriously deceiving. A professional website or convincing licence number doesn’t automatically mean you’re dealing with a legitimate business.
Before borrowing, independently check the lender against the Registry of Moneylenders, compare its registered details and confirm that you are dealing with the correct business. Then take the time to fully understand the loan terms before committing.
Rather than relying on unofficial lists of blacklisted moneylenders in Singapore, use the Registry’s official records to establish whether a lender is indeed licensed.
Thinking about borrowing from a licensed moneylender? Take a few minutes to verify the lender first and review the loan terms carefully. If you’re considering Credit Empire, you can contact our team or apply for a loan once you’ve completed your checks—we’re happy to help you along the way!
FAQs About Checking a Moneylender Licence
How do I check if a moneylender is licensed in Singapore?
Check the lender against the official Registry of Moneylenders list on the Ministry of Law’s website. Don’t rely solely on information supplied by the lender.
Can I trust a moneylender’s licence number shown on its website?
It is much safer to independently check the licence number and other business details against the official Registry before proceeding. These checks don’t take up too much time anyway.
What if the moneylender is not on the Registry’s list?
Do not proceed. A lender claiming to be licensed but not appearing on the official list should be treated as a serious warning sign.
Can a licensed moneylender contact me through WhatsApp?
Licensed moneylenders are not allowed to make unsolicited loan offers through WhatsApp or other messaging platforms. If you previously contacted the lender to enquire, however, the situation is different; the lender is allowed to follow up with you via WhatsApp.
What should I do if I think a moneylender is a scam?
Do not send more money or sensitive information. Preserve evidence, report suspected unlicensed moneylending to the Police, and call the ScamShield Helpline at 1799 if you need help checking whether something is a scam.
