Winz Credit Review Singapore 2025

Winz Credit Pte Ltd is a licensed moneylender with their main office in Chinatown and a branch office in Clementi. They have been lending to borrowers from all over Singapore for more than 10 years. Like all licensed moneylenders in Singapore, they are regulated by the Ministry of Law. This means they are subject to strict rules that run the gamut from maximum loan amounts to interest rates.

>>  Learn:  Pros and cons of borrowing from banks vs. licensed moneylenders

Winz Credit offers a variety of loans, including:

• Personal loans

• Business loans

• Medical loans

• Debt consolidation loans

• Home renovation loans

• Funeral loans

As a general rule, you can take out a personal loan and use it for any purpose, as long as repayments are made on time. This means that your personal loan can fulfil multiple purposes, such as paying for unexpected medical expenses, servicing your mortgage and credit card debt. There is no restriction on what you can use your loan for, once your funds have been disbursed to you.

Banks are regulated by the Monetary Authority of Singapore, while licensed moneylenders are regulated by the Ministry of Law. As lenders, they are both incentivised to lend to borrowers they are reasonably certain will be able to repay their loans. For banks, this translates to prioritising lenders with good credit scores, whereas licensed moneylenders care more about stable employment. For this reason, people with bad credit scores or insufficient credit history may find it difficult to secure personal loans from a bank.

As you can see, annual interest rates on personal loans from licensed moneylenders can be a lot higher than rates offered by banks. Before you commit to borrowing from a licensed moneylender, it’s worth considering either taking out a secured loan or taking steps to improve your credit score over time. Once your credit score is hovering above 1,723, you can try applying for personal loans from banks again.

If you have an annual income of at least S$20,000, the maximum amount you’ll be able to borrow will be 6 times your monthly income. For people with an annual income of less than S$20,000, the maximum loan amount they are eligible for is S$3,000—if they also happen to be a Singapore citizen. If the borrower is a foreigner residing in Singapore, the total permissible loan amount gets reduced to just S$500. Note that this is a Ministry of Law regulation that applies to all licensed moneylenders, not just Winz Credit.

Another major regulation licensed moneylenders have to follow concerns interest rates. According to the Ministry of Law, the maximum monthly interest rate licensed moneylenders are allowed to charge is 4%. Though this may not sound like much, note that this operates on the basis of compound interest. This means that a personal loan of S$20,000 with a tenure of 1 year will cost you S$5,572.48 in interest alone! For comparison, a loan of the exact same amount and tenure with an interest rate of 1.99% p.a. (EIR 5.47% p.a.) will only cost you $598 in total interest.