Licensed Moneylenders In Woodlands

If you live in Woodlands and are considering borrowing from a licensed moneylender, you will find a good number of options available in this northern neighbourhood of Singapore. As of 2025, there is only one licensed moneylender operating in Woodlands, HS Credit. This is the only lender regulated under the Ministry of Law’s Registry of Moneylenders, ensuring borrowers are protected by clear rules and transparent practices.

Licensed moneylenders typically charge interest rates between 1% and 4% per month. This spread is in line with national regulations, which cap the maximum interest rate a licensed moneylender can charge at 4% monthly. Beyond interest, administrative fees are also regulated and cannot exceed 10% of the principal loan amount. No matter which lender you approach, always verify their licence status on the Ministry of Law’s official website before proceeding.

In Woodlands, HS Credit is currently the only licensed moneylender, making it the sole regulated option for residents seeking safe and legal borrowing.

The Ministry of Law defines loan limits as follows:

>> MORE: What is unlicensed money lending

1. Gather required documents: Prepare your NRIC, proof of income and proof of residence (e.g., recent utility bills). Foreigners must also provide a valid employment pass and proof of current Singapore address.

2. Select a licensed moneylender: Confirm the moneylender's legitimacy by checking the Ministry of Law's Registry of Moneylenders before proceeding.

3. Submit your application: You can apply online or in person at the moneylender's office. They will verify your documents and explain the loan terms.

4. Review the loan agreement: Licensed moneylenders are required to go over the contract details with you. Ensure you fully understand the repayment schedule, interest rate\ and any associated fees.

5. Finalise the loan: Once you agree to the terms, sign the contract. The approved loan amount will then be disbursed to you.

Always check the Ministry of Law’s Registry of Moneylenders website. Only those listed are permitted to operate. Also, note that licensed moneylenders are permitted to advertise only through these three channels: 

1. Business or consumer directories (in print or online media)

2. Websites belonging to the moneylender

3. Advertisements placed within or on the exterior of the moneylender’s business premises

Avoid lenders that advertise through SMS, cold calls, or social media messages, as these are unlicensed and illegal.

Yes, as long as you borrow from licensed moneylenders. The Ministry of Law regulates interest rates, fees, and repayment terms. Borrowers are protected from harassment and unfair practices. However, it is still important to borrow responsibly and only within your means.