Trusted Licensed Money Lender
in Singapore | Legal & Reliable

Welcome to Sumo Credit
Your Trusted Money Lender in Singapore.

Are you in need of financial assistance from a legal money lender? Look no further! Sumo Credit is your trusted gateway to secure monetary solutions in Singapore. We offer reliable, fair, and transparent loan solutions tailored to your needs.

Your No.1
Licensed Online Money Lender
in Singapore

We pride ourselves as one of the go-to online money lenders in Singapore thanks to our flexibility in letting borrowers complete loan applications online, anytime, anywhere.

As a licensed money lender online, our applications can be done easily through a straightforward online application form. Enjoy the ease of convenience in your very home. Rest assured knowing that loan approval, a simple face-to-face verification and cash disbursement will be done in a jiffy for we are a fast money lender.

On top of our fuss-free online loan application process, we’ve amassed years of experience in helping borrowers from different backgrounds navigate life’s twists and turns, making us one of the most reliable money lenders in Singapore.

Experienced and dedicated, we’re a legal money lender in Singapore with loan solutions specially crafted for helping businesses and individuals alike — we’re thrilled to be part of your journey towards financial freedom.

happy woman checking best Legal Money Lender in Singapore

As seen on

CNBC
Financial Times
Forbes
Yahoo! Finance
CNNMoney

Why Choose Sumo Credit?

Competitive Interest Rates

Competitive Interest Rates

Our monthly interest rate is a competitive 3.92%, ensuring fair and affordable terms for your loan.

Flexible Loan Options

Flexible Loan Options

Whether you require a quick fix with a payday loan or prefer the convenience of spreading out your repayments with a monthly instalment loan, we’ve got you covered.

Generous Loan Amounts

Generous Loan Amounts

Borrow up to 6 times your monthly income with a legitimate money lender like Sumo Credit, providing the financial flexibility you need.

Accessible to All

Accessible to All

All applicants with a fixed or non-fixed weekly or monthly income can apply!

Instant Approval

Instant Approval

We’re known for being a quick money lender; experience the convenience of instant approval within just 15 minutes of submitting your application.

Cash on the Spot

Cash on the Spot

As a fast money lender, enjoy speedy loan approval and receive cash on the spot for immediate access to your funds.

Foreigner-Friendly

Foreigner-Friendly

Foreigners residing in Singapore are eligible to apply for our loans.

14 Years of Experience

14 Years of Experience

With 14 years of expert licensed money lender experience in the market till date, Sumo Credit is your trusted partner for financial solutions.

our satisfied customers

2.7
powered by Google
js_loader

Our Loan Services

Personal Loans

Personal Loans

Fast Cash Loans

Fast Cash Loans

Payday Loans

Payday Loans

SME Business Loans

SME Business Loans

loan staff
loan staff

Benefits of Borrowing From Licensed Money Lenders in Singapore?

woman happy about the sumo benefits
Authorised Money Lending Businesses

Authorised Money Lending Businesses

Did you know legal money lenders are authorised by the Ministry of Law’s Registry of Moneylenders to conduct money lending businesses?

These private money lenders have to hold valid licences in order to operate their moneylending businesses. Just so you know, money lenders’ licences have to be renewed yearly.

Low Credit Score-Friendly

Low Credit Score-Friendly

Licensed money lenders are private money lenders in Singapore that extend loans to borrowers even if they do not have the best credit scores.

Traditional banks are very stringent in this respect, making legal money lenders in Singapore a great alternative for loans.

Interest Rate & Fee Caps

Interest Rate & Fee Caps

Authorised money lenders in Singapore are 100% legal and bound by the law when it comes to the interest rates and fees they can charge, so you can rest assured that you will never be ripped off.

According to the regulations, legalised money lenders in Singapore are only allowed to charge an interest rate or late interest rate of up to 4% monthly, impose an administrative charge of up to 10% of the loan principal, and levy a late fee of $60 and below for each month of late repayment.

Wide Range of Loans

Wide Range of Loans

Legal money lenders in Singapore provide a huge array of loans to suit borrowers’ diverse needs, including but not limited to personal loans, business loans, debt consolidation loans, renovation loans, wedding loans, medical loans, private hire loans, business loans, etc.

Flexible Loan Tenures & Repayment Schedules

Flexible Loan Tenures & Repayment Schedules

Reliable money lenders in Singapore understand the need to offer their clients flexible loan tenures and repayment schedules as everybody’s circumstances are different.

Most legalised money lenders in Singapore offer loan tenures ranging from 3 to 12 months, with a monthly repayment schedule. Some licensed money lenders are open to bi-weekly repayments, while others may offer loan tenures as long as 24 months on a case-by-case basis.

If you’re looking for an urgent cash advance to tide through an emergency before your salary comes in, take heart that licensed money lenders also offer payday loans where you’ll have to pay up in full —including interest incurred— on your next payday.

Clear Explanation of Loan Terms & Conditions

Clear Explanation of Loan Terms & Conditions

While we’re recognised as an online licensed money lender, contract signing and verification have to be done in person at our office.

As a licensed money lender in Singapore, we are also obliged to run through your loan contract’s terms and conditions with you, to answer any questions you may have regarding the loan contract, or even let you negotiate your loan amount and repayment due dates.

All of these have to be done in a language that you understand fully so you can make an informed decision and are fully aware of what the loan entails in entirety, e.g. interest rate, late fees, charges, repayment schedule, what happens if you default on the loan, etc.

Easy Eligibility Criteria

Easy Eligibility Criteria

On top of being quick money lenders that offer ultra speedy loan approvals, private money lenders in Singapore have extremely easy loan eligibility criteria that almost anyone and everyone can fulfil to get the loan they need — there is no minimum income requirement at all.

The key thing that legal money lenders look for is borrowers’ ability to repay the loan, and this usually just means having a consistent source of income.

Streamlined Application Process

Streamlined Application Process

Bid farewell to lengthy approvals! Money lenders in Singapore like Sumo Credit offer quick access to funds for personal or business needs.

Applying with a licensed money lender online has never been easier with online loan applications on our website that make the application process many times easier, and speedier. 

Your loan application will be finalised after a simple in-person verification with our friendly loan consultant. With prompt approvals, you can address financial needs without delay.

Transparent Communication

Transparent Communication

Reliable money lenders in Singapore like Sumo Credit prioritise clear communication with all borrowers all things related to the loan, thereby empowering borrowers with the ability to make carefully considered decisions with no hidden charges or ambiguity.

Speedy Loan Disbursement

Speedy Loan Disbursement

Borrowing from licensed money lenders has never been easier. Instant money lenders like Sumo Credit offer swift loan approval and disbursement. Once the loan contract has been signed, you can expect to get your loan disbursed instantly in cash or via bank transfer. The process is extremely speedy to say the least!

Respectful & Courteous At All Times

Respectful & Courteous At All Times

Licensed money lenders are to be respectful and courteous towards their (potential) customers at all times. This means not using threats, intimidation tactics, abusive language or any hint of pure rudeness when dealing with customers at any point of their loan journey with the local money lender.

Your Trusted Financial Partner

Your Trusted Financial Partner

Navigate the complex world of finance with confidence. As your trusted money lender in Singapore, Sumo Credit offers guidance and support for your financial journey, catering to all borrowers new and old with utmost integrity.

Allowed to Operate Only Under Stringent Regulations

Allowed to Operate Only Under Stringent Regulations

Licensed money lenders in Singapore are expected to ensure compliance with strict regulations and laws pertaining to moneylending, all while providing peace of mind and access to tailored loan solutions.

Should any licensed money lender be found to have breached any regulation, the Registry of Moneylenders can take the money lender to task and suspend or revoke their moneylending licence at their discretion. Sometimes, fines are meted out as well.

FAQ Section

How much can I borrow from licensed money lenders in Singapore?

There is no limit to how much you can borrow from registered money lenders if you’re talking about secured loans where collateral (e.g. your home or car) has to be pledged. As for unsecured loans, the maximum you can borrow across all licensed money lenders in Singapore at any one time is as follows:

Singaporean/Permanent Resident
  • $3000 if your annual salary is (i) less than $10,000 or (ii) at least $10,000 but less than $20,000
  • 6 times your monthly salary if your annual salary is at least $20,000
Foreigner living & working in Singapore
  • $500 if your annual salary is less than $10,000
  • $3000 if your annual salary is at least $10,000 but less than $20,000
  • 6 times your monthly salary if your annual salary is at least $20,000

Can I borrow from multiple money lenders?

Yes, you can borrow from multiple money lenders provided you haven’t exceeded the loan cap imposed by the Registry of Moneylenders. When it comes to taking multiple loans from registered money lenders, definitely give it some serious thought — you have to be confident in your ability to repay your monthly instalments punctually!

Is a licensed money lender a safe option in Singapore?

Absolutely. Licensed money lenders are legal loan providers authorised by the Registry of Moneylenders. They are a safe, alternative option for those who are unable to obtain loans from traditional banks and financial institutions. Do not mix these legal money lenders up with illegal lenders like Ah Longs.

What happens if I’m unable to pay my money lender in Singapore?

Several things can happen if you are unable to pay your money lender:

  1. You’ll incur late interest charges and compound interest charges on sums owed
  2. You’ll incur late payment fees for each month of skipped or late payments

What can licensed money lenders do to recover debts?

Licensed money lenders are permitted to take the following actions in the name of recovering what borrowers owe:

  1. Your money lender can call you or send you messages to remind you about making repayments at reasonable times of day
  2. Your money lender can send you a Letter of Demand by mail, issue it in person at your residential address or workplace (last resort)
  3. Your money lender can appoint a debt collector to collect debts from you
  4. Your money lender can take legal action against you for the purpose of recovering loans

What is the interest rate charged by private money lenders in Singapore?

Most private money lenders in Singapore charge an interest rate of 1 – 4% monthly for unsecured loans. The maximum they are permitted to charge is 4% monthly, and this applies to late interest rates, too.

What is the admin fee charged by an authorised money lender in Singapore?

Authorised money lenders in Singapore are allowed to charge an admin fee of up to 10% of the loan principal. This can only be charged at the point when the loan is being granted, not before. Take note the admin fee will be deducted from your approved loan amount, so don’t be alarmed when the loan disbursed falls short of your approved loan sum!

What can licensed money lenders do?

Licensed money lenders can charge interest, late interest, one-time admin fee and late repayment fees up to the limits set by regulations. But, the total interest, late interest, admin fee and late repayment fees cannot be more than the loan principal amount.

Apart from money matters, licensed money lenders can also advertise — however, they can only advertise through three main channels:

  1. Consumer or business directories
  2. The money lender’s website(s)
  3. Advertisements inside or on the outside of the money lender’s office 


Additionally, licensed money lenders who take legal action against borrowers to recover their loans can bill borrowers all court-ordered legal costs if their claims are successful.

How do I know if my private money lender is licensed?

You can look up the official list of licensed money lenders on the Registry of Moneylenders’ website and check if your private money lender is listed.

For double assurance, make sure to visit the local money lender’s office and ask to see their moneylending licence — their office address, landline number and licence number should all tally with the information found in the Registry of Moneylenders’ list.

How do I settle licensed money lender disputes?

You have several options when it comes to settling licensed money lender disputes. But first, always try to talk things out amicably with your money lender to see if a new repayment plan that’s more feasible for your current situation can be agreed upon.
Otherwise, you can consider contacting social service organisations for assistance or, as a last resort, file for bankruptcy.

What is the difference between a bank loan and a private money lender loan in Singapore?

The main differences between a bank loan and a private money lender loan are:

  • Banks have much tougher eligibility requirements
  • Banks focus greatly on borrowers’ credit score and credit history
  • Banks have relatively lower interest rates
  • Banks have longer long tenures


That being said, not everybody can qualify for bank loans. In times of need and emergencies, licensed money lenders are a legal, safe alternative to consider. Never ever borrow from illegal money lenders for they are dangerous and unscrupulous — you could be putting your family and your own safety at risk!

What are the differences between a licensed and unlicensed money lender?

It is legal to borrow money from a licensed money lender, but not an unlicensed lender. Borrowing from an unlicensed lender is fraught with risks and the lack of legal protection.

For example, unlicensed lenders tend to charge exorbitant interest rates and fees to unsuspecting borrowers. They don’t offer loan contracts and typically resort to violence and harassment when recovering debts. Many unlicensed lenders are also very exploitative and aggressive.