Legal Money Lenders VS Loan Sharks: A Breakdown

First things first, it’s important to let go of any prior notions that you might have of legal money lenders and loan sharks simply because the two are considerably worlds apart. While legal money lenders operate by complying to guidelines enforced by the Ministry of Law, loan sharks tend to violate and breach rules on their own accord. In the past, due to social problems that came about as a result of the dubious nature of loan shark businesses (many of which we all know too well), the government made way for a governing body to regulate a new industry of legal money lenders in an effort to protect the rights and interests of loan borrowers. This way, there are standards to be met when operating a money lending business or penalties/legal consequences will be imposed upon the money lender.

In a wage to differentiate the two, here are some factors of comparison to consider to aid you in your financial decisions:

Loan Process

There is no denying that the process of taking out a loan from a bank involves a whole lot of tedious paperwork and credit history checks—which is exactly why in times of need and desperation, people who need cash urgently are driven to loan sharks who will then exploit this to their own advantage. Knowing very well that such individuals have no one else to turn to and are in dire need of cash, these loan sharks will mark up their interest rates significantly for their own benefit. Legal money lenders are often overlooked at this point, who, despite being obliged to look into one’s credit history, are more tolerant of low credit scores and will indefinitely protect the borrower’s interest through a contract written in black and white.

Interest Rate

When it comes to doing business with a legal money lender, there are specific interest rates that are already set by the government which the money lender has to abide to. The same, however cannot be said about loan sharks who are not bound to a legal authority so expect changing rates and conditions any time during the term of your loan. With no contracts or paper trails in place, it’s no surprise if your repayment amount starts to snowball when sealing a deal with a loan shark.


If you are not ready to deal with unpleasant intimidation tactics or be aggressively chased down by loan sharks, perhaps turning to a legal money lender might a be a far wiser option, especially if you seek a good night sleep. Expect a strictly professional service from a legal money lender who will assist you to overcome any problems that you might face. In any case that you are unable to make your repayments according to the designated terms and schedule, request for a proper consultation with a legal money lender instead of having to put up with threatening SMS threats from loan sharks.

4 Ways To Obtain Quick Cash In Singapore

Life isn’t always smooth-sailing. The fact of the matter is, there will always come a time when you will require additional funds to compensate unforeseen expenses or tide over financial emergencies—it could be an outstanding credit card bill, or a medical situation that needs immediate attention. During such trying times when one might be hesitant to seek help from family or friends, a legal money lender is the fitting solution to help you sort out your financial crisis.

Skip the lengthy approvals at the bank with these methods of obtaining quick cash from a legal money lender:

Personal Loan

Mainly an unsecured loan, a personal loan does not require you to pledge assets like your car or house property. Because of their low interest rates, these loans are often preferred to make huge purchases or debt consolidation.

Instant Cash Loan

For flexible repayment terms and an instant approval, an instant cash loan is a prompt solution if you are short of cash for an emergency. Interest for both personal loan and instant cash loan are capped at 4% per month or 48% per annum. No difference.

Foreigner Loan

As the name implies, foreigners in Singapore are eligible for the foreigner loan which may come useful to cover relocation expenses (e.g. rent, utility, medical) while settling in, especially in a place like Singapore where there is a high cost of living.

Payday Loan

In the face of an unexpected emergency, a payday loan works best because it can be approved and acquired in a matter of hours. Also known as a cash advance loan, they are ideal when you are in a tight spot and you need to fulfil short-term requirements.

Fast Money offers professional assistance when it comes to money lending. If you have a pressing financial concern, do not hesitate to come to us for a consultation so we can advise you on your course of action. Let us provide you with an effective solution that meets your needs.

Why You Need A Personal Loan Calculator

People take out personal loans for varying reasons which include funding a start-up business, consolidating debts and covering medical expenses. In such cases, personal loans are usually preferred because they are ‘unsecured’ and not backed by any collaterals. This is because secured loans are usually backed by a property like your home or personal car, so there is a risk of losing these assets if complications unfortunately arise.

A personal loan calculator is a tool that allows you to compute your Effective Interest Rate (EIR) and monthly repayment amount by simply entering your required loan amount and the duration of your loan term. By using a personal loan calculator, you can then plan your monthly budget accordingly. Many financial institutions do not publicise the EIR as it reveals the true cost of borrowing.

The formula for calculating EIR is:

Where r is the interest rate per period in decimal form, and i is the effective interest rate in decimal form.

Effective interest rate per period: i = [1 + (r / m)] m − 1

Effective interest rate for t period: it = (1 + i)t − 1

Substituting the first equation into i in the second equation: it = [1 + (r / m)]mt − 1

Instead of grabbing a pen and paper to figure the math out, using a personal loan calculator grants you the ability to customise and experiment with different figures according to your needs. For instance, you can key in varying loan amounts and loan terms to see your monthly payment. According to your financial situation at hand, analyse which outcome and plan suits you best!

4 Benefits of Borrowing From A Legal Money Lender

The golden rule of money lending: never settle for a money lender without a legal license—not even in the most extreme financial crisis, and not even as a last resort. It’s important to do your research before choosing your preferred money lender. Never make the mistake of falling into the trap of unprohibited money lenders (a.k.a loan sharks) or you might just end up suffering the dire consequences along the way. While a loan shark might acquire their supply of money by illegal means and get away with it, a legal money lender operates strictly under the Singapore Moneylender’s Act and run the risk of getting in trouble with the authorities if they practise their business in an illegal manner or fail to comply to expected standards.

Below are several advantages of choosing a legal money lender:

1) No Harassments

Partnering with a legal money lender means you will not face issues. Legal money lenders run their businesses according to the rules and guidelines set by the Singapore government with reasonable interest rates that comply with market rates.

2) Set Rates and Agreements Guaranteed

With a legal money lender, what is agreed upon—the amount, interest rates and contract terms—will be honoured with no questions.

3) No Shady Business

Legal money lenders in Singapore operate with a physical office that you can visit as well as a fixed telephone line that is easily contactable. Instead of relying solely on text messages and calls to communicate like most illegal money lenders do, a legal money lender will carry out all business transactions like contract-signing in their office.

4) Efficiency

When taking out a loan from a legal money lender, your murky credit history should be the least of your worries. The efficient nature of borrowing from a legal money lender means you do not have to worry about tedious and lengthy approval processes. Once the required documents have been submitted and your application has been approved, the cash is yours for the taking.

Authorised and legal money lenders are listed on the Singapore Law Ministry website.


Your Guide To A Personal Loan In Singapore

In life, we tend to come face to face with scenarios that are beyond our financial capabilities. This is especially so in a society like Singapore where the high cost of living is inescapable. When you’re trying to overcome a hurdle but you have exhausted all other means of acquiring financial assistance (e.g. family, friends), your last resort would probably to take out a personal loan.

Who Is Eligible For A Personal Loan?

You are qualified to apply for a personal loan if you are a Singaporean or Permanent Resident above 21 years old with full-time employment status. The following information and documents must also be presented at the point of loan application:

  • NRIC or Passport No.
  • Copy of mobile phone bill or Singapore Power utility bill
  • For salaried individuals: latest computerised monthly pay slip OR 15-month CPF statement OR income tax statement
  • For self-employed individuals: income tax statements from the past two years required

A Personal Loan with Fast Money

In comparison to local banks, legal money lenders like Fast Money are more lenient when it comes to loan assessments, which is why the time taken for your application to be processed is much faster. Banks’ interest rate is capped at 24% per annum which is lower than moneylenders, we cap our interest rates at 4% per month, a requirement that is enforced by the law.

However, it is important to take note that taking out a personal loan is only a viable option if your expenditures do not exceed beyond your means. If not, you are just setting yourself up for more debts. As long as a loan installment does not affect your income detrimentally and you still able to get by reasonably after taking out the loan, you are good to go!

Do you require extra finances for your child’s education or medical expenses? Perhaps your dream wedding or luxury vacation awaits? Either way, fill up our online form or reach out to one of our friendly representatives today!

The Singapore Money Lender Checklist

When you’re in search of a reputable money lender in Singapore, it’s sometimes hard to tell between a licensed money lender and an illegal loan shark who operates under cover. Here are some helpful indicators:

  • Credible and legal

It doesn’t take long to conduct a quick background check on your chosen money lender. This can save you from a lot of complications later if your money lender turns out to be an unlicensed one. Ensure that the money lender is registered with the Ministry of Law and listed under the Registry of Moneylenders. Refer to URL: Only proceed once you can verify that your money lender is licensed to operate their business legally. Owning a physical office with a considerable number of staff are one of the many positive signs that the money lender is a licensed one.

  • Fixed interest rates

Interests are inevitable when it comes to money lending. On top of the borrowed amount, a legal money lender will set interest rates according to standards of the current market. Be wary of incredible low interest rates that are too good to be true. The last thing you need in the face of a financial crisis is to deal with a fraudulent money lender.

  • Flexible repayment schedules

According to your ability to repay your loan, a suitable repayment schedule should be properly discussed with the money lender before you make a concrete decision to take out a loan. Take this time to enquire about your choice of schemes and loan packages. Remember that once your contract is signed, everything is set in stone and there is no turning back.

  • Black & White

Legal money lenders will never fail to take a step-by-step approach to ensure that you have complete understanding of what you’re signing up for. Things like the terms and conditions of the contract have to be thoroughly inspected before the contract is signed, after which a copy will be handed to you to keep. In any case that you’re required to sign incomplete documents, it’s probably a good idea to abort the transaction altogether.

An easy way to get a low interest personal loan

As unfortunate circumstances befall us, we may find ourselves short of cash and in need of financial assistance for any number of reasons. Ranging from emergencies to feeling desirous for a luxury purchase, in various occasions, the cash we have at hand is simply insufficient for the situation. Under such circumstances, the best solution is to get a quick and hassle-free, low interest personal loan. The low interest will ensure that you take on minimal risk while enjoying maximum benefit to yourself. At Fast Money, we take pride in satisfying our customers with extremely low interest rates of 4% or less. Our priority is on making our low interest personal loan more than competitive with any similar service in the region as well as beyond.

Unlike many other financial assistance providers, our low interest personal loan incorporates a highly customer-centric approach emphasising convenience, efficiency, ease of access and simplicity. Our low interest personal loan further offers flexible repayment schedules that makes it stress-free and simple to repay. Regardless of your income flow, we will come up with a specially customised repayment option that best suits your needs. In conversing with our clients, a common refrain is that the issue of money has been a significant sticking point towards their enjoyment of life. We understand the stress and anguish involved as many of us have felt the same at various points in our lives, and been through this similar pain with our family, loved ones and friends. If you are currently in a similar situation, we wish to assure you that things need not be all gloom and suffering. There are always avenues to help you ease your pain through these tough times. Over several years, we have built up extensive experience in granting respite to our clients from their problems. Should you wish to take up a low interest personal loan with us, we will do our very best to assuage your fears and worries.

Should you require a low interest personal loan, we will always be here to help. We know that any bit of financial assistance can be invaluable to someone who truly needs it, and we make our low interest personal loans quick, easy and hassle-free to obtain. We can offer you fast cash when and where you need it. We offer our services to Singaporeans, Permanent Residents as well as foreigners with passports. The only documentation you require will be identification documents, a phone or electric bill and proof of income. For foreigners, we require an original passport and employment pass, a phone or electric bill or a tenancy agreement, as well as proof of income. Come contact us for a low interest personal loan at +65 6224 4746 (Yishun) or +65 6224 4749 (Tampines).

Why Fast Money is the best personal loan in Singapore

If you are looking for the most convenient personal loan in Singapore, look no further than Fast Money. We at Fast Money aim to provide the most competitive and appealing personal loan in Singapore, carrying with it a whole host of advantages to the borrower.

First, in providing personal loans in Singapore, Fast Money complies with a variety of legal and regulatory frameworks, putting it well within standards established by reputable and authoritative entities such as the Ministry of Law’s subsidiary legislation, and regulation as put forth by the Accounting and Corporate Regulatory Authority, as well as Singapore law as per the Moneylenders Act. You can rest assured that you are getting a personal loan in Singapore from a legal, trustworthy and authoritative source.

Second, Fast Money allows borrowers to pay back the loan in a flexible and customised manner that is tailored to your life and financial situation, income flows and any other source of financial difficulty you may be facing. Should you fear that you may not have the resources to pay back after obtaining a personal loan in Singapore, this fear is unfounded as should you require it, we will allow you to pay the loan back through instalments over an extended period of time.

Third, we do not want to overstate our application process by proclaiming that we are the fastest in town, or that no other moneylenders can offer loan as fast as us. By we can said we are one of the fastest and one of the most hassle-free, we also need to state that as long as all necessary documents are provided, approval will be the same day.

Fourth, Fast Money has extremely minimal requirements for borrowers to meet before they are able to obtain a personal loan in Singapore. A bank may have stringent requirements such as a good credit history, turning away potential borrowers who may, in actual fact, need the loan most. Fortunately, providers of personal loans in Singapore, such as Fast Money, will allow you to obtain a loan as long as you provide three necessary documents: identification documents, a phone or electric bill, and proof of income. Our services are far more accessible and get money into your pocket easier than will a conventional bank loan.

With many appealing advantages to getting a personal loan in Singapore from Fast Money, it is no wonder that we have built ourselves up to be a highly efficient and reputable moneylender in a short span of the past few years, with a multitude of satisfied clients who walk away happy to have relieved their financial burdens and worries. Should you be in need of a personal loan in Singapore, do feel free to contact us at +65 6224 4746 (Yishun) or +65 6224 4749 (Tampines).

Fast, hassle-free and low interest personal loan

At Fast Money, we recognise that you need money fast, easy and hassle-free. You, a loved one or an acquaintance may be facing an emergency, medical, finance-related or otherwise. Time is of the essence, and you want cash immediately. We give you exactly that. Or perhaps you just need some more financial resources to afford the latest technological gadget or expensive item and are wishing for a bit of assistance in helping you meet your goals. We give you exactly that. Perhaps you simply want the feeling of having extra money in your pocket, right here and right now. Whatever the case, you want an easy, hassle-free and low interest personal loan. At Fast Money, our singular goal is to provide you a quick and immediate low interest personal loan that suits your repayment schedule. We recognise that in trying times, a little bit of extra cash goes a long way. Our objective is to ease your burdens and to provide you with the means to live the life you want to live.

Our low interest personal loan services are registered and fully abide with the regulations of the Accounting and Corporate Regulatory Authority in Singapore. We ensure legal compliance with the rules laid down by the Ministry of Law. Our low interest personal loan does not exceed an interest rate of 4% per month. You can rest easy as the interest is only computed using each month’s outstanding balance, further lowering the amount of interest we are able to charge you. Additionally, we offer a flexible repayment schedule. Depending on your income flow and current finances, we can let you repay the loan in instalments over an extended period of time without feeling unnecessarily constrained by the payment. Furthermore, our loan approval process is far less stringent than that of a bank. If you have previously tried and failed to get a low interest personal loan from other sources, rest assured that it is much easier to get a loan from Fast Money. All we need are identification documents, a phone/electric bill, and proof of income. Filling out the application may only take five minutes, and it can be approved in hours, on the very same day. If you need fast money, look no further. Our process is highly streamlined to provide you a low interest personal loan as efficiently and simply as possible.

We know exactly the fear, trepidation and burden involved in feeling like you are short on money. We have dealt with numerous clients who have felt the exact same way. Each one of them has left our centre with a sense of relief. We take pride in giving our customers the resources they need, when they need it, fast, efficient, and hassle-free. We offer low interest personal loans to aid you. Should you wish to obtain one, feel free to contact us at +65 6224 4746 (Yishun) or +65 6224 4749 (Tampines).

Advantages of an Instant Cash Loan

Stuck in a sticky situation with no family or friends you could turn to? Struggling to make ends meet month after month can be a long and tiring ordeal when you do not have the luxury of savings to rely on. The practical solution to your problem is take out an instant cash loan, especially when you’re in the face of a financial emergency.

1) Quick & Fuss Free

Eradicate the tedious process and long waiting time that you can expect from a bank loan application with an instant cash loan. Because a thorough credit history check is not required, an instant cash loan is quick to obtain and you will rarely face an automatic rejection. Most applicants of bank loans are often rejected because they have their credit report checked by the bank, who has access to information kept by Credit Bureau Singapore. Legal money lenders rarely take your credit history into account and are more open towards a flexible repayment schedule that suits your needs.

2) Easy Access & Convenience

Most legal money lenders in Singapore are easily contactable through the web, making the whole process much more speedy and efficient. Immediately connect to a staff via email or phone call to apply for an instant cash loan and await their approval. No long queues and minimal documentation required. Upon their response, simple get your contract signed before receiving the money. At this point, the applicant is advised to clarify all terms of the agreement to avoid complications.  Please note that by law, all loan disbursements and contracts need to be signed and the money given out will only be strictly at our approved place of business (i.e. our 2 offices in Tampines and Yishun). We are contactable via phone or email for enquiries.

3) Little requirements

An instant cash loan tends to require a few simple qualifications that you need to meet,  which include a minimum age of 21 and a proof of stable employment and income.