Before you take any loan, it is important to check if the lender is licensed so you know you are dealing with someone accountable under Singapore law. A quick verification protects you from hidden charges, unclear terms, and pushy tactics that put borrowers at risk. Fast Money operates as one of the licensed moneylenders in Singapore and is committed to clear communication and fair lending. On the other hand, unlicensed lenders often hide behind fake profiles, copied business names, and promises of instant approval to draw people in. They may ask for upfront payments or misuse your personal information once you respond. This guide will walk you through the steps to verify a lender so you can borrow with confidence.
From Minlaw List To Office Visit: 8 Practical Steps To Verify A Licensed Moneylender
1. Start with the official MinLaw list
- Go to the Ministry of Law’s website and access the latest list of licensed moneylenders.
- Search for the exact business name of the lender you are considering, not just the name they use in messages or social media.
- Make sure the name, license number, and business address are all listed. If they are not on the list, do not proceed.
- This is the most reliable way to verify legal lenders and avoid loan sharks hiding behind similar-sounding names.
2. Match the business details carefully
- Once you find the lender on the official list, cross-check their registered address, phone number, and business name with what you see on their website, Google listing, and messages.
- Be wary if the lender claims to be “partnered” with a listed company but uses a different number or address.
- Any mismatch is a red flag and a signal to walk away.
3. Check their website and online presence
- A licensed lender should have a proper website that clearly states their company name, office address, and license number.
- Watch out for websites that only show mobile numbers, vague names, or no physical address at all.
- Be cautious with lenders who only operate through WhatsApp, Telegram, or social media chats, especially if they are pushing unrealistically easy approvals for instant cash loans in Singapore.
4. Verify their contact methods
- Make sure the phone number they use to contact you matches the one shown on the official list and on their website.
- Licensed lenders do not spam random SMSes, make cold calls to strangers, or pressure you to send your NRIC and personal documents before any basic verification.
- If they refuse to provide a landline or office number, or insist on chatting only through personal messaging apps, treat that as a warning sign.
5. Visit the physical office when possible
- Legal moneylenders in Singapore always operate from an approved business address, not from homes, coffee shops, or public spaces.
- When you visit, observe whether there is a proper office setup with staff, signage, and basic paperwork.
- A genuine licensed lender will ask you to come down for identity verification and to review the loan contract in person, especially for larger amounts or if you say you need urgent cash.
6. Review the documents you are given
- Before you sign, you should receive a clear loan contract that spells out the interest rate, late fees, repayment schedule, and total amount payable.
- The staff should explain these terms in a way you understand, without rushing or hiding any charges.
- If they refuse to give you a copy of the contract, ask for upfront fees, or only send screenshots instead of proper documents, do not proceed.
7. Look at reviews and complaints
- Search the lender’s name online and read reviews on Google and other platforms.
- Look for patterns like repeated complaints about threats, hidden fees, or misleading promises.
- While reviews alone do not prove a license, they help you gauge how the lender treats borrowers in real situations.
8. When in doubt, check with the authorities
- If you are unsure about a lender, contact the Ministry of Law or relevant authorities for clarification before signing anything.
- You can also report suspicious messages, social media accounts, or websites that claim to be licensed but do not appear on the official list.
- Taking a few minutes to verify can save you from months or years of stress dealing with illegal lenders.
Conclusion:
Verifying a lender’s license is one of the simplest ways to protect yourself from hidden fees, fake identities, and unsafe lending practices. With the steps above, you can filter out risky offers and stay focused on lenders who follow the rules. If you are looking for a safe and transparent borrowing experience, Fast Money is here to ensure that with clear terms and dependable service. Reach out to us today!
