By MoneyBees
Work out the monthly instalment, interest, fees and true yearly cost of a licensed moneylender loan, check the terms against the Registry of Moneylenders' caps, and see how much you can borrow and what cancelling in the cooling-off period costs.
Legal cap 4%.
Legal cap 10%.
0 if you pay on time.
Monthly instalment
S$572.29
6 payments on a reducing balance
Total charges
$734
interest, fee and any late charges
True yearly cost (EIR)
133.8%
on the $2,700 you receive
The lender takes the $300 fee upfront, so you receive $2,700 but repay S$572.29 a month for 6 months. Interest comes to $434, charged only on the principal you still owe.
All charges together can never exceed the $3,000 you borrowed. You are $2,266 under that cap.
On $30,000 a year, you can owe up to $15,000 in unsecured loans across all licensed moneylenders.
Change your mind within 3 business days and you repay at most $2,750, with no interest, for unsecured personal loans paid out from 15 Sep 2026.
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| Charge | Legal cap |
|---|---|
| Interest | 4% a month, on the principal still owed |
| Late interest | 4% a month, only on the amount paid late |
| Late fee | S$60 for each month of late repayment |
| Loan approval fee | 10% of the principal, taken when the loan is granted |
| Legal costs | Only what a court orders |
| All charges together | No more than the principal borrowed |
Caps in force since 1 Oct 2015. They apply to secured and unsecured loans, whatever your income.
| Yearly income | Citizens and PRs | Foreigners living here |
|---|---|---|
| Below S$10,000 | S$3,000 | S$500 |
| S$10,000 to below S$20,000 | S$3,000 | S$3,000 |
| S$20,000 and above | 6 times monthly income | 6 times monthly income |
Secured loans have no cap.
| Principal | Most the lender keeps if you cancel |
|---|---|
| S$5,000 and below | S$50, and no more than the fee you paid |
| Above S$5,000 | 3.5% of the principal, and no more than the fee you paid |
Cancel within 3 business days, not counting the day of payout. Business loans are not covered.
You borrow S$3,000 at 4% a month over 6 months with a 10% fee. You receive S$2,700 and pay S$572.29 a month. Interest is S$433.71 and the fee S$300, so the loan costs S$733.71. That works out to an EIR of about 134% a year. Without the fee, 4% a month compounds to 60.1% a year; the fee pushes it higher because it comes off what you receive. Cancel within 3 business days and you repay at most S$2,750.
Check the lender's name on the Registry of Moneylenders' list of licensed moneylenders. Licensed moneylenders may only advertise in directories, on their own website or at their office. An SMS, flyer or social media message offering a loan is a warning sign. A lender must not keep your NRIC, ask for your Singpass password or hold back part of your loan.
4% a month, whatever your income and whether the loan is secured or not. Late interest is also capped at 4% a month, and only on the amount you paid late, not on the balance that is not yet due.
Only three: a loan approval fee of up to 10% of the principal when the loan is granted, a late fee of up to S$60 for each month you repay late, and legal costs a court orders. No other fees are allowed.
Yes. Interest, late interest, the approval fee and late fees together cannot exceed the amount you borrowed. On a S$10,000 loan, the most you can be charged on top of the principal is S$10,000.
For unsecured loans, citizens and PRs earning under S$20,000 a year can owe up to S$3,000 across all moneylenders. Foreigners earning under S$10,000 can owe S$500, and S$3,000 from S$10,000 to under S$20,000. From S$20,000 a year the limit is 6 times your monthly income. Secured loans have no cap.
For unsecured loans other than business loans paid out on or after 15 Sep 2026, you can cancel within 3 business days. You repay what you received plus at most S$50 of the fee (loans of S$5,000 and below) or 3.5% of the principal (above S$5,000). No interest is charged.
Monthly interest compounds, so 4% a month is 60.1% a year, not 48%. The approval fee is taken off the money you receive, which raises the true cost further on a short loan.
Search the Registry of Moneylenders' list of licensed moneylenders on rom.mlaw.gov.sg. Licensed moneylenders may only advertise in directories, on their own websites and at their premises, so a loan offer by SMS or flyer is a warning sign.
No. A moneylender must not keep your NRIC or other ID, ask for your Singpass password, or hold back any part of your loan. Report this to the Registry on 1800-2255-529.
These calculators provide general estimates for educational purposes only and are not personalised financial advice. Results may rely on rates and rules that change over time, so verify against official sources (IRAS, CPF Board, HDB, MAS) or consult a licensed financial adviser before making decisions.
Junxiong-WFG Organisation is an authorised representative of AIA Financial Advisers Private Limited (Reg. No. 201715016G).