JNB Licensed Money Lender in Singapore

A licensed money lender is a financial institution authorised by the government to offer loans to individuals and businesses. All operations of licensed money lenders are governed by the Moneylenders Act, which establishes stringent guidelines to ensure fair and ethical lending practices.

Additionally, licensed money lenders must register with the Registry of Moneylenders, maintained by the Ministry of Law. This ensures that all registered lenders, including JNB Credit, adhere to high standards of regulation and transparency, providing a vital financial service to the community in Singapore.

Licensed money lenders like JNB Credit are rigorously regulated under the Moneylenders Act and associated rules. Compliance with these regulations is mandatory for all operators in the industry, and non-compliance can result in severe penalties, including closure or substantial fines.

Key Provisions of the Moneylenders Act in Singapore include:

• License Display: Licensed money lenders are required to display their license in a prominent location within their business premises to affirm their legitimacy.
• Borrowing Limits:

  Borrower’s annual income	Singapore Citizens and Permanent Residents	Foreigners residing in Singapore
  Less than $10,000	$3,000	$500
  At least $10,000 and less than $20,000	$3,000	$3,000
  At least $20,000	6 times monthly income	6 times monthly income

• Loan Documentation: Borrowers must receive a copy of their loan agreement and a monthly statement of account, ensuring transparency and accessibility to critical loan information.
• Communication Standards: Licensed money lenders are prohibited from employing abusive, oppressive, or threatening language when interacting with borrowers.

These measures ensure that JNB Credit operates with the highest standards of integrity and transparency, safeguarding the interests of our clients.

You may find on the internet dozens of money lenders’ sites. Yet it is difficult to distinguish if they are licensed or not, given that illegal money lenders try to imitate the presentation of licensed ones.

The Ministry of Law of Singapore makes available on its website the complete list of licensed money lenders, where you can verify on the spot the authorisation of the company you are interested in.

JNB Credit is proudly listed as a licensed money lender on this registry, reflecting our commitment to credibility and financial integrity.

In today’s landscape, where loan scams are prevalent, it’s crucial to ensure you are dealing with a licensed money lender. Here are several ways to confirm the legitimacy of a money lender:

1. Registry Check: Consult the official Registry of Moneylenders’ website or contact them directly at 1800-2255-529. Have the lender’s name and registration number at hand to verify their status.
2. Office Verification: Licensed money lenders will have a registered physical address. It is advisable to visit their office to confirm details and finalise your loan agreement in person, which safeguards against common remote scamming tactics like SMS or email.
3. Fee and Interest Scrutiny: A licensed lender is not permitted to request fees before loan approval and is capped at charging a maximum interest rate of 4% per month. Always verify these details to avoid predatory lenders.
4. Advertising Methods: Licensed lenders typically promote their services through their official websites. In contrast, unlicensed entities might use unsolicited SMS, WhatsApp, emails, or distribute flyers. Always check the source of any loan advertisement to ensure it aligns with regulated practices.

By following these guidelines, you can protect yourself from fraudulent schemes and ensure that you are engaging with a reputable and licensed lender like JNB Credit.

For more detailed information on this topic, please read the article ‘How To Check And Verify If A Singapore Money Lender Is Licensed’.

Identifying whether an advertisement is from a licensed money lender or a loan shark can be crucial. Here are a few key indicators:

• License Display: Genuine licensed money lenders are mandated to include their license number in all advertisements. Conversely, loan sharks will not display a license number.
• Language Use: Advertisements from licensed lenders must use professional language. Loan sharks may use aggressive or coercive language in their promotions.
• Loan Amount Offers: Licensed money lenders adhere to strict lending limits set by regulations based on your annual income. Loan sharks might offer loans exceeding these regulated amounts without income consideration.

By noting these differences, you can safeguard yourself from engaging with unlicensed and potentially predatory lenders.

The Singapore government regulates licensed money lenders to ensure they uphold fair and responsible lending practices. Before you commit to a loan with a licensed money lender, it’s important to carefully consider your options and understand the agreement. Here’s what you should keep in mind:

• Assess Your Financial Needs: Determine the amount you need and ensure you have the capacity to repay it on time without undue financial strain.
• Compare Rates and Fees: It’s crucial to shop around and compare interest rates and fees from various lenders. This can help you find the most cost-effective and manageable loan offer.
• Understand the Terms: Fully review and make sure you understand all the terms and conditions of the loan agreement before you sign it. Don’t hesitate to ask the lender any questions you might have to clarify any doubts.

Taking these steps will help you make a more informed decision and ensure that you are choosing a loan that aligns with your financial situation and goals.

Yes, borrowing from JNB Credit is safe as we are a licensed money lender regulated by Singapore’s Ministry of Law. We adhere to stringent guidelines outlined in the Moneylenders Act to ensure responsible lending practices.

Our registration with the Ministry’s Registry of Moneylenders confirms our commitment to transparency and fairness, protecting you against excessive interest rates and fees. This framework ensures that all transactions with us are secure and conducted in the best interest of our clients.

JNB Credit is your dependable financial ally, dedicated to providing loans that cater to both your personal and corporate investment requirements.

As a legal and licensed money lender under the Ministry of Law, JNB Credit is committed to excellence. We recognise that everyone occasionally needs a financial boost to reach their life milestones.

Our tailored financial solutions ensure that our customers receive the support they need, benefiting from one of the most competitive interest rates in Singapore.

Among 153 licensed money lenders, JNB Credit offers a broader spectrum of credit solutions compared to other lenders, confident that you’ll find the perfect match for your needs among our diverse loan offerings.

For those new to borrowing, the process can seem intimidating. However, our customers’ testimonials speak volumes: our friendly and proficient loan officers are committed to delivering top-tier customer service.

Our clients often praise the patience and clarity provided by our staff, ensuring you are well-informed about your loan terms before making a commitment.

Moreover, all JNB Credit clients enjoy flexible repayment plans that minimise the risk of accruing unnecessary late fees.

Our commitment to streamlining the application process enhances your lending experience. By integrating Singpass, we make it faster and more convenient for you to apply, ensuring a smooth and streamlined experience. This approach not only simplifies the application but also provides you with quicker access to manage your loan and enjoy additional benefits.

Choose JNB Credit for a lending experience that prioritises your needs and convenience. Here’s what sets us apart:

• No Hidden Fees: We are fully transparent about our fees and charges. With us, there are no surprises, what you see is what you get.
• Lower Interest Rates: We offer competitive interest rates to ensure that your loans are always affordable.
• Higher Borrowing Limit: Need a substantial amount? With JNB Credit, you can access higher loan amounts whenever necessary.
• Faster Processing Times: Thanks to our streamlined loan process utilising MyInfo, we’re able to disburse funds more quickly than ever.
• Flexible Repayment Options: We understand that everyone’s financial situation is unique. That’s why we offer customisable repayment plans to suit your specific needs.
• 100% Confidentiality: Your privacy is our utmost priority. Rest assured, your personal information is always protected and never disclosed.

A licensed moneylender is a legally certified company or a service that provides its customers with short-term loans with several choices for repayment. Those moneylenders function according to the law, respecting the stipulations regarding legal contracts and maximum interest rates.

Unlicensed money lenders offer loan services but outside a legal frame. That means they could provide easy loans but charge their clients incredibly high interest rates and additional fees that could change to their liking, making their use hazardous.

Loans offered by licensed money lenders come in a variety of forms based on the identity of the client – personal or foreigner loans, the requirements they fulfil (for example, you could apply for debt consolidation plans, business loans, bridging loans, education loans, travel loans, medical loans).

You can apply for unsecured loans, which do not require any collateral. This makes the process quicker and accessible, as you don’t need to provide additional guarantees.

Other criteria target the loan tenures, interest rates, or loan amounts.

That’s true that a loan from a bank usually means a bigger amount of borrowed money, lower rate interest, and a longer period to repay it, but this comes along with a more complicated approval procedure, more requested documents, and a more attentive examination of your debt history.

If you urgently need some money in order to solve an unexpected situation or your credit score is low, the easiest way to get help is a loan from a licensed moneylender such as JNB Credit.

The biggest advantage is the smooth way to apply for a loan. You can make your request online, and the analysis of your demand is processed in a short time. The eligibility criteria are simple, and the contract terms are clear.

Licensed money lenders offer flexible alternatives of interest rates and repayment terms according to your financial situation. You may apply for a loan even if having a bad credit score.

Last but not least is a safe and legal business.

According to the law, after the approval of your application, you must visit the money lender’s office to sign the contract in person, and you receive your loan on the spot.

To safeguard borrowers like you, the government has put in place a strong legal framework, so make sure to only deal with licenced moneylenders.

Moneylenders Act Singapore stipulates that the customer meets the money lender to sign the contract and receive the loan.

In order to protect you, the state decided by law that the maximum interest rate a licensed money lender can ask for is 4% per month. Except for this, you should be aware that additional fees might be charged, such as the admin fee.

If you don’t pay on time, your debt might increase with late interest and late payment fees. For this reason, you have to make the reimbursement on schedule.

Licensed money lenders are permitted to impose certain fees under strict regulatory conditions:

• Late Payment Fee: A fee of up to $60 may be charged if a loan repayment is made more than 14 days after the due date.
• Legal Fee: In cases where a lawyer is engaged to recover outstanding loan amounts, a fee of up to $100 can be levied.

No other fees may be charged by licensed money lenders unless explicitly permitted under the Moneylenders Act.

To be eligible for a loan at JNB Credit, applicants must meet the following criteria:

• Be a Singapore Permanent Resident or a foreigner with a valid work permit
• Be at least 21 years old
• Have a stable source of income, whether employed or self-employed

To apply for a loan with JNB Credit, you will need:

• A valid Work Permit, S Pass, or E Pass (for foreigners)
• Proof of residence (utility bills, phone bills, or a tenancy agreement)
• Recent payslips or bank statements to verify your income

Applying for a loan with us is straightforward and involves three simple steps:

1. Apply: Start by filling out our quick online application form, which takes just 2 minutes to complete.
2. Verify: Visit us in person for a final face-to-face verification to complete your application process.
3. Receive: Once approved, your funds will be directly disbursed into your account, allowing you quick access to the money you need.

JNB Credit is strategically located to ensure your convenience, with operational hours tailored to meet your needs. This underscores our dedication as a committed licensed moneylender to serving you better.

Our address:
171 Tras Street
#08-175A Union Building
Singapore 079025
(Just a 6-min walk from Exit I, Tanjong Pagar MRT Station (EW15))

Our opening hours:
Monday – Saturday: 11:00am – 8:00pm
Closed on Sunday and PH

This is not a stressful situation. You may successfully apply for a personal loan with us even if you have other credit. Our finance specialists are ready to tailor the most advantageous offer for you.

At JNB Credit, we understand that financial circumstances can vary. Each loan application is assessed on its own merits. We offer loan solutions to individuals with diverse credit histories, focusing on your current ability to repay the loan.

The credit score does not hang the heaviest in the balance. Even if you don’t get a high score, we are here to process your application and help you.

Upon approval of your loan, JNB Credit will provide you with the loan agreement and a detailed statement of account. It’s crucial to review these documents attentively to fully understand the terms and the repayment obligations.

If any part of the agreement is unclear, do not hesitate to request further explanations from us. Once you sign the agreement, you are committed to adhering to the repayment plan as stipulated, so it’s important to ensure everything is clear and agreeable before proceeding.

Confidentiality is one of our strengths. All information concerning your personal loan will be strictly kept private. The only situation in which you’ll get a physical copy at home is at your direct request.

If you decide to pay your personal loan earlier, not only you are not extra-charged, but you will also save some money on outstanding interest.

Our loan repayment terms are flexible to suit the different financial needs of our borrowers. We collaborate with you to set up a repayment schedule that aligns with your budget and ensures payments are manageable.

In Singapore, licensed money lenders like JNB Credit are regulated to ensure fairness. If you find yourself unable to meet your repayment obligations, immediately contact us to discuss possible adjustments to your payment plan. At JNB Credit, we strive to work collaboratively with our clients to find manageable solutions.

It’s important to remember that you have a minimum one-day cooling-off period to cancel your loan without penalty after approval, should you reconsider your financial commitments.