Singapore Licensed Money Lender
OT Credit Pte Ltd
We are a licensed money lender based in Jurong East, sitting opposite J Cube Shopping Mall which is near to Jurong East MRT Station.
We provide personal loan in Singapore, bad credit loans, and low-income loans to help you ease your cash needs.
We are a proud member of the Moneylender’s Association of Singapore.
Thus you can trust that when you take a loan with us, be it a personal microloan to help settle your personal expenses or a business term loan Singapore to cover the running costs of your business, we have a rigorous process to ensure we offer you the right loan package.
Contact us today to find out how we can ease your loan needs.
Different Types of Loan
Fast, Safe and Simple
We know the value of your time and effort. From the time you approach us to inquire or apply for a loan, we immediately assist you with any inquiries you may have and provide you with an in-depth explanation of our processes to ensure that you find and apply for the perfect loan package you are looking for!
You can choose from personal loan, business financing, bridging loan, cash advance Singapore, or other credit services. If you are unsure as to what kind of loan will suit you, we can even assist you by giving you pre-structured options that can be amended to give you what you are looking for subject to other factors such as the amount to be borrowed, monthly salary, and more.
We always try to offer the best customer experience for our clients which is exactly why as much as possible we always try to communicate with prospective clients, and our existing clients constantly, to ensure that their needs are fully satisfied.
Professional Loans Services
Here in OT Credit, we understand the difficulty of repaying debts and services. This is the reason why we only lend you what you can afford to repay. Our cost structures are always transparent so that you can see for yourself a breakdown of how we were able to come up with the value of what you may borrow.
We also study your salary, and capacity to pay, so that we can give you the right terms for your loan.
For fast, and responsible lending, go nowhere else but OT Credit, a legal money lender in Singapore. Contact us for more information.
You will also be contacted by one of our experienced staff who will confirm some details with you and assist with obtaining an outcome as quickly as possible.
- I/C for Singaporean and Permanent Resident
- S or E Pass and passport for foreigner
- Three month pay slips for Singaporean, PR and foreigners.
- Letter of employment
- Confirmation letter by employer
- Latest proof of billing for Singaporean, PR and foreigners (example: electricity bills)
The loan can be reviewed during our business hours on Monday to Saturday 11:00 – 20:00 (Closed on Sunday and Public Holidays). You will generally have an answer on your application within two business hours, and if successful the funds can be transferred to you on the same day. You will need to provide the relevant supporting documents for the application to allow us to obtain a final answer.
For secured loans, you can obtain a loan of any amount.
For unsecured loans, you can obtain:
- Up to $3,000, if your annual income is less than $20,000;
- Up to 2 months’ income, if your annual income is $20,000 or more but less than $30,000;
- Up to 4 months’ income, if your annual income is $30,000 or more but less than $120,000; and
- Any amount, if your annual income is $120,000 or more
We will try to structure your loan payments so that they are in line with your income, eg. monthly. bi-monthly. This assists with you having the necessary funds available as they fall due.
As per regulations, we require our borrower to visit our office in order for us to process a loan.
We do not offer loans over the phone, online or by SMS.
Do not borrow from unlicensed moneylenders. Verify that a moneylender is licensed by checking the list of licensed moneylenders at https://www.mlaw.gov.sg/content/rom/en/information-for-borrowers/list-of-licensed-moneylenders-in-singapore.html.
Licensed moneylenders will not:
- Use abusive language, or behave in a threatening manner towards you.
- Ask for your SingPass user ID and/or password.
- Retain your NRIC card or any other personal ID documents (e.g. driver’s licence, passport, work permit, employment pass or ATM card).
- Ask you to sign on a blank or incomplete Note of Contract for the loan.
- Grant you a loan without giving you a copy of the Note of contract for the loan
- Grant you a loan without exercising due diligence (e.g. approving a loan over the phone, SMS or email before even receiving your loan application form and supporting documents, such as the income tax assessment and payslips).
- Withhold any part of your principal loan amount for any reason.
With effect from 1 October 2015, the maximum interest rate moneylenders can charge is 4% per month.
This cap applies regardless of the borrower’s income and whether the loan is an unsecured or secured one.
If a borrower fails to repay the loan on time, the maximum rate of late interest a moneylender can charge is 4% per month for each month the loan is repaid late.
With effect from 1 October 2015, all moneylenders are only permitted to impose the following charges and expenses:
- a fee not exceeding $60 for each month of late repayment;
- a fee not exceeding 10% of the principal of the loan when a loan is granted; and
- legal costs ordered by the court for a successful claim by the moneylender for the recovery of the loan.
How can I tell whether an advertisement is from a licensed moneylender or an unlicensed moneylender?
Licensed moneylenders are permitted to advertise only through these three channels:
- business or consumer directories (in print or online media);
- websites belonging to the moneylender; and
- advertisements placed within or on the exterior of the moneylender’s business premises.
All other channels are prohibited.
If you receive flyers, SMSes, emails or other forms of advertisements which are not permitted, these would be from unlicensed moneylenders.
You should keep these key points in mind:
- Before approaching a moneylender, consider other alternatives, such as the various financial assistance schemes offered by various Government agencies. You may contact the agencies to find out more about their schemes.
- You are legally obliged to fulfil any loan contract you enter into with a licensed moneylender.
- Consider whether you are able to abide by the contractual terms, bearing in mind your income and financial obligations. Borrow only what you need and are able to repay.
- Be mindful that if you are unable to meet the contractual terms, the late payment fees and interest payment will be a financial strain not just on yourself but also on your family.
- The law requires moneylenders to explain the terms of a loan to you in a language you understand and to provide you with a copy of the loan contract. Make sure you fully understand the terms of the contract, in particular, the repayment schedule, the interest rate charged and the fees applicable.
- Consider carefully before agreeing to any contractual term which allows a moneylender to lodge a caveat on the sale proceeds of your real estate property upon default of the loan repayment. When a caveat is lodged against your property, you will not be able to sell it without first repaying the moneylender in full. If the repayment is taken from the net proceeds from the sale of the property, it can wipe out all or a substantial portion of the proceeds.
- You should shop around different moneylenders for the most favourable terms. You should not rush into and commit yourself to a loan until you are satisfied with the terms and conditions.