In Singapore, borrowing money can be a practical solution for urgent needs, unexpected emergencies, or seizing valuable opportunities. While borrowing can be helpful, it’s important to be aware of the risks—especially in a landscape where unlicensed moneylenders, also known as “loan sharks,” are present. These illegal lenders can put your financial well-being and personal safety at risk with sky-high interest rates, unclear loan terms, aggressive collection methods, and even intimidation or harassment. To protect yourself, it’s essential to work only with moneylenders who are licensed and regulated by the Singaporean government. Responsible borrowing isn’t just about knowing your loan terms—it’s also about confirming that your lender is legitimate. Taking these steps shields you from scams, illegal practices, and unnecessary financial stress.
In this blog, you’ll find a clear, step-by-step guide to using the Registry of Moneylenders and other official resources to check that your lender is licensed. With these practical tips, you can make informed decisions, borrow only from verified sources, and protect your finances and peace of mind.
What Is the Registry of Moneylenders?
The Registry of Moneylenders is a trusted, government-maintained database overseen by the Ministry of Law (MinLaw). It regulates all moneylenders licensed under the Moneylenders Act and serves several important purposes:
- Registration and Regulation: All reputable moneylenders must apply for and hold a valid license to operate legally. The Registry keeps track of these licenses so only approved moneylenders serve the public.
- Consumer Protection: With its public list, the Registry empowers you to easily confirm a lender’s legitimacy and steer clear of illegal operators.
- Transparency and Accountability: Licensed moneylenders must follow strict rules on loan limits, interest rates, fees, and ethical lending practices—giving you peace of mind when you borrow.
Why trust the official Registry? Because it’s the safest and most reliable way to identify licensed moneylenders in Singapore. The list is updated regularly, so you can be sure you’re dealing with legitimate lenders who meet the country’s strict standards—helping you avoid scams with total confidence.
Where to Find the List of Licensed Moneylenders
Verifying a moneylender is simple when you know where to look. The Registry of Moneylenders is easy to access on the Ministry of Law’s official website (https://rom.mlaw.gov.sg). Here’s how you can find it with confidence:
- Homepage Access: Go to the Ministry of Law’s Registry of Moneylenders page. You’ll typically find it under the “Information for Borrowers” or a similar section.
- Search or Download: The Registry is usually available as a downloadable PDF file, updated regularly, so you always have the latest information on licensed moneylenders.
- Additional Information: The website also offers helpful user guides, FAQs, and contact details if you ever need support.
With these resources, you can quickly and confidently check a moneylender’s status before taking a loan—giving you peace of mind every step of the way.
Step-by-Step Guide to Verify a Moneylender
Here’s a simple, step-by-step guide to help you confidently verify a licensed moneylender using the Registry:
Step 1: Download the Official List
Visit https://rom.mlaw.gov.sg and look for the latest Registry list. Download and save the PDF—it’s your go-to reference for licensed moneylenders.
Step 2: Gather Moneylender Details
Collect the company’s name, license number (if provided), address, and contact information from the lender you’re considering.
Step 3: Search the Registry
Open the downloaded Registry file. Use the search function (Ctrl+F or Command+F) to quickly find the moneylender by name or license number.
Step 4: Verify Company Information
Compare the lender’s details with what’s in the Registry. Make sure the name, license number, business address, and contact numbers all match perfectly.
Step 5: Identify Discrepancies
Watch out for any mismatched addresses, missing license numbers, or differences in contact details—these are red flags and could mean the lender isn’t legitimate.
Step 6: Confirm License Validity
Make sure the license hasn’t expired and is still active. The Registry’s update or expiry fields make this quick and easy to check.
By following this checklist, you can be confident you’re only dealing with authorised, licensed moneylenders—protecting yourself from scams and illegal lending.
Additional Verification Measures
In addition to checking the Registry, you can take a few extra steps to feel fully confident about your moneylender’s legitimacy:
- Visit Their Physical Office: Licensed moneylenders always operate from a registered place of business and display their license certificate clearly. Stopping by their premises is a smart way to confirm they’re legitimate.
- Contact the Registry of Moneylenders Directly: Still unsure? Give the Registry a call or send an email—they’ll gladly confirm a moneylender’s status for you.
- Check Membership with the Credit Association of Singapore (CAS): This professional group champions ethical practices among moneylenders. Membership is voluntary, but it’s a great sign of credibility.
- Confirm No Unsolicited Approaches: Licensed moneylenders will never make unsolicited loan offers by phone or message. If you get such a contact, it’s a clear warning sign—don’t engage.
What to Do If You Suspect an Unlicensed Moneylender
If you ever come across a moneylender who isn’t on the official Registry or behaves suspiciously, take action right away to protect yourself and the community:
- Report Suspicious Lenders: Let the Registry of Moneylenders or the Singapore Police Force know immediately. They’re ready to help.
- Provide Evidence: Jot down contact details, advertisement materials, and any interactions you have with the suspected lender. Every detail helps.
- Avoid Any Financial Transactions: Don’t share personal information, sign documents, or send money to anyone you haven’t verified as legitimate.
When you report, you help stop illegal activity, protect others, and keep Singapore’s lending environment safe for everyone.
Legal Consequences for Illegal Moneylending
Unlicensed moneylending is strictly illegal under the Moneylenders Act 2008. Offenders can face tough penalties—imprisonment, heavy fines, and even caning. Even borrowers who work with illegal lenders may face consequences, so always choose to borrow the right way.
When you report or walk away from unlicensed lenders, you’re helping keep Singapore’s financial environment safe for everyone. Your actions make a real difference.
Conclusion
Borrowing money is an important decision that deserves careful consideration and a proactive approach. Unlicensed moneylenders in Singapore can pose real risks, including serious consequences for your financial health and personal safety. That’s why it’s so important to put your trust only in licensed, reputable lenders. Thankfully, the Ministry of Law’s Registry of Moneylenders gives you a straightforward, reliable way to verify any lender before you commit. With this official, up-to-date resource, you can check a moneylender’s credentials quickly and confidently—so you always know you’re dealing with someone trustworthy.
For true peace of mind, always choose a lender that’s listed in the official Registry. And if you ever have doubts or want guidance, the friendly team at OT Credit is always here to help you borrow with confidence.
