How much money can I borrow from licensed moneylenders?
In case your annual income is less than $20,000, it’s almost impossible to acquire a loan from a bank that’s ready to offer you an unsecured loan. But a licensed moneylender can legally offer a personal loan of a maximum of $3,000.
In Singapore, there is a maximum amount you can borrow for unsecured loans.
For borrower’s annual income that is at least $10,000 but less than $20,000, Singaporeans and Permanent Residents can get a maximum loan of $3,000 and foreigners can apply for a maximum loan of $3,000.
For borrower’s annual income that is at least $20,000, Singaporeans, Permanent Residents and foreigners can borrow up to 6 times of their monthly income.