MLA How Much Can I Borrow From Licensed Moneylenders Moneylenders Loan Academy MLA Singapore

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 less than $10,000, Singaporeans and Permanent Residents can apply for an unsecured loan of $3,000 while foreigners can apply for an unsecured loan of $500.

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.