Maxcredit Personal Loan
Maxcredit offers flexible personal loans in Singapore with extended loan tenures, ensuring one of the best financing solutions available. Enjoy fast approval and receive your cash within 24 hours. Apply online easily with Singpass—no lengthy credit checks required.
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ALL YOU NEED TO KNOW
Frequently Asked Questions (FAQs)
ALL YOU NEED TO KNOW
Frequently Asked Questions (FAQs)
To qualify for a loan from a licensed money lender in Singapore, applicants typically need to meet the following criteria:
- Be between 21 and 65 years old
- Available to individuals with poor credit history or low credit scores
- Open to Singaporeans, Permanent Residents, and foreigners with valid work passes
- Suitable for employees, self-employed individuals, and business owners
- Welcomes applications from gig workers (e.g., food delivery riders, PHV drivers), freelancers (e.g., tutors, coaches), and commission-based agents (e.g., property or insurance agents)
Licensed money lenders offer financial solutions tailored to different needs. Feel free to reach out for more information on loan options.
Licensed money lenders in Singapore must follow strict regulations on interest rates and fees. Here are the key limits:
- Maximum interest rate: 4% per month
- Maximum late interest rate: 4% per month
- Maximum late fee: $60 per month for overdue payments
- Maximum administrative fee: 10% of the approved loan amount
Important Note: The total charges, including interest, late interest, late fees, and administrative fees, cannot exceed the original loan principal. For example, if you borrow $5,000, the total amount chargeable in fees and interest cannot exceed $5,000.
No, there is no penalty for repaying your loan early. Since 1 October 2015, licensed money lenders in Singapore are only allowed to charge the following fees:
- A late repayment fee of up to $60 per month.
- An administrative fee of up to 10% of the approved loan principal.
- Legal costs as ordered by the court in the event of a successful loan recovery claim.
Borrowers can settle their loans early without incurring additional penalties beyond these regulated charges.
Yes, late interest is calculated on a daily basis, similar to compound interest.
Calculation Formula:
- Daily late interest rate = (Annual interest rate) ÷ 365 days
- Daily compound interest rate = (Annual interest rate) ÷ 365 days
Late interest applies to the overdue outstanding payment amount, while compound interest is calculated based on the overdue principal amount owed. Borrowers are encouraged to make timely repayments to avoid accumulating additional interest charges.
No, like all licensed money lenders in Singapore, Maxcredit conducts a credit assessment before approving a loan. While we are more flexible than banks and may consider applicants with poor credit scores, we still review your financial situation to determine your suitability for a loan.
As part of this process, we assess your Loan Information Report from the Moneylenders Credit Bureau (MLCB) to evaluate your borrowing limit and overall creditworthiness.
Yes, an unemployed person may still qualify for a loan from a licensed money lender in Singapore, as long as they can provide proof of a steady income source.
This income can come from various sources, such as:
- Alimony or spousal support
- Dividends from investments
- Annuity payouts
- Monthly retirement plan distributions
Providing statements that verify these income sources will help determine loan eligibility.
