Blacklisted Loans in Singapore: What You Should Know in 2025
In Singapore, even individuals with poor credit histories can still access loans through licensed moneylenders, many residents with past credit issues still seek ways to secure personal loans for emergencies or daily needs. Licensed moneylenders now offer flexible options that help borrowers access quick funds when banks decline applications.
🔹 Who Uses Blacklisted Loans in Singapore?
Blacklisted loans are commonly sought by:
Individuals with a poor credit record at the Credit Bureau Singapore (CBS),
Borrowers who have been rejected by banks or financial institutions,
People who urgently need cash for medical expenses, rent, or emergencies.
Most of these loans are provided by licensed moneylenders regulated by the Ministry of Law, not by illegal or unregistered lenders.
🔹 How Loan Applications Are Processed
Credit assessment – lenders may check credit history but can still approve smaller amounts for borrowers with stable income.
Income verification – proof of regular employment or CPF contributions increases approval chances.
Processing time – usually within one working day for smaller loans.
🔹 Advantages and Risks
Advantages:
✔ Accessible for borrowers with bad credit
✔ Quick processing and approval
✔ Flexible repayment plans for smaller loans
Risks:
❌ Higher interest rates compared to bank loans
❌ Short repayment periods
❌ Potential debt trap if repayments are delayed
🔹 Comparison of Licensed Moneylenders in Singapore
| Moneylender | Loan Type | Interest Rate (from) | Max Amount (for individuals) | Repayment Term | Credit Check |
|---|---|---|---|---|---|
| Credit 21 Pte Ltd | Personal Loan | ~3.5% per month | Up to 6x monthly salary | 3–12 months | Yes |
| GS Credit | Payday / Personal | ~3% per month | Up to 4x monthly salary | 1–12 months | Yes |
| Cash Mart Singapore | Small Loan | ~2.9% per month | Up to 10,000 SGD | 1–12 months | Yes |
| Fortune Credit | Short-Term Loan | ~3% per month | Up to 5,000 SGD | 1–6 months | Yes |
Data are based on official information from licensed moneylenders as of September 2025 and verified through Singapore’s Ministry of Law registry.
🔹 What to Do If You Need Cash Urgently
Check for assistance schemes such as the ComCare Short-to-Medium Term Assistance.
Discuss repayment plans with existing lenders before taking new debt.
Borrow only from licensed moneylenders listed on the Ministry of Law website.
Avoid unlicensed lenders or those offering loans via WhatsApp, Telegram, or social media.
🔹 How to Increase Your Loan Approval Chances
Provide clear income proof such as payslips or CPF contribution history.
Reduce outstanding debts before applying.
Apply for smaller loan amounts to improve approval likelihood.
Maintain stable employment and avoid multiple applications at once.
🔹 What to Check Before Applying
Read the full contract, including effective interest rate (EIR) and fees.
Compare offers from several licensed lenders.
Confirm that the lender is approved by the Registry of Moneylenders (MinLaw).
⚠️ Risk Warning
Blacklisted loans can provide short-term relief but also carry substantial risks. Late payments may result in additional fees, legal action, or damaged credit scores. Borrowers should consider alternatives such as debt restructuring, financial counselling, or government aid before taking high-cost loans.
👉 Such loans should only be used as a last resort after all safer and lower-cost options have been carefully evaluated.