Loansharking Activities

Posted by admin
on June 3, 2016

In an island wide operation that took place between Monday and Wednesday (May 30 to June 1), one hundred and four suspects believed to be involved in illegal loan sharking activities have been arrested, according to news press reports released by the police today (June 2). The suspects, aged between 18 to 72, were apprehended by the Criminal Investigation Department (CID) and six police divisions in a simultaneous joint raid across various locations in Singapore.

Investigations against all suspects are currently ongoing. It is noted during preliminary investigations that four suspects are believed to be runners assisting in performing ATM transfers or procuring ATM cards for the usage of the loan sharks syndicates. Additionally, three suspects are believed to be harassers whose jobs included paint splashing and graffiti on walls. It has also been reported that one suspect is believed to be involved in providing false contact information during the illegal moneylending from loan sharks. Lastly, the remaining suspects who were arrested are believed to have facilitated in illegal moneylending activities by opening bank accounts and providing the loan sharks with their ATM cards and PIN numbers.

The authorities take a serious view of this matter and have committed to take measures against those involved, regardless of their roles, in these activities. Those found guilty of assisting in unlicensed and illegal moneylending business will be dealt with by the law. Members of the public can call the police at 999 or the X-Ah Long hotline at 1800-924-5664 if they know or suspect anyone involved in unlicensed moneylending. Remember, it is not worth it to get yourself involved in loan sharking activities, whatever your role is with the syndicates. If you are in a dire financial state and have no one to turn to, help is always available. You may wish to contact us and we can refer you to the necessary outlets available.

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Moneylender Scam Alert

Posted by admin
on April 28, 2016

Dear Readers and Customers,

We would like to bring to your attention that Quick Credit has been operating at 2 Jurong East Street 21 #04-01A since 2010 and our telephone number has remained unchanged at 6899-6188. We are a licensed moneylender who abides by the rules of the Registry of Moneylenders and will not resort to sending out SMS/Whatsapp texts to market our services. We are certain that there are unethical people out there making use of our good name to deceive customers that they are our representatives. Thus, this article is just a reminder to all to be careful when dealing with moneylenders who are very pushy with loans. It is also important to be careful and read all terms and conditions clearly; especially when documents are presented to you for your signature, make sure it is legible, properly explained to you, and most importantly, accurate – printed as what had been communicated to you.

We are sure many of us have from time to time received whatsapp texts or SMSes from an unknown number that promotes moneylending services. Some are even dubious foreign numbers with the country code “+86, +81” etc. From time to time too, you might also receive such messages from local numbers. Please be aware that licensed moneylenders are not supposed to market their moneylending services like that, making it very likely that these messages could be from the “Ah Longs”.

We urge all borrowers or potential borrowers to exercise caution when taking up a loan. There are currently only 166 licensed moneylenders registered with the Registry of Moneylenders.

FAQs and important information can always be retrieved from the MinLaw website. And certainly, if you are unsure about your financial status and ability to cope with a loan, feel free to contact us for a non obligatory discussion and we will always do our best to help you address your concerns.
no. business name/address licence no list of valid moneylenders registered in the republic of singapore, as at 01 april 2016 1 101 credit pte. ltd.
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Unlicensed Moneylending

Posted by admin
on March 24, 2016

Unlicensed moneylenders, typically also known as loansharks or “Ah Longs”, are illegal lenders who are not licensed by the Registry of Moneylenders to give out loans. These Ah Longs usually target desperate borrowers who often have no other means of getting a loan approved via legitimate sources. It may seem like a good idea to borrow from an Ah Long if one needs cash just to tie over for a short period of time, but the best advice for dealing with loanshark is “DON’T”. A moment of folly will result in having to pay a far higher price for borrowing from them.

There are several risks involved in borrowing from an Ah Long, as they are known to lend money at unreasonable and unfair terms. The most common examples are the exorbitant interest rates they charge and since these people operate outside the law, threats like splashing paint on doors and walls of the debtors, or intimidation to ensure repayment are common. More examples of such violent harassment acts include locking and setting fire on the debtors’ front doors, scribbling debtors’ personal details on common walls, and damaging properties belonging to the debtors and their neighbours.

The authorities take a very serious view on loansharking activities, and loansharking activities of any nature. Under the Moneylenders Act, a Moneylender’s License from the Registry of Moneylenders is required to operate a moneylending business. Similarly, Licensed Moneylenders have their set of rules and regulations and are required to abide by the law in their moneylending operations. An updated list of licensed moneylenders can be retrieved from the Registry of Moneylenders website. Please click here.  As at 1 March 2016, there are 168 active and valid licensed moneylenders in Singapore.

Remember, the price to pay to borrow from an “Ah Long” is never worth it. There are always alternatives to loansharks. If you are on a low income, have poor credit rating, or you simply just need a small sum of cash to tie over a short period of time, there are still legitimate sources out there you can turn to instead of approaching them.

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Errant Licensed Moneylender Fined

Posted by admin
on February 27, 2016

licensed moneylender moneylender licensed

Another errant licensed moneylender is in the spotlight for charges linked to errant moneylending practices. The owner and manager of licensed moneylending company Skyline Credit were convicted of two out of six charges on Thursday, February 25. Four other similar charges were taken into consideration while sentencing. Both had pleaded guilty in the State Courts.

According to the Registry of Moneylenders, one of the two charges against the owner was for recklessly furnishing false information to the Registrar while the second charge was for granting Singapore borrowers unsecured loans that exceed S$3,000. The press release highlighted that these borrowers have an annual income less than S$20,000. The sole proprietor of Skyline Credit was fined S$13,000, and will face a three weeks jail term if the fine is not paid.

The manager on the other hand was convicted for knowingly furnishing a false document to an officer authorised by the Registrar during an inspection. The document contained a false income statement of a borrower. The manager was sentenced to a S$12,000 fined, and similarly faces a two weeks jail term if the fine is not paid. It is common for the Registry to carry out regular inspections and audits on licensed moneylenders to ensure compliance of moneylending laws. Where breaches of such laws are found, enforcement measures will be taken. These measures include suspension or revocation of licences, forfeiture of deposits, warnings, and prosecutions. More details can be found on the MinLaw website.

Since 2011, the Registry of Moneylenders have reported that there had been thirty-six other moneylenders convicted and fined. The Registry has also confirmed that the moneylending license of Skyline Credit will not be renewed after March 15.

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More on the Moneylenders Credit Bureau

Posted by admin
on February 25, 2016

Personal loan personal loan personal loan

If you read The Straits Times and follow closely to moneylending news, you might have noticed that our very own Quick Credit Director, Ms. Carol Tan, was interviewed for her opinion on the launch of the Moneylenders Credit Bureau (MLCB) in the February 25 The Straits Times copy. Ms. Carol Tan believes that with the MLCB in place, licensed moneylenders are now in a better position to discourage borrowers from over borrowing. She also highlighted that there is a definite chance that the default rate among borrowers will reduce.

Generally, licensed moneylenders are in an unanimous agreement that the credit bureau will be a very helpful platform for them in the long run. With borrowers borrowing loans after loans for the purpose of covering their previous debts, this downward spiral for them might come to a halt. A closer and tighter watch by both the authorities and lenders alike will see borrowers practice better money management.

As part of the tightening controls on moneylending, the bureau was first announced in 2014 that included also the new rule on interest rate of four percent cap. A spokesperson from the Ministry told The Straits Times that it will “monitor the situation for some time” before implementing the mandatory use of the bureau for all loan applications. This gives all licensed moneylenders some leeway to familiarize themselves with the system before it becomes compulsory.

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Credit Bureau for Moneylenders in Singapore

Posted by admin
on February 25, 2016

Moneylender Moneylender Moneylender

The Ministry of Law (MinLaw) has just announced the operations of a credit bureau for moneylenders that will begin on 1 March 2015.

Known as the Moneylenders Credit Bureau (MLCB), its purpose is to help licensed moneylenders assess how creditworthy the borrowers are, as well as to help prevent borrowers from borrowing beyond their capabilities. Going forward, all licensed moneylenders are required to provide details of their loans to borrowers, and also their repayment information to the bureau. The same details can be retrieved by other licensed moneylenders during a credit application process. These borrowers can also access this information.

Without means of knowing if an individual has taken far more loans than he or she can handle, the introduction of this credit bureau tackles the problem of an individual being overstretched by multiple loans from different moneylenders. With this platform, moneylenders can make an informed decision of the creditworthiness of a borrower during the credit evaluation process.

Mr. Billy Lee, founder and executive director of Blessed Grace Social Services has welcomed the introduction of the MLCB. He believes that as the loan information of borrowers become transparent within the moneylending industry, borrowers will be encouraged to better manage their finances, and not to borrow more than they can handle. Moreover, the credit bureau will be used by the MinLaw and the Registry of Moneylenders to better monitor the borrowing and lending activities.

A credit report will cost $0.50 for licensed moneylenders and $1 for borrowers. Information in the report will include:
a) Loan type and tenure, total outstanding principal amount and total payable amount, and
b) Details of all active loans made with licensed moneylenders and the repayment status of each loan.

Mr. Peter Tan, president of the Moneylender’s Association of Singapore opines that the availability of such credit reports not only discourages borrowers from overborrowing, it also helps licensed moneylenders make better assessments during credit applications. This in turn helps licensed moneylenders minimize risks and lower default rates in their business.

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Prosperous New Year!

Posted by admin
on February 5, 2016


The Lunar New Year is fast approaching. Have you stocked up on your new year goodies or changed for new notes at the bank yet? This is the period where families get together and have reunion dinners, and also the practice of giving out red packets for good luck in the coming Monkey year.

Apart from the standard superstitions like not sweeping the floor on the first day of Lunar New Year (as it will sweep away all the luck), to not using knives and scissors as it will cut away all the wealth and fortune. The annual “Li Chun” has hyped up the banks and cash deposit machines all across Singapore. The practice to deposit money into their accounts on Li Chun has gained popularity in the recent years. Some believe that depositing in money will help in growing wealth and ensuring good luck. Some has gone to the extent of checking their auspicious timings and brought along specific amount of money based on the zodiac signs for extra luck.

Li Chun, also known as Farmers’ Day, typically falls around February 4 each year. Farmers are known to celebrate the beginning of Li Chun with special events, worshipping and offerings to the Gods, and praying for a blissful and prosperous new year ahead. The Lunar New Year is also celebrated around this time.

While the younger generation typically do not believe in these do’s and don’ts, such traditions and customs are still widely practiced. It is somehow a way to preserve identity and provide a continuity from the past to the present.

A word of caution: We know that there will always be some form of gambling during the Chinese New Year. We urge all to play with caution and practice responsible gambling. Do not forget that the fun may result in huge debts if one is not careful. This is especially so for problem gamblers who want to try their luck during the festive season. Borrowing money to gamble is not advised. If you need financial counselling or advise, feel free to call us.

Last but not the least, from everybody at Quick Credit Pte. Ltd, we wish a Prosperous Monkey Year ahead。年年有余,身体健康,财源广进!

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Fewer Complaints Made Against Licensed Moneylender

Posted by admin
on February 1, 2016

Licensed moneylender,

A parliamentary question on harassment by licensed moneylenders was posed by the MP for Holland-Bukit Timah GRC, Mr. Christopher de Souza. Mr. De Souza put forth the following pointers:

(a) if stronger measures could be put in place to protect borrowers; and (b) if clear guidelines or regulations on acceptable debt collect practices and behaviour were to be introduced.

In his written response on 28 January 2016, Law Minster, Mr. K Shanmugam highlighted that reports against licensed moneylenders between 2013 and 2015 had declined by close to two-thirds. The number of reports filed at the Registry of Moneylenders on activities linked to licensed moneylenders had fallen from 124 reports in 2013 to 45 in 2015.
Mr. K Shanmugam reiterated that there are existing measures sufficient to safeguard the interests of the borrowers. For instance, the Protection from Harassment Act that came into force in 2014 will provide civil and criminal recourse for victims of harassment. The Act protects victims from all types of harassment; for example, alarm or distress, fear, provocation etc. Simply put, debtors will be protected from unreasonable or illegal conducts against creditors, along with licensed moneylenders or their appointed debt collectors. It is important to note that licensed moneylenders who are found to have committed the offence may potentially have their licenses revoked, suspended, or not renewed. Debtors who are going through such behaviours from their licensed moneylender can approach the Registry to make a complaint. To report an unfair practice against a moneylender, reports can be made through the Small Claims Tribunal or the Court under the Consumer Protection. More details can be found via and

Additionally, it was stated in the Minister’s reply that some of the recommendations made by the Advisory Committee has already been implemented. The Ministry of Law will also be looking to implement other changes on moneylending in the very near future. However, a review to look into plans to introduce the guidelines for licensed moneylenders on acceptable debt collection practices will be shelved to a later date. This is to allow the moneylending industry some leeway to adjust to other changes in regulations. A supplement to the Moneylenders Act and Rules was only just issued by the Registrar of Moneylender last week.

Continue to watch this space for more changes and updates.
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New Measures to Protect Borrowers!

Posted by admin
on January 27, 2016

Since the Ministry of Law (MinLaw) implemented the new regulations last year, some moneylenders have been trying means and ways to game the system through gaps in the rules. With effect from 1 October 2015, loans have been subject to the following caps . They include:

  • upfront administrative fee or not more than 10% of the loan principal;
  • interest of not more than 4% per month;
  • late interest of not more than 4% per month;
  • late fee of not more than S$60 per month; and
  • e) total borrowing cost of not more than 100% of the loan principal.

In a move to plug loophole exploited by errant moneylenders, The Registry of Moneylenders has issued a notice to all its moneylending licensees yesterday. Not to be confused with the changes to regulations, this list of measures is on top and beyond what was introduced last year and acts as a supplement to the Moneylenders Act and Rules. The new measures take immediate effect. We have quickly summarized the newly issued Registrar’s Directions and it is as follows:

  • Lenders are required to take a pro-active measure by being stringent on their criteria on who to offer loans to. For example, those who will face difficulties making repayments and thus start to incur continuous administrative or late payment fees, among other things.
  • Lenders are required to elaborate to borrowers of the terms and conditions of their loans. This includes information on how interests and other fees are computed and the scenarios on which such fees will be imposed.
  • Lenders are required to furnish the borrowers with a black and white cautionary statement on exploitative loans before such loans can be disbursed.
It has only approximately been 4 months since the implementation of the new regulations by the Ministry back in October 2015. While this is a clear move by the authorities to deter unfair practices and protect borrowers, it is not one to kill off the moneylending industry. The Government accepts that there is still place for the moneylending industry because some people still fall short of meeting the banks’ requirements for loans. Nevertheless, while majority of the moneylenders will applaud and welcome the supplementary measures to the Moneylenders Act and Rules (click on link for full Act) for its transparency, it is possible that some errant moneylenders will continue to look for ways to manipulate the system for their desired outcome.
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Fighting Organised Crime

Posted by admin
on July 19, 2015

On 14 July 2015, a new law was introduced in Parliament. The proposed law, the Organised Crime Bill, would grant authorities more powers in detecting and preventing organised crime activities such as drug trafficking, money laundering and unlicensed moneylending. The law also allows authorities to confiscate the benefits from criminal activities based on a ‘balance of probabilities’, which requires lesser burden of proof than criminal convictions.

This proposed law is a welcomed measure in our ongoing fight against loansharks and unlicensed moneylenders. These illegal criminal activities have always posed a serious threat to the legitimacy of the moneylending industry; it is heartening to know that more measures are being taken by the authorities to combat this issue.

Within the industry, there are also controls in place to prevent the facilitation of such criminal activities. Stringent checks are undertaken before disbursing a loan, in compliance with the Prevention of Money Laundering and Financing of Terrorism (PMFT) Act. Any suspicious transactions will be reported to the Registrar.

As a general reminder, licensed moneylenders are not allowed to send out messages to solicit the public to take up loans. We advise our readers to ignore such messages, and when in doubt, please contact the relevant authorities or legitimate moneylenders.

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