Top 5 licensed moneylenders in Singapore: which has the lowest monthly repayment?

Rates and sources checked 30 October 2026

Among the five lenders below, EZ Loan’s advertised starting rate of 0.82% per month gives the lowest payment in our common example, followed by Best Licensed Moneylender’s 1.01%. Both starting rates are for eligible applicants and remain subject to assessment and final terms.[1][2]

For a useful monthly-repayment comparison, keep the loan amount and repayment period the same. Then compare the interest rate using the same calculation method. A smaller instalment obtained by extending the loan is a different comparison.

This comparison is published by EZ Loan, one of the lenders listed. EZ Loan and Best Licensed Moneylender are the main focus; three other lenders with published monthly rates provide additional comparisons. This is not a list of Singapore’s five cheapest lenders, and other lenders may advertise lower starting rates than some shown here. The payments below are rate-only examples, not lender quotes or confirmed repayment schedules.

The example uses S$5,000 over 12 months, with equal monthly payments and interest calculated on the reducing principal balance. We apply that same model to each published starting rate. Fees are excluded and discussed separately. A starting rate may not be available for this loan amount or term, and not every applicant will qualify for S$5,000.

Totals use unrounded calculations; displayed amounts are rounded to the nearest cent, so the final payment may need a small adjustment. The three 2% examples tie. A different fee, approved rate or repayment schedule could change the comparison between actual offers. These rows use advertised minimum rates, not a prediction of the rate you will receive. For comparison, a 4% monthly rate would produce S$532.76 a month and S$6,393.13 across the same modelled term, before fees.

The Registry’s 1 October 2026 list identifies EZ Loan Pte. Ltd. (19/2026), Best Licensed Moneylender Pte Ltd (48/2026), Cash Direct Pte. Ltd. (92/2026), MM Credit Pte. Ltd. (7/2026) and Cash Hub Pte. Ltd. (55/2026). Check the current Registry before sharing personal information or proceeding.[7]

What stays fixed in the calculation?

We keep the principal, 12-month term and payment schedule constant. Each payment falls at the end of a monthly period, with no missed payments, early settlement or fees added to the loan balance.

For the calculation, the monthly payment is:

Principal × monthly rate ÷ [1 − (1 + monthly rate)^(−number of months)]

The Ministry of Law requires interest to be calculated on the principal remaining after repayments allocated to principal. That does not mean every lender offers the same equal-instalment schedule used here.[6] Ask for the actual repayment schedule before relying on an advertised rate.

EZ Loan publishes a rate from 0.82% per month for eligible applicants on its own website. This is the source of the rate used above; it is not a rate inferred from a review or publisher listing.[1]

At that rate, our S$5,000, 12-month model produces a monthly payment of S$439.21. It shows why a lower applicable rate is worth checking before extending a repayment period just to reduce the instalment.

EZ Loan also appears in SingSaver’s licensed-moneylender comparison.[4] That is publisher coverage, not the source of the 0.82% rate or verification of the example payment. It does not guarantee that an applicant will receive the starting rate.

Ask EZ Loan which rate and repayment schedule apply to your circumstances, including the fee, cash received and total repayment. Do not assume that the example payment includes an administrative fee. Its published terms make clear that the offer depends on approval and your borrower profile.[1]

Best Licensed Moneylender’s own website advertises personal-loan rates from 1.01% per month for eligible applicants.[2] Applying that rate to the same model gives S$444.52 a month. It is second within this selected comparison, not a claim that Best is Singapore’s second-cheapest lender.

MoneySmart has a dedicated review of Best Licensed Moneylender covering its loan terms and application process.[5] The rate above comes from Best’s own site. MoneySmart describes Best’s rate as an annual flat rate, which is a different calculation basis. The S$444.52 figure here assumes a 1.01% monthly reducing-balance rate; it does not establish Best’s actual repayment schedule.[2][5]

Best’s homepage also displays a 10% processing fee attributed to MoneySmart’s listing, with an explicit warning that it is not a personal quote.[2] If that fee is deducted from S$5,000, you receive S$4,500. Confirm the applicable rate basis, fee and every scheduled payment in writing before comparing the offer with EZ Loan.

Cash Direct’s website states a monthly interest range of 2% to 4%, with processing fees from 6% to 10%, depending on the loan type.[3]

The table uses the lower end of that rate range, producing S$472.80 a month in the common example. It does not assume that the lowest rate and lowest fee will both apply to the same applicant.

Ask which loan type, rate and fee would apply to your request. A published fee range is useful only when you know the actual amount you would pay.

MM Credit’s website advertises interest rates from 2% per month.[8] At that starting rate, it produces the same S$472.80 monthly example as Cash Direct and Cash Hub.

There is no mathematical reason to rank those three differently on this rate-only calculation. To distinguish their actual offers, compare the approved rate, upfront fee and repayment schedule for the same amount and term.

Cash Hub publishes monthly interest rates of 2% to 4% and a 10% upfront administrative fee. Its stated loan-tenure range is 1 to 24 months.[9]

The 2% starting-rate example again gives S$472.80 a month. The fee is separate: if 10% is deducted from a S$5,000 principal, the fee is S$500 and the borrower receives S$4,500.

If you need S$5,000 in hand, that is a different request. Ask each lender to quote for the same cash requirement after fees before deciding which offer suits your budget.

The Ministry of Law permits a loan-approval fee of up to 10% of the principal. That is a maximum, not a statement that every lender charges 10%.[6]

For a fee deducted upfront, compare both the instalments you will repay and the smaller amount you actually receive. The borrowing cost is the sum of repayments less the net cash received, assuming no other payments or charges. If a fee is paid separately, include that payment too; do not count the same fee twice.

Use this checklist when asking for written terms:

• How much cash will I receive after any deduction?
• What rate applies to me, and how is interest calculated?
• Is repayment monthly, and what is the amount and due date of every instalment?
• What is the total repayment, including any separately paid fee?
• What happens if I settle early or miss a payment?

Consider other options, including available assistance, before borrowing. Only accept a commitment you can repay. The Ministry of Law advises borrowers to understand the contract and consider their repayment ability before borrowing.[6]

Does a lower interest rate mean a lower monthly repayment?

With the same principal, term and equal-payment calculation, a lower rate produces a lower monthly payment. The examples above isolate that effect. Actual offers still need matching payment schedules and a separate fee comparison.

Can a longer tenure make a loan look cheaper?

A longer term can reduce each monthly payment while increasing the total interest paid. It changes the comparison. If you want to see which rate produces the lower payment, keep the term fixed first, then assess whether that term is affordable.

Do all licensed moneylenders charge 4% per month?

No. Four per cent per month is the legal maximum, not a compulsory rate.[6] The table compares lower advertised starting rates. Your eligibility and approved offer still need assessment.[1][2][3]

If you are comparing monthly commitments, start with the amount you need and a repayment period you can manage. Ask EZ Loan for the applicable rate, fees, cash received and full repayment schedule, then compare written offers on the same basis.

You can review our personal-loan information before deciding whether to apply. Approval and final terms depend on assessment.[1]

• 1. EZ Loan: published rate and eligibility
• 2. Best Licensed Moneylender: published rate and listing information
• 3. Cash Direct: interest and processing-fee ranges
• 4. SingSaver: licensed-moneylender guide
• 5. MoneySmart: Best Licensed Moneylender review
• 6. Ministry of Law: borrower guidance
• 7. Ministry of Law: registered moneylenders, 1 October 2026
• 8. MM Credit: published starting rate
• 9. Cash Hub: rates, fees and tenure