EZ Loan vs Raffles Credit: fees and early repayment

If you are comparing Raffles Credit with EZ Loan, start with the written offer rather than a headline rate or a general online promise. Put the same loan amount and repayment period beside each other, then check the amount you will actually receive, every stated fee, the repayment schedule and the amount needed to settle early.

There is also a practical location question. The Ministry of Law Registry list dated 1 September 2026 records RAFFLES CREDIT PTE LTD under licence 60/2026 at 17A, Circular Road, Singapore 049373. It records EZ LOAN PTE. LTD. under licence 19/2026 with registered places at 6 Raffles Boulevard, #03-308, Marina Square, and 3 Beach Road, #01-4853, Beach Road Gardens.[1] Those locations may be relevant if one fits your work, home or errands. They do not prove a lower cost, faster approval or a better outcome.

Short answer

Compare EZ Loan and Raffles Credit using the written terms offered for the same loan amount and repayment period. Check the amount you will receive, applicable fees and total amount payable. If you may repay early, ask both lenders for a settlement quotation that states the amount and the date on which it is valid. A headline rate alone cannot answer which offer costs less.

At-a-glance comparison

The Registry is the right place to check the legal identity, licence and registered address of a licensed moneylender. MinLaw also advises borrowers to verify the physical and website address using only the official list. Its in-person verification requirement applies to both lenders.[2][3]

Compare the full cost, not one line

Before signing, ask for the same information from each lender. Write the answers down rather than relying on a verbal summary:

1. What is the approved principal?

2. How much will be disbursed after any stated deductions? MinLaw permits an upfront deduction of a loan approval fee from the principal, within its stated limit. Compare the amount actually delivered with the approved principal and check the deduction against MinLaw's guidance.[3]

3. What interest, fees and late-payment terms apply?

4. What is the total amount payable if the schedule is followed?

5. Is there a separate calculation for early settlement, and can you read the final document before signing?

A fair comparison needs the same principal, tenure and borrower assumptions. If one lender gives only a general example and the other gives a personalised written offer, they are not like-for-like. Use the written offer for your own request as the controlling document.

What early repayment means in practice

Raffles Credit's FAQ asks whether borrowers can pay off their loans early. Its published answer says early repayment is possible and says an interest discount would be given based on early settlement.[4] That is a statement from Raffles Credit about its own process, not a promise that every borrower will receive the same amount or that Raffles will be cheaper overall.

If early settlement matters to you, ask Raffles for the amount needed to close the loan on a specific date. Ask EZ Loan the same question. Then check whether the figure includes all outstanding principal, interest, fees and any adjustment stated in the agreement. Also ask how long the quotation remains valid. A settlement figure without a date can become unclear if another instalment falls due.

Do not estimate the saving from a headline interest figure. The result depends on the actual principal, payments already made, the agreed schedule and the lender's written settlement terms. A lower quoted rate on its own does not establish a lower total cost.

Starting online does not replace the important meeting

Raffles Credit says an application may be submitted online or over the phone, but its FAQ also says the borrower must be physically present to sign the loan agreement before the amount is disbursed.[4] That distinction is useful when planning your time. Ask when the appointment takes place, which documents to bring and whether the final terms will be explained before you sign.

MinLaw's borrower guidance is the baseline for any licensed moneylender comparison. Verify the lender against the Registry, use the registered website and expect the required face-to-face steps. A digital form is an application channel, not proof that the whole transaction can happen online.[2]

When EZ Loan may fit your plans

EZ Loan's two Registry-listed locations can be a practical reason to include it in your comparison when Marina Square or Beach Road suits your route. See the Marina Square location page or Beach Road location page for visit information, then confirm the current details before travelling.

Frequently Asked Questions

Can I repay early with Raffles Credit or EZ Loan?

Raffles Credit's FAQ says early repayment is possible and refers to an interest discount based on early settlement.[4] The amount you would pay depends on your own agreement and the date of settlement. Ask each lender for a dated written settlement figure.

Which fees should I compare?

Start with any loan approval fee deducted from the principal, then compare the interest, other applicable fees, instalment schedule, late-payment terms and total amount payable. MinLaw's borrower guidance sets out permitted charges and deductions.[3] Ask both lenders to explain any early-settlement calculation in writing. Do not compare a general website example with a personalised offer as if they were equivalent.

Can I apply to Raffles Credit online or by phone?

Raffles Credit says you can submit an application online or over the phone, followed by an in-person appointment and physical signing before disbursement.[4] Confirm the current steps directly and make sure the final offer is explained before you sign.

A practical next step

Request the written terms for the same amount and repayment period from the lender you are considering. If early repayment is possible, request a dated settlement example as well. You can review EZ Loan's personal-loan information and location pages, then verify the current registered details and compare the final documents before signing.

EZ Loan publishes this comparison. Verify current licence details and compare the written terms offered for your circumstances.

Sources

• [1] MinLaw Registry: List of Licensed Moneylenders as at 1 September 2026

• [2] MinLaw Registry: List of Licensed Moneylenders in Singapore

• [3] MinLaw: FAQs on Borrowing From Licensed Moneylenders

• [4] Raffles Credit official website