Frequently Asked Questions
How much I can borrow?
| Borrower’s Annual Income | Maximum Loan Amount [Singaporean or PR] | Maximum Loan Amount [Foreigners] |
|---|---|---|
| Less than $10,000 | $3,000 | $500 |
| At least $10,000 and less than $20,000 | $3,000 | $3,000 |
| At least $20,000 | 6 times monthly income | 6 times monthly income |
What are the interest rates?
| Loan Period | Interest Rates |
|---|---|
| 1 – 12 months | 4.0% |
Are there any other fees?
A one-time administrative fee 3.5% flat on your approved loan amount. Please refer the table below for more detail.
| Loan Period | Admin Fee |
|---|---|
| 1 – 12 months | 3.5% |
What are the documents required before visiting your office?
- NRIC or Work permit (for foreigners)
- Latest 3 months payslip
What should I do after being granted a loan?
Do ensure that the correct principal amount of the loan is delivered to you. Any licensed moneylender is only permitted an upfront deduction of a loan approval fee of up to 10% of the principal amount.
Set reminders on your phone or calendar to make payments of the loan installments on time to avoid incurring late payment fees and late interest.
Once the dated and signed receipt is issued to you every time you repay your loan, do check the receipt for accurate information, e.g. name, amount, date is correct.
Always keep us updated on your latest address and email address and make sure you receive a statement of account for all your loan(s) at least once every 6 months, and check it for correctness (e.g. name, amount, date).
You should retain all statement of accounts and receipts of payments, as documentation and evidence of payments.
How do I know whether a moneylender is licensed or not?
Before engaging a moneylender, do verify that the moneylender is licensed by checking the list here. Do not borrow from unlicensed moneylenders.
How can I improve my credit standing?
You may improve your credit standing by observing these pointers:
- Repay outstanding loans on time.
- Keep the number of loans and total loan amount manageable.
I am a guarantor/surety for a loan. Will this be reflected in my Borrower Credit Report?
Yes. This is reflected since a guarantor / surety is legally liable for any unpaid loans.
Why has my total outstanding principal amount changed even though the moneylender rejected my loan application?
You may improve your credit standing by observing these pointers:
- Your total outstanding principal amount also reflects Approved-in-Principle loans while the loan is pending final approval.
- If you were merely loan shopping, do inform the lender to reject the application so that your total outstanding principal amount will be updated immediately. Otherwise, this will be updated on the following day.
Will any of my bank loans or credit card transactions appear in my Borrower Credit Report?
No, the Borrower Credit Report will only reflect loan and repayment information with licensed moneylenders in Singapore.
How do I lodge a complaint against a moneylender against unfair practices and/or contract?
Do ensure that the correct principal amount of the loan is delivered to you. Any licensed moneylender is only permitted an upfront deduction of a loan approval fee of up to 10% of the principal amount.
Set reminders on your phone or calendar to make payments of the loan instalments on time to avoid incurring late payment fees and late interest.
Once the dated and signed receipt is issued to you every time you repay your loan, do check the receipt for accurate information, e.g. name, amount, date is correct.
Always keep us updated on your latest address and email address and make sure you receive a statement of account for all your loan(s) at least once every 6 months, and check it for correctness (e.g. name, amount, date).
You should retain all statement of accounts and receipts of payments, as documentation and evidence of payments.
SELF-EXCLUSION LISTING
What is Self-Exclusion Listing?
Self-Exclusion Listing is a tool that allows individuals to apply to be excluded from obtaining unsecured personal loans (except debt consolidation loans) from licensed moneylenders.
Who can register for the Self-Exclusion Listing?
Anyone, including foreigners residing in Singapore may register themselves for self-exclusion.
How do I register for self-exclusion?
You may register for self-exclusion via the MLCB website with your SingPass.
If you do not have a SingPass, you may authorise a third party who has a SingPass to register on your behalf via the MLCB website. Please note that the person you authorised will need to upload the following documents in his online submission to us.
- A Self-Exclusion Listing Registration / Withdrawal Authorisation Form duly completed and signed by you. The application form is available here.
- Your identity document (person registering to be excluded).
For registrations made via a third party, the effect of exclusion will not be immediate as the MLCB will need to verify the supporting documents before informing both you and the authorised person on the status of the registration, via email.
Can an excluded person withdraw from the Self-Exclusion Listing? What will be the effective period of the self-exclusion?
Yes, a person who is already registered in the Self-Exclusion Listing can withdraw himself after the expiry of the minimum exclusion period. For Singapore Citizens and Permanent Residents, he may choose between a minimum exclusion period of either 1 or 2 years at the time of the registration. As regards to foreigners, the minimum exclusion period is 2 years.
Can a third party exclude me without my knowledge / consent? What can I do if I found myself to be excluded without my knowledge / consent?
No, self-exclusion must be voluntary. All individuals should only apply for self-exclusion on their own accord. While third parties can facilitate the application process, you must sign the authorisation form and agree to be self-excluded with the knowledge of the effects of the exclusion. Should a self-exclusion application be found to have been made without due consent, it may be considered void.
If you found yourself to be excluded without your knowledge / consent, please email us at mlcb@experian.com and we will investigate accordingly.
How much does self-exclusion cost?
Any registration for or withdrawal from the Self-Exclusion Listing for individuals with SingPass will cost SGD3.00.
For an authorised person who is registering or withdrawing on behalf of a foreigner who does not have SingPass, the fee will be SGD5.00.
Both fees include GST.
How do I know if I have been excluded?
You may purchase a copy of your Loan Information Report which will indicate the status of your Self-Exclusion Listing and the minimum exclusion period.