Loans are available for various purposes, and most people have to take out loans at one point or another for milestone events in their lives. People buying a home, for example, will very likely take out a loan due to the high cash outlays. Furthermore, interest rates for home loans are currently low. Other reasons for taking out loans may include paying for tertiary or post-graduate education, buying a vehicle or to pay for medical bills.
Loans and financing are regulated by the Monetary Authority of Singapore (MAS). In fact, it has the authority to regulate the entire financial services sector in Singapore. The MAS was formed on 1 January 1970, and acts as the central bank of Singapore. It was established to consolidate all these functions in one organisation. Before the MAS was formed, there were different government departments and agencies that performed the various monetary functions associated with a central bank.
To view a listing of all financial institutions and relevant organisations in Singapore, visit their website at https://secure.mas.gov.sg/FID. Not only are the numbers of various types of institutions available, you can also see information such as company category, company name, country of incorporation, address and contact numbers of each company. This list can be a useful reference when trying to find a financial institution to take out a loan from.
Do note that since 1 November 2011, moneylenders have been subject to additional advertising rules. Under the new advertising rules, licensed moneylenders are only permitted to advertise via three methods: business and consumer directories (whether print or online media); their own corporate websites; and their approved place of business. This means that flyers, SMS, electronic direct mailers or notices through any other channel are no longer permitted. You should report these advertisements immediately to the Registrar of Moneylenders at +65 6325 2585.
There is more information on moneylenders and pawn brokers, at the Insolvency and Public Trustee’s Office website. You can view a list of all licensed moneylenders and pawnbrokers in Singapore, and browse to other important information for borrowers such as the Debt Repayment Scheme (DRS).