Published 16 July 2026 · Last updated 24 July 2026 · Reviewed by a licensed loan officer, Advance Cash Credit · General information, not a loan offer
One of the most common questions borrowers ask is simply: how much can I actually borrow? In Singapore the answer doesn’t change from one licensed moneylender to another, because the borrowing limits are fixed by the Ministry of Law under the Moneylenders Act — every licensed moneylender must follow the same caps.
The borrowing limits (unsecured loans)
For unsecured loans, the table below shows the total you may borrow across all licensed moneylenders in Singapore combined — not per moneylender. The cap depends on your annual income and whether you are a Singapore Citizen or Permanent Resident, or a foreigner residing in Singapore.
| Your annual income | Singapore Citizens & PRs | Foreigners residing in Singapore |
|---|---|---|
| Less than $10,000 | $3,000 | $500 |
| At least $10,000 and less than $20,000 | $3,000 | $3,000 |
| $20,000 or more | 6× monthly income | 6× monthly income |
So if you earn at least $20,000 a year, the cap is six times your monthly income across all licensed moneylenders. For example, someone earning $3,000 a month could borrow up to $18,000 in total from licensed moneylenders combined — subject to the moneylender’s own assessment of whether that amount is suitable for you.
Secured loans are different
The caps above apply to unsecured loans. For a secured loan — one backed by collateral — you may borrow any amount, as it falls outside the income-based limits.
What counts as “income”?
The limits are based on your income, which is why a loan officer will ask you to show recent proof — for example your CPF Contribution History, a Notice of Assessment from IRAS, or recent payslips. Having these ready (you can download them using Singpass) helps your application move faster.
Interest and fees are also capped
Just as importantly, the cost of borrowing is limited by law. A licensed moneylender in Singapore may charge:
- Interest of up to 4% per month, calculated on the reducing balance (the amount you still owe).
- Late interest of up to 4% per month, charged only on the amount that is overdue.
- A one-time approval fee of up to 10% of the loan principal.
- A late fee of up to $60 for each month a payment is late.
There is also an overall ceiling: the total of all interest and fees on a loan cannot exceed the loan principal. If you borrow $3,000, the total interest and fees can never add up to more than $3,000.
Borrow only what you need
The legal cap is a maximum, not a target. A responsible loan is one you can comfortably repay from your income. Before you borrow, it’s worth working out the monthly instalment and making sure it fits your budget alongside your other commitments. A licensed moneylender should never pressure you to take more than you need.
How Advance Cash Credit can help
Advance Cash Credit Pte. Ltd. is a licensed moneylender registered with the Registry of Moneylenders, Ministry of Law (Licence No. 79/2026). We lend within these legal limits and explain every figure — instalment, interest and fees — in person before you sign. If you’d like to understand your options, you can submit an application, send an enquiry, or call us at 6737 5737 and a loan officer will follow up within one hour on working days.
Sources: Ministry of Law, Registry of Moneylenders — How much can I borrow? and Guide to borrowing from licensed moneylenders. This article is general information based on the rules in force at the time of writing and does not constitute a loan offer or financial advice. All loans are subject to assessment under the Moneylenders Act, and Advance Cash completes every loan in person at our office. Please borrow responsibly.