Chinatown Licensed Moneylender Urges Borrowers to Check the Register First

With a three-business-day cooling-off period now in force, JD Credit outlines four checks to make before signing with any moneylender in Singapore.

SINGAPORE, SINGAPORE, November 8, 2026 /EINPresswire.com/ -- Chinatown Licensed Moneylender Urges Borrowers to Check the Register First

With a three-business-day cooling-off period now in force, JD Credit outlines four checks to make before signing with any moneylender in Singapore.

JD Credit, a licensed moneylender in Chinatown, is encouraging Singapore borrowers to confirm that a lender is licensed before sharing documents or signing a contract. The reminder follows the Ministry of Law's three-business-day cooling-off period, which took effect on 15 September 2026 for unsecured loans, other than business loans, from licensed moneylenders.

Under the rule, a borrower who cancels within the period pays no interest. The borrower repays the principal disbursed plus a retained approval fee. That fee is capped at S$50 for loans of S$5,000 or less, and at 3.5% of the principal for larger loans, or the fee actually paid if that is lower.

The rule applies to licensed moneylenders. It offers no protection against an unlicensed lender, which makes the first check the most important one.

Four checks before signing

Find the lender on the official list. The Ministry of Law publishes the full list of licensed moneylenders on the Registry of Moneylenders website. Compare the business name, physical address and website with what you were given. If they do not match, stop.
Be wary of unsolicited offers. Licensed moneylenders may advertise only in business or consumer directories, on their own websites and at their business premises. The Registry says that flyers, SMS messages or emails outside these channels point to either a breach of the rules or an unlicensed lender.
Protect your identity. A moneylender should never ask for your Singpass user ID or password, and should not keep your NRIC, passport, driving licence or ATM card.
Read the contract before signing. Do not sign a blank or incomplete Note of Contract. The lender must explain the terms in a language you understand and give you a copy. Check the repayment schedule, interest rate and fees.

What the law allows a licensed moneylender to charge

Interest is capped at 4% a month, and late interest at 4% a month on the amount repaid late. The late fee is capped at S$60 for each month of late repayment, and the upfront administrative fee at 10% of the principal. Apart from court-ordered legal costs, interest and fees together cannot exceed the principal.

Where to report a concern

Borrowers can report a licensed moneylender to the Registry of Moneylenders on 1800-2255-529. Harassment or threats during debt collection should be reported to the Police.

About JD Credit: JD Credit Pte. Ltd. is a moneylender licensed by the Registrar of Moneylenders, Licence No. 43/2026. Established in 2010, it operates from 531 Upper Cross Street, #01-38 Hong Lim Complex, Singapore 050531. Landline: +65 6292 7717.

This release is general information. It is not financial advice or an offer of credit.

JD Credit Team
JD Credit Pte. Ltd.
+65 6292 7717