Are you facing unexpected expenses or looking to fund a major purchase?
Whether it’s a medical bill, a home repair, a family emergency, or a gap you need to bridge — a personal loan from Power Credit gives you access to cash without the week-long bank process.
We are a Ministry of Law-licensed moneylender serving Singapore since 2007. Apply via Singpass MyInfo in under 2 minutes. Visit our office near Tanjong Pagar MRT for same-day disbursement.
A personal loan is an unsecured loan, meaning no collateral required. That gives you a lump sum of cash repaid in fixed monthly instalments over an agreed period.
Unlike a payday loan, which is settled in one lump sum by your next payday, a personal loan spreads repayment across up to 24 months. This makes it better suited for larger amounts or situations where a single repayment would strain your budget.
Personal loans from licensed moneylenders in Singapore are governed by the Moneylenders Act 2008. All interest rates and fees are capped by law, you cannot be charged more than what MinLaw permits, regardless of what any contract says.
We understand that when you need a personal loan, time is often of the essence. Our streamlined process allows for quick approval and disbursement, often within less than an hour.
Whether you need a short-term loan or a longer repayment period, we can customize our loan terms to suit your financial situation.
No hidden fees or surprise charges. We believe in full transparency, ensuring you understand all terms and conditions before taking out a loan.
Our experienced loan officers are here to guide you through the loan process, offering personalized advice to help you make informed decisions.
Your borrowing limit is determined by MinLaw regulations based on your residency status and annual income.
| Borrower type | Annual income | Maximum loan amount |
|---|---|---|
| Singapore Citizen or PR | Below $20,000 | $3,000 |
| Singapore Citizen or PR | $20,000 and above | Up to 6× monthly income |
| Foreigner with valid work pass | Below $10,000 | $500 |
| Foreigner with valid work pass | $10,000 – $19,999 | $3,000 |
| Foreigner with valid work pass | $20,000 and above | Up to 6× monthly income |
Note
These limits apply to your total outstanding balance across all licensed moneylenders in Singapore — not per lender. Check your MLCB report (SGD 0.50 via mlcb.com.sg) to see your current balance before applying.
Source: Ministry of Law — Moneylending rules for borrowers
Power Credit charges only the fees permitted under the Moneylenders Act 2008. There are no hidden charges.
| Fee type | Cap set by MinLaw | Power Credit's charge |
|---|---|---|
| Interest rate | 4% per month on outstanding balance (reducing) | Up to 4% per month |
| Late payment fee | SGD 60 per month | SGD 60 per month (only if payment is missed) |
| Admin / processing fee | 10% of principal, one-time | 10% of principal |
| Total charges | Cannot exceed principal amount | Capped as required |
Example: If you borrow SGD 5,000 over 6 months
These are indicative figures. Your actual loan offer is confirmed at the office during the in-person contract signing.
Applying for a personal loan with Power Credit Enterprise is simple and straightforward:
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Singapore Citizens and Permanent Residents
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Foreigners with a Valid Work Pass
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Documents to Bring
No Guarantor Required
Personal loans from Power Credit are unsecured. You do not need to provide a guarantor or collateral to apply.
Here is what sets Power Credit apart. In specifics, not slogans.
Banks reject applicants based on CBS credit scores. Power Credit checks the MLCB, a completely separate system. A bank rejection, a low CBS score, or a history of missed credit card payments has zero impact on your MLCB standing. Your application is assessed on current income and repayment capacity, not past bank credit behaviour.
Most licensed moneylenders advertise "same-day approval." Power Credit can honestly say same-day cash in hand, because once the loan agreement is signed at the office, funds are disbursed immediately on the spot, either cash or bank transfer.
Under the Moneylenders Act, every borrower must receive a written contract. What Power Credit does beyond the legal minimum, and what should be stated explicitly. Loan officers walk through every line of the contract before signing: principal, interest, admin fee, monthly repayment, total repayable amount.
Licensed moneylenders in Singapore are capped at 4% per month on the outstanding balance (reducing balance method). This means interest is charged only on what you still owe, not the original principal. The rate applies to your specific loan offer and is confirmed during the contract signing at our office.
For Singapore citizens and PRs earning below SGD 20,000 annually, the cap is SGD 3,000. For those earning SGD 20,000 and above, you may borrow up to 6× your monthly income. These limits apply to your total outstanding balance across all licensed moneylenders — not per lender.
Under the Moneylenders Act 2008, a licensed moneylender may only charge: a one-time admin fee of up to 10% of the principal, interest of up to 4% per month on the outstanding balance, a late interest of up to 4% per month on the overdue amount, and a late fee of up to SGD 60 per month. Total charges cannot exceed the principal amount.
You must be aged 21 and above, have proof of employment or income, and hold a valid NRIC (for citizens/PRs) or work pass (for foreigners). Poor credit history does not automatically disqualify you, our loan officers assess each application individually.
Yes. Power Credit does not charge an early repayment penalty. If you settle your loan ahead of schedule, interest stops accruing from the repayment date. Contact our office to process early repayment.
A late fee of SGD 60 applies for each month a payment is missed, plus late interest of up to 4% per month on the overdue amount. More importantly, the missed payment is recorded on your MLCB report. Contact us before your due date if you anticipate difficulty — our loan officers can discuss restructuring options.
Yes. Power Credit complies with Singapore’s Personal Data Protection Act (PDPA). Your information is used only for loan assessment purposes and is never shared with third parties without your consent.
A payday loan is a short-term loan repaid in one lump sum by your next payday — typically within 2 to 4 weeks. A personal loan is repaid in monthly instalments over up to 24 months and is suited for larger amounts or when you need more time to repay.
