Faqs
Frequently Asked Questions (FAQ)
Is Elite Investment & Credit legally licensed Moneylender?
Yes of cos! We are fully licensed and regulated by Singapore’s Ministry of Law. Check our license number on the MinLaw website for verification.
What loans do you offer?
We provide:
Personal Loans (For emergencies, medical bills, etc.)
Foreigner Loans (For EP/WP/SP/LTVP holders)
Payday Loans (Short-term cash before salary)
Debt Consolidation Loans (Merge multiple debts)
Business Loans (SMEs/startups)
How much can I borrow?
Singaporeans/PRs: Up to 6x your monthly salary.
Foreigners: Up to $500– or up to 6x your monthly salary (Subject to your annual income).
Actual amounts depend on income and credit assessment.
What’s the interest rate?
Our rates comply with MinLaw’s cap:
Max up to 4% monthly interest.
No hidden fees – All charges are disclosed upfront.
Will I be able to take a loan if I have bad credit ratings?
Yes! We evaluate your current financial stability (income, expenses) rather than just credit history. Please contact us. Our team will do our best to customize a loan scheme that is most suitable depending on your current situation where possible.
How fast is approval/disbursement?
Approval: As fast as 10 minutes* (for complete applications).
Disbursement: Immediately upon completed loan agreement.
What documents do I need to apply for the loan?
Singaporean/PRs: NRIC, 3 months’ payslips, CPF statement.
Foreigners: Passport, work pass, proof of address, payslips or NOA.
Self-employed: Income tax statements or bank records.
Is my personal data secure?
Absolutely! We follow strict PDPA guidelines – your information is never shared.
What if I can’t repay on time?
Contact us immediately to discuss:
Repayment extensions.
Restructured payment plans.
Late fees may apply but we avoid legal action where possible.
How do I apply?
Choose any method:
Online our website: Fill our website form or apply via Singpass Myinfo.
In-Person: Visit our office at 799 Geylang Road #01-01 Singapore 389680. (Paya Lebar MRT (EW8/CC9)
Walking 3-5 mins from Exit D to here)
Phone/WhatsApp: +65 6970 7161
Is there an early repayment penalty?
✅ No penalty for early repayment with licensed moneylenders
✅ You’ll even save on interest by paying early
What's the difference between bank loans and moneylender loans?
| Factor | Banks | Licensed Moneylenders |
|---|---|---|
| Approval Time | 3-7 days | Same day |
| Interest Rate | up to 10% p.a. | 1-4% monthly |
| Credit Check | Strict | More flexible |
| Amount | Higher | Maybe Lower |
Why does the Moneylenders Credit Bureau (MLCB) exist?
The MLCB helps:
Licensed moneylenders assess credit risk
Promote responsible borrowing
Prevent over-borrowing
Ensure transparency in the moneylending industry
