You need the loan. You do not need to pledge your motorbike, your jewellery, or a guarantor’s name to get it. An unsecured loan is approved on your income alone, which is how nearly every loan at our office works. EZ Pte Ltd has been in Chinatown since 2004, licensed by the Ministry of Law, and you can check our name on their registry before you tell us anything.
An unsecured loan is a loan with no collateral behind it. Nothing is pledged, nothing can be repossessed. The lender’s decision rests on your income and your MLCB record instead. A secured loan is the opposite: something of value backs the loan, which can raise the amount but puts that item at risk. For most everyday amounts, unsecured is the normal and sensible choice, and it is what our personal, payday, short term and installment loans all are.
The person who has something valuable and refuses to gamble it on a bad month. The renter with steady income and nothing to pledge anyway. The borrower who was offered a “loan against your item” by an unlicensed lender and rightly walked away. If your income can carry the repayment, you do not need to put anything on the table.
Unsecured borrowing caps are set by law across all licensed lenders combined: up to $3,000 if you earn under $20,000 a year, and up to six times your monthly income above that. Interest is capped at 4% a month under Ministry of Law regulations. One admin fee of up to 10% is allowed, deducted upfront. Total interest and fees can never exceed the amount borrowed. Everything is in the contract, explained in English or Chinese before you sign.
Your verified income is the whole basis of an unsecured loan, so this step does most of the work.
We talk through the amount and the months. No pushing.
Signed in person, as the law requires. Every term explained in English or Chinese.
Full amount, minus only the one admin fee the law allows. Straightforward applications can be paid the same visit.
No. No guarantor, no collateral. Your income and MLCB record carry the application.
It is assessed more carefully on income, since nothing backs it. Bring clean documents and the assessment is straightforward.
No, nothing was pledged. Falling behind triggers the legal late fee of up to $60 that month and late interest on the overdue amount, and eventually legal recovery like any debt. Tell us early and we work it out before it gets there.
No. The 4% monthly cap applies to every loan a licensed moneylender makes, secured or not.
Only if you need more than your unsecured cap allows and you fully accept the risk to the item. We will tell you honestly if your situation actually calls for it, which is rare.
Come in, ask your questions in English or Chinese, and decide in your own time.
