That happens on most Singapore resale flat renovations. The bank covers the built-in works and stops at SGD 30,000. The hacking, the rewiring, the full bathroom replacement — these happen before the cosmetic work begins. Then the furniture, the appliances, the things that make the flat liveable, are excluded entirely. Swift Credit fills what the bank leaves out. Funds disbursed directly to you. You control every contractor payment at every milestone.
A bank renovation loan is a specific product with specific restrictions. It covers built-in works and structural changes. It pays your contractor directly. And it stops at SGD 30,000.
The problem is that most Singapore renovations in 2026 cost significantly more than that, especially resale flats that require hacking, rewiring, and full bathroom replacements before the cosmetic work even begins. Furniture, appliances, and soft furnishings are excluded entirely from bank renovation loans. If your renovation quote comes in at SGD 50,000, a bank gives you SGD 30,000 and leaves you to find the rest.
A licensed moneylender renovation loan fills that gap. There is no restriction on what the funds cover. The money goes to you. You pay the contractor at each milestone. You are not waiting for a bank to release funds to a third party on a timeline you cannot control.
Bank renovation loans cover structural and built-in works only. They exclude furniture, appliances, and soft furnishings. A licensed moneylender loan covers everything the bank will not.
MinLaw sets the maximum unsecured loan amount across all licensed moneylenders combined. These limits apply to your total outstanding balance across every licensed lender, tracked via the MLCB.
If you already have a bank renovation loan, that does not affect your MinLaw limit. Bank loans are regulated by MAS and tracked through CBS. Licensed moneylender loans are regulated by MinLaw and tracked through MLCB. They are separate systems. Your bank reno loan does not reduce your licensed moneylender borrowing limit.
The admin fee is deducted at disbursement. Your repayment is calculated on the full principal. Interest reduces each month as your outstanding balance decreases. Total charges cannot exceed your original principal regardless of tenure.
Every licensed moneylender in Singapore must follow these caps. No exceptions.
Interest is calculated on the remaining balance after each repayment. Every payment you make directly reduces what the next month’s interest is calculated on.
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This is the part most first-time renovation borrowers do not think through before they apply. A renovation is not paid in one lump sum. Contractors in Singapore typically work on a milestone payment structure.
A common 4-room resale renovation milestone structure looks like this. Hacking and demolition requires payment before work begins. Masonry and tiling require payment at completion. Carpentry requires a deposit at order and balance on delivery. Electrical and air-conditioning are invoiced separately. Final touch-ups and cleaning are settled on handover.
Because Swift Credit disburses the funds directly to you, you control each release. You do not pay the contractor until the milestone is completed and you are satisfied. This is a significant advantage over a bank renovation loan where the disbursement goes to the contractor directly based on an invoice, giving you less leverage over the quality and timing of the work.
Keep your loan funds in a separate account from your daily spending. Release to the contractor at each milestone. Keep receipts and delivery orders against every payment. This discipline protects you if a dispute arises later.
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Our team reviews your application and contacts you. We confirm what you qualify for before you visit. If you do not qualify, we tell you at this stage. You do not travel to us for an uncertain outcome.
MinLaw requires all loan agreements to be signed in person at our registered office. This protects you. We walk through the full contract before you sign. You know the interest rate, the monthly repayment, and the total cost before your pen touches the paper. You can walk away at any point at no cost. Funds are disbursed to you the same day after signing.
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Swift Credit has been MinLaw-licensed since 2009. Funds disbursed to you directly — not to the contractor. You control every payment release.
Yes. Your bank renovation loan is a MAS-regulated product tracked through CBS. Licensed moneylender loans are tracked through MLCB. They are separate systems. Your bank reno loan does not reduce your MinLaw borrowing limit. As long as your total outstanding balance across all licensed moneylenders is within your MinLaw cap, you can borrow the top-up amount from Swift Credit.
Funds are disbursed directly to you. You pay your contractor according to your agreed milestone schedule. This gives you full control over the payment releases and protects you if the contractor’s work does not meet your expectations at any stage.
It is helpful but not mandatory. Your income and MLCB record are the primary assessment criteria. Bring your contractor quote to the office appointment if you have it. It helps us understand the loan amount you need and the appropriate tenure.
Yes. There is no requirement to pair the loan with renovation works. If you need to furnish a new flat and your bank renovation loan does not cover furniture and appliances, you can borrow specifically for those items. The loan is assessed on your income and MLCB record regardless of purpose
Contact us to discuss a top-up application. Whether you qualify depends on your outstanding MLCB balance at that point and your MinLaw borrowing limit. This is why it is worth borrowing slightly above your initial quote to build in a buffer for unexpected costs
Yes. The loan is assessed on your income and MLCB record, not on a confirmed contractor or signed contract. Many borrowers apply first to confirm their budget before approaching contractors with a fixed number
Singpass MyInfo retrieves your income and identity data automatically. If you are self-employed, bring your IRAS Notice of Assessment or 3 months of bank statements. Foreigners need their valid work pass and 3 months of payslips or an employer letter. A renovation quotation is useful but not required at application stage
A licensed moneylender loan is recorded in the MLCB system, not the CBS. HDB and banks use your CBS score for housing loans and resale eligibility checks. Your renovation loan does not appear on your CBS report and does not affect those applications.
Yes. There is no restriction on the property type you are renovating. The loan is assessed on your personal income and MLCB record. Whether the property is owner-occupied or investment-grade does not affect the application.
Yes. No penalties apply. You receive an interest rebate on the remaining months. If you receive a bonus or unexpected funds after the renovation, clearing the loan early reduces your total interest cost.
Because Swift Credit disburses funds directly to you — not to the contractor — any unspent funds in your account remain under your control. You are not in a position where a bank has already paid the contractor for incomplete work. Stop all payments to the contractor immediately if they abandon the job. Contact the Consumers Association of Singapore (CASE) or the Small Claims Tribunal for dispute resolution. Your outstanding loan obligation to Swift Credit continues on the agreed schedule regardless of the contractor dispute — contact us early if the disruption affects your ability to repay and we will discuss the options available.
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