What is the cooling-off period?
A three-business-day window after your loan is granted, during which you can cancel it. If you cancel inside that window, no interest is charged and your lender may keep only a capped portion of the loan approval fee.
It applies to unsecured loans from licensed moneylenders. Business loans are excluded.
How long is three business days?
Business days exclude Saturdays, Sundays and Singapore public holidays. So the calendar date you are working towards is usually further out than three days — a loan taken late in the week runs into the following week.
Ask your lender to confirm your exact deadline in writing. It takes a minute and removes any doubt about which day you are counting to.
What does cancelling cost me?
You repay what was actually disbursed to you, plus the portion of the approval fee your lender is allowed to keep. That portion is capped:
- Loans of S$5,000 or less — a maximum of S$50
- Loans above S$5,000 — a maximum of 3.5% of the principal
In both cases the lender cannot keep more than the approval fee they actually charged. And whatever the arithmetic produces, you cannot be required to repay more than the principal you borrowed.
Do I pay any interest if I cancel?
No. Not for the days the money sat in your account, and not as any form of early settlement charge. The Ministry of Law was unambiguous about this.
What if I have already spent the money?
This is the question we are asked most, and the honest answer is that cancelling does not undo the spending.
You still repay the amount that reached you, plus the capped fee portion. If that money is gone, cancelling will not make your position easier — it brings the repayment forward rather than reducing it.
If the real problem is that the repayments are unaffordable rather than that you changed your mind, say so. Restructuring the schedule may suit you better than cancelling, and it is worth raising before you decide. If the situation runs wider than one loan, a Social Service Agency can help, and we can refer you.
Can I cancel over the phone or by message?
Call us first. That puts your request on record from the moment you make it, which matters when you are working to a deadline.
The cancellation itself is confirmed in person at our office. Coming in is our process rather than a MinLaw requirement, but it is how the cancellation gets completed, so factor the trip into your timing.
Is this the same as settling my loan early?
No, and the difference is worth understanding.
Early settlement has always been available. You repay the outstanding balance ahead of schedule and the terms of your agreement apply.
Cancelling in the cooling-off period is a statutory right that exists for three business days only. It carries protections early settlement does not: no interest at all, and a hard cap on what the lender may retain from the approval fee.
Once your window closes, cancellation is no longer on the table. Early settlement still is.
Does it cover my business loan?
No. Business loans are excluded from the cooling-off period, even though every other part of the Moneylenders Act still applies to them.
If you are unsure which category your loan falls into, check the loan type recorded on your agreement, or ask us to confirm it.
Can I apply for another loan after cancelling?
Nothing in MinLaw’s framework prevents it. A new application is assessed fresh, and a new approval fee would apply.
That said, if you are cancelling because the amount or the schedule was wrong rather than because you no longer need credit, talk to us before cancelling. Adjusting the arrangement is usually simpler than cancelling and starting again, and it avoids paying a second approval fee.
What if a lender refuses to let me cancel?
The cooling-off period is a requirement, not a courtesy. A licensed moneylender cannot opt out of it or attach conditions to it.
If you believe a licensed moneylender has breached the rules, raise it with the Registry of Moneylenders under the Ministry of Law. Keep your written record of when you first asked to cancel — that is the document that matters.
If the lender does not appear on MinLaw’s list of licensed moneylenders, none of these protections apply at all. That is the strongest reason to check the list before borrowing rather than after.
Cancelling a loan with us
Our approval fee is 10% of the principal, which is the maximum permitted, so the retained portion on cancellation is always the full cap — S$50 on loans of S$5,000 or less, or 3.5% on larger loans.
Call us, then come to our People’s Park Centre office with the same documents you provided when you applied, along with your loan agreement. Settlement is completed within 24 hours of the cancellation being confirmed. That 24 hours is not your deadline to decide — your deadline is the end of the three business days.
Winz Credit Pte Ltd · Licence No. 121/2025 101 Upper Cross Street, #01-26B People’s Park Centre, Singapore 058357 Phone: 6251 6696
| Day | Hours |
|---|---|
| Monday to Friday | 11.00am – 7.30pm |
| Saturday | 11.00am – 7.00pm |
| Sunday and public holidays | Closed |
Sources: Ministry of Law press release, 31 August 2026 · Registry of Moneylenders