For qualifying loans, a short cooling-off window lets you cancel at a reduced cost. Act promptly and confirm the repayment amount and deadline directly with the lender.
Which loans qualify?
The three-business-day cooling-off period covers unsecured loans other than business loans, disbursed by licensed moneylenders on or after 15 September 2026. The disbursement day, Saturdays, Sundays and Singapore public holidays are excluded from the count.
Example: if a qualifying loan is disbursed on a Friday and the following Monday to Wednesday are not public holidays, those three days are the cooling-off business days. Confirm the precise deadline and payment arrangements with the lender rather than leaving it until the final evening.
What does cancellation cost?
Repay the remaining net amount disbursed plus the permitted retained approval fee. No interest is charged for a qualifying cancellation, and total repayment cannot exceed the original principal.
| Original principal | Maximum retained fee |
|---|---|
| S$5,000 or less | S$50 |
| Above S$5,000 | 3.5% of principal |
In either band, the retained amount cannot exceed the approval fee actually paid.
Worked example: S$2,000 loan
Suppose the lender deducts a S$200 approval fee, leaving S$1,800 paid to you. If you have made no repayments and cancel within the qualifying window, the cancellation repayment would be at most S$1,850: S$1,800 plus a retained fee of up to S$50.
This illustration uses an assumed fee. It is not a Moneyplus quotation. Request the calculation for your own contract.
A practical cancellation checklist
- Find your contract and disbursement record. Note the date, original principal, fee deducted and amount received.
- Contact the lender through a verified channel. Say clearly that you wish to cancel within the cooling-off period.
- Request a written calculation. Ask for the amount due, the deadline, the accepted repayment method and how any repayment already made has been accounted for.
- Complete the required repayment in time. Do not assume that sending a message alone completes cancellation.
- Keep evidence. Retain the cancellation confirmation, payment receipt and relevant correspondence together with the contract.
What if I have spent some of the money?
Check whether you can return the required amount in time without creating a new financial problem. Contact the lender immediately to explain your position. The cooling-off period is not a grant or a promise that the borrowed money can be kept without repayment.
What happens after the window closes?
The original contract continues if the qualifying cancellation is not completed within the cooling-off period. Ask for any early-settlement terms in writing instead of assuming the reduced cooling-off cost still applies.
Questions to ask before accepting a loan
- What exact amount will reach me after fees?
- What dates and amounts must I repay?
- How do I contact you if I want to exercise cooling-off rights?
- How will I receive written confirmation that the account is settled?
It is easier to make a considered decision before signing. Our borrowing-limit and repayment-budget guide helps you prepare those questions.
Need to discuss a Moneyplus loan?
Call 6591 8860 or contact our City Gate office. Have your contract details ready, but do not send account passwords or one-time passwords.
