Money is a powerful tool that controls daily life. While some people may be financially secure, others might find it challenging to fulfil their financial obligations. Individuals who do not have bank accounts often choose to borrow funds from other financial institutions that provide favourable terms. Borrowers may consist of people who have pay cheques […]
Moneylenders lend both small and large amounts of cash, usually at higher rates of interest. Higher interest rates may be charged because the moneylender is exposed to a higher risk of defaulting than traditional banks because of various reasons. When people need money urgently but may not have access to bank accounts, have bad credit, […]
In addition to the requirements under the Moneylenders Act (Cap. 188) (and any revised edition of the Act) (“the Act”) and the Moneylenders Rules 2009 (“the Rules”) for obtaining and holding a moneylender’s license, the following conditions for the grant of your license are imposed under Section 5(4) and/or Section 5(7) of the Act: General […]
The Moneylenders Rules In exercise of the powers conferred by section 37 of the Moneylenders Act 2008, the Minister for Law hereby makes the following Rules. Citation and commencement 1. These Rules may be cited as the Moneylenders Rules 2009 and shall come into operation on 1st March 2009. Definitions 1A.—(1) In these Rules — […]
The Moneylenders Act is An Act for the regulation of moneylending, the designation and control of a credit bureau, the collection, use and disclosure of borrower information and data, and for connected matters. Short title and commencement 1.—(1) This Act may be cited as the Moneylenders Act. (2) Section 5(3)(b) shall come into operation on […]