How much money can I borrow from licensed moneylenders? In case your annual income is less than $20,000, it’s almost impossible to acquire a loan from a bank that’s ready to offer you an unsecured loan. But a licensed moneylender can legally offer a personal loan of a maximum of $3,000. In Singapore, there is […]
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 […]
A quick cash loan can be an effective way to get the cash you require when you need money urgently, or when you have an emergency. These types of loans are ideal for situations that need instant access to funds. Since the loans are short-term, the interest rate might be slightly higher, and approval usually […]
Wouldn’t it be great to have enough money to pay all your expenses at any given time? Unfortunately, this isn’t reality for many people. You not only have to manage your day-to-day expenses and monthly bills, but also deal with unexpected expenses that life throws at you. Add to this the costs of major life […]
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 […]
Finding out if a moneylender is licensed The Ministry of Law has made it easier for borrowers to verify how legitimate a moneylender is and whether or not they are licensed. The ministry has created a list of all licensed moneylenders in Singapore. As a borrower, you can easily check the list and verify if […]
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 […]
Who is a licensed moneylender? A moneylender, according to the Moneylenders Act, is an entity that acts as the principal lender or an agent to a particular moneylending organization, carries or holds themselves as running a money lending business. You cannot serve as a moneylender unless you are fully licensed or exempt or excluded moneylenders […]