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Do not borrow from unlicensed moneylenders. Verify that a moneylender is licensed by checking the list of licensed moneylenders. “Click here to access the list of licensed moneylenders.” Notwithstanding that the moneylenders are licensed, be mindful if they: Use abusive language, or behave in a threatening manner towards you. Ask for your SingPass user ID […]

With effect from 1 October 2015, all moneylenders are only permitted to impose the following charges and expenses: a fee not exceeding $60 for each month of late repayment; a fee not exceeding 10% of the principal of the loan when a loan is granted; and legal costs ordered by the court for a successful […]