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MONEY LENDER

A moneylender is a person or group who typically offers small personal loans at high rates of interest and is distinct from banks and financial institutions that typically provide such loans. The high interest rates charged by them is justified in many cases by the risk involved.

They play an active role in lending to people with less access to banking activities, such as the unbanked or underbanked or in situations where borrowers do not have good credit history. They sometimes lend to people like gamblers and compulsive shoppers who often get into debt.

Many countries have laws in place that require moneylenders to be registered, and set limits on the interest rates that may be charged. For example, in India licensed moneylenders are governed by Money Lenders Acts of respective states.
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Regulations

As of October 1, 2015, there are new regulations that will be in effect for licensed non-bank moneylenders in Singapore regarding fees, interest rates, unfair lending practices and unfair contracts.

The new rules are expected to reduce total borrowing costs as well as the number defaults.

Read first

1. What should I consider before taking up a loan?
Before approaching a moneylender, consider other alternatives, such as the various financial assistance schemes offered by various Government agencies. You may contact the agencies to find out more about their schemes.
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2. How much can I borrow?

For secured loans, you can obtain a loan of any amount. For unsecured loans, you can obtain:

  • Up to $3,000, if your annual income is less than $20,000;
  • Up to 2 months’ income, if your annual income is $20,000 or more but less than $30,000;
  • Up to 4 months’ income, if your annual income is $30,000 or more but less than $120,000; and
  • Any amount, if your annual income is $120,000 or more.

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New Controls on Borrowing

10% maximum upfront administrative fee
4% maximum nominal interest rate (NIR) per month
4% maximum late interest rate per month
Late fees capped at $60 per month
No additional fees allowed
100%* cap on total borrowing costs

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About MoneyLender.online

you need to be minimum of 18 years old and above and must be employed. You will need to provide the latest 2 months payslip or your most recent CPF statement.

Here are the MoneyLender directory who will be able to assist you.

Updates

03 August 2017
03 August 2017

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Welcome to MoneyLender.online. We have consolidated the Registered Money Lender of Singapore. Do update us more details if any.

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