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 in accordance with  the law.  Here’s a  list of licensed moneylenders  in Singapore. Licensed moneylenders in Singapore can only charge a  maximum interest rate of 4% per month.  If the loan repayment is made late, the maximum rate of loan interest they can charge is 4% per month for each month the loan is repaid late. Moneylenders act and regulations In Singapore, it’s  against the law  to borrow from unlicensed moneylenders. The Moneylenders Act protects borrowers as it imposes a  maximum interest rate  and late interest rate that licensed moneylenders should never exceed. Unlicensed moneylenders operate illegally, and...