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Moneylender Information for Borrowers
Q: What are the Interest Rates that moneylenders are legally permitted to charge?
A: The maximum interest rate moneylenders can charge is 4% per month. Also, this maximum interest rate applies regardless of the borrower’s income. However, if a borrower defaults on the repayment for the loan, the maximum rate of late interest a moneylender can charge is 4% per month for each month the loan is in default.
Q: What are the fees are moneylenders legally permitted to charge? (excluding monthly interest rates)
A: With effect from 1 October 2015, all moneylenders are only permitted to impose the following charges and expenses:
- Permitted fee not more than $60 for each month of late repayment;
- Permitted fee not more than 10% of the principal of the loan when a loan is granted
- Legal costs ordered by the court for a successful claim by the moneylender for the recovery of the loan.
The total charges imposed by a moneylender on any loan, consisting of interest, late interest, upfront administrative and late fee also cannot exceed an amount equivalent to the principal of the loan.
Q: How do I know if a moneylender is licensed or not?
A: The Ministry of Law maintains a list of all licensed moneylenders in Singapore that is updated on a regular basis. Additionally, you are encouraged to do your own research and compare between moneylenders to find a reputable moneylender that can service your needs.
Q: Is a licensed moneylender allowed to advertise?
A: Currently, licensed moneylenders are permitted to advertise only through: (a) business or consumer directories (in print or online media); (b) websites belonging to the moneylender; and (c) advertisements placed within or on the exterior of the moneylender’s business premises. Additionally, all other channels of advertising are not allowed.
If you find yourself receiving unwanted SMS or messages from a source claiming to be a moneylender, it is likely that the source is unlicensed. And we strongly urge you to report such instances.