admin Licensed moneylender, A parliamentary question on harassment by licensed moneylenders was posed by the MP for Holland-Bukit Timah GRC, Mr. Christopher de Souza. Mr. De Souza put forth the following pointers: (a) if stronger measures could be put in place to protect borrowers; and (b) if clear guidelines or regulations on acceptable debt collect practices and … Read more
Since the Ministry of Law (MinLaw) implemented the new regulations last year, some moneylenders have been trying means and ways to game the system through gaps in the rules. With effect from 1 October 2015, loans have been subject to the following caps . They include: upfront administrative fee or not more than 10% of the loan … Read more
On 14 July 2015, a new law was introduced in Parliament. The proposed law, the Organised Crime Bill, would grant authorities more powers in detecting and preventing organised crime activities such as drug trafficking, money laundering and unlicensed moneylending. The law also allows authorities to confiscate the benefits from criminal activities based on a ‘balance … Read more
What happens when one Singapore dollar can be exchanged for $2.7234 Ringgit? Singaporeans flock to money changers to indulge in one of its favourite national activity – queueing up! Yes, long queues were seen at many money changers yesterday when the ringgit fell to its lowest against the Singapore dollar in the last 30 over … Read more
Not that it is much to cheer about if this piece of news is good news to you, because it means you are debt-ridden. But well, with news about the Repayment Scheme being rolled out by the Association of Banks in Singapore, you may be just slightly cheered, maybe even hopeful about finally clearing your … Read more
If you have never heard of SIBOR before, you probably have not been reading the news lately or have no interest at all in getting a house for yourself. Yes, the increasing SIBOR has been all the rage lately and it is no wonder. Many people who have taken out housing loans pegged to SIBOR … Read more
More often than not, when a country leader passes away, the stock market will take a hit. As news broke of Singapore’s founding Father, Mr Lee Kuan Yew’s death in the wee hours of Monday morning, the Straits Times Index (STI) only closed 0.07 per cent lower. The STI is the benchmark index, indicative of … Read more
After the recent case of harassment from debt collectors at a food court, there has been much talk about the governing of licensed moneylenders in Singapore. Now, rules are being reviewed and tightened, so as to better protect borrowers, especially those who come from lower income backgrounds. The Moneylenders Act is now amended so that … Read more
We spoke to Alison, a 56 year-old mother of two who once borrowed a sum of money from loansharks and she called it a nightmare. Thinking that a small sum is okay and that she will be able to repay it soon or if not, since it was just a small sum of $2000, they … Read more
When you feel strapped for cash and are not sure what to do, do you really need to start mortgaging your assets and pawning your jewellery? Not necessarily. Licensed moneylenders could be your answer. Many Singaporeans do not know that licensed moneylenders differ greatly from loansharks. They are hardly shady and are legalised and licensed … Read more