Why is the money lending Singapore act is a protection act?


 

The Singapore Moneylenders Act protects you.

The government has established a stringent legal framework to protect borrowers like you; therefore, you should only approach licensed moneylenders for your financial needs.

In addition, licensed moneylenders are prohibited from overcharging their customers with excessive fees and interest rates, ensuring that borrowers do not fall victim to predatory or unfair practices.

 

Here are the rates licensed money lending singapore is charged for their services.

Up to 4% per month is charged on the remaining principal as loan interest.

Up to 4% per month on the outstanding balance for each month of late payment.

Fee for late payment: up to S$60

Administration charge: Up to 10% of the principal

Note that the total amount of late fees, admin fees, interest, and late interest charged by your lender cannot exceed the principal amount of your loan.

 

 

Elite Investment and Credit is a licensed moneylender in Singapore, and we are committed to serving your financial needs with honesty and courtesy. Learn today about our low-interest loans!

Is it necessary or advisable for any lender, arranger, facility agent, or security agent to be licensed, qualified, or otherwise entitled to carry on business in this jurisdiction: (a) by reason only of its execution, delivery, or performance of the finance documents; or (b) to enable it to enforce its rights under the finance documents?

 

Where a lender, arranger, facility agent, or security agent is not carrying on business or performing any regulated activity in Singapore (or if carried on wholly outside Singapore and in a manner that does not bring the action within the regulatory ambit of the relevant Singapore legislation), the mere execution, delivery, performance, or enforcement of rights under the finance documents does not require that entity to be licensed to carry on business in Singapore. If, however, the lender, arranger, facility agent, or security agent is conducting a regulated activity under the finance documents, where it may be required to obtain the necessary license or approval from the regulator under one of the statutes referenced in the preceding paragraph, failure to do so may result in penalties and the finance documents may become unenforceable due to illegality.

Moneylender's license

Under the Moneylenders Act, a person who lends money in exchange for a more considerable sum of money is presumed to be a moneylender until the contrary is proven. No one may engage in the business of moneylending in Singapore without a moneylender's license unless they are an "excluded moneylender" or "exempt moneylender" under the Moneylenders Act.

A lender that lends money exclusively to corporations, limited liability partnerships, trustees or trustee-managers of business trusts, trustees of real estate investment trusts, and accredited investors is an "excluded moneylender."

 

Comments

Post a Comment

Popular posts from this blog

Debt consolidation loan, a great relief in the Covid 19 crisis

Image
  Covid 19 has brought disaster in the life of people both emotionally and financially. Many people lost jobs and had to depend on loans to survive. With the scenario improving over last few months, the financial conditions are also getting better. However, people who have taken loans for different reasons now are facing debt from different sources. In order to get away from the burden to a large extent, depend on debt consolidation loan Singapore. Why debt consolidation loan is your best option? There are several benefits of debt consolidation loan that makes it the best option for you. Here are some major benefits: It is a personal loan with lowest interest. You would be paying much less that what you were actually paying till date. The application process is quick and easy. You were already approved for the loans you had taken before so the approval takes less time. It is easy to track the consolidated loan at one place. There is no chance of missing an EMI and there is no extra...
Read more

Easy Home Renovation Loan in Singapore

  With the help of the Golden Credits Home Renovation Loan in Singapore, making your home more environmentally friendly is now not only more accessible but also more affordable. It is time to give your house an eco-friendly facelift now that the annual percentage rate of interest (EIR%)* is so appealing.   To qualify for a home renovation loan in singapore :   Send in the application for your home improvement loan online. In the section of the application form titled "Green Renovation Checklist," choose at least three items out of the ten that are relevant to your situation from the list. Who is eligible to apply, and what are the associated costs?   Nationality: Citizen of Singapore or Permanent Resident of Singapore Age: between the ages of 21 and 65 Ownership of Real Estate: either owned by the applicant or by a member of the applicant's immediate family (parent, spouse, child, or sibling) Minimum Income: S$ per annum The following costs mu...
Read more

Why has a wedding loan become important?

Image
  Weddings are one of the few major life events that require a significant lump sum of cash to be spent all at once. Many engaged couples are okay with spending a lot of money to have their dreams' wedding, including everything from the reception to the honeymoon. The unfortunate truth, however, is that this may put a strain on their financial situation, and it may do so at a time when they are facing other significant expenses, such as possible down payments on apartments or renovations.   When something like this happens, wedding loans can come in handy. Personal loans are another name for these kinds of loans, and they are a great option to consider when unexpected expenses force you to make a significant purchase. This article will provide a guide to wedding loans and explain how they can assist you in turning your dream wedding into a reality.     How does a wedding loan Singapore work? Wedding loan Singapore is unique in that they do not require ...
Read more