123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Investing---Finance >> View Article

Regulations For Non-bank But Licensed Money Lenders In Singapore

By Author: Maggie Zhang
Total Articles: 6

Because of the different money lenders in Singapore, the government has come up with regulations for non-bank money lenders concerning the amount of loan release, the fees they charge and also unfair practices and biased contracts. These regulations are stipulated to protect lenders and have them maximize their loan amount.

There is a process to follow for fast approval of personal, payday, foreigner and business loans. Approvals are not a problem for permanent residents, Singaporeans and even foreigners. A personal loan is an unsecured loan which can be the answer to your money problems. In Singapore, there are money lenders who can approve and release loan amounts up to 4x your salary.

On loaned amount- How much amount could a person get for a personal loan? For unsecured loans such as this, the loanable amount should be up to $3,000 with an annual income of lenders who earn less than $20,000; up to 2 months salary if annual income is from $20,000 - $30,000; up to 4 months salary if annual income is from $30,000 - $120,000; and any amount for lenders who earn more than $120,000.

On Fees- There are different types of fees which a money lender can charge: 1) late principal repayment, 2) dishonored cheques, 3) GIRO deductions from the lender’s bank which are not successful leads to payment, 4) early termination fees for early loan redemption or contract termination, 5) legal costs fees for loan recoveries. Fees other than those mentioned above are not allowed to be collected by the money lender.

On Interest Rates- According to the regulation board, interest rates for secured loans are at 13% and interest rates for unsecured loans can be up to 20%. If the lender has an annual income of $30,000 or more, the interest rates can be agreed upon by the money lender and the borrower. This is very important because most of the time the lender does not know their right when it comes to getting a loan. Interest rates have a ceiling and the money lender cannot charge higher than the regulated interest rate.

On Unfair practices and Contracts- Complaints can be file for unjust practices or contracts of money lenders. Lenders can contact the National Registry of money lenders. The registry keeps complaints confidential and attends to the needs of the borrower. Their contact number is 6325-2585. They can also be reached via email: ipto_romp@ipto.gov.sg.

It is best to know your rights as a borrower so that you can maximize your amount loaned.

Get fast personal loan approval in Singapore from Quick Credit Pte Ltd.

Total Views: 113Word Count: 434See All articles From Author

Investing / Finance Articles

1. How To Sell Online – Tips For Boutiques
Author: Melanie Schwartz

2. Measure Your Business Performance With The Best Bookkeeping Services In Hertfordshire
Author: Shareen Khan

3. What Is An Sme Loan? Its Meaning And Benefits
Author: Manish Damani

4. Importance Of Dividends In The Share Market Benefits
Author: Shraddha

5. Bad Credit Auto Laon
Author: Prairie Nation

6. Xcel Accounting Provides Auditing Solutions
Author: Aniket Vichare

7. 10-step Guide To The House Mortgage Loan Process
Author: Loansa Assit

8. Useful Tips To Keep Your Refrigerator Efficient!
Author: Meenal Wahi

9. Free Mcx Tips , Accurate Free Trading Tips Research Based Advisory
Author: kamaljeet singh

10. Are You A Professional With An Irregular Income? We Have Got 5 Easy Financial Planning Tips Just For
Author: MintWalk

11. How Do Analyst Prepare Equity Research Report
Author: abhishek sawant

12. Merits & Demerits Of Accounts Receivable Loan For Small Business
Author: Stephen Perl

13. What Is Bonus Stock ?
Author: Mahendra Rajput

14. Collaborate With Professionals For Small Business Accounting Services
Author: Shareen Khan

15. Delve Into Your Forex Trading Strategies
Author: Adam Davis

Login To Account
Login Email:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: