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Loans for low-income foreigners, maids, capped at S$500 under brand new moneylending that is licensed

Loans for low-income foreigners, maids, capped at S$500 under brand new moneylending that is licensed

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SINGAPORE: Low-income foreigners will simply be permitted to take a loan that is maximum of500 from certified moneylenders, while the Ministry of Law on Monday (Jul 15) announced further restrictions from the quantity they are able to borrow.

Presently, foreigners earning significantly less than S$10,000 annually are permitted to borrow as much as S$1,500 from all licensed moneylenders combined.

From Tuesday, the mortgage limit are going to be lowered to S$500.

This ensures that the maximum repayable amount (loan principal and all permitted interest and fees) is kept to a more manageable S$1,000 at any one point, ” said MinLaw in a media release“With the existing cap on borrowing cost at 100 per cent of the loan principal.

BROWSE: Loan caps for people borrowing from moneylenders to simply simply simply take impact end-November

STUDY: Work pass holders whom borrow from unlicensed moneylenders to handle repatriation

The brand new legislation ended up being among several measures established on Monday to stem the rise in instances of moneylenders focusing on work pass holders. Devamını oku

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