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How to tell whether you’re dealing with a
Licensed or Unlicensed Moneylender
LICENSED MONEY LENDER?
- Advertisement: Promote through legal platforms, such as websites, within or outside the office, and directories.
- Loan contract: Discuss your loan contract in person before disbursing your cash
- Loan amount: Approve up to 6 times your monthly salary for an unsecured loan.
- Interest rates: Charge permitted fees per month, which is 1-4% only.
- Charges & fees: Impose the following permitted fees: $60 for each month of late repayment, 10% of the principal of the loan when a loan is granted, and legal costs.
- Approving of loan: Approve your loan with due diligence by checking your documents such as income tax and payslips
UNLICENSED MONEY LENDER?
- Advertisement: Broadcast through text message, flyers, emails, and other forms of advertisements.
- Loan contract: Ask you to sign a blank or incomplete Note of Contract for the loan.
- Loan amount: Approves more than the total maximum amount, which is up to 6x the borrower’s monthly income for an unsecured loan.
- Interest rates: Charge more than 4% per month.
- Fees: Withhold a part of your principal loan amount for any reason.
- Private Data: Asks for your SingPass user ID and/password; retain your personal identification documents, such as NRIC card, driver’s license, or ATM card.