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

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

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SINGAPORE: Low-income foreigners will simply be permitted to have a maximum loan of s$500 from licensed moneylenders, since the Ministry of Law on Monday (Jul 15) announced further restrictions in the quantity they could borrow.

Presently, foreigners making not as much as S$10,000 yearly are permitted to borrow as much as S$1,500 from all certified moneylenders combined.

From the loan cap will be lowered to S$500 tuesday.

“With the prevailing limit on borrowing price at 100 % associated with the loan principal, this helps to ensure that the utmost repayable amount (loan principal and all sorts of permitted interest and costs) is held to a far more workable S$1,000 at any one point, ” said MinLaw in a media launch.

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