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Police warn new tactic used by unlicensed moneylenders

A 69-year-old man was asked to go to a residential address to collect the loan, and was told to slip his NRIC under the door of the unit. When he didn't get any response despite repeatedly knocking on the door, he called the police. As it turns out, the address belonged to a 54-year-old debtor who had [...]

By |2020-09-03T12:12:49+08:00April 22nd, 2016|Uncategorized|14 Comments

Towards Financial Wellness

Start now with fresh resolve to achieve financial wellness. Control Debt Enhance your financial health by keeping debt manageable. Pay off debts with the highest interest rates first, such as credit card balances. Pay as much as you can on your smallest debts and pay at least the minimum on large ones even modest accomplishments [...]

By |2020-09-03T12:12:49+08:00February 15th, 2016|Uncategorized|Comments Off on Towards Financial Wellness

How to avoid the debt trap?

How can we avoid the debt trap? Distinguish needs and wants Many people incur excess credit card debt through overspending because of their inability to tell needs from wants. Example of a handbag, while one may need a bag for daily usage, one only wants a luxury bag costing thousands of dollars. Prepare for emergencies [...]

By |2020-09-03T12:12:49+08:00December 12th, 2015|Uncategorized|Comments Off on How to avoid the debt trap?

How do I know whether a moneylender is licensed or not?

Do not borrow from unlicensed moneylenders. Verify that a moneylender is licensed by checking the list of licensed moneylenders. “Click here to access the list of licensed moneylenders.” Notwithstanding that the moneylenders are licensed, be mindful if they: Use abusive language, or behave in a threatening manner towards you. Ask for your SingPass user ID [...]

By |2020-09-03T12:12:49+08:00November 11th, 2015|Uncategorized|Comments Off on How do I know whether a moneylender is licensed or not?

What are the interest rate and fees that moneylenders can charge?

With effect from 1 October 2015, all moneylenders are only permitted to impose the following charges and expenses: a fee not exceeding $60 for each month of late repayment; a fee not exceeding 10% of the principal of the loan when a loan is granted; and legal costs ordered by the court for a successful [...]

By |2020-09-03T12:12:49+08:00October 1st, 2015|Uncategorized|Comments Off on What are the interest rate and fees that moneylenders can charge?
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