27
Apr
Approaching a moneylender for financial assistance represents a significant decision that thousands of Singaporeans make each year, often during periods of acute financial strain when traditional banking options seem out of reach. While these lenders provide essential services to underserved communities, borrowers enter a landscape shaped by complex regulations, varying practices, and potential pitfalls that merit careful consideration. The Regulatory Environment: Protection in Practice Singapore's moneylending industry operates under the watchful eye of the Registry of Moneylenders, a division of the Ministry of Law that implements the Moneylenders Act. This regulatory framework creates substantial consumer protections through: Maximum interest rate…
