Understanding Money Lenders in Singapore: A Comprehensive Guide

In Singapore, the money lending industry is tightly regulated to ensure consumer protection and maintain financial stability. Licensed Money Lender play a crucial role in providing financial services to individuals who may not qualify for traditional bank loans. This article delves into the legal framework governing money lenders in Singapore, the role of licensed money lenders, and essential information for borrowers.

Legal Framework Governing Money Lenders

Moneylenders Act 2008

The Moneylenders Act 2008 serves as the cornerstone of money lending regulations in Singapore. It outlines the licensing requirements for money lenders, the conduct of money lending businesses, and the rights and responsibilities of borrowers and lenders. The Act aims to curb illegal money lending activities and protect consumers from exploitative lending practices.

Moneylenders Rules

Complementing the Moneylenders Act, the Mo