In general, moneylenders are allowed to charge an interest rate of 4% per month and an additional late interest rate of 4% per month, if you fails to make payment on time.
Moneylenders are allowed to charge a processing fee of up to 10% of the loan amount. They may also charge a late payment fee of S$60 if the borrower fails to make a payment on time.
The minimum loan amount that a moneylender can give is is usually $300. The maximum loan amount can give is up to 6x of your monthly income.
The minimum repayment period is 1 months, while the maximum repayment period is 18 months.
Yes, you can prepay your loan at any time without being charged a penalty.
If you fail to repay your loan, the moneylender may take legal action against you. This may include filing a lawsuit or sending your account to a collection agency. You may also be charged a late payment fee.
You may fills up our online application via singpass myinfo or calls us directly to arrange for an appointment to our office to get you loan process done within mins.
If you have a problem with your moneylender, you can file a complaint with the Registry of Moneylenders. You can also contact the Association of Licensed Moneylenders Singapore for assistance.