According to a statement by Singapore’s Ministry of Law, A credit bureau for moneylenders in Singapore will begin operating on March 1
According to a statement by Singapore’s Ministry of Law, there will be new controls on the loans provided by local licensed moneylenders.
The following rules will be implemented on loans from moneylenders on the October 1st, 2015:
1. An upfront Administration fee will be capped at 10% of the loan principal.
2. Monthly interest will be capped at 4%
3. Late interest will be capped at not more then 4% per month
4. Late fee will not exceed $60 per month
5. The total borrowing cost will not exceed 100% of the loan principal
The significances of this news is to our borrowers, as responsible lenders we have to safe guard borrowers interest by issuing a SOA so that borrowers are well informed of the appropriate payments like portion allocated to interest and principal.
The significances of this story is that for EZ Loan, we do not engage in such aggressive method to recover loan. In fact, as a responsible and an ISO 9001 certified company we are constantly attempt to provide a high level service level to our clients.
Drop by EZ Loan office today!
We see money lending as an important and integral part of financing individuals and businesses.
Let us help you through this application process for your personal loan needs.
You can rest assured that at EZ Loan, we advocate ethical practice in the money lending industry.