SINGAPORE: Low-income foreigners will only be allowed to take a maximum loan of S$500 from licensed moneylenders, as the Ministry of Law on Monday (Jul 15) announced further restrictions on the amount they can borrow. Currently, foreigners earning less than S$10,000 annually are allowed to borrow up to S$1,500 from all licensed moneylenders combined. From Tuesday, the loan cap will be lowered to S$500. "With the existing cap on borrowing cost at 100 per cent of the loan principal, this ensures that the maximum repayable amount (loan principal and all permitted interest and fees) is kept to a more manageable S$1,000 at any one point," said MinLaw in a media release. READ: Loan caps for those borrowing from moneylenders to take effect end-November READ: Work pass holders who borrow from unlicensed moneylenders to face repatriation The new regulation was among several measures announced on Monday to stem the increase in cases of moneylenders targeting work pass holders. There has also been an increase in work pass holders acting as guarantors for one another in taking up loans, said MinLaw. These guarantors then become liable for the debt if borrowers default on the loan. To address these issues, moneylenders will no longer be allowed… Read full this story
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