Posts Tagged ‘Singapore Moneylender’

Two arrested for helping unlicensed moneylenders

SINGAPORE: Two men have been arrested for suspected involvement in helping an unlicensed moneylending syndicate, police said on Thursday (Jun 18).

Preliminary investigations revealed that the men, both aged 48, were believed to have assisted an unlicensed moneylending syndicate to obtain Automated Teller Machine (ATM) cards and Personal Identification Numbers (PINs) from debtors, said police. These were used to perform ATM transactions related to unlicensed moneylending businesses.

The suspects were arrested near Bukit Batok Central on Wednesday. Police also seized four ATM cards and three mobile phones as case exhibits.

Both suspects will be charged in court on Friday. First-time offenders found guilty of carrying on the business as an unlicensed moneylender or helping in the unlicensed moneylending business could face a fine of between S$30,000 and S$300,000, up to four years in jail and up to six strokes of the cane.

Sources: Channel NewsAsia

How do I know whether a moneylender is licensed or not?

Do not borrow from unlicensed moneylenders. Verify that a moneylender is licensed by checking the list of licensed moneylenders. “Click here to access the list of licensed moneylenders.”

Notwithstanding that the moneylenders are licensed, be mindful if they:

  • Use abusive language, or behave in a threatening manner towards you.
  • Ask for your SingPass user ID and/or password.
  • Retain your NRIC card or any other personal ID documents (e.g. driver’s licence, passport,work permit, employment pass or ATM card).
  • Ask you to sign on a blank or incomplete Note of Contract for the loan.
  • Grant you a loan without giving you a copy of the Note of contract for the loan and/or without properly explaining to you all the terms and conditions.
  • Grant you a loan without exercising due diligence (e.g. approving a loan over the phone, SMS or email before even receiving your loan application form and supporting documents, such as the income tax assessment and payslips).
  • Withhold any part of your principal loan amount for any reason.

Such practices are not acceptable. If you encounter them, you should report the moneylender to the Registry of Moneylenders, with information such as the moneylender’s business name, licence and contact numbers.

To find out more about unlicensed moneylenders, you may click on this link: