New curbs on moneylending fees, interest begin on 1st Oct 2015
Borrowers will soon be protected from being charged an arm and a leg for loans from licensed moneylenders. New laws taking effect today will place caps on the amount of fees and interest that such licensed moneylenders can charge customers. For starters, they can charge an upfront administrative fee of no more than 10 per […]
Differences between taking loan from licensed moneylenders and banks
Many people have the wrong perception when it comes taking up loan from moneylenders as they think that they are unlicensed and illegal. Hence, they prefer to take up loans from banks. However, this is a wrong perception as moneylenders that have shop fronts are legal and licensed by the registry of money lenders. The […]