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 ...
The new regulation was among several measures announced on Monday to stem the increase in cases of moneylenders targeting work pass holders.
READ: Maids could turn to loansharks if employers' consent needed to borrow money from licensed moneylenders: MOM Those whose loan books are at or in excess of these caps will not be allowed to continue lending to foreigners.The number of foreigners borrowing from licensed moneylenders has risen sharply over the past three years, said MinLaw.
In a media statement, the Centre for Domestic Employees said it welcomes the"comprehensive" measures.
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