Tag Archives: moneylending

Govt to limit amount individuals can borrow

The amount of loans one can take from licensed moneylenders will soon be capped, part of several moves to be taken by the Government to further regulate the industry here. The Law Ministry intends to establish a central credit bureau that will enable “tighter controls” over the total amount of unsecured credit an individual can borrow from moneylenders, said its Senior Minister of State Indranee Rajah yesterday. Current restrictions limit the amount that can be borrowed from each moneylender.

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