What will happen if a foreigner borrows money from unlicensed money lenders?
I have a friend who used to borrow money from unlicensed money lenders. I just found out about this new law and I'm not sure if my friend is aware. I want to warn him before he makes another transaction. What are the sanctions or penalties if he was found borrowing money from unlicensed money lenders?
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If that is the case, you must inform your friend and warm him/her immediately because when a work pass holder is found to have borrowed from an unlicensed lender, the MOM will inform the employer and revoke the work pass. The worker will be repatriated and prohibited from further employment in Singapore.