Why did the MOM decide to change the money lending laws for foreigners?

I understand that there are changes in moneylending laws for foreigners that was implemented. Foreigners has been borrowing from licensed money lenders for years and changes were not implemented then. Why did the Ministry of Manpower decide to change the moneylending laws for foreigners aside from protecting them and their employers from overborrowing?

  • user image

    No Name

    The number of foreigners borrowing from lic.ensed moneylenders increased from 7,500 in 2016, the number rose to 35,000 in the first half of 2018 alone. This is one of the reasons why they changed the law. The police have also observed more foreigners here borrowing from unlicensed moneylenders

    2020.03.24 15:44

    Please leave your knowledge and opinion!

    Related Forums

    What are the characteristics of a bond?

    At what age can you get a landline in Singapore?

    What is the cheapest sim only plan in Singapore that provides data, calls and SMS?

    Who are the foreigner that would affected by the changes in the laws of borrowing money?

    Should I invest on properties in Singapore?

    Are there free sim plans in Singapore?

    Related Reviews

    American Express Personal Card membership rewards points do not expire

    American Express Personal Card / American Express International

    First of all, unlike other loyalty programmes, the American Express Personal Card membership rewards points do not expire. Furthermore, with no restriction on the number of points you can stand to accumulate, you just need to choose the reward you want and you'll have time to get it, pretty much the skies can be your limit as you can use the points the way you want from redeeming shopping, travel and entertainment rewards to offsetting purchases made on your Card.

    Earnings of 1.3 KrisFlyer miles for every S$1 spent locally

    American Express Singapore Airlines PPS Club Credit Card / American Express International

    This card offers a few thrills if you are one for accumulating miles as you can earn 1.3 KrisFlyer miles for every S$1 equivalent in foreign currency spent overseas on eligible purchases up to S$3,800 each month. On such purchases above S$3,800 each month, you can earn 2 KrisFlyer miles. Furthermore the card allows earnings of 1.3 KrisFlyer miles for every S$1 spent locally in Singapore dollars on eligible purchases up to S$3,800 each month. On such purchases above S$3,800 each month, earnings are 1.4 KrisFlyer miles. Highly recommended for those who seek to accumulate miles.

    Fantastic Rewards

    HSBC VISA Platinum Credit Card

    A 5% cash rebate on fuel purchases and a 16% instant discount is a great deal for me I must say, the HSBC VISA Platinum Credit Card indeed makes driving more fun for me as i always look forward to the 16% instant discount plus 5% cash rebate on all fuel spend at Caltex and Shell stations

    Family Package Rewards

    HSBC VISA Platinum Credit Card / HSBC Bank Singapore

    My family had a really fun time with the 10% off Siam Adventure Club Family Package Booking which came with breakfast for 2 adults and up to 2 kids with a Kids room setup in room and full access to kids activities. We even enjoyed daily evening drinks for whole family on selected menu from 5pm to 6pm.

    Ease of use to accumulate on miles

    American Express Singapore Airlines KrisFlyer Credit Card / American Express International

    The American Express Krisflyer Credit Card has an attractive sign up bonus and it is easy to use to accumulate on miles as no conversion into KF account is required, and monthly auto “sweeping” of miles help save in the conversion fee. I also have had good experiences with their customer care service as the call center service is absolutely awesome.

    Looking to maximize on the number of priority pass visits and other privileges

    HSBC VISA Infinite Credit Card / HSBC Bank Singapore

    If you are like me an HSBC Premier client and also a frequent traveller that can maximize the number of priority pass visits, limo and meet-and-assist services as well as your supplementary cardholders too, then this is the card for you. The reduced general mile earn rate is worth the trade-off for the unlimited priority pass memberships, as well as the high number of limo and meet-and-assist services that you can use.