How much can foreigners borrow under the amendments to the Moneylenders Act?
I am a foreigner working and residing in Singapore. There are times when i need to borrow money to make ends meet. Money is hard to earn and it is difficult to avoid borrowing money with my current line of work. Now that there are amendments to the Moneylenders Act, I want to know how much money can foreigners borrow.
Those with an annual income of less than S$20,000 may borrow up to S$3,000 from all moneylenders combined and those who earn more thanS $20,000 a year may borrow up to six times their monthly income from all moneylenders combined. Meanwhile, for foreigners residing in Singapore, a lower aggregate loan cap of S$1,500 will be imposed on those who earn less than S$10,000 annually. Foreigners who earn between $10,000 and $20,000 a year can borrow up to $3,000, and those who earn at least $20,000 can borrow six times their monthly income.