Illegal moneylenders are not licensed by the Ministry of Law in Singapore to provide credit services. An illegal money lender will charge very high-interest rates and resort to unethical collection practices.
It is not hard to identify a fraudulent dealer in the money lending industry with vigilance. If you were wondering what illegal moneylenders in Singapore look like and how you can identify them, read on for more information about moneylenders who are prohibited to lend money as per the Money-lending Act (MLA). What is a Licensed Moneylender? Licensed moneylenders are exempted from the Act, which means they are allowed to provide credit services.
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