What To Do If You Meet An Errant Licensed Money Lender?

Did you know that the government has provision for you to file a case against an errant licensed moneylender? The Registrar of Moneylenders, a section of the Singapore’s Ministry of Justice, regulates the business of moneylending in our country.

The registry of money lenders published some regulations under which you can file a case against a moneylender. The law allows you to report a complaint in case a moneylender does any of the following:

  • Unreasonable lending practices
  • Unlawful money collection practices
  • Unjust lending contracts
  • If he breaks any of the terms and conditions that regulate money lending
  • Gives you false information e.g. that you can only be given a weekly loan
  • If the money lender offers you a short-term loan of less than a month

You can report any of these incidents to the police who upon receiving your complaint will lounge an investigation against the licensed moneylender that you have reported.

If you want to file a complaint against a licensed moneylender, you can do so via any of the following platforms:

  • *Report to the National Crime Prevention Council’s hotline (NCPC)
  • *File a report with the small claims tribunal of Singapore
  • If your complaint is of a civil nature, you can report directly to the court’s consumer protection act (fair trading) section.
  • *You can reach the Singaporean registrar moneylenders via phone on +65 6325 1416 or 1800 225 5529. You can also reach them an email at ipto-romp@ipto.gov.sg or ipto-enquiry@ipes.mlaw.gov.sg or OneMinLaw@mlaw.gov.sg.

In Case Of A Complaint

The registrar of moneylenders is endowed with powers to handle any complaint that is registered by any money borrower.

When you file a case, your case will be treated with high confidentiality to ensure that your personal information is not shared with the moneylender that you have reported without your consent.

CASE

There is a non-governmental organization that is committed to ensuring that your rights as a money borrower are not violated. One such organization is the Consumer Association of Singapore (CASE).

If you have any complaint, you can contact CASE, and you can get the assistance that you get from any of the government’s department.

Terms And Conditions Of The Loan

According to the registrar of moneylenders Singapore under the moneylenders Act and rules, it is your right for the moneylender to inform you accordingly about the terms and conditions of the loan you are applying for. The information that he gives you should include information about how he will calculate the interest that you are to pay and when you are to pay back the loan.

Conclusion

Before you approach any moneylender all over the country, ensure that you have read and understood this helpful info as a borrower and what you should do in case you fall into the hands of an errant moneylender. Make sure that you only approach the legitimate moneylenders and do your comparisons before making your choice. Watch out for our articles for more tips on moneylending.

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