loan needed

Aveme SG

yes such private loans that involve interest is illegal,unless of course someone here wants to give this person an interest free loan

Under the Money lending act chapter 188

http://statutes.agc.gov.sg/non_version/cgi-bin/cgi_legdisp.pl?actno=1959-REVED-188&date=20060615&method=whole&doctitle=

What is defined under the law as a moneylender under provision 3 (applies here since this person asking for a loan wants to pay interest)

Certain persons and firms presumed to be moneylenders.
3. Save as excepted in paragraphs (a) to (e) of the definition of moneylender in section 2, any person who lends a sum of money in consideration of a larger sum being repaid shall be presumed until the contrary is proved to be a moneylender.

What a moneylender must do for his loans to be legal

Licences to be taken out by moneylenders.
5. (1) Every moneylender residing and carrying on the business of moneylending in Singapore whether as principal or as agent shall take out a licence annually.

If you do not have this licence,you will be considered as giving an illegal loan,and thus under provision 15

Contract by unlicensed moneylender unenforceable.
15. No contract for the repayment of money lent by an unlicensed moneylender shall be enforceable:

and this is why loansharking is illegal and loan sharks have no recourse on using the law to get back what they have lent out.

dcx SG

Those not going to lend can just keep quiet...i don't see any neccessary means to flame or pinpoint or even lecture him....

As he has said he was just trying his luck if anyone wanna lend him, so, those wanna lend him just go ahead...and those not going to lend him, just siam lor... Laughing

« Previous Page