The Singapore Government may be implementing cap on the total amount of money that Singaporean can borrow across all the licensed moneylenders. Therefore, a central database whereby all moneylenders can access to check on the borrowers’ borrowing and credit history will be set up to facilitate this implementation.
In September 2013, Monetary Authority of Singapore has announced that from June 2015, those whose unsecured debts total more than 12 months of their income for 90 days or more will be barred from borrowing further from the banks.
So it is natural that Ministry of Law, who regulates the Registry of Moneylenders, will likely to look into the unsecured loan in the moneylenders’ industries. Hopefully, these two regulations will help Singaporeans to be more prudent and do some financial planning so that they do not over-borrow from the banks or the moneylenders.