(15-10-2016, 07:39 PM)CityFarmer Wrote: [ -> ] (15-10-2016, 05:58 PM)Bibi Wrote: [ -> ]Is it legal for a person to lend to another for high interest rates? Its considered similar to loan shark lending and illegal in Spore?
There is no limit for those annual income is $30,000 or more.
"If your annual income is $30,000 or more, the caps above are not applicable and interest rate is to be agreed upon between the moneylender and the borrower."
https://www.mlaw.gov.sg/content/rom/en/i...glish.html
tat's legal, so it's a legal loan contract!
(15-10-2016, 05:58 PM)Bibi Wrote: [ -> ]Is it legal for a person to lend to another for high interest rates? Its considered similar to loan shark lending and illegal in Spore?
The laws do not prohibit lending per se, but regulates the BUSINESS of money lending.
The interest charged was also not a penalty clause, which in not enforceable in SG.
Its a straight loan agreement with the interest rates agreed upon with both eyes open.
(15-10-2016, 10:36 PM)Triple70 Wrote: [ -> ] (15-10-2016, 05:58 PM)Bibi Wrote: [ -> ]Is it legal for a person to lend to another for high interest rates? Its considered similar to loan shark lending and illegal in Spore?
The laws do not prohibit lending per se, but regulates the BUSINESS of money lending.
The interest charged was also not a penalty clause, which in not enforceable in SG.
Its a straight loan agreement with the interest rates agreed upon with both eyes open.
I thought unless excluded or exempted, anyone lending money should be licensed, as required under the Moneylenders Act.
http://statutes.agc.gov.sg/aol/search/di...;whole=yes
Para (f) of excluded persons...
any person carrying on any business not having for its primary object the lending of money in the course of which and for the purposes whereof he lends money;
Sglawwatch has many such cases over past 3yrs where the judge applied this test of "business of money lending". Every debtor defending a suit will claim this defense. Standard lawyer advice.
probably not enforceable , got con men trick people money using that before