The information stated within this website is for general purposes only. The information herewith is provided by Monetium Credit (S) Pte Ltd and shall be constantly checked to be as up-to-date as it can possibly be. However, Monetium Credit does not give any guarantee nor accepts any responsibility for the accuracy or the completeness of the following information. Any reliance a reader might place on the below mentioned is therefore strictly at their own assessment and risk and shall not deem Monetium Credit liable for an unforeseen or unfavourable outcome if any. Monetium Credit hereby reserves the rights to make changes to the following information at any time as it may deem appropriate without the need for any prior notice whatsoever.
IMPORTANT INFORMATION FOR BORROWER(S) AND SURETY OR THEIR AGENTS
- This loan is subject to the basis of the Moneylenders Act & its Rules.
- If you do not understand English, the Moneylender or his agent is required to explain to you the terms of the Note of Contract in a language which you understand, prior to you signing the Note of Contract as acknowledgement.
- The Moneylender must attach to the Note of Contract a schedule of repayment (if the loan is a term loan) which shall contain details on the frequency of the instalment payments if there is no default, the amount payable for each instalment, a breakdown of the amounts that goes to repaying the principal, interest and permitted fees and the total number of instalments payable in addition to the total amount the borrower will be repaying over the entire term of the loan of there is no default.
- Such a schedule of repayment must be explained clearly to you by the Moneylender or his agent prior to you obtaining and receiving the funds.
- With effect from October 2015, in accordance with the amended Moneylending Laws, Moneylenders shall be liable to charge a 10% Acceptance Fee upon the disbursed amount to a borrower for every successful loan granted.
- With effect from October 2015, Moneylenders shall only charge an interest rate of up to 4% per Month, of the approved principal loan amount.
- For unsecured loans, an individual whose annual income falls below $20,000 shall be eligible for a loan amount not exceeding $3000.
- For unsecured loans, an individual whose annual income falls between $20,000 - $30,000 shall be eligible for a loan amount not exceeding 2X his monthly income.
- For unsecured loans, an individual whose annual income falls between $30,000 - $120,000 shall be eligible for a loan amount not exceeding 4X his monthly income.
- For unsecured loans, an individual whose annual income exceeds $120,000 shall be eligible for a loan of any amount subject to the satisfaction and approval of the Moneylender.
- A payment not exceeding $60 per month shall be charged upon a borrower for a late repayment fee of any instalment, principal or interest due monthly.
- A borrower shall be liable to pay a Late Interest fee not exceeding 4% per month of the principal amount for the late payment of any instalment, principal or interest due monthly.
- Where the repayment of the loan is to be made in instalments, the interest to be charged on each payment is to be calculated on a reducing balance basis.
- Borrowers are advised to repay the principal and interest due to the moneylender promptly on the date agreed upon as per the Note of Contract in order to avoid any incurrence of late interest or late fees.
- Upon receiving any payments from the borrower, a Moneylender shall be obliged to issue a receipt to the payer containing the details of the amount paid, the date of payment, the business name of the Moneylender, the business address of the Moneylender and the contact details of the Moneylender amongst other things deemed necessary by any applicable laws. Such payments may include the repayment of principal, interest, late interest, late fees or other permitted fees.
- A copy of the Note of Contract, duly completed and signed along with a copy of the repayment schedule (if any) must be given to you by the Moneylender or his agent upon a successful loan agreement.
- Such a Note of Contract should not be signed or accepted if any part of the contract is not properly filled in.