No place for unscrupulous moneylenders!

With effect from 26 January 2016, licensed moneylenders are required to abide by the new measures introduced by the Registry of Moneylenders. The new measures act as a supplement to the current Moneylenders Act and Rules, which can be found here.
The Registry takes a very serious view of moneylenders overcharging their borrowers and has thus […]

By |February 4th, 2016|News|0 Comments

New Moneylenders’ Regulations effective October 2015

The regulations that kicked in on October 1, 2015 require licensed moneylenders to cap the cost of borrowing. It also included a reduced interest rate that can be imposed by them. Since then, loans have been subject to the following caps:

Administrative fee of not more than 10% of the loan principal;
Interest rate of not more […]

By |January 28th, 2016|News|0 Comments