Prior to borrowing money, it is important to consider the list of money lending companies registered with the Ministry of Law, to verify its legitimacy.

At Bugis Credit Pte Ltd you can be confident that you can get a fair amount of interest rates, as it adheres with the law. It offers flexible repayment terms suitable for the borrower’s budget and capability.

The amount of money you can loan varies depending on the requirement and qualification. Here’s the list of loanable amount A1 Credit offers:

• Foreigner Loan – Up to SGD10,000
• Payday Loan – Up to one month’s worth of income
• Personal Loan – SGD $500 to $50000
• Business Loan – SGD $10,000 to $200,000
• Monthly Loan – Up to one month’s worth of income

According to the Ministry of Law, if a borrower fails to repay the loan on time, the maximum rate of late interest a moneylender can charge is 4% per month for each month the loan is repaid late.

All moneylenders are only permitted to impose the following charges and expenses:

• a fee not exceeding $60 for each month of late repayment.
• a fee not exceeding 10% of the principal of the loan when a loan is granted.
• legal costs ordered by the court for a successful claim by the moneylender for the recovery of the loan.

The total charges imposed by a moneylender on any loan, consisting of interest, late interest, upfront administrative and late fee also cannot exceed an amount equivalent to the principal of the loan.

You can verify if a moneylender is licensed by checking this list by the Ministry of Law.

Under the advertising rules, licensed moneylenders are permitted to advertise only through these three channels:

1. Business or consumer directories (in print or online media)
2. Websites belonging to the moneylender

If you receive flyers, SMSes, emails or other forms of advertisements, these would be from either licensed moneylenders operating in violation of the rules, or unlicensed moneylenders.

You are advised to seek clarifications on specific terms of the loan contract before signing up with a licensed moneylender, and not to rely solely on the content of advertisements from the moneylender.

You should ensure that:

• You understand your responsibilities as a surety;
• You receive a copy of the Note of Contract at the time that the loan is granted to the borrower;
• The moneylender has explained the terms in the Note of Contract in a language that you understand; and
• The moneylender does not keep your NRIC card or any other personal ID documents (e.g.driver’s licence, passport).
• The moneylender does not acquire any information that contains passwords to your user accounts (e.g. Singpass account, Internet banking account, email account).

• Make sure the moneylender delivers to you the correct principal amount of the loan. The moneylender is only permitted an upfront deduction of a loan approval fee of up to 10% of the principal amount.
• Pay the loan installments on time to avoid incurring late payment fees and late interest.
• Make sure the moneylender issues to you a receipt every time you make any repayment towards your loan, and check it for correctness (e.g. name, amount, date).
• Make sure you receive a statement of account for all your loan(s) at least once every January and July, and check it for correctness (e.g. name, amount, date); and
• You should retain all statement of accounts and receipts of payments, as documentation and evidence of payments.

You can contact the Registry at telephone number 1800-2255-529.