The sole proprietor of AS Shalihin Enterprise was slapped with a $28,000 fine for providing false information about his borrowers’ income to the Registry of Moneylenders after being convicted last Friday, 16 September. Tan BN, a licensed moneylender, will be jailed for 56 days if he is unable to pay the fine. This is the latest breach of the regulations after a director of a moneylending business was convicted of 30 out of the 172 charges against him back in June 2016. It was reported by the Registry of Moneylenders that there had been 41 other licensed moneylending offences since 2011.
A fine up to a sum of $40,000 and a jail term of up to two years on each charge can be imposed to those who are convicted of breaches of the Moneylenders Act. Errant moneylenders can find their licences suspended or revoked, as well as their security deposits forfeited. Guidelines and protocols have been put in place by the Registry to ensure that licensed moneylenders do their due diligence in verifying borrowers’ income before loans are granted. They have to also keep documentary proof of the borrowers’ incomes, and such documents may be asked to verify by the authorities during random audits.
Borrowers are reminded to bring along their income documentary evidence, such as payslips, for an assessment of loans. Those who are unable to furnish sufficient income documents may be turned away. Quick Credit may also request for other documents to be submitted for loan assessment. Rest assure that there is confidentiality of information for every loan application. We adhere strictly to the Personal Data Protection Act. Quick Credit will not disclose or misuse any data for inappropriate purposes. For more information regarding what to bring along and what to expect during your loan application or assessment with us, please click on this link http://www.quickcredit.com.sg/moneylender-services-singapore/personal-loan-in-singapore/ or you can also visit our FAQ page for other general questions and questions http://www.quickcredit.com.sg/faq.