IMPENDING CHANGES TO THE MONEYLENDERS RULES

With effect from 1st June 2012, licensed moneylenders (MLs) have to follow the new rules namely: – Use of Effective Interest Rate (EIR) – Extension of Interest rate caps to wider band of borrowers – Abolishment of upfront feets – Abolishment of all exceptions to unsecured credit rules The authority new guidelines is to : … Read more