According to the guide to borrowing from licensed moneylenders published by the Ministry of Law in Singapore, the maximum amount that a borrower can obtain from a licensed moneylender depends on their annual income:
- For borrowers with an annual income of less than S$10,000, they can borrow up to S$3,000.
- For borrowers with an annual income of S$10,000 or more but less than S$20,000, they can borrow up to 2 months’ income.
- For borrowers with an annual income of S$20,000 or more, they can borrow up to 6 months’ income.
It is important to note that these are maximum loan amounts, and the actual loan amount may be lower, depending on the borrower’s creditworthiness and other factors. Borrowers should also be aware of the interest rates and fees charged by licensed moneylenders, and should only borrow what they can afford to repay.
