What are the interest rates licensed moneylenders can charge?

For loans contracted between 1 June 2012 and 30 September 2015, moneylenders are required to compute and disclose to you the Effective Interest Rate of the loan, before the loan is granted. If your annual income is less than $30,000, the interest rate which moneylenders can charge, for both secured and unsecured loans, is capped at:

  • 13 per cent Effective Interest Rate for secured loans; and
  • 20 per cent Effective Interest Rate for unsecured loans.

The Effective Interest Rate takes into account the compounding effect of the frequency of instalments over a one-year period. This means that Effective Interest Rate better reflects the actual cost of borrowing over a one-year period. Visit https://www.mlaw.gov.sg/content/rom to find out more about how the Effective Interest Rate is calculated from 1 June 2012. read more

What should You consider before taking up a loan?


You should keep these key points in mind:
Before approaching a moneylender, consider other alternatives, such as the various financial assistance schemes offered by various Government agencies. You may contact the agencies to find out more about their schemes.
You are legally obliged to fulfill any loan contract you enter into with a licensed moneylender.

Consider whether you are able to abide by the contractual terms, bearing in mind your income and financial obligations. Borrow only what you need and are able to repay. Be mindful that if you are unable to meet the contractual terms, the late payment fees and interest payment will be a financial strain not just on yourself but also on your family. read more

Laminate Flooring


The correct trim and embellishment add visual interest to your laminate flooring, and they additionally play out an imperative part in the establishment procedure. These flooring completing pieces cover the spaces considered a good laminate floor to extend and move actually on top of the sub floor, in addition to they easily connect moves to a nearby floor of the same or distinctive material.

Trim and embellishment are composed to coordinate your laminate floor, in spite of the fact that you can likewise choose differentiating hues to emphasize the floor plan. Regardless of whether you pick the characteristic look of wood, stone or artistic laminate flooring, Armstrong conveys a total choice of trim and embellishment to give the completing touches. read more