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Loans for low-income foreigners, maids, capped at S$500 under brand brand new licensed moneylending rules

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SINGAPORE: Low-income foreigners is only going to be permitted to just take a loan that is maximum of500 from certified moneylenders, while the Ministry of Law on Monday (Jul 15) announced further restrictions from the quantity they could borrow.

Currently, foreigners earning not as much as S$10,000 yearly are permitted to borrow as much as S$1,500 from all certified moneylenders combined.

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