Life is getting tougher in Singapore and with one’s income not substantial enough for a proper bank loan, people will tend to turn to licenced moneylenders. Licenced moneylenders in Singapore can be described as a small scale financial bank which are approved by Singapore Government. People can loan out certain amount of money in cash from these companies, but of course at a higher rate.
There is still certain criteria to be meet before the moneylenders could give you a loan. Of course, there are some people who tried to flout the rules and provide misleading information to moneylenders in order for a loan. In Singapore, the law not only protects the person borrowing money, but they also protects moneylenders in the event that borrowers recklessky furnish false or misleading information to the Registar or an authorised officer.
Any person who knowingly or recklessly furnish false or misleading information to the Registrar or an authorised officer could face a fine up to S$ 30,000 and/or an imprisonment term of up to 12 months upon conviction.