Tag: loan sharks

Johor loan sharks targeting Singapore workers jailed

Johor Baru — Loan sharks are targeting workers in Singapore and charging interest rates of 24 percent to 60 percent per year. After a series of raids in Johor Baru, police have arrested 21 loan sharks that have been running illegal money lending operations. They...

Remittance firms charging maids exorbitant interest fees on loans will be stopped, says MAS

To protect the interests of foreign domestic helpers, the Monetary Authority of Singapore (MAS) strongly prohibits remittance firms to continue providing loan services to these hapless domestic workers. Such prohibition will be implemented beginning September 10, 2019. However, the rule will not cover existing loans,...