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ARTICLE · 22 MAY 2018

Recent Developments On Moneylending

Dentons
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In the recent case of Ang Ai Tee v Resource Credit [2017] SGHC 159, the High Court set aside the defendant's statutory demand for repayment of debt on the ground that the loan ...

SingaporeFinance and Banking
Doreen Sim
Doreen Sim
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Introduction

In the recent case of Ang Ai Tee v Resource Credit [2017] SGHC 159, the High Court set aside the defendant's statutory demand for repayment of debt on the ground that the loan refinancing scheme imposed excessive interest and that the loan transactions were unconscionable or substantially unfair.

Background

On 1 October 2015, significant changes to the interest and charges that licensed moneylenders can impose on personal loans were made in the Moneylenders (Amendment) Rules 2015 (MLR 2015). The changes included a cap on the administrative fee at 10% of the loan principal.

Holding

This case involved a loan refinancing scheme in which the defendant, Resource Credit Pte Ltd, charged a 10% administrative fee each time the same loan to the plaintiff, Ang Ai Tee, was refinanced, for a total of 18 times.

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