It’s all about the financial regulations that limit the maximum interest rates for commercialized credit packages. In Singapore, the Monetary Authority of our country supervises the activity of money lenders through the Money Lenders Act of 2008. Therefore, the maximum interest rate that can be applied by private or national lenders for secured or unsecured loans is 4% per month. This is better than in other neighboring countries where the maximum interest rates applicable for personal loans are not limited by the government.
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