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The Moneylenders Act in Singapore controls the practices of moneylenders throughout the country. It's intended to safeguard borrowers from predatory lending tactics. The Act establishes boundaries on interest rates, fees, and other terms that moneylenders can require on borrowers. It also provides remedies to borrowers who experience problems with their moneylender.
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Before engaging a moneylender, it's important to review their credibility and ensure they are officially licensed. Look for glowing reviews from satisfied individuals.
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