For people who do not know, there are strict advertising regulations for certain sectors that the government do not want Singaporeans to be exposed to a large extent. Moneylending is one of the sectors that the government is trying to contain. Moneylenders have very strict advertising laws to follow.
Moneylenders cannot advertise through the following:
- Adverts through SMS/emails/cold calls sent to the public. This also includes current or previous clients of the moneylender.
- Advertising channels, for example, sponsored links through web search tools or any paid links from search engine.
- Directories online which are only for postings and promoting of moneylenders.
In conclusion, the Ministry Of Law has set strict standards on what a licensed money lender can and cannot do for advertising. These laws are set up for good reasons and that is to ensure that the public is protected.
Read more about the complete law from the Ministry of Law here.
Photo Source: Google images.
DO NOT borrow from loan sharks as it can spiral out of control. If you need cash, approach a bank or licensed moneylender. Furthermore, you can look through our moneylender directory and moneylender review on money lenders in Singapore and find one that you think may be suitable for your needs.