1 Fullerton Credit follows the Singapore Ministry of Law required charges and expenses. In accordance with the Singapore Ministry of law, the following are the applicable fees being charged to our clients:
A fee not exceeding $60 for each month of late repayment;
A fee not exceeding 10% of the principal of the loan when a loan is granted; and
Legal costs ordered by the court for a successful claim by the moneylender for the recovery of the loan.
The total charges imposed by a moneylender on any payday loan in Singapore, consisting of interest, late interest, upfront administrative, and late fee also cannot exceed an amount equivalent to the principal of the loan.
Meanwhile, the permitted maximum interest rate we charge is 4% per month, regardless of the borrower’s income and whether the loan is an unsecured or secured one.
If a borrower fails to repay the payday loans on time, the maximum rate of late interest a moneylender can charge is 4% per month for each month the loan is repaid late.
The computation of interest charged on the payday loans must be based on the amount of principal remaining after deducting from the original principal the total payments made by or on behalf of the borrower which are appropriated to the principal.
The late interest can only be charged on an amount that is repaid late. The moneylender cannot charge on amounts that are outstanding but not yet due to be repaid.