All licensed moneylenders in Singapore is only permitted to impose the following charges and expenses on personal loans or other types of loans: 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 licensed money lender on any loan, consisting of interest, late interest, upfront administrative, and late fee also cannot exceed an amount equivalent to the principal of the loan. Meanwhile, the maximum interest rate that moneylenders can 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 loan on time, the maximum rate of late interest a legal money lender can charge is 4% per month for each month the loan is repaid late. The computation of interest charged on the loan 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 legal money lender cannot charge on amounts that are outstanding but not yet due to be repaid.