In Singapore, the licensed moneylending industry is regulated to ensure fair lending practices and consumer protection. One important aspect of this regulation is the Self-Exclusion Listing, which allows individuals to voluntarily exclude themselves from applying for unsecured personal loans from licensed moneylenders.
This article provides a summary of frequently asked questions (FAQs) regarding self-exclusion in Singapore’s licensed moneylending industry.
1. Who Can Apply for Self-Exclusion?
Anyone, including foreigners living in Singapore, can apply for self-exclusion.
2. How Can I Register for Self-Exclusion?
You can register for self-exclusion via the MLCB (Moneylenders Credit Bureau) website using your SingPass.
If you don’t have a SingPass, you can visit the MLCB office in person to complete the registration.
3. Can I Withdraw My Self-Exclusion After a Certain Time?
Yes, after the minimum exclusion period expires, you can apply for withdrawal.
The minimum exclusion period varies: 1 or 2 years for Singapore citizens and permanent residents. 2 years for foreigners.
Self-exclusion remains in effect until it is withdrawn.
4. Can Someone Else Register Me for Self-Exclusion?
No, self-exclusion must be voluntary.
While third parties can assist with the application, the individual must sign the authorization form and consent to be self-excluded. Unauthorized submissions may be considered void.
5. What Are the Registration Fees?
Individuals with SingPass must pay SGD1.51 to register or withdraw from self-exclusion.
The fee is SGD2.60 for an authorized person registering or withdrawing on behalf of a foreigner without a SingPass. GST is included in both fees.
6. Can I Get a Copy of My Loan Information Report?
Yes, you can request a Loan Information Report, which will show the status of your self-exclusion listing and the minimum exclusion period.
Self-exclusion is a valuable tool for individuals in Singapore who wish to exercise greater control over their borrowing habits from licensed moneylenders. It offers a way to prevent oneself from taking on additional unsecured personal loans for a specified period.
If you’re considering self-exclusion, be sure to understand the minimum exclusion periods and the process for registration and withdrawal. It’s a proactive step towards responsible borrowing and financial well-being.