The Registry of Moneylenders is not in a position to compel licensed moneylenders to not grant loans to a person who is otherwise eligible to be granted a loan legally. It is primarily the business decision of the licensed moneylender to determine if the loan should be granted, the suitable loan quantum if the loan is to be granted and the terms of the loan contract, etc.

The most effective solution to financial/debt management is for individuals to spend within their means. If a person needs to borrow, he should do so responsibly and take into consideration his ability to service and pay off outstanding loans without default.

An individual may apply for self-exclusion via the Moneylenders Credit Bureau ("MLCB"). Once the self-exclusion is registered, licensed moneylenders are not allowed to grant any unsecured loan (except a debt consolidation loan) to that individual. The self-exclusion period lasts for either 1 or 2 years¹ in which the individual is generally not allowed to withdraw from exclusion. On expiry of the minimum period, the self-exclusion remains in force until such time the individual withdraws from it.

The process is voluntary, and no individual may be excluded without his/ her consent.

¹Singapore Citizens/PRs may choose a minimum period of either 1 or 2 years. Foreigners need to fulfil a default minimum period of 2 years.