WorldRecent
Law ministry imposes 3-day cooling-off period for loans taken from licensed moneylenders
The Straits Times✓
Original Reporting
AI EXECUTIVE SUMMARY
The law ministry has established a mandatory three-day cooling-off period for loans issued by licensed moneylenders. Within this timeframe, borrowers retain the option to terminate their loan agreements while incurring lower financial penalties.
WHY IT MATTERS
This regulation directly impacts consumers seeking credit from licensed lenders by providing a brief window to reconsider loan commitments and reduce potential debt burdens.
During the cooling-off period, borrowers will be allowed to cancel a loan at reduced cost.
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