In addition, in SG, as of 1 October 2015, money lenders are not permitted to impose a fee larger than $60 for each month of late repayment. Unlike in other countries, all money lenders active in SG must be licensed by The Registry of Money Lenders, which is under the authority of the Minister of Law. Money lenders in SG are safe, well-regulated, and limited in the score of their actions. Therefore, getting a personal loan in Singapore from them is, by all accounts, an excellent idea.