13 Mar '12, 7am

IPTO, licensed money lenders and illegal money lenders

In other words, above and beyond 20% “EIR”, no additional money can be collected unless the borrower fails to honor the terms of the loan, requests a change to the contract or repays the loan early. Since the vast majority of borrowers are going to act in their own self-interest, clearly they will not change the contract or repay the loan early if it results in anything much more than an effective rate of 20% “EIR” over the lifetime of the loan except in very rare cases. Therefore we can conclude that, for all borrowers that honor the terms of their contract, money lenders will under no circumstances be able to receive more than 20% “EIR” on those loans except in the rarest of cases. That leaves deadbeat borrowers who fail to honor the terms of their contract as the sole source of additional revenue above and beyond the 20% “EIR” allowed by law available to licensed money ...

Full article: http://thefinance.sg/2012/03/13/ipto-licensed-money-lende...

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