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If you are a licensed moneylender here in Singapore, you will not encounter any problems. If you are engaging in loan sharking activities, you will be penalized. It is better to be on the legal side to ensure smooth and trouble-free operations. But there are money-lending companies that ignore the guidelines set by the government.
On February 3, 2014, a licensed moneylending company manager was fined S$15000 for giving false information and admitting a loan to a borrower even if it exceeded the recommended limit. Since 2011, there have been about twenty one licensed moneylenders convicted because of ignoring some guidelines.
On a lighter note, if you do not have any moneylending company and you want to open, you should know things about moneylender license. Here are some things that you need to know about moneylender license: