Terms of Use

Terms of Use

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The information contained in this website is for general information purposes only. This information is provided by KST Credit Pte Ltd and whilst we promise to keep the information up-to-date and correct, KST Credit Pte Ltd gives no warranty and accepts no responsibility for the accuracy or the completeness of the material. Any reliance the user place on such information is therefore strictly at their own risk. KST Credit Pte Ltd reserves the right at any time to make changes, as it deems appropriate and without prior notice.

 

By accessing this website and/or using the online services, you agree that such access and/or use, as well as these Terms and Conditions of Access shall be governed by, and construed in accordance with, the laws of Singapore and you agree to submit to the non-exclusive jurisdiction of the Singapore courts.

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IMPORTANT INFORMATION FOR BORROWER AND SURETY 

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1. This loan is subject to the basis of the Moneylenders Act & its Rules.

2. If you do not understand English, the Moneylender or his agent is required to explain to you the terms of the Note of Contract in a language which you understand, prior to you signing the Note of Contract as acknowledgement.

3. The Moneylender must attach to the Note of Contract a schedule of repayment (if the loan is a term loan) which shall contain details on the frequency of the instalment payments if there is no default, the amount payable for each instalment, a breakdown of the amounts that goes to repaying the principal, interest and permitted fees and the total number of instalments payable in addition to the total amount the borrower will be repaying over the entire term of the loan of there is no default.

4. Such a schedule of repayment must be explained clearly to you by the Moneylender or his agent prior to you obtaining and receiving the funds.

5. With effect from October 2015, in accordance with the amended Moneylending Laws, Moneylenders shall be liable to charge a 10% Acceptance Fee upon the disbursed amount to a borrower for every successful loan granted.

6. With effect from October 2015, Moneylenders shall only charge an interest rate of up to 4% per Month, of the approved principal loan amount.

7. For unsecured loans, an individual whose annual income falls below $20,000 shall be eligible for a loan amount not exceeding $3000.

8. For unsecured loans, an individual whose annual income falls $20,000 and above shall be eligible for a loan amount not exceeding 6X his monthly income.

9. A payment not exceeding $60 per month shall be charged upon a borrower for a late repayment fee of any instalment, principal or interest due monthly.

10. A borrower shall be liable to pay a Late Interest fee not exceeding 4% per month of the principal amount for the late payment of any instalment, principal or interest due monthly.

11. Where the repayment of the loan is to be made in instalments, the interest to be charged on each payment is to be calculated on a reducing balance basis.

12. Borrowers are advised to repay the principal and interest due to the moneylender promptly on the date agreed upon as per the Note of Contract in order to avoid any incurrence of late interest or late fees.

13. Upon receiving any payments from the borrower, a Moneylender shall be obliged to issue a receipt to the payer containing the details of the amount paid, the date of payment, the business name of the Moneylender, the business address of the Moneylender and the contact details of the Moneylender amongst other things deemed necessary by any applicable laws. Such payments may include the repayment of principal, interest, late interest, late fees or other permitted fees.

14. A copy of the Note of Contract, duly completed and signed along with a copy of the repayment schedule (if any) must be given to you by the Moneylender or his agent upon a successful loan agreement.

15. Such a Note of Contract should not be signed or accepted if any part of the contract is not properly filled in.

16. The borrower is advised to repay the principal and interest due to the moneylender promptly on such date as agreed upon between you and the moneylender to avoid having to incur late interest and late fees.

17. GIRO is safe for making payments as banks have reliable and secure systems in place. You should also always check your bank statements to ensure that the deductions have been made properly. If you find any wrongful deductions, you should contact us immediately.

18. The E-Nets platform is a safe and secured platform for making repayments. All assurances and perimeters have been instilled to ensure that all payments made are secure, authentic and validated without any reason for fraudulence. You should also always check your bank statements to ensure that the payments have went through properly. Should you find any wrongful transactions, you should contact us immediately.

19. If there are any wrongful transactions to any payment mode, please contact us immediately, KST Credit Pte Ltd will commence an investigation immediately and provide an interim response within 3 working days. If the amount transaction is incorrect, KST Credit Pte Ltd will refund the difference. Any refund of monies shall be processed over the counter with supporting documents and receipts should there be any discrepancies.