Mandatory cooling-off period introduced for unsecured loans from licensed moneylenders.
Effective 15 September 2026, a mandatory cooling-off period of three business days will apply to all unsecured loans from licensed moneylenders, excluding business loans. This period excludes weekends and Singapore public holidays.
Why it mattersPractitioners advising licensed moneylenders must ensure loan disbursement processes are updated to comply with this new statutory waiting period.