Written Answer by Minister for Law K Shanmugam to PQ on Loans Taken Up at Licensed Moneylenders by Singaporeans Aged 18 to 25 and Above 65

02 JUL 2024

2 July 2024 Posted in Parliamentary speeches and responses

Question for Written Answer

Ms Mariam Jaafar (Member of Parliament for Sembawang GRC):

Question: To ask the Minister for Law (a) for the past three years, what is the number of loans taken out at licensed moneylenders; and (b) whether there has been an increase in the number of such loans taken up by Singaporeans aged 18 to 25 and those aged above 65.

Written Answer:

  1. Between 2021 and 2023, approximately 308,600, 338,300, and 370,500 unsecured personal loans were obtained from licensed moneylenders in the respective years.
  1. The approximate number of such loans taken up by Singapore Citizens aged 18 to 25 increased from 11,300 in 2021 to 13,200 in 2023, and those taken up by Singapore Citizens aged above 65 increased from 19,800 in 2021 to 28,700 in 2023.

Last updated on 2 July 2024