The government is considering additional measures to strengthen moneylenders' regulatory regime, Law Minister K Shanmugam said in a Facebook post on Monday.
The measures also serve to complement the Monetary Authority of Singapore's 12 months' income limit on unsecured borrowings from financial institutions.
Citing concerns expressed in the media recently about the ease of access to licensed moneylenders in the heartlands, Mr Shanmugam noted that if legal access to credit is "completely cut off, borrowers will seek loans from unlicensed moneylenders or other illegal sources".
He said: "What the law can do is to try and protect vulnerable borrowers."
For example, current measures include interest rate caps for those whose annual income is below S$30,000 and borrowing caps for unsecured loans.
Borrowers must also be at least 18 years old.
Moneylenders found to have committed offences will also have their licences suspended, Mr Shanmugam pointed out, adding that no new licenses have been issued since 2012.