Loans Taken Up at Licensed Moneylenders by Singaporeans Aged 18 to 25 and Above 65

Ms Mariam Jaafar asked 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.

Between 2021 and 2023, approximately 308,600, 338,300 and 370,500 unsecured personal loans were obtained from licensed moneylenders in the respective years. 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.