Personal Credit

Borrower's consent for unsecured credit and credit limits

  • Yes, otherwise you must get their consent.

    According to MAS (Explainers)

    last revised on 30 May 2017

    When setting the credit limit on a new credit card or unsecured credit facility, FIs must either:

    • Ask the borrower what their preferred credit limit is.
    • Get the borrower’s consent for the credit limit amount.

    This ensures borrowers are granted credit limits that they are comfortable with, for security reasons and protection against overspending.