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.