Police arrested two suspected loan shark 'runners' in Bukit Panjang on Thursday.
The men, aged 29 and 52, are believed to be former debtors who worked for their respective syndicates, authorities said in a statement.
Both are expected to be charged in court under the Moneylenders Act on Saturday.
At 5pm on Thursday, police ambushed and nabbed the 29-year-old near Segar Road. They seized 11 bank cards and a mobile phone from the man, who is believed to have acquired the cards and PIN numbers from other debtors.
Four hours later, the 52-year-old suspect was arrested near Bukit Panjang Ring Road. Police seized four ATM cards, transaction receipts, $290 in cash and a mobile phone from his possession.
Under the Moneylenders Act, first-time offenders convicted of assisting an unlicensed moneylender face a maximum penalty of a $300,000 fine, a jail term of four years and up to six strokes of the cane.