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Gahmen allows each household to have a permanent in-home money lenders ad. WTF!

Confuseous

Alfrescian (Inf)
Asset
SINGAPORE - From next month, licensed moneylenders will be barred from advertising in newspapers, or via SMS and leaflets.

Their advertising will instead be restricted to business and consumer directories such as Yellow Pages, on their business websites and at their offices.
YEA, WE CAN NOW PICK UP THE PHONE WHENEVER WE NEED TO BORROW. NO NEED TO GO DOWNSTAIRS.

Explaining the rationale for the clampdown on the increasingly aggressive marketing tactics of licensed moneylenders, which Today reported yesterday, Senior Parliamentary Secretary for the Ministry of Law (MinLaw) Sim Ann said: "With excessive advertising, it may inadvertently encourage borrowers to borrow beyond their means to repay, or to encourage a reckless borrowing culture. And this is not what we wish to see."
RATIONALE? WHAT FOOKING RATIONALE? WHAT ARE THE COMBINED CIRCULATIONS OF ALL NEWSPAPERS VS THE PRINT RUN OF YELLOW PAGES WHICH ARE PLACED IN-HOME? MISS SIM ANN SHOULD BE SENT TO IMH TO HAVE HER HEAD EXAMINED! SOME "RATIONALE" INDEED.

The move to curtail the excessive and unsolicited advertising also helps in distinguishing advertising by licensed moneylenders and loans harks, she added. MS SIM ANN DOES NOT LIVE IN THE REAL WORLD!

The rules on advertising by the industry were eased in 2009 to allow borrowers access to information about the operators and their loan packages.

But as the number of such businesses ballooned over the years - there were 169 operators in 2007, compared to 260 now - many moneylenders have gone all out in their marketing to beat the competition.YES, TO "BEAT" THEIR COMPETITION AND TO BEAT THEIR CUSTOMERS.

In some newspapers, for instance, moneylending ads take up as many as three-quarters of their classified pages.WHAT IS WRONG. THE ADS WERE MADE LEGAL BY THE GOVERNMENT, THE BRADDEL BROTHEL WAS ALLOWED TO ACCEPT - WHAT SORT OF RATIONALE IS IS?

Stricter rules will also be imposed on the content of moneylenders' ads.

Currently, some operators have resorted to making promises, such as "Guaranteed approval", or exhortations like "It's time to change your fortune!", in their bid to market their services.

Under the tightened rules, ads cannot understate the cost of borrowing or overstate the ease with which a borrower may obtain a loan. It must also not omit important qualifications to loan terms, contain misleading information, or make unverifiable statements.

Another restriction which hints at a trend of gamblers turning to licensed moneylenders to support their habit: Ads cannot "attempt to induce or attract persons to borrow money to gamble or pay off gambling debts". THIS IS THE MOST STUPID RATIONALE IN THE WHOLE PRESS RELEASE. DOUBLE CONFIRM, IMH HAS A NEW PATIENT!

Moneylending Association of Singapore president David Poh said the change will "greatly affect" the industry, particularly new setups that need to attract customers, as well as operators who target borrowers of smaller loans.

"Some of them depend on ads every day (to bring in business). Without the ads, it might be difficult for borrowers and lenders to connect," he said.
FCUK HIM!

Although he welcomed the move, Mr Poh said the fear is that it might lead to a surge in illegal moneylending activities.

The Registry of Moneylenders also announced that tighter licensing conditions will apply next month, in a move to raise the professional standards of the industry, as well as safeguard borrowers' interests. AND HOW DO WE MEASURE THESE, MS SIM ANN?

For example, operators can no longer charge fees before loans are granted nor make upfront deductions of principal or interest payments.

They are also not allowed to obtain borrowers' confidential information, such as their SingPass user ID and passwords - used to verify their income levels.

A fixed land line must be used instead of mobile phone line - loan sharks are known to use prepaid lines to evade the authorities.

And any employee involved in the business, including debt collectors, must also be approved by the registry.

Each outlet must be managed by a manager who has at least four O-Level passes, and pass a test.
I DON'T KNOW WHAT TO SAY!

http://www.todayonline.com/Singapore/EDC111014-0000242/No-ads-in-newspapers,-via-SMS,-leaflets
 

red amoeba

Alfrescian (Inf)
Asset
does the ban cover pamphlets & leaflets? SMSes?

KNN, i am sick n tired of receiving all the above crap from money lenders, property agents, buyers of liquors, etc.
 

bryanlim1972

Alfrescian
Loyal
WoW! talk about complaining for the sake of complaining! so i guess OP is saying we should sit back and do nothing about the situation?
 

relaxmannn

Alfrescian
Loyal
does the ban cover pamphlets & leaflets? SMSes?

KNN, i am sick n tired of receiving all the above crap from money lenders, property agents, buyers of liquors, etc.


Ya, you are right.
I received almost 10 such sms every day.
So sickening!!! Don't know how to stop this junk!
 
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