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Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4/11

Y

Yip Hon

Guest
Licensed Money Lenders + Police Report = Licensed Loan Shark


All bros and Sis who Kenna Harassed and Conned By

Licensed Loan Shark Fall In Here ...
 

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drifter

Alfrescian (InfP)
Generous Asset
Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

o$p$ ...both are willing party ...no $ to return , dont borrow ...no one force you to take loan .
 

spotter542

Alfrescian (Inf)
Asset
Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

Willing borrower willing lender :p
Similar to commercial sex , willing seller willing buyer :biggrin:


 

drifter

Alfrescian (InfP)
Generous Asset
Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

Willing borrower willing lender :p
Similar to commercial sex , willing seller willing buyer :biggrin:



thats right bro...they are also doing business earning a living .
 

drifter

Alfrescian (InfP)
Generous Asset
Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

TS should tell that to banks as well ...
 
Y

Yip Hon

Guest
Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

agreed with you fully . maybe u have been away from singapore for a long
time . from what i gathered . there are many who survive on hand to mouth
existence and are HDB flat owners. there are genuine cases but
bank refused to lend becuase ; on contract job or partime jobs.
then they go to these legal lenders and kenna jialuc jialuc.

Collectors would turn up and scream at them with enlarged pictures
of borrowers and a police report that they have a rite to harass them.

Police have done a good job in curbing Ah Long but now
worst things are happening . License Lender go to police 1st
to get permit then go and harass.
 
Y

Yip Hon

Guest
Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

from your post you are a fail person. just read the ST report
attached. these suckers are charging more the 500% per years
with late fee and late interest and admin fee and 1st month
deduction ; it can be as high as 1000 per cent year. No kidding.
These suckers are using the lawyers and our law enforcers to
harass our poor and uneducate and what have you.
 
Y

Yip Hon

Guest
Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

corrected ........

from your post you are a fair person. just read the ST report
attached. these suckers are charging more the 500% per years
with late fee and late interest and admin fee and 1st month
deduction ; it can be as high as 1000 per cent year. No kidding.
These suckers are using the lawyers and our law enforcers to
harass our poor and uneducate and what have you.
 

drifter

Alfrescian (InfP)
Generous Asset
Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

agreed with you fully . maybe u have been away from singapore for a long
time . from what i gathered . there are many who survive on hand to mouth
existence and are HDB flat owners. there are genuine cases but
bank refused to lend becuase ; on contract job or partime jobs.
then they go to these legal lenders and kenna jialuc jialuc.

Collectors would turn up and scream at them with enlarged pictures
of borrowers and a police report that they have a rite to harass them.

Police have done a good job in curbing Ah Long but now
worst things are happening . License Lender go to police 1st
to get permit then go and harass.

i fully understand where you are coming from ...and i didnt say its a crime to be poor . just imagine if you open a money lending business and most of your customers cant pay ..what will you do ? as far as i know there are many chow ka in money lending business ...some of them own money still got the cheeks to call police ...

let me put it this way ..once they agreed on the terms and conditions ..they must stick to it ...dont ever think got free money ...
 
Y

Yip Hon

Guest
Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

cannot argue further with your statements.
just to say the licensed money lenders scheme is more cruel then the AH LONG loans.
if the system offer your no other choice die die must take also rite ???
please note that these suckers only offer you "weekly loans " meaning you
pay instal every week !!!! they say got monthly loan but when you go
they only offer weekly ones !!!
 

drifter

Alfrescian (InfP)
Generous Asset
Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

cannot argue further with your statements.
just to say the licensed money lenders scheme is more cruel then the AH LONG loans.
if the system offer your no other choice die die must take also rite ???
please note that these suckers only offer you "weekly loans " meaning you
pay instal every week !!!! they say got monthly loan but when you go
they only offer weekly ones !!!

bro, everyone knows that it is a no-no to take loan whether from bank or ah long . i know sometimes those poor ppl really got no choice ..but that does not mean that ah long banks , licensed money lenders..ect con ppl taking loans from them .because it already stated in black and white .you cant really do much about it ..
 

drifter

Alfrescian (InfP)
Generous Asset
Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

To all the brothers here ..remember no matter how poor you are ...please think before you sign on the dotted line ..because once you step into the quicksand ...it hard for you to get out .
 
Y

Yip Hon

Guest
Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

bro, everyone knows that it is a no-no to take loan whether from bank or ah long . i know sometimes those poor ppl really got no choice ..but that does not mean that ah long banks , licensed money lenders..ect con ppl taking loans from them .because it already stated in black and white .you cant really do much about it ..

there are at 2 organisation that can do something about it :

a ) The Registry Of MoneyLenders &

b ) The Singapore Police Force


The Registry of MoneyLenders should set the Interest Rate Chargeable

and set the Late Fee and set the Late Interest . Set out clearly

to allow for montly loan only and dis allowed weekly loans .

Dis-allowed 1st Instal

deduction and Dis allowed Debt Collectors to Mention that the Police

have given them permission/permit to harass/abuse borrowers
 
Y

Yip Hon

Guest
Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

and also dis allowe a) upfront admin fee / processing fee ( usual 80 to 150 dollaer upfront )
 

drifter

Alfrescian (InfP)
Generous Asset
Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

and also dis allowe a) upfront admin fee / processing fee ( usual 80 to 150 dollaer upfront )

bro..that one abit difficult because alot of banks also charge a processing fee ..i cant remember whats the rate for personal bank loan in singapore .
 

drifter

Alfrescian (InfP)
Generous Asset
Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

there are at 2 organisation that can do something about it :

a ) The Registry Of MoneyLenders &

b ) The Singapore Police Force


The Registry of MoneyLenders should set the Interest Rate Chargeable

and set the Late Fee and set the Late Interest . Set out clearly

to allow for montly loan only and dis allowed weekly loans .

Dis-allowed 1st Instal

deduction and Dis allowed Debt Collectors to Mention that the Police

have given them permission/permit to harass/abuse borrowers

bro...i hate to be realistic sometimes , but most of the business in singapore did not protect the consumers ..
 

Narong Wongwan

Alfrescian (Inf)
Asset
Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

The situation now is becoming like HK.
These legal moneylenders are just ah longs in disguise.
Only thing they cannot do is splash paint like ah longs but they can sue you as they are licensed.
If borrowers can tahan being made bankrupt then by all means default on the loan as these ah longs can only do like the banks and use legal means to recover the monies.
No need to feel pity or sorry for these legal ah longs.
At the rates they charge, even if defaulter is 50% they will still make profit.
 

drifter

Alfrescian (InfP)
Generous Asset
Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

most of the legal moneylender in singapore ( in fact all around the world ) including all banks also dont want you to pay on time ..if not how to earn your interest . And legal moneylender also knows that those ppl who brorrow from them got no choice because bank dont lent $ to them . So you are paying a price for that . remember its UNSECURED PERSONAL LOANS . which means if you dont want to pay up they cant do anything to you except you declared bankrupt . even you declared bankrupt ....they know its hard to get back the money ..so there is risk involved in this type of business .

ppl open business for profit i cant really comments how much profit they make are consider decent . ...no businessman want to lose money and all businessman want to make as much money as possible . All i can say it takes 2 hands to clap .
 
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Narong Wongwan

Alfrescian (Inf)
Asset
Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

These legal ah longs prey on the poor and desperate.
And because the law now favours their business they are at an advantage charging exorbitant interests rate. They can hardly be considered legitimate business.
These ah longs know the business risks involved, deserve no pity.
 
Last edited:

Pioneer

Alfrescian
Loyal
Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

Credit card companies charges high interest rates too... that make them licensed loan shark as well?
 
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