Y
Willing borrower willing lender :p
Similar to commercial sex , willing seller willing buyer
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.
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.
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 ..
and also dis allowe a) upfront admin fee / processing fee ( usual 80 to 150 dollaer upfront )
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