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Want a loan? Hand over your 'SingPass'

Sinkies

Alfrescian
Loyal
20150227_moneylenderad_Zb.jpg


Friday, February 27, 2015 - 08:45
My Paper

Some 20 posters advertising moneylending services have appeared at People's Park Food Centre, with the moneylender brazenly asking potential clients for their "SingPass", Chinese evening newspaper Lianhe Wanbao reported yesterday.


The posters are printed on a bright yellow background and read: "We are offering personal loan at any amount for all Singaporean or PR. Fast and easy approval in 45 mins!" A local mobile number is displayed prominently, along with a contact person.

The ads were spotted by Wanbao reader Wang Qijun, 60, who noticed them on several pillars at the food centre at 6pm on Tuesday.

A Wanbao reporter tried calling the mobile number provided on the posters several times, but the dial tone seemed to indicate that the other party was overseas.

After about 15 minutes, the reporter received a call from a private number. The caller appeared very pushy and kept trying to persuade the reporter to take out a loan, saying he could transfer any sum of money within 10 minutes if the necessary details were provided.

When asked for the name of the company, the male caller answered that there were only two people running the business, and that it used to operate in a commercial building but now faces a situation where it has no office and only "half a licence".

The caller repeatedly asked the reporter for "her name, NRIC number and SingPass", saying that he had to check her background thoroughly in order to "provide some safeguards for us".

The man said that the interest rate would be "20 per cent".

"If you want to borrow $1,000, we will give you $800 and you can return the sum over five weeks, $200 each time," said the caller.

In November 2011, the Government stopped moneylenders from advertising their services in newspapers and circulating marketing text messages.

Under the Moneylenders Act 2010 (Revised Edition), first-time offenders found guilty of loanshark harassment could be jailed up to four years, fined a minimum of $30,000 and up to $300,000, and receive up to six strokes of the cane.
 

soIsee

Alfrescian
Loyal
Gahman noes tat givin out money lending licence wud lead to such situation, wats their justification in doing so.

Justification?

How about " What's wrong with collecting more money and letting the sharks collect more money"? LoL
 

Narong Wongwan

Alfrescian (Inf)
Asset
None of the above. They're merely runners. The backers are the licensed moneylenders. Read again---> LICENSED!

These are tactics of unlicensed Ah Longs....
Loanshark Licence issue by pap is very precious and they won't risk it.
That said every licenced Ah Long has at least a few illegal stalls operating alongside.....
Ah longs making a big comeback with direct help (licensing) and indirect help (casinos) from pap govt. huat ah!
 

hokkien

Alfrescian (Inf)
Asset
These type, once you call them and they got your number, they will sms you number of times everyday :biggrin: Better dont call and ask :biggrin:
 

Sinkie

Alfrescian (Inf)
Asset
These are tactics of unlicensed Ah Longs....
Loanshark Licence issue by pap is very precious and they won't risk it.
That said every licenced Ah Long has at least a few illegal stalls operating alongside.....
Ah longs making a big comeback with direct help (licensing) and indirect help (casinos) from pap govt. huat ah!

Dun talk cock lah.....there're no unlicensed money-lenders that splash their calling cards PUBLICLY all over the place including mail boxes. They are not that stoopig.....
 

JohnGao

Alfrescian
Loyal
These are tactics of unlicensed Ah Longs....
Loanshark Licence issue by pap is very precious and they won't risk it.
That said every licenced Ah Long has at least a few illegal stalls operating alongside.....
Ah longs making a big comeback with direct help (licensing) and indirect help (casinos) from pap govt. huat ah!

PAP will tell you Loanshark cases are down and down. God knows where their statistics are derived from.
 

Froggy

Alfrescian (InfP) + Mod
Moderator
Generous Asset
These are tactics of unlicensed Ah Longs....Loanshark Licence issue by pap is very precious and they won't risk it. That said every licenced Ah Long has at least a few illegal stalls operating alongside.....Ah longs making a big comeback with direct help (licensing) and indirect help (casinos) from pap govt. huat ah!
Who are these? Grassroots members? Any relation to RC or PA?
 

Narong Wongwan

Alfrescian (Inf)
Asset
Dun talk cock lah.....there're no unlicensed money-lenders that splash their calling cards PUBLICLY all over the place including mail boxes. They are not that stoopig.....

Well just shows how bold these Ah longs are getting under pap's watch.

I dunno how to teach you. Either you know or you dun. I was in the game for decades on both sides. Maybe you know what you know but underworld stuff I know more for sure.

Licensed won't charge only 20%....they charge more.
Licensed cannot just TT money over and no signed documents....how to chase debts later? IPTO office in min law not acceptable. Legal also become illegal.
Lasting you said you yourself....leegal cannot advertise.
Now leegal stalls under controlled at 200+....only revoke licence no issue new licences and new curbs coming up regularly.
Pappies know they opened Pandora's box in their naive bid to rein in Ah longs....but can't u turn now.

You know something about this trade that I dun? Let's hear about it.
 

Sinkie

Alfrescian (Inf)
Asset
Well just shows how bold these Ah longs are getting under pap's watch.

I dunno how to teach you. Either you know or you dun. I was in the game for decades on both sides. Maybe you know what you know but underworld stuff I know more for sure.

Licensed won't charge only 20%....they charge more.
Licensed cannot just TT money over and no signed documents....how to chase debts later? IPTO office in min law not acceptable. Legal also become illegal.
Lasting you said you yourself....leegal cannot advertise.
Now leegal stalls under controlled at 200+....only revoke licence no issue new licences and new curbs coming up regularly.
Pappies know they opened Pandora's box in their naive bid to rein in Ah longs....but can't u turn now.

You know something about this trade that I dun? Let's hear about it.

I did not say legal cannot advertise. I say illegal will not be so stupid to advertise until so public. As far as I can analyse, the mushrooming of so many moneymax, max money, and what fuck licensed money lenders all over the country shows clearly that competition is alive and there is no place for illegal money lenders anymore. Listen, these licensed money lenders did not just happen if there is no assurance from the poodles that other illegal money lenders are clamped down nice and proper. In such a harsh environment, you telling me the poodles had lost control of the situation and ah longs running rampant? The whole fucking legal system and the laws are with the poodles. You telling me these 'illegal' money lenders still advertise so blatantly in the public and leave a trail to be caught? Tell you what. They're all in the same basket. There're no illegal money lenders anymore. Those illegal ah longs do not need your singpass. They're not in the market to loan to people who have money or equity in their CPf. So check CPf for fuck?
 

JohnGao

Alfrescian
Loyal
I did not say legal cannot advertise. I say illegal will not be so stupid to advertise until so public. As far as I can analyse, the mushrooming of so many moneymax, max money, and what fuck licensed money lenders all over the country shows clearly that competition is alive and there is no place for illegal money lenders anymore. Listen, these licensed money lenders did not just happen if there is no assurance from the poodles that other illegal money lenders are clamped down nice and proper. In such a harsh environment, you telling me the poodles had lost control of the situation and ah longs running rampant? The whole fucking legal system and the laws are with the poodles. You telling me these 'illegal' money lenders still advertise so blatantly in the public and leave a trail to be caught? Tell you what. They're all in the same basket. There're no illegal money lenders anymore. Those illegal ah longs do not need your singpass. They're not in the market to loan to people who have money or equity in their CPf. So check CPf for fuck?

Yah lor...check CPF for fuck?
 

Narong Wongwan

Alfrescian (Inf)
Asset
I did not say legal cannot advertise. I say illegal will not be so stupid to advertise until so public. As far as I can analyse, the mushrooming of so many moneymax, max money, and what fuck licensed money lenders all over the country shows clearly that competition is alive and there is no place for illegal money lenders anymore. Listen, these licensed money lenders did not just happen if there is no assurance from the poodles that other illegal money lenders are clamped down nice and proper. In such a harsh environment, you telling me the poodles had lost control of the situation and ah longs running rampant? The whole fucking legal system and the laws are with the poodles. You telling me these 'illegal' money lenders still advertise so blatantly in the public and leave a trail to be caught? Tell you what. They're all in the same basket. There're no illegal money lenders anymore. Those illegal ah longs do not need your singpass. They're not in the market to loan to people who have money or equity in their CPf. So check CPf for fuck?

Thank you for replying. Shows what you know.
Dunno dun act smart aleck.
Singpass is to verify address and other personal details like place of employment, ownership of car, hdb flat etc in case Ah longs need to go after debtors.
It's the new hi tech modus operandi for Ah longs both leegal and illegal....indirectly helped no less by pap govt.....

Do you even know how Ah long syndicates operate?
The phone numbers are all satellite lines aka 'tai kong' SIM cards as with the bank accounts used in transactions.

Read the news article again....
The numbers are overseas thus untraceable and the returning calls are with lines that are constantly change....to add another layer.
Leegal loansharks are all former ILLEEGAL
All if not most did not give up their illeegal operations as it's highly lucrative. That's why vile pappies failed and did not expect this development.
Poodles might not be totally helpless but they are letting loansharks run wild.....
The real reason is the big fish are establishment guys and another is they dun bother or waste resources as it's not an elite problem.

Get it?
You are so naive to think there's no more ILLEEGAL loansharks.
I see pap brainwashed you well.
 
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