@alvin36 - Thank you for sharing about your friend's story. will you be able to get your friend to share about their experiences with licensed lenders & help new borrowers make better borrowing decisions ? - https://www.onelyst.com/mlconfession
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Licensed Money Lender is worst than AH LONG !!
- Thread starter alvin36
- Start date
For a moment, i thought Ah Ram is back. :o
They have biz loan and unsecure loans. Borrowers of unsecure loans are the main batch of borrowers suffering...initial years when LML just approved into business...interest rates can be as high as 35% of principle sum
Dun forget who is the chairman of the moneylender association
Together with pap, all these money lenders leaders shall goto hell for leveraging on poor people.
After lending to so many poor people who can't repay their loans, the money lenders will have to start borrowing from rich people. 
Why bother being an illegal ah long? Might as well be legal money lender!
anyone has an insight of how licensed money lender works ?
how to negotiate for a settlement ?
can MP help ?
These licensed moneylenders dont understand u can shear a sheep many times but u can only skin it once.the trick is to lend the person a small amount of money first to guage their trustworthiness and see if they pay their debts regularly.then over time u slowly increase their credit limit.this way u build a clientele base of reliable trustworthy borrowers.the next step is to charge a interest that is high and profitable and make it worth your time,but not so insanely high it literally kills them.this way u can shear them many times over and over on a steady basis and keeps them coming back since they are addicted to debt spending like its crack cocaine or gambling.
Lastly is diversification,some people might think its good to lend a person 150k credit card debt cause hes a big fat cow that pays many many interest,but fuck that I rather lend to 50 people 3k each and set the ceiling at 3k.
Lastly is diversification,some people might think its good to lend a person 150k credit card debt cause hes a big fat cow that pays many many interest,but fuck that I rather lend to 50 people 3k each and set the ceiling at 3k.
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what about woman with hole?
Before 1st oct. Their rate is mostly 23 to 30% of principle sums for monthly loan. They r more interested in weekly loan than monthly.since 1st oct the new monetary act cap them at 14% inclusive of 10 % as upfront deducted from your loan amt taken and 4 % as interest for monthly loan. But a lot of them never practise it. Instead they confused borrowers if they cant settled with principle sum plus interest this round they have to pay default fees for carry to next month n interest rate is 10% admin fees n 14% interest. Most of the borrowers cant return principle sum n not aware of new act for 1st oct as they also do not who they can turn to help all these bloodsuckers thus kanna conned n squzzee liked orange juice.
prettygalyeoh
New Member
Even when you are thinking of borrowing, be careful out there and don't get swindled and pay more interest than normal.
You can just look for a licensed moneylender to obtain a loan to solve your short term money issues. Just Google something like "licensed money lender" and you will find a list of legal lenders offering interest as low as 1% per month. One of the trusted site with legal lenders is something like "Top 10 Personal Loan Money Lenders in Singapore".
In 2018, the maximum interest rate moneylenders can charge is only 1% - 4% per month, and a fee not exceeding 10% of the principal of the loan when a loan is granted. Nothing more nothing less. (In order words, if a borrower fails to repay the loan on time, the maximum rate of late interest a moneylender can charge is only 4% per month for each month the loan is repaid late.)
Important note that just beware that you might be scammed into submitting your details to a loan shark. Those moneylenders that you see advertising via Google Adwords and Facebook Ads, are mostly unlicensed moneylenders or loan sharks, and you should avoid them at all cost.
You can just look for a licensed moneylender to obtain a loan to solve your short term money issues. Just Google something like "licensed money lender" and you will find a list of legal lenders offering interest as low as 1% per month. One of the trusted site with legal lenders is something like "Top 10 Personal Loan Money Lenders in Singapore".
In 2018, the maximum interest rate moneylenders can charge is only 1% - 4% per month, and a fee not exceeding 10% of the principal of the loan when a loan is granted. Nothing more nothing less. (In order words, if a borrower fails to repay the loan on time, the maximum rate of late interest a moneylender can charge is only 4% per month for each month the loan is repaid late.)
Important note that just beware that you might be scammed into submitting your details to a loan shark. Those moneylenders that you see advertising via Google Adwords and Facebook Ads, are mostly unlicensed moneylenders or loan sharks, and you should avoid them at all cost.
I don't even know why u bother correcting the clowns in here. As it is, putting food into their stomach and shitting it out is already exhausting their available brain capacity.
bank pays a fraction of one % but if u borrow, u pay .6%...........a profit rate much more than loan shark
no wonder P Gupta gets 11 mln salary as boss of db ass bank
no wonder P Gupta gets 11 mln salary as boss of db ass bank
theypay 50 cents per10000 gALLON fr Johor but charge u million % more not incl price hike of 30%%%%%%%%%%%%%%%%%%%%%%%%%%55
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