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

[Narong Wongwan]

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

OK, fair. Didn't know they can advertise on TV. Then that's too much. Wonder how does the ads looks like on TV? Sexy girl making signs, "Come here, baby!" ?

have seen one that comes on during late night TV.......basic production type.......flashing $$$ signs and phone numbers

 

[alvin36]

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

dont ever believe what ever is offered in the ads... all the attractive loans are all bull shit.

In fact, the interest is almost about 50-80% even if you return full loan in 1 month.

For example, you want to loan 1k, but after deducting all the admin fees and whatever, you only take $710, and next month, you got to return $1200.

Meaning the interest is $490 for a loan of $1200 for 1 month !!! unbelievable !!!

It is worst than ah long !!!

Anyone has any experience with licensed money lender ? please share

 

[youallhumsup]

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


Newspaper ad ban: Moneylenders try new tactics to woo clients
They expect business to drop by up to 70% with ad ban kicking in today

Published on Nov 1, 2011

http://www.straitstimes.com/STI/STIMEDIA/image/20111031/ST_IMAGES_WJMONEY01e.jpg
-- ST PHOTO: RAJ NADARAJAN

By Lin Wenjian

With curbs on advertising for their services kicking in on Tuesday, licensed moneylenders are going big on other ways of reaching out to customers.

Those interviewed by The Straits Times said they expect business to dip by up to 70 per cent as a result of the blanket ban on newspaper advertisements.

They plan to make up for this loss by ramping up efforts to get their company names online and by getting referrals from existing clients.

BACKGROUND STORY

REACHING OUT

Licensed moneylender Wayne Ng (left), who runs Sands Credit, has a few plans in mind to woo customers:

Shift to bigger premises

He plans to move out of his office, which is currently in Golden Landmark Shopping Complex, to a more professional-looking one.

Revamp website

He will overhaul his company's website to make it more accessible and informative.

Bank on referrals

Comparing his trade to the insurance business, Mr Ng said he plans to rely more on referrals by his current clients.

The Registry of Moneylenders, in a drive to discourage a culture of irresponsible borrowing, announced new rules on the advertising and marketing of moneylending services last month.

​

 

[apersim]

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

Now i meet 1, they don' let me settle, if want settle must give $500.
Should i report police?

 

[apersim]

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

After i pay $500, then come out a Boss say must pay more $1k just can settle all.
Wtf. I balance only owe them $100

 

[3core]

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

I also experienced abused and threaten by this licensed moneylenders and I'm calling all who has the same scenario to
let us join forces to lodge complain on them. Lets give them a dose of their own medicine!

Now i meet 1, they don' let me settle, if want settle must give $500.
Should i report police?

 

[Yip Hon]

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

.


That LML ( HDB Block , low storey ) near to Lavendar MRT is the worst .


My friend who loaned from them kena abused verbally left rite centre .


But unknown to the LML staff my friend was taping recording

the 20 mins of abuse using his mobile phone.


my friend will package them nicely and sent all the recordings to CID and

Registrar of LML . Maybe if effective to Minister of H A.

 

[Yip Hon]

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

The registry of LML should set up a 24 hours hotline


to receive feedback and tip-off from the public .

 

[apersim]

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

I also experienced abused and threaten by this licensed moneylenders and I'm calling all who has the same scenario to
let us join forces to lodge complain on them. Lets give them a dose of their own medicine!

Ya, i wan to join

 

[Yip Hon]

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

Licensed MoneyLenders now using "Loan Brokers"

to circumvent Govt Rules :




see the following sms :



Dear Sir/Mdm, I'm Susan Wong (Loan Broker)
from xxxx Pte Ltd.
My Service is to assist/help secure the
best interest rates for you whenever you
need any type of loans.(Banks or Credit)
Feel Free to call me @ Hp xxx or O : xxx
Office : xxx 11am-7pm(weekdays).
Have a nice day!!

 

[jixiaolan]

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

Nice, interest higher than ah long.

allanlee, just buy a copy of the TNP the new paper go to

FASTADVERT : there are on average 100 advertisements per day.

These suckers can approved your loan if you give them your

singpass over the phone . some more careful they ask u to go down

to their office , this is how a typical weekly loan works :


Loan S$1000 Get Only S$700 within 1 to 2 hours

depending on which stall you go .

Typical payment plan after upfront deduction :


S$1,000 loan Deduct a) 1st Instalment of S$200/-

next deduct S$100/- processing fees . Total deducted

is S$300/- . it will then hand you the S$700/- in cash.

and you sign and thump print at load of legal documents

to make sure that you are securely and legal binded.

Some stalls will take photos of you . Some of the

documents that they make you sign ( which all must sign )

is just crazy .

You will get a card with their contact man and POSB a/c

to be credited weekly . You pay the balance x 6 instals

of S$200/- weekly :

a) 2nd Instal Week : S$200/-

b) 3rd Instal week : S$200/-

c) 4th Instal week : S$200/-

d) 5th INstal week : S$200/-

e) 6th Instal week : S$200/-

f) 7th Instal week : S$200/-


Total pay x6 Instal = S$1,200 ( for taking S$700/- )


Interest for 6 weeks = 1200-700 = 500 divide by 700= 71%


If you miss any weekly payment a late fee of S$150 applied.

also late interest applied. Legal letter fees applied.


all throw in for 6 week loan = more than 100% Interest.

 

[Yip Hon]

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

Nice, interest higher than ah long.

Best of All , they will tell Borrowers that it is Legal .

Approved By Govt .

 

[Yip Hon]

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

After Euro-Cup long Q at LML and
Long Q at Telco to get iPhone 4s for resell to get $$$ to pay bookies .

 

[jixiaolan]

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

If the borrowers are business owners and have money coming in daily, they need to go to look themselves hard in the mirror and ask what could have bought them to that predicament. Anyway, the reasons for weekly payment are it is always easier to get debtors to pay up in small amount and the lender need the fund to roll over his biz. A small time ah long can kick start the biz with $50-200k capital.

from a business perspective view ..the reason why those legal Ah long prefer weekly payments because their target is those uncle , auntie having small time business such as coffeeshop , wet market , hawkers ...ect . because those ppl have money coming in daily . many of those group of ppl sometimes need cash to roll . and those group of ppl have the ablity to go for weekly payments .

 

[Yip Hon]

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

If the borrowers are business owners and have money coming in daily, they need to go to look themselves hard in the mirror and ask what could have bought them to that predicament. Anyway, the reasons for weekly payment are it is always easier to get debtors to pay up in small amount and the lender need the fund to roll over his biz. A small time ah long can kick start the biz with $50-200k capital.

every week SPF round up illegal loan sharks and

runners . at the rate SPF going iLs jilat .

 

[Jah_rastafar_I]

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

I read thru the first part of this thread and i remember asking drifter before in this forum but i cannot remember if it's in this thread about one of his tatics he used on debtors who didn't want to pay which is to throw crickets covered in shit into their homes and the crickets would be jumping all over the debtors flat covering everything in his home with shit.

 

[GoldenDragon]

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

I read thru the first part of this thread and i remember asking drifter before in this forum but i cannot remember if it's in this thread about one of his tatics he used on debtors who didn't want to pay which is to throw crickets covered in shit into their homes and the crickets would be jumping all over the debtors flat covering everything in his home with shit.

Nowadays that MO no longer in operation. In the past, yes. But few did that.

 

[Scrooball (clone)]

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

These legalized loansharks are worse than illegal ones

 

[GoldenDragon]

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

These legalized loansharks are worse than illegal ones

Was told the illegal ones more understanding with late payments and write-offs. Coz they are illegal, they don't want unnecessary complaints.

 

[eErotica69]

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

O$P$ that the rule. When the borrower loan the money they already know that they need to pay back money according to the condition that both party agree.
The money lender never force the borrower to take loan from them. Why always blame the money lender/loan shark?
Why no one blame the borrower?
Is demand and supply. Without borrower the money lender cannot survive.

Many here do not understand the concept of risk vs returns. Customer with higher risk of default will be charged higher interest. Lower risk means lower interest.

Fellows here KPKB about Licensed Money Lender for fuck? Only those high risk customers who were rejected by the Banks will go the the Licensed Money Lender. These people are higher risk, naturally the ML charged higher interest!! Common sense!!!

Willing borrowered and willing lender.

Yes there are few really poor folks that is affected by this system.

However by and large, those who borrow from ML are mostly the gamblers or those who have no control of their spending. After that they KPKB.