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.
