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Licensed Moneylenders Or Loan Sharks ( Ah Long ) - Which One Better ?
- Thread starter CoffeeAhSoh
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Re: Licensed Moneylenders Or Loan Sharks ( Ah Long ) - Which One Better
lol.....................................
lol.....................................
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Re: Licensed Moneylenders Or Loan Sharks ( Ah Long ) - Which One Better
I'm not a superstitious clown like you.
I'm not a superstitious clown like you.
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Re: Licensed Moneylenders Or Loan Sharks ( Ah Long ) - Which One Better
Hon Minister K Shan should rein in all LML
https://www.facebook.com/k.shanmugam.page
Hon Minister K Shan should rein in all LML
https://www.facebook.com/k.shanmugam.page
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Re: Licensed Moneylenders Or Loan Sharks ( Ah Long ) - Which One Better
Published on Jan 13, 2014
Law Ministry mulls additional measures for licensed moneylenders: Shanmugam
By Lim Yan Liang
The Ministry of Law is considering additional measures to strengthen the moneylenders' regulatory regime,
as well as complement the Monetary Authority of Singapore's 12 months' income limit on unsecured borrowings from financial institutions,
Law and Foreign Affairs Minister K. Shanmugam said on Monday.
He did not give further details on the proposed measures in his Facebook post which discussed concerns over the ease of access to licensed moneylenders in the heartlands.
The Straits Times reported last week that the presence of licensed moneylenders has increased in towns such as Toa Payoh, Ang Mo Kio and Tampines. In Toa Payoh, for instance, 16 credit companies have set up shop in the town centre. There was just two such licensed moneylenders in the entire estate in 2009.
There are now 206 licensed moneylenders in Singapore, compared with 173 five years ago. Mr Shanmugam, in his Facebook post, noted that the Ministry of Law has imposed a moratorium on new licences for moneylenders since 2012.
"I agree with the concern about not making credit too accessible. At the same time if legal access to credit is completely cut off, then borrowers will seek loans from unlicensed moneylenders or other illegal sources," he wrote. "What the law can do is to try and protect vulnerable borrowers."
Published on Jan 13, 2014
Law Ministry mulls additional measures for licensed moneylenders: Shanmugam
By Lim Yan Liang
The Ministry of Law is considering additional measures to strengthen the moneylenders' regulatory regime,
as well as complement the Monetary Authority of Singapore's 12 months' income limit on unsecured borrowings from financial institutions,
Law and Foreign Affairs Minister K. Shanmugam said on Monday.
He did not give further details on the proposed measures in his Facebook post which discussed concerns over the ease of access to licensed moneylenders in the heartlands.
The Straits Times reported last week that the presence of licensed moneylenders has increased in towns such as Toa Payoh, Ang Mo Kio and Tampines. In Toa Payoh, for instance, 16 credit companies have set up shop in the town centre. There was just two such licensed moneylenders in the entire estate in 2009.
There are now 206 licensed moneylenders in Singapore, compared with 173 five years ago. Mr Shanmugam, in his Facebook post, noted that the Ministry of Law has imposed a moratorium on new licences for moneylenders since 2012.
"I agree with the concern about not making credit too accessible. At the same time if legal access to credit is completely cut off, then borrowers will seek loans from unlicensed moneylenders or other illegal sources," he wrote. "What the law can do is to try and protect vulnerable borrowers."
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Re: Licensed Moneylenders Or Loan Sharks ( Ah Long ) - Which One Better
Individuals' total borrowings from moneylenders may be capped
Straits Times
Date
15 Jan 2014
Hoe Pei Shan
THE Ministry of Law is looking to clamp down on people who "over-extend" themselves by flitting between moneylenders to borrow cash.
As part of an ongoing review into the industry, it is considering introducing a cap on how much an individual can borrow, collectively, from all moneylenders in Singapore.
Following his Facebook post on the subject on Monday, Law and Foreign Minister K. Shanmugam yesterday re-emphasised the importance of reviewing how moneylenders are regulated, after concerns were expressed in the media "about people borrowing too much" and "credit being too freely available".
"If people need money, then they will try and find a way to borrow from someone," he said. "What the law can do is to try and protect vulnerable borrowers."
The ministry told The Straits Times it "is looking to put in place a limit on the total amount of unsecured loans that borrowers can take across all licensed moneylenders. This will ensure that borrowers do not over-extend themselves in credit".
There are more than 200 licensed moneylenders in Singapore, up from 173 five years ago. The proposed cap would align their loan policy with that of financial institutions.
Following new bank borrowing limits set by the Monetary Authority of Singapore last September, people whose unsecured debts total more than 12 months of their income for 90 days or more will be barred from receiving more credit from June next year.
Moneylenders have so far only been operating individually within income-specific loan limits. These are regulated by the Registry of Moneylenders, which comes under the Ministry of Law.
The most that moneylenders can give out is four months' income if a borrower's annual pay is $30,000 to $120,000, and two months' income if his annual pay is $20,000 to $30,000. For those earning less than $20,000, the limit is $3,000.
There are interest rate caps for those with an annual income below $30,000, and a minimum age of 18 years for borrowers.
However, according to Mr Lim Cheng Boon, head of counselling at Credit Counselling Singapore, these restrictions do not stop borrowers from seeking loans through several different moneylenders, meaning they can potentially incur huge debts.
"An overall cap across all lenders is better," he said, adding that with the new bank limits set to take effect next year, "there is also a worry more people will go over to moneylenders instead".
Noting that his organisation has counselled an individual who took loans from 41 different moneylenders, Mr Lim said a cap would be feasible only if there is "a centralised database or body to keep track of how much people are borrowing from different moneylenders".
A review of the licensed moneylending industry began in late 2012, the year the ministry introduced a suspension of the issuing of new moneylender licences which still stands today.
More details of the ministry's plans are expected to be announced in the second quarter of this year.
Individuals' total borrowings from moneylenders may be capped
Straits Times
Date
15 Jan 2014
Hoe Pei Shan
THE Ministry of Law is looking to clamp down on people who "over-extend" themselves by flitting between moneylenders to borrow cash.
As part of an ongoing review into the industry, it is considering introducing a cap on how much an individual can borrow, collectively, from all moneylenders in Singapore.
Following his Facebook post on the subject on Monday, Law and Foreign Minister K. Shanmugam yesterday re-emphasised the importance of reviewing how moneylenders are regulated, after concerns were expressed in the media "about people borrowing too much" and "credit being too freely available".
"If people need money, then they will try and find a way to borrow from someone," he said. "What the law can do is to try and protect vulnerable borrowers."
The ministry told The Straits Times it "is looking to put in place a limit on the total amount of unsecured loans that borrowers can take across all licensed moneylenders. This will ensure that borrowers do not over-extend themselves in credit".
There are more than 200 licensed moneylenders in Singapore, up from 173 five years ago. The proposed cap would align their loan policy with that of financial institutions.
Following new bank borrowing limits set by the Monetary Authority of Singapore last September, people whose unsecured debts total more than 12 months of their income for 90 days or more will be barred from receiving more credit from June next year.
Moneylenders have so far only been operating individually within income-specific loan limits. These are regulated by the Registry of Moneylenders, which comes under the Ministry of Law.
The most that moneylenders can give out is four months' income if a borrower's annual pay is $30,000 to $120,000, and two months' income if his annual pay is $20,000 to $30,000. For those earning less than $20,000, the limit is $3,000.
There are interest rate caps for those with an annual income below $30,000, and a minimum age of 18 years for borrowers.
However, according to Mr Lim Cheng Boon, head of counselling at Credit Counselling Singapore, these restrictions do not stop borrowers from seeking loans through several different moneylenders, meaning they can potentially incur huge debts.
"An overall cap across all lenders is better," he said, adding that with the new bank limits set to take effect next year, "there is also a worry more people will go over to moneylenders instead".
Noting that his organisation has counselled an individual who took loans from 41 different moneylenders, Mr Lim said a cap would be feasible only if there is "a centralised database or body to keep track of how much people are borrowing from different moneylenders".
A review of the licensed moneylending industry began in late 2012, the year the ministry introduced a suspension of the issuing of new moneylender licences which still stands today.
More details of the ministry's plans are expected to be announced in the second quarter of this year.
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Re: Licensed Moneylenders Or Loan Sharks ( Ah Long ) - Which One Better
http://www.todayonline.com/singapore/law-ministry-considering-more-curbs-moneylenders
SINGAPORE —
The Law Ministry is considering additional measures to regulate the licensed moneylending industry,
including having a limit on the number of moneylenders in any geographical location, to further safeguard borrowers,
said Senior Minister of State (Law) Indranee Rajah yesterday.
Speaking in Parliament, Ms Indranee said the ministry is “monitoring the moneylending industry closely”
and reviewing whether interest rate caps should also be extended to loans for higher-income earners.
Currently, these caps are only imposed on those earning less than S$30,000 annually.
Ms Indranee said the ministry is also looking at limiting the number of unsecured loans granted to borrowers
by all licensed moneylenders across Singapore. Such a move would complement the Monetary Authority of Singapore’s recently-introduced cap on unsecured borrowing from financial institutions and ensure that borrowers do not over-extend themselves, she said.
On Sunday, Law Minister K Shanmugam had said that Singapore needed a centralised system to track how much a person has borrowed in all from different moneylenders. This, he said, would help his ministry better regulate the moneylending industry.
Recent media reports on the rising number of moneylenders setting up shop in the heartlands has also raised public concern, an issue that was highlighted by several Members of Parliament (MPs) yesterday. Addressing this, Ms Indranee said there was currently no limit on the number of moneylenders in any location and the ministry would “review this position”.
She added that the total amount of loans disbursed by licensed moneylenders here constituted “less than 1 per cent of the consumer credit market”. The number of licensed moneylenders has also decreased to 209 after a moratorium on new licences was imposed in 2012, she added.
Previously, the number of licensed moneylenders had increased from 173 in 2008 to 249 in 2011.
Nevertheless, several MPs pressed for further safeguards against irresponsible moneylending and borrowing practices. West Coast GRC MP Foo Mee Har asked if the age limit for borrowers could be raised to 21, in line with the regulation in banks.
As part of the ongoing review, Ms Foo also suggested that the authorities look into the forms of support that could be given to those who had over-leveraged on loans.
Jurong GRC MP David Ong also asked if the ministry could look at introducing a cap on late penalty charges.
In response, Ms Indranee said it would look into all the recommendations. Woo Sian Boon
http://www.todayonline.com/singapore/law-ministry-considering-more-curbs-moneylenders
SINGAPORE —
The Law Ministry is considering additional measures to regulate the licensed moneylending industry,
including having a limit on the number of moneylenders in any geographical location, to further safeguard borrowers,
said Senior Minister of State (Law) Indranee Rajah yesterday.
Speaking in Parliament, Ms Indranee said the ministry is “monitoring the moneylending industry closely”
and reviewing whether interest rate caps should also be extended to loans for higher-income earners.
Currently, these caps are only imposed on those earning less than S$30,000 annually.
Ms Indranee said the ministry is also looking at limiting the number of unsecured loans granted to borrowers
by all licensed moneylenders across Singapore. Such a move would complement the Monetary Authority of Singapore’s recently-introduced cap on unsecured borrowing from financial institutions and ensure that borrowers do not over-extend themselves, she said.
On Sunday, Law Minister K Shanmugam had said that Singapore needed a centralised system to track how much a person has borrowed in all from different moneylenders. This, he said, would help his ministry better regulate the moneylending industry.
Recent media reports on the rising number of moneylenders setting up shop in the heartlands has also raised public concern, an issue that was highlighted by several Members of Parliament (MPs) yesterday. Addressing this, Ms Indranee said there was currently no limit on the number of moneylenders in any location and the ministry would “review this position”.
She added that the total amount of loans disbursed by licensed moneylenders here constituted “less than 1 per cent of the consumer credit market”. The number of licensed moneylenders has also decreased to 209 after a moratorium on new licences was imposed in 2012, she added.
Previously, the number of licensed moneylenders had increased from 173 in 2008 to 249 in 2011.
Nevertheless, several MPs pressed for further safeguards against irresponsible moneylending and borrowing practices. West Coast GRC MP Foo Mee Har asked if the age limit for borrowers could be raised to 21, in line with the regulation in banks.
As part of the ongoing review, Ms Foo also suggested that the authorities look into the forms of support that could be given to those who had over-leveraged on loans.
Jurong GRC MP David Ong also asked if the ministry could look at introducing a cap on late penalty charges.
In response, Ms Indranee said it would look into all the recommendations. Woo Sian Boon
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Re: Licensed Moneylenders Or Loan Sharks ( Ah Long ) - Which One Better
the Moral of the story the Rich get previlege bankings and priority services
the poor and less well off due to low paying jobs get screwed daily by LMLs
Unique Singapore
the Moral of the story the Rich get previlege bankings and priority services
the poor and less well off due to low paying jobs get screwed daily by LMLs
Unique Singapore
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Re: Licensed Moneylenders Or Loan Sharks ( Ah Long ) - Which One Better
Thank You Mr Kuo How Nam
Timely wake up call for Law Ministry Registrar of Moneylenders And its Team Of Enforcement Officers
Be fair to borrowers and lenders
MONEYLENDERS are proliferating in many HDB neighbourhood town centres -
testimony to the existence of many low-income people who lack financial means and adequate savings to tackle emergencies and unexpected shortfalls
("Lending cap 'could drive borrowers to loan sharks'"; last Thursday).
A distinction must be made between borrowers who can repay the loans and those who have no capacity to do so.
The latter often have unsustainable lifestyles and take on debts that can only escalate; they need to be prevented from harming themselves.
Moneylender loans are usually small and repayable over a couple of months, with weekly instalments.
The main profits for moneylenders come from penalty and overdue charges as well as administration and collection visit fees. For example, moneylenders can make several daily collection visits at $50 or more per trip.
It is not surprising that many moneylender loans are designed to fail as borrowers receive their salaries only monthly.
Defaulting borrowers are then subject to hefty charges and often directed to other moneylenders. As a result, they end up with more debts.
We must cap the total amount of loans that can be obtained from moneylenders to prevent over-borrowing and exploitation of this vulnerable group.
This requires a database to monitor total debts. We could make use of the existing credit bureau infrastructure or have the Government set up such a facility.
We should also limit the charges that can be levied on defaulters. We recognise this is a high-risk group. Borrowers may take advantage of the inability of moneylenders to take legal action to recover small loans, and will respond only to pressure and fear of punitive charges.
However, we should strive for a balanced situation that is fair to both borrowers and lenders.
Lastly, there is a pressing need to regulate the activities of debt collectors. Creditors have increasingly outsourced collection efforts to external agencies, and it is largely an unregulated industry.
There are stories of debt collectors harassing and intimidating borrowers at unreasonable hours during the day and night. People have lost their jobs as a result.
Legislation may be the answer to put a stop to such unscrupulous activities.
Kuo How Nam
President
Credit Counselling Singapore
http://www.ccs.org.sg/about.php
Thank You Mr Kuo How Nam
Timely wake up call for Law Ministry Registrar of Moneylenders And its Team Of Enforcement Officers
Be fair to borrowers and lenders
MONEYLENDERS are proliferating in many HDB neighbourhood town centres -
testimony to the existence of many low-income people who lack financial means and adequate savings to tackle emergencies and unexpected shortfalls
("Lending cap 'could drive borrowers to loan sharks'"; last Thursday).
A distinction must be made between borrowers who can repay the loans and those who have no capacity to do so.
The latter often have unsustainable lifestyles and take on debts that can only escalate; they need to be prevented from harming themselves.
Moneylender loans are usually small and repayable over a couple of months, with weekly instalments.
The main profits for moneylenders come from penalty and overdue charges as well as administration and collection visit fees. For example, moneylenders can make several daily collection visits at $50 or more per trip.
It is not surprising that many moneylender loans are designed to fail as borrowers receive their salaries only monthly.
Defaulting borrowers are then subject to hefty charges and often directed to other moneylenders. As a result, they end up with more debts.
We must cap the total amount of loans that can be obtained from moneylenders to prevent over-borrowing and exploitation of this vulnerable group.
This requires a database to monitor total debts. We could make use of the existing credit bureau infrastructure or have the Government set up such a facility.
We should also limit the charges that can be levied on defaulters. We recognise this is a high-risk group. Borrowers may take advantage of the inability of moneylenders to take legal action to recover small loans, and will respond only to pressure and fear of punitive charges.
However, we should strive for a balanced situation that is fair to both borrowers and lenders.
Lastly, there is a pressing need to regulate the activities of debt collectors. Creditors have increasingly outsourced collection efforts to external agencies, and it is largely an unregulated industry.
There are stories of debt collectors harassing and intimidating borrowers at unreasonable hours during the day and night. People have lost their jobs as a result.
Legislation may be the answer to put a stop to such unscrupulous activities.
Kuo How Nam
President
Credit Counselling Singapore
http://www.ccs.org.sg/about.php
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Re: Licensed Moneylenders Or Loan Sharks ( Ah Long ) - Which One Better
TS make no mistake....when you ponder over questions like these....means you are fucked.
Who did you vote for?
Good luck. If need to commit suicide remember to take at least a vile miw along....
TS make no mistake....when you ponder over questions like these....means you are fucked.
Who did you vote for?
Good luck. If need to commit suicide remember to take at least a vile miw along....
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Re: Licensed Moneylenders Or Loan Sharks ( Ah Long ) - Which One Better
wahh.... you have better questions in mind ?
wahh.... you have better questions in mind ?
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