I at first thought you understood but obviously I over estimate your level of intelligence.
Ok, I try to explain one more time for you. Precisely no legal recourse is the BETTER WAY for a money lender, whether legal or illegal.
If legal, worse off for the legal system can only make someone bankrupt but most debtors are at the brink of bankrup anyway.
No one will do legal money lending if not for the law making it illegal if no license. Money lending thrive only at the illegal level because checking singpass and all that is for legal money lenders, as they've only the legal recourse open to recover their money. I will find it ridiculous and fishy when an illegal money lender asks for my singpass. Ask for fuck? It's not like they can do anything legal with that knowledge. KNN, use your blain please..
you try borrow then let us know can?