Instant Loans

[lifeafter41]

Came across countless ads for Instant Loans in today New Paper. It seems these company or individuals ??, is very eager to loan out the monies going by the number of ads. Out of 56 pages in the NP, 15 pages were for these Instant Loans, a whopping 25%; just on these ads.

Anybody out there has taken out these loans, what are the interest charges? criteria etc. What happens if a person is deliquent in their payments, OPSP comes in or other tactics, comes into play.......

 

[GOD IS MY DOG]

yah ah....................what if i borrow from many people so i get maybe 200,000 or more then i go buy rolex and hide them and declare bankrupt...............can or not ah ?

 

[Aussie Prick]

We refer to those types as legal loansharking what

 

[Agoraphobic]

I noticed this too when I picked up the New Paper. Brought it home and showed my wife saying that S'poreans must have an extravagant lifestyle needing all these quick loans. Used to be ads for massage parlors.

Anyway, I don't read the local papers. We subscribe to the Saturday Paper (ST) only to wathc the property prices, and I bought the New Paper for the reason I did twenty years ago - Eating Snake between sales calls. Nowadays everywhere gotta pay for parking, better stay in office an surf da' net.

To answer your question, no. Twenty years ago, I would have.

Cheers!

 

[Yip Hon]

Came across countless ads for Instant Loans in today New Paper. It seems these company or individuals ??, is very eager to loan out the monies going by the number of ads. Out of 56 pages in the NP, 15 pages were for these Instant Loans, a whopping 25%; just on these ads.

Anybody out there has taken out these loans, what are the interest charges? criteria etc. What happens if a person is deliquent in their payments, OPSP comes in or other tactics, comes into play.......

.

check this out , thks :



http://www.sammyboy.com/showthread....ort-Licensed-Loan-Shark-Straits-Times-22-4-11



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[johnny333]

Came across countless ads for Instant Loans in today New Paper. It seems these company or individuals ??, is very eager to loan out the monies going by the number of ads. Out of 56 pages in the NP, 15 pages were for these Instant Loans, a whopping 25%; just on these ads.
.....

By coincidence I received an SMS offering a cash loan from someone named Mike.


The casino business must be driving up demand for such services

 

[zeddy]

An old friend of mine got tempted by this instant loan deal..

He was already heavily in debt with Ah Longs, Banks, family and friends all hunting him down.. So out of desperation this fool borrowed money from these moneylenders that advertised their services in TNP.. Borrowed from more than 3 moneylenders and his all his total debts snowballed to $10,000. Including Ah Longs and Banks it totalled up to another $50,000..

All in all he landed himself with $60,000 worth of debts..

Ah Longs threw paints on his flat nearly every week.. banks keep on pestering him every week and those so called legal Moneylenders paid him a visit at his home nearly everyday..

Landed into severe depression and was admitted at the IMH.. When he was discharged, he tried committing suicide but was stopped in time by his family members..

 

[youtalkcock]

Jul 4, 2011

Loan sharks masquerading as licensed moneylenders

They tout services via fliers, online ads, but are not on approved list

By Mavis Toh

Don't fall prey
HOW ILLEGAL MONEYLENDERS OPERATE

They ask for the borrower's identity card number, address, SingPass ID and password.

With all that, they can get details of the borrower's income and confirm his address.

Some also ask whether the borrower has outstanding debts with others.

Loans and repayments are through bank transfers. Cheques are more the norm for legal moneylenders.

HOW TO AVOID BEING TRICKED

Check the Insolvency and Public Trustee's Office website (app2.ipto.gov.sg) to see if the moneylender is licensed.

Do not sign an empty contract. Licensed moneylenders must draw up a written contract in a language that the borrower understands.

Do not allow the moneylender to keep your identity card, passport, work permit, employment pass, ATM card or other documents.

A flier for an illegal moneylender at the grille gate of a Bishan flat. Such moneylenders offer quick, hassle-free loans at exorbitant interest rates, and ask for borrowers' confidential SingPass information and passwords so they can get personal and financial data. -- ST PHOTO: LAU FOOK KONG

ILLEGAL moneylenders pretending to be licensed operators are becoming brazen, dropping fliers and name cards at the doorsteps of flats and on car windshields across the island.

Some are also advertising their services on classified websites such as 88DB.com and gumtree.sg

Touting themselves as licensed operators to unsuspecting borrowers, they offer quick, hassle-free loans at exorbitant interest rates through bank transfers - not unlike the way loan sharks operate.

A check by The Straits Times found at least 10 such operators advertising on various sites online. None of them is on the Insolvency and Public Trustee's Office's list of licensed moneylenders. Some list company names such as Jenny Finance and Javier Credit. Others simply leave a number and go by names such as Apple and Ivan.

Several of them returned calls made to them last week using overseas numbers, and said they were based abroad but had workers in Singapore. One even said he had an office on Jurong Island.

All eight contacted asked for the caller's confidential SingPass information and passwords to access his Central Provident Fund accounts and get personal and financial data.

Read the full story in Monday's edition of The Straits Times.

[email protected]

 

[chootchiew]

I always get calls , usually by pinoys hired by financial inst, they are all very persistent to make me get loan from them. And they always sounded suprise when I tell them I dont need any form of loans. I am considered lucky, my friend get calls from ah long to force him to take loan, if he dont want they automatic put $ into his account and start charging him interest.. So never never take loan from 1 ah long, yr acc number can be passed around all the longs.

 

[red amoeba]

wah ah long put $$ in your account? Quick withdraw everything and close down ur account, and move elsewhere - wipe off all trails.

 

[mollusk]

I always get calls , usually by pinoys hired by financial inst, they are all very persistent to make me get loan from them. And they always sounded suprise when I tell them I dont need any form of loans. I am considered lucky, my friend get calls from ah long to force him to take loan, if he dont want they automatic put $ into his account and start charging him interest.. So never never take loan from 1 ah long, yr acc number can be passed around all the longs.

wah..like that also can huh...

 

[chootchiew]

wah..like that also can huh...

nowadays looks like simi lan sai also can..the loan business is getting more n more violent and aggressive.
Wish all these bastards sung zai mou see fart !

 

[Yip Hon]

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http://www.straitstimes.com/STForum/...ry_692061.html

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ST Forum

Home > ST Forum > Story


Jul 19, 2011



Moneylending: Tell us and we'll probe, replies registrar



WE REFER to Mr Anthony Lim's letter ('Tactics were similar to those of loan sharks'; last Wednesday).

The Registry of Moneylenders strictly regulates and inspects the operations of

licensed moneylenders to ensure compliance with the Moneylenders Act and Rules, and will not hesitate to take

enforcement action against moneylenders who breach the law. Errant moneylenders could face warning, suspension, non-renewal or revocation of licence and, where there are even more serious breaches of the law, prosecution.

Borrowers, on their part, should take note of the terms and conditions of a loan, and should also carefully assess their own ability to service the loan, before entering into a loan agreement.

The Registry has made available on our website a guide to borrowers listing the factors to consider when obtaining a loan. The guide is in the Moneylending section under IPTO Services at www.ipto.gov.sg

Mr Lim stated that he was informed by the moneylender about the terms and conditions of the loan, including the repayment terms and forfeiture clause.

As we are unable to assess from these facts alone whether any breach of the Moneylenders Act and Rules has occurred, we would be grateful if Mr Lim can contact the Registry of Moneylenders at [email protected] so that the Registry may obtain further details.

Alice Tan (Ms)
for Registrar of Moneylenders
Insolvency and Public Trustee's Office
Singapore

 

[Thick Face Black Heart]

Came across countless ads for Instant Loans in today New Paper. It seems these company or individuals ??, is very eager to loan out the monies going by the number of ads. Out of 56 pages in the NP, 15 pages were for these Instant Loans, a whopping 25%; just on these ads.

Anybody out there has taken out these loans, what are the interest charges? criteria etc. What happens if a person is deliquent in their payments, OPSP comes in or other tactics, comes into play.......

There are many kinds of scams operating out there.

First is loansharks masquerading as licensed lenders which people here have already pointed out. Although there are some genuine licensed moneylenders too.

Second is insurance agents who do CPF investments and rebate you a portion of the commission. You need to have at least $40,000 CPF OA to do that. MAS is trying to clamp down but will never succeed because all it takes is a willing customer.

Third is handphone scammers who ask you to sign on a new line and then "buy" the handphone from you. Their purpose is to re-sell the h/p at a higher price. The new line you sign will then be given to another patron who will use your line to make calls and is supposed to "reimburse" you the monthly payment. Of course, you know how the story ends. The patron stops making payment after one or two months and you're left with $1,000 worth of overseas calls and no one to look for.

 

[eErotica69]

I always get calls , usually by pinoys hired by financial inst, they are all very persistent to make me get loan from them. And they always sounded suprise when I tell them I dont need any form of loans. I am considered lucky, my friend get calls from ah long to force him to take loan, if he dont want they automatic put $ into his account and start charging him interest.. So never never take loan from 1 ah long, yr acc number can be passed around all the longs.

Sounds illogical. You mean that fellow cannot close the bank account(s)?

 

[Windsor]

Sounds illogical. You mean that fellow cannot close the bank account(s)?

Old thread, and the member has already been reported for advertising.

 

[cheowyonglee]

teach you guys one trick lar!!! mai say me ah lee never teach you guys.

go and borrow loans from all the ah longs in Singapore.then renounce your citizenship and go other country retire.best country is philippine.nice beach nice girl.hehe

those ah long kia will never find you de lar!!!

 

[Narong Wongwan]

teach you guys one trick lar!!! mai say me ah lee never teach you guys.

go and borrow loans from all the ah longs in Singapore.then renounce your citizenship and go other country retire.best country is philippine.nice beach nice girl.hehe

those ah long kia will never find you de lar!!!

singapore is not like overseas......like HK or malaysia...yet. Owe ah long still no need to die (literally).......as long you can tahan the shame and the harrassment you can come up tops against them

But recently i see ah longs starting to burn house liao.....

 

[Lestat]

Well, those LML have resorted to advertising via SMS with Singtel.

I've already gotten 4 of those sms. it's really amusing, considering that Singtel should be screening the content of the ad.

 

[Narong Wongwan]

Well, those LML have resorted to advertising via SMS with Singtel.

I've already gotten 4 of those sms. it's really amusing, considering that Singtel should be screening the content of the ad.

I thought from last month all these are supposed to be illegal already?
I mean to advertise by SMS or new paper....