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Nov 25, 2009
WHO BORROWS FROM LOAN SHARKS?
Gamblers are easy prey
Call for more avenues of help for those who really need to borrow
<!-- by line --> By Mavis Toh & Leow Si Wan
<!-- end by line -->
<!--background story, collapse if none--> Where to get loans
Pawnshops
Borrowable amount is dependent on the item being pawned.
No minimum income required.
For transactions of $200 and above, a guarantor's name and IC number must be provided.
ezyCash (GE Money)
Requires a minimum monthly income of $1,600.
Those earning between $1,600 and $2,500 qualify for loans up to twice their monthly salaries. Those earning $2,500 and up can borrow up to four times their monthly pay.
FairPrice Plus Personal Loan
Requires no collateral or guarantor and borrowers can get up to double their monthly income. Minimum income requirement of $30,000 per annum.
Banks
Banks offer credit lines and personal loans.
Usually require a minimum income of between $20,000 and $35,000 per annum. Borrowers typically can get two to four times their monthly salary.
It is believed that more than 90 per cent of those who turn to loan sharks are hooked on gambling. -- ST FILE PHOTO
<!-- story content : start --> THEY come from diverse backgrounds - there are teachers, pilots, engineers and even the odd housewife alongside the jobless. But they share one thing in common: They are gamblers faced with mounting debts. After exhausting legal means - banks, credit lines and loans from families and friends - they turn to loan sharks as a last option to get quick cash. But they may soon find it much harder to borrow from these unlicensed money lenders. On Monday, new laws were proposed to crack down on the burgeoning loan- sharking problem, targeting both syndicates and borrowers. The illegal moneylending scourge has dogged the country since 2005. Loan shark and harassment cases are up, from 10,221 in 2006 to 11,789 last year. The first nine months of this year saw 13,771 cases reported. Counsellors interviewed said that more than 90 per cent of those who turn to loan sharks are hooked on gambling. Christian Care Services (CCS) Singapore's centre director Dick Lum, who works with loan shark borrowers, estimates that only two out of every 20 cases he sees involve non-gamblers.
[email protected]
[email protected]
Home > Breaking News > Singapore > Story
Nov 25, 2009
WHO BORROWS FROM LOAN SHARKS?
Gamblers are easy prey
Call for more avenues of help for those who really need to borrow
<!-- by line --> By Mavis Toh & Leow Si Wan
<!-- end by line -->
<!--background story, collapse if none--> Where to get loans
Pawnshops
Borrowable amount is dependent on the item being pawned.
No minimum income required.
For transactions of $200 and above, a guarantor's name and IC number must be provided.
ezyCash (GE Money)
Requires a minimum monthly income of $1,600.
Those earning between $1,600 and $2,500 qualify for loans up to twice their monthly salaries. Those earning $2,500 and up can borrow up to four times their monthly pay.
FairPrice Plus Personal Loan
Requires no collateral or guarantor and borrowers can get up to double their monthly income. Minimum income requirement of $30,000 per annum.
Banks
Banks offer credit lines and personal loans.
Usually require a minimum income of between $20,000 and $35,000 per annum. Borrowers typically can get two to four times their monthly salary.
It is believed that more than 90 per cent of those who turn to loan sharks are hooked on gambling. -- ST FILE PHOTO
<!-- story content : start --> THEY come from diverse backgrounds - there are teachers, pilots, engineers and even the odd housewife alongside the jobless. But they share one thing in common: They are gamblers faced with mounting debts. After exhausting legal means - banks, credit lines and loans from families and friends - they turn to loan sharks as a last option to get quick cash. But they may soon find it much harder to borrow from these unlicensed money lenders. On Monday, new laws were proposed to crack down on the burgeoning loan- sharking problem, targeting both syndicates and borrowers. The illegal moneylending scourge has dogged the country since 2005. Loan shark and harassment cases are up, from 10,221 in 2006 to 11,789 last year. The first nine months of this year saw 13,771 cases reported. Counsellors interviewed said that more than 90 per cent of those who turn to loan sharks are hooked on gambling. Christian Care Services (CCS) Singapore's centre director Dick Lum, who works with loan shark borrowers, estimates that only two out of every 20 cases he sees involve non-gamblers.
[email protected]
[email protected]
