Legalised Ah Longs (aka Licensed Moneylenders) advertising in TNP everyday

[CPT (NS) BRANDON]

From The Satay Club


Quite interesting to read about the modus operandi of these legalised loan sharks, who call themselves licensed moneylenders.

http://thesatayclub.net/2011/06/loan...ng-new-guises/


I wonder why they are allowed to operate so blatantly. If Ah Longs are being arrested, jailed and caned, why are the authorities turning a blind eye to so-called licensed moneylenders who are operating in exactly the same way as Ah Longs?

 

[no[lan]]

You are the same guy bashing moneylenders, isit? cos i keep reading some idiot make the same thread again and again. WhY? borrow too much until have to sell backside?

FYI, legalised moneylenders charge very little as compared to illegal ones. Most people can repay as long as you have a job, the money is to tide over very bad timings. It is those people who have no job and use that money to gamble that got a problem.

 

[Narong Wongwan]

You are a joker.
What is your definition of charging little?
These ah longs turned 'legal' money lenders are exploiting the poor among us.
The situation here is turning into those 'finance companies' in Hong Kong, something needs to be done or things will get out of hand.

You are the same guy bashing moneylenders, isit? cos i keep reading some idiot make the same thread again and again. WhY? borrow too much until have to sell backside?

FYI, legalised moneylenders charge very little as compared to illegal ones. Most people can repay as long as you have a job, the money is to tide over very bad timings. It is those people who have no job and use that money to gamble that got a problem.

 

[drifter]

some ppl borrow money THINKING dont need to return ...suka suka can borrow from Ah long A to Ah long Z ...

 

[drifter]

if you agreed on the terms and conditions before signing the paper ...you should stick to it .. period .

 

[Narong Wongwan]

if you agreed on the terms and conditions before signing the paper ...you should stick to it .. period .

So you are in support of illegal loansharking tactics then?
Even though borrower did not sign on any terms and conditions, there is nonetheless a 'contract' between borrower and ah long.

 

[drifter]

So you are in support of illegal loansharking tactics then?
Even though borrower did not sign on any terms and conditions, there is nonetheless a 'contract' between borrower and ah long.

i dont support AH LONG ...i just dont support ppl who borrow without returning ...whats the different between them and a thief . should i called them a legal thief instead ?

 

[Narong Wongwan]

i dont support AH LONG ...i just dont support ppl who borrow without returning ...whats the different between them and a thief . should i called them a legal thief instead ?

If they are legal thieves then the legal loansharks are legal robbers.
Charging such exorbitant interest perhaps more lucrative then robbers.

 

[drifter]

If they are legal thieves then the legal loansharks are legal robbers.
Charging such exorbitant interest perhaps more lucrative then robbers.

if you think that ppl can suka suka borrow money and find excuse not to return ( even got black and white ) i dont see theres a point to urgue with you ...

ps: nobody force anyone to take loan with them ...cannot pay dont take ...after taking kpkb cannot pay because of the rate .. this is what we call chao ka ...

 

[Narong Wongwan]

Double post

 

[Narong Wongwan]

if you think that ppl can suka suka borrow money and find excuse not to return ( even got black and white ) i dont see theres a point to urgue with you ...

ps: nobody force anyone to take loan with them ...cannot pay dont take ...after taking kpkb cannot pay because of the rate .. this is what we call chao ka ...

How u know is suka suka? How u know people find excuse?
Yes probably no one forced them but I think safe to say most are forced by circumstances.

These loansharks are taking advantage of the law to exploit those in need.
Serves them right for meeting chao kas, this is business risks and occupational hazard.
Neither do i pity those borrowers who kena sued bankrupt or house kena painted, as they should know what they are getting into.

 

[CPT (NS) BRANDON]

People who borrow money but don't return - they deserve no pity.

But for licensed ah longs - something must be done. When you borrow $1,000 but only get to take home $800 and have to repay $1,200 within one month, it's a bit ridiculous. No one can afford to pay this kind of interest rate.

I think it is the casinos that have resulted in this kind of social problems. In the past, there were "finance companies" but not 6-7 pages of ads in TNP

 

[drifter]

How u know is suka suka? How u know people find excuse?
Yes probably no one forced them but I think safe to say most are forced by circumstances.

These loansharks are taking advantage of the law to exploit those in need.
Serves them right for meeting chao kas, this is business risks and occupational hazard.
Neither do i pity those borrowers who kena sued bankrupt or house kena painted, as they should know what they are getting into.

how i know they find excuses not to pay ? go and ask those ppl why cant they pay the amount own to the Ah long ...and they will tell you " bo bian leh , they charge high interest rate leh " . if that is not an excuse ..i dont know what is ...before signing they should already know the rate ...why get the money already diam diam , and when time to return kpkb ?

 

[Narong Wongwan]

how i know they find excuses not to pay ? go and ask those ppl why cant they pay the amount own to the Ah long ...and they will tell you " bo bian leh , they charge high interest rate leh " . if that is not an excuse ..i dont know what is ...before signing they should already know the rate ...why get the money already diam diam , and when time to return kpkb ?

Do you know that all money lenders legal and illegal expect the borrowers to default eventually?
The trick is to milk them as long and as much as possible before borrowers decide to run.
It's just like casinos, they not worried that the gamblers win as long as they return because the casino know the gamblers will lose eventually.

I know this because I know many in this business, legal money lender I know at least 30. The entire network from the 'commandos' to the moneymen behind the scenes. The link posted says there are 300 such registered businesses, so I know 10 percent of them.
On the other side, I also know many of the borrowers or their family members who are entangled with loansharks, and I can tell you no one intentionally default on a loan simply because of the 'penalties' involved.
I doubt there are even few people out there who will apply for a bank loan or credit line with the initial intention of not repaying.

 

[drifter]

Do you know that all money lenders legal and illegal expect the borrowers to default eventually?
The trick is to milk them as long and as much as possible before borrowers decide to run.
It's just like casinos, they not worried that the gamblers win as long as they return because the casino know the gamblers will lose eventually.

I know this because I know many in this business, legal money lender I know at least 30. The entire network from the 'commandos' to the moneymen behind the scenes. The link posted says there are 300 such registered businesses, so I know 10 percent of them.
On the other side, I also know many of the borrowers or their family members who are entangled with loansharks, and I can tell you no one intentionally default on a loan simply because of the 'penalties' involved.
I doubt there are even few people out there who will apply for a bank loan or credit line with the initial intention of not repaying.

dude , a contract is a contract ...you cant said because the rates are high thats why they cant pay ...come on , do you think those borrower are 3 years old kid ? as i mention above ...they should know the terms and conditions before taking up the loan . they should know the outcome if they cant pay up by the promised date and amount . i also have friends who borrow from those ah long but my friend swee swee pay up and nothing happen . they know the rules if they play by it nothing will happen ....things happen only if they dont play by the rules ...how to milk them if they swee swee pay up on time ? the key word today is swee swee payup .

 

[drifter]

money lending business is just like other business ....if you dont like the way they charge the interest rate then dont borrow . its your choice .

 

[Narong Wongwan]

dude , a contract is a contract ...you cant said because the rates are high thats why they cant pay ...come on , do you think those borrower are 3 years old kid ? as i mention above ...they should know the terms and conditions before taking up the loan . they should know the outcome if they cant pay up by the promised date and amount . i also have friends who borrow from those ah long but my friend swee swee pay up and nothing happen . they know the rules if they play by it nothing will happen ....things happen only if they dont play by the rules ...how to milk them if they swee swee pay up on time ? the key word today is swee swee payup .

Those who dun payup then get sued bankrupt, get harass and whatever the loansharking throws at them, that is the 'contract'.
The 'victims' can report to the police likewise the moneylenders can use the law against the borrowers.

No one gets away scot free even if they dun payup.
This is the game, either side deserves pity but the moneylenders have it better.

 

[drifter]

Those who dun payup then get sued bankrupt, get harass and whatever the loansharking throws at them, that is the 'contract'.
The 'victims' can report to the police likewise the moneylenders can use the law against the borrowers.

No one gets away scot free even if they dun payup.
This is the game, either side deserves pity but the moneylenders have it better.

bro..as i said before money lender is just like any other business that protect their own interest . which company in the world dont protect their own ass ?

 

[Narong Wongwan]

money lending business is just like other business ....if you dont like the way they charge the interest rate then dont borrow . its your choice .

Like all businesses, there are business risks.
This is highly lucrative business that exploit the vulnerable poor and the law skewed to their advantage.

 

[drifter]

Like all businesses, there are business risks.
This is highly lucrative business that exploit the vulnerable poor and the law skewed to their advantage.

yes ..there are business risk of unsecured loan ..that why they must charge a fee for that ..imagine if 6 out of 10 borrowers cant pay up ..very soon they will wind up their business ....somemore must pay lawyer to sue them .. office rental and staff salary they also need to pay .