If it's just like other business then accept that there will be bad customers.
They exploit those deemed unsuitable for loans by banks so expect higher risks.
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Legalised Ah Longs (aka Licensed Moneylenders) advertising in TNP everyday
- Thread starter CPT (NS) BRANDON
- Start date
If it's just like other business then accept that there will be bad customers.
They exploit those deemed unsuitable for loans by banks so expect higher risks.
yes..they are prepared for bad customers that why they will charge them a fee ...and nothing theres wrong with that .
This is a growing business. With many jumping in.
If banks can make profit charging rates at many times lower, their rates are exploitative even after factoring the higher risk profile of their clientele.
dude...now you are getting impossible ..how can ah long business compare to the banks ? banks have so many investment locally and overseas ..and banks sell so many " products traps "for you to walk in ..banks have so many buinesses .....if banks only got money lending business and at the rate they are charging ...soon close shop within a month ...
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If are against ah longs then why do u support these money lenders?
They charge the same exploitative rates and employ similar tactics.
as i mention before ..i just dont support ppl who dont pay up ..after signing the papers
I am talking about the segment of bank business that are similar - unsecured loans, you can include credit cards as well.
Like u mentioned, if these aren't profitable then they banks won't carry these products.
bank charge a lower rate then ah long because they have other business to profit . ah long just have money lending business ...so naturally they will charge a higher rate . thats what i mean . cant really compare ah longs and banks .
Then compare to GE money which offer primarily unsecured loans or co-ops societies which can still make profit charging market rate interests.
Legal ah long interests is at least more than 10 times the market rate. If it's not exploitative then how much is?
if you cant get what you want from other company then you have to pay a price for that ..give you an example ..im dealing with rare and exotic pets ...most of my rare one i charge higher price because i know other petshop is not selling it ..so if you want that rare extotic pets you have to pay a price for that ...that is the sad truth about business in the world ...we have to live with it .
Then legal money lenders should accept chao kas risk as part and parcel of the business.
This is also a fact.
It is also a fact the law is giving the legal money lenders an unfair advantage. We should not live with this law as there will be dire consequences for fellow singaporeans.
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they already accept the facts theres chow kas ..thats why the borrower have to pay a price for that risk the company is facing ...
You are 1000% correct. O$P$.
Bank/finance/pan shop/Ah long all are the money lender. So before borrow they will tell you how much you need to pay and the term. If dont like it them dont take a loan from them. If agree with their term them pay back the money as the both party agree.
Why all blame Ah long? Ah long never force or pointed gun/knife to any one to take loan from them.
I will always side Ah Long even if they beat up the borrower not the family members/others who are not taking loan from them.
Now banks are mentioned in the same breath as Ah Longs.....well done, by legalizing loansharks.......the problem has now be desensitized.
Perhaps in time to come, drug dealers can be legalized to open 'pharmacies' to peddle their drugs. So if your children becomes addict pls dun blame the drug dealers.....they never force you to buy drugs from them.....
dude ...first you use banks as example now you use drugs to argue your point...those are two different things . how can you compare apples with oranges ? if you want to do that ..can i also use car accidents example to ban driving in singapore ?
yes bro ...we dont support ah long who beat up other ppl other then the borrower ...
Some things are deemed illegal by law. Loansharking is one of them.
Instead of addressing the problem, the govt simply liberalized the laws to legitimize them.
Now these moneylenders have become enbolden because the law is on their side.
Vulnerable singaporeans need to be protected from these loansharks.
Whether or not the borrowers are chao kas who dun honor a loan contract is beside the point.
If this is how the govt 'solve' problems related to crime, what is to prevent them from legalizing drugs, porn etc in future?
Bro until now you still think that those borrower are vulnerable 3 years old kids ? Ah longs are for ppl who can afford to pay and not for ppl who can't . Same as casino , for the rich who can afford to lose . Only those cannot afford to lose they will blame it on the casino .
The good thing with legal money lenders is their risk is lowered and they can now charge low interest rates. GE money is a good example, like i said 1.5% interest per month is affordable.
But those smaller companies have to charge more as people with really very bad credit will go to them. Unsecured lending is taking place in the corporate world too, if you think the rates are very high, buy junk bonds with high yeilds. In the long run, you will make a lot of money, although occasionally you will get burnt.
But those smaller companies have to charge more as people with really very bad credit will go to them. Unsecured lending is taking place in the corporate world too, if you think the rates are very high, buy junk bonds with high yeilds. In the long run, you will make a lot of money, although occasionally you will get burnt.
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