Licensed Money Lender is worst than AH LONG !!

[QXD]

You sure do a lot of homework to know so much about "YOUR FRIEND".

let me try to share my friend's story when he tried to borrow from licensed money lender....

My friend was unable to get a loan banks, and after seeing the attractive ads on papers, he tried to borrow from 2 licensed lender. He is drawing a monthly salary of about 3k, normal working man. Unable to get anymore loan from banks because he has bad debts before, but not a bankrupt.

This is what he told me... after he approach the licensed lender. I was shocked when I hear the offer and interest rates !!!

Licensed Money Lender #1 - offer him $1500 loan, weekly repayment scheme.
after all the interest and "admin fee" , he only able to take back $1080 on the spot, as he is has been approved.
but the repayment is shocking !!!

he has to pay 3X6 weekly of $300 !!!
any late payment, there will be $130 penalty !!

meaning, he take $1080, and got to return $1800 in 6 weeks !! Unbelieveable !!

Licensed Money Lender #2 offer him $2000 loan, monthly repayment scheme
after all the interest and "admin fee" , he only able to take back $1420 on the spot, as he is has been approved.
but one month later, he has to pay $2400, otherwise, he has to pay a monthly interest of $400 + late payment if $130 (meaning total $530). And next month, he still has to pay $2400 in order to clear the debts !!

Anyone has any experience with licensed money lender ?
Isnt it worst than Ah Long ??

And guess what when he was trying to negotiate for a lower interest rate. The Manager actually ask him...
"Do you buy 4D ?
"Do you buy 4D from govt or from Pte ?"
"Buying from govt is more expensive than buying from private? right ??"

What the manager is trying to say is... licensed Money Lender is more expensive than unlicensed AH LONG, because the govt tax them alot !!

Unbelievable !! I could not believe it !! Fortunately, my friend did not take up the loans....

That is why i share with you guys here.... any comments ??

 

[chonburifc]

all the attractive interest rates they advertised in papers are all Bull Shit.

When you call LML, they will tell you they offeer good rates and low interest, and ask you to go their office. You only need to bring your orginal IC and Singpass. Once you are there, the plans they offer is worse than Ah Longs, and they will tell you the good interest that they advertise is only for regular customers....

My friend if going to call Sin Min one day to complain, and hope Sin Min send reporters as under-cover to get a real picture of this fucking biz that LML is in

Think your friend should look for a solution to his financial problem instead. eg. look for MP, sell his valuables etc. or perhaps, you can even help him.

Even if Sin Ming publish the news, your friend's problem is also not solved. The LML are even more happy because now they got free advertisement.

 

[garlic]

Go work, do not spend extravagantly, exercise to keep oneself healthy and i see no reason to visit LML.. Your friend has bad credit ratings with banks.. How did that happen in the first place? Too many KTV sessions? Spend to impress girls? Expensive Holidays? Car loans? Gambling?

 

[jw5]

The main reason that people borrow from licensed or unlicensed moneylenders is for gambling.
Some also for overspending or just cannot make ends meet.
The former, cut out that spending/materialistic habit, the latter, go to your mp/government and get into the system.
Otherwise they will be "blissfully unaware| of peoples' problems.

Those who want to buy cars or homes should go to a bank or finance companies.
These imho are the only 2 valid reasons why people should borrow, backed by a steady income or cashinflow.
Even share financing schemes are crap. If you can't afford it, you shouldn't be playing the markets.
Those who want to start businesses should have sufficient seed capital to begin.
Only borrow and be leveraged when your business is steady and cash is steadily coming in, to take advantage of lower interest rates compared to the return for you and your shareholders and growth opportunities with better rates of return.

At least people who go to pawnshops have something of value to exchange to fund whatever.
If they lose in their "venture", they lose their valuable item.
Going to moneylenders is just going down a slippery road, and that road is not that long.
My apologies to those borrowers or lenders, but that's my view.

 

[HedgeTrader]

When you need money, you borrow money. When it comes to repayment with interests and charges of course, you complain against the lenders. That's real sinkified. Banks and moneylenders are not charities. Next time you want to get money without needing repayments, interests and charges, look for MCYS or charities.

That I agree. Borrowers are the scums who take the money and complain later. Deserve no sympathy. You think ah long or bank money is free money? You just borrow and spend it and complain when you cant repay? You think free money without interest? Then you're a bloody scum I agree ah long beat you up.

 

[garlic]

Going to moneylenders is just going down a slippery road, and that road is not that long.
My apologies to those borrowers or lenders, but that's my view.

Well-said..

 

[psy83]

Anyone noticed that newpaper for the past 1yr has many pages dedicated to legal money lenders.. There has to be a reason for this boom, Its pretty obvious that there are lots of people currently in debt or in need of money to sort shit out. 2 Casino + locals love to gamble is a very bad mix.. We cant run from the fact that Locals love to gamble..

The highest no. of crime in Singapore comes form Loansharking, its like every other day more then 50people are getting arrested.. More shit coming bros..With singapore economy slowing down, recession in the air.. all this will be part of the ingredients for a lethal blow soon... Yes when jobs start declining and retrenchment comes.. People will head to the casinos to try to make a quick buck.. All this legal money loaners and loan-sharks are fueled by the Casinos.

The casino was not opened for tourism and jobs for locals, as we know the Highest no. of patrons there are locals + a handful of Malaysias who doesnt give anything to tourism.. As for jobs..Its pretty obvious foreigners are the majority of workers there.. FUCK PAP AND THE GOVERNMENT.. DIRTY FUCKERS.

 

[Ramseth]

O$P$. Simply as that. When you need money to save your life, you borrow from a willing lender. When time comes to repay, complain what? That lender has saved your life on your agreement of interest that you willingly agreed to, nobody forced you. You can go and die earlier without borrowing the money and incurring the interest. Whether you use the money for gambling debts or PUB bills or to upkeep a mistress, that's your business that you have to account for yourself. People who blame moneylenders for their troubles are the same as people who blame casinos. I'd gladly break their limbs so that they can go MCYS claim handicap welfare.

 

[chootchiew]

Hmm I cannot think of anything in this world that licensed thing is cheaper than un license

 

[Ramseth]

Hmm I cannot think of anything in this world that licensed thing is cheaper than un license

When I ran illegal loansharking business, the interest was 15% PER MONTH 1st term discounted upfront. And I was very kind and flexible. If you have no currency, you can pay with your limbs.

 

[chonburifc]

When I ran illegal loansharking business, the interest was 15% PER MONTH 1st term discounted upfront.

You quite good heart. 15 cents quite rare. 20 cents is the norm.

 

[drifter]

O$P$. Simply as that. When you need money to save your life, you borrow from a willing lender. When time comes to repay, complain what? That lender has saved your life on your agreement of interest that you willingly agreed to, nobody forced you. You can go and die earlier without borrowing the money and incurring the interest. Whether you use the money for gambling debts or PUB bills or to upkeep a mistress, that's your business that you have to account for yourself. People who blame moneylenders for their troubles are the same as people who blame casinos. I'd gladly break their limbs so that they can go MCYS claim handicap welfare.

Well put ram ..

 

[Cestbon]

Why no one blame the borrower or those take loan? It their fault who ask for loan no one pointing gun or knife at them.

 

[Ramseth]

Why no one blame the borrower or those take loan? It their fault who ask for loan no one pointing gun or knife at them.

There's no need to blame them. If they took the loan and and can't repay, just break their limbs.

It's very logical, e.g. he owes S$1k and couldn't pay. Just think of it as limpeh S$1k don't want and buy his leg. Breaking his leg is fun enough to worth S$1k. But make sure you break his leg hard to confine him to wheelchair for the rest of his life to get back your money's worth.

 

[drifter]

There's no need to blame them. If they took the loan and and can't repay, just break their limbs.

It's very logical, e.g. he owes S$1k and couldn't pay. Just think of it as limpeh S$1k don't want and buy his leg. Breaking his leg is fun enough to worth S$1k. But make sure you break his leg hard to confine him to wheelchair for the rest of his life to get back your money's worth.

should just sell their organs ...break their leg also cannot get back money ...most important for business is to get back every single cent .

 

[Cestbon]

should just sell their organs ...break their leg also cannot get back money ...most important for business is to get back every single cent .

Sell their kidney maybe is the best option.

 

[drifter]

Sell their kidney maybe is the best option.

just sell their kidney is only enough for to cover interest ....dont waste other organs .

 

[Ramseth]

should just sell their organs ...break their leg also cannot get back money ...most important for business is to get back every single cent .

Breaking limbs is fun. Yes, not very profitable. Just forsaking your money for the fun. Yes, selling their organs is a good idea. Should get some surgeons on our board of directors.

 

[inhaler]

there are also numbers of bastard ah long where they force you to take loan ! sometime ago , the news also put ....the woman use to take the ah long and has since finish repayment ...but later the ah long call say transfer the money wrongly to her account and ask her to take the loan when she is jobless and can't afford to pay ! Is like she is force to take the loan !!
So this type of case ... is it the borrower fault or the lender fault ? So this type of lender hand and leg should be broken also?

 

[guanvchen]

Anyone has any experience with licensed money lender ?
Isnt it worst than Ah Long ??

Sometimes, we need to listen some opinion. Licensed money lender is high money rate, high risk and high courage.