Licensed Money Lender is worst than AH LONG !!

[Onelyst]

@alvin36 - Thank you for sharing about your friend's story. will you be able to get your friend to share about their experiences with licensed lenders & help new borrowers make better borrowing decisions ? - https://www.onelyst.com/mlconfession

 

[LEGEND]

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.

For a moment, i thought Ah Ram is back. :o

 

[jw5]

Who do these Licensed Money Lenders and their Regulators think they are lending money to? Established Companies looking to expand?

 

[kenstone101]

They have biz loan and unsecure loans. Borrowers of unsecure loans are the main batch of borrowers suffering...initial years when LML just approved into business...interest rates can be as high as 35% of principle sum

 

[Narong Wongwan]

Dun forget who is the chairman of the moneylender association

 

[chootchiew]

Together with pap, all these money lenders leaders shall goto hell for leveraging on poor people.

 

[jw5]

After lending to so many poor people who can't repay their loans, the money lenders will have to start borrowing from rich people.

Together with pap, all these money lenders leaders shall goto hell for leveraging on poor people.

 

[Scrooball (clone)]

Why bother being an illegal ah long? Might as well be legal money lender!

 

[alvin36]

Why bother being an illegal ah long? Might as well be legal money lender!

anyone has an insight of how licensed money lender works ?
how to negotiate for a settlement ?
can MP help ?

 

[AhTiong]

anyone has an insight of how licensed money lender works ?
how to negotiate for a settlement ?
can MP help ?

you certainly sound like longist

 

[frenchbriefs]

These licensed moneylenders dont understand u can shear a sheep many times but u can only skin it once.the trick is to lend the person a small amount of money first to guage their trustworthiness and see if they pay their debts regularly.then over time u slowly increase their credit limit.this way u build a clientele base of reliable trustworthy borrowers.the next step is to charge a interest that is high and profitable and make it worth your time,but not so insanely high it literally kills them.this way u can shear them many times over and over on a steady basis and keeps them coming back since they are addicted to debt spending like its crack cocaine or gambling.

Lastly is diversification,some people might think its good to lend a person 150k credit card debt cause hes a big fat cow that pays many many interest,but fuck that I rather lend to 50 people 3k each and set the ceiling at 3k.

 

[kopirui]

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.

what about woman with hole?

 

[kenstone101]

Before 1st oct. Their rate is mostly 23 to 30% of principle sums for monthly loan. They r more interested in weekly loan than monthly.since 1st oct the new monetary act cap them at 14% inclusive of 10 % as upfront deducted from your loan amt taken and 4 % as interest for monthly loan. But a lot of them never practise it. Instead they confused borrowers if they cant settled with principle sum plus interest this round they have to pay default fees for carry to next month n interest rate is 10% admin fees n 14% interest. Most of the borrowers cant return principle sum n not aware of new act for 1st oct as they also do not who they can turn to help all these bloodsuckers thus kanna conned n squzzee liked orange juice.

 

[chootchiew]

After lending to so many poor people who can't repay their loans, the money lenders will have to start borrowing from rich people.

That's true. That means the rich people also go hell

 

[Estherr]

what is the legal interest rate for licensed moneylenders?

 

[prettygalyeoh]

Even when you are thinking of borrowing, be careful out there and don't get swindled and pay more interest than normal.

You can just look for a licensed moneylender to obtain a loan to solve your short term money issues. Just Google something like "licensed money lender" and you will find a list of legal lenders offering interest as low as 1% per month. One of the trusted site with legal lenders is something like "Top 10 Personal Loan Money Lenders in Singapore".

In 2018, the maximum interest rate moneylenders can charge is only 1% - 4% per month, and a fee not exceeding 10% of the principal of the loan when a loan is granted. Nothing more nothing less. (In order words, if a borrower fails to repay the loan on time, the maximum rate of late interest a moneylender can charge is only 4% per month for each month the loan is repaid late.)

Important note that just beware that you might be scammed into submitting your details to a loan shark. Those moneylenders that you see advertising via Google Adwords and Facebook Ads, are mostly unlicensed moneylenders or loan sharks, and you should avoid them at all cost.

 

[bobby]

When you have to approach a non bank/financial institution, means you already desperate liao.

No road run...no choice but to lan lan take the admin costs, interest rates and penalty payments.

They also know you desperate enough to take the loan.

 

[Scrooball (clone)]

Should be "Licensed Money Lender is WORSE than AH LONG.".

"Worse" is comparative.

"Worst" is a superlative.

I don't even know why u bother correcting the clowns in here. As it is, putting food into their stomach and shitting it out is already exhausting their available brain capacity.

 

[Pek Kim Lui]

bank pays a fraction of one % but if u borrow, u pay .6%...........a profit rate much more than loan shark
no wonder P Gupta gets 11 mln salary as boss of db ass bank

 

[Pek Kim Lui]

theypay 50 cents per10000 gALLON fr Johor but charge u million % more not incl price hike of 30%%%%%%%%%%%%%%%%%%%%%%%%%%55