Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4/11

[drifter]

Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

my take is that about 20 % of borrowers know the

consequences . The rest 80 % of the borrowers do not

know . Those suckers also make sure that , they hope ,

100 % do not know . So that the moment they missed a

payment these suckers go into overdrive in theirs

harassment tactics . And all sort of lates fees ( some

of which even the banks should learn from them come

into play ) . The next trick is that the borrower will

receive sms from other "meat" seller asking for

business . The borrower will then sink deeper and deeper

into this black hole .

bro...for that i have to disagreed with you ..i believed most borrower knows the rates ...just that they bo bian , lan lan get loan from them ...because no one can help them not even the bank .

bro , last time Ah long got scan their customers before lending them money ...they also dont want kena blacklisted customer that play " football " ( borrow from one ah long to pay another ah long ) . remember they also scare you cannot pay ...

 

[drifter]

Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

there are more than 200 plus licensed Moneylenders in Sinapore i am

not surprised even if half of them are front by

his runners and or associates . What kind of business in Singapore

other than buying and selling of pte properties /hdb flats can attract


100 advertisements per day ???

bro..used car advertisement .

 

[drifter]

Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

there are currently more than 200 so called licensed money lenders in singapore

and the number is ever growing by the month or maybe week . You can even set

up one in singapore from japan ( using the internet ) and appointment me to

front it for you. Its that simple bro.

bro..this kind of business must have conection with the local gangsters ...

 

[allanlee]

Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

with 100 advertisements per day in TNP many people ( uninformed or informed ) will surely take

Out of curiosity me and a friend called some numbers from today's New Paper Ads page........ seems like many of the ads belong to the same few persons as the voices answering sounded similar......although the ads all have different mobile numbers listed....... and none of them would give an address....... instead they prefer to come down to our location to transact the deal.

 

[Forvendet]

Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

Out of curiosity me and a friend called some numbers from today's New Paper Ads page........ seems like many of the ads belong to the same few persons as the voices answering sounded similar......although the ads all have different mobile numbers listed....... and none of them would give an address....... instead they prefer to come down to our location to transact the deal.

They used the same answering service. They also use registered office address service.

 

[Yip Hon]

Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

http://sgloancritic.blogspot.com/







Monday, April 11, 2011
Private Moneylender going online.
Surprise Surprise...now the pie has shrunk due to increasing competition.
It is not surprise that with the Internet and latest technology that these legal loanshark are promoting themselves bring their service closer to you from home. Their service are rather fast and some can even approve your loan application online.
Of course you will need to follow up by bring your relevant document to their office as well as signing the IOU before the loan is finalize.

I am rather impressed that some of them do take the effort to beautify their website and I am also glad that some of them do provide the detail on their website. This is in fact what I am looking for as upfront and honesty rather than hiding the facts and getting people to make their way down to their office and wasting their time and give in to their terms.

Talking about how most of them giving general statement and sweeping advertising slogan..lowest interest and flexible repayment. The catch is on the acceptance fee. This acceptance is really what goes into their pocket so they make the smart move to collect the interest and profit first and play around and market with the then interest rate. Despair some providing transparency, most of them still hide the ugly fact on the interest detail.

Browsing the site, I found few sites offering payday loan with interest of $2/day. You are to repay the loan fully on you payday or maximum 30 days. What is the catch? Look at the acceptance fee! 20%. No matter what you can't escape from high interest in total.

Going thru this business for some time, I realize that customer service will be grow if you are a genuine and serious customers. Most of the time you can negotiate for discount, better deal such as lower acceptance fee when you reloan and the fact you never give them any problem.

I discover that if you are a good customer and you can repay the loan early, go for those ah Beng people and ah Beng looking office. How to describe ah Beng office is hard to describe until you made a comparisation. But Why? You may ask...
These ah Beng money lender provide and will waive off a lot of fee and sometime waive off the rest of the interest if you made early repayment. But if you go to those 'high class' and formal looking office, they simply go by the book. Meaning that no discount will be given even if you made early repayment and seldom will they waive or lessen the acceptance fee. You also have to provide plenty of document to them.
But if you default, the treatment is likely to be reversed 360 degree and you can work out a solution with them providing that you honor it. They will respect customers who dare to step out and admit they are problem rather than go MIA. But again if you fail so again.. Most likely is the debt collectors' jobs now. You can expect what type of debt collectors you will see and most will visit your workplace first.
So think twice before you seek their 'help'..
Posted by Singapore Personal Loan Critic at 9:37 PM 2 comments
Labels: ah long, debts, loan in sinapore, loanshark, Singapore personal loan

 

[Yip Hon]

Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

Licensed moneylenders watched closely to prevent loan sharking


Thu, May 20, 2010
my paper



By Rachel Chan

MORE licensed moneylenders have set up shop here in the last two years, but this is not due to loan sharks trying to escape tougher laws against them, Senior Minister of State for Law and Home Affairs Ho Peng Kee said yesterday.

The number of moneylenders grew from 173 in 2008 to 221 last year. They lent a total of $288.8 million last year, up from $188.5 million in 2008.


Associate Professor Ho was replying to Dr Lam Pin Min (Ang Mo Kio GRC), who asked how the Ministry of Law ensures that "licensed moneylenders do not metamorphose into licensed loan sharks".

Prof Ho said officers from the Registry of Moneylenders make surprise checks on the premises of moneylenders, and can reject applications for the renewal of their licences.

Last year, the registry sent warning letters to moneylenders involved in 18 complaints, and did not renew three licences.

[email protected]

 

[Cestbon]

Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

O$P$ that the rule. When the borrower loan the money they already know that they need to pay back money according to the condition that both party agree.
The money lender never force the borrower to take loan from them. Why always blame the money lender/loan shark?
Why no one blame the borrower?
Is demand and supply. Without borrower the money lender cannot survive.

 

[krafty]

Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

people blame the lender cos' it's always the lender causing many many problems for the borrower. problems such as loan shark harrassing the borrower or banks intimidating to sue the borrowers and so on. if you can see through some of the marketing tricks from the banks, you will know what i mean. they enticed borrowers to borrow money from them, this is their devious practice.

O$P$ that the rule. When the borrower loan the money they already know that they need to pay back money according to the condition that both party agree.
The money lender never force the borrower to take loan from them. Why always blame the money lender/loan shark?
Why no one blame the borrower?
Is demand and supply. Without borrower the money lender cannot survive.

 

[Yip Hon]

Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

people blame the lender cos' it's always the lender causing many many problems for the borrower. problems such as loan shark harrassing the borrower or banks intimidating to sue the borrowers and so on. if you can see through some of the marketing tricks from the banks, you will know what i mean. they enticed borrowers to borrow money from them, this is their devious practice.

Bro , this is posting of yours is my most favourite of all . You are no longer the

bro of the past ( at least to me ) . Readers can see for themselves what type

of system we have . Even the authorities are now on the side of those suckers.

At least for now as it seem .

 

[Yip Hon]

Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

people blame the lender cos' it's always the lender causing many many problems for the borrower. problems such as loan shark harrassing the borrower or banks intimidating to sue the borrowers and so on. if you can see through some of the marketing tricks from the banks, you will know what i mean. they enticed borrowers to borrow money from them, this is their devious practice.

Good to hear that R P is proposing micro loan to help the poor .

So far its the other way round :


the poor (borrowers ) help the legal loan sharks help which in turn help the
banks which give them , legal LS , the funds .


Micro Loans from GRC s very good ideas.

 

[Yip Hon]

Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

.

http://app2.ipto.gov.sg/IPTOServices/Moneylending/InformationforMoneylenders/tabid/387/Default.aspx





1. How can I start a moneylending business? If you wish to start a moneylending business, you are required to apply for a Moneylender's Licence from the Registrar of Moneylenders. Before you submit your application, it is advisable that you familiarise yourself with the provisions of the Moneylenders Act 2008 (Cap. 188) and its Rules. These are obtainable from:

Toppan Lee Fung Pte. Ltd. Legal Publishing
1 Kim Seng Promenade, #18-01
Great World City East Tower Singapore 237994
Tel: 6826 9600 Email: [email protected]
Website: www.toppanleefung.com/webshop


Please note that the applicant and/or any person who is or will be responsible for the management of the business will be required to sit for a written test conducted by the Registry of Moneylenders with regard to the Moneylenders Act and its Rules.

You may register or incorporate a sole-proprietorship, partnership, limited liability partnership, limited partnership or company to carry on a moneylending business. Please note that the principal activity of the business entity must be "moneylending". In the case of a company, one of the object clauses of the Memorandum of Association should be the carrying on of a moneylending business. An example of an object clause is as follows:

"To lend money in accordance with and under a licence issued under the Moneylenders Act 2008."

When naming your business, firm or company, you are advised not to use the words “finance company” or any derivative of those words, in view of Section 4 of the Finance Companies Act (Cap. 108), which prohibits the use of such words. Please refer to the Finance Companies Act for more details. If you decide to use the words “finance company” or any of their derivatives in your business name, please ensure that you have obtained the consent of the Monetary Authority of Singapore for the use prior to the registration of your business/company with ACRA. An application for a moneylender’s licence will not be approved when no such consent has been obtained.

The following are some of the criteria for the grant of a Moneylender's licence:

the applicant and every person who is or will be responsible for the management of the business;- must be of good character and fit and proper persons to carry on the moneylending business; is above 21 years old; is familiar with the provisions of the Moneylenders Act (Cap 188) and its Rules;
the applicant or any person who is or will be responsible for the management of the business:- is ordinarily resident in Singapore; must possess a minimum of 4 ‘O’ Level credit passes, including a credit pass in 'O' Level English as first language; is required to sit for a written test with regard to the Moneylenders Act and its Rules conducted by the Registry of Moneylenders. This will apply to applications received on or after 1 January 2011;
the proposed business premises to be licensed is suitable for the conduct of the moneylending business; and
a security deposit of $20,000 for every place of business for the proper conduct of the business, has been placed with the Accountant-General. The security deposit is to be provided in the form of an irrevocable Banker’s Guarantee upon approval of your application.

2. How can I apply for a Moneylender’s licence? You may submit an online application for the moneylender's licence here.

Important Note
All the information given in the application form must be correct and true. If the information given is found to be false or misleading, the Moneylender's Licence granted to you will be revoked by the Registrar of Moneylenders and you may be liable to prosecution for an offence under the Moneylenders Act 2008.

Processing Time
Your application will be processed upon your submission of all the documents required by us. In order for us to expedite the processing of your application, please ensure that all the documents required are in order. Please click here for the list of documents to be submitted.

Application Fee
The application fee (non-refundable) for a moneylender’s licence is $600 (inclusive of GST). This is payable upon submission of your application.

Licence Fee
The fee of a moneylender’s licence is $1,320 per annum. This is payable upon approval of your application. All payments can be made electronically via the Online Business Licensing Service by eNets Credit/Debit or Internet Banking.

 

[Yip Hon]

Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

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http://app2.ipto.gov.sg/IPTOServices/Moneylending/InformationforBorrowers/tabid/388/Default.aspx

.

1. What should borrowers take note of when obtaining loans from moneylenders? Please note that under the Moneylenders Act 2008, a moneylender must inform you of the terms of the loan before you take the loan.
Before you sign the Note of Contract for your loan, remember to examine the note of contract in detail and ensure that the amount of loan and interest rate are stated correctly. Do not sign on a blank Note of Contract.
Ensure that you and your surety receive a copy of the Note of Contract at the time the loan is paid to you.
Do not allow the moneylender to keep your identity card, passport, work permit, employment
.

 

[Yip Hon]

Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

.


Do not allow the moneylender to keep your identity card, passport, work permit, employment pass or ATM card, etc.
Ensure that you receive a receipt from the moneylender every time you repay your loan by way of cash.
The moneylender must supply to you without charge, a statement of account for your loan(s) at least once every half year no later than 21 days after 30 June or 31 December of each year.
Under the Moneylenders Rules 2009, the maximum rate of interest a moneylender can charge is as follows:


Maximum Interest Rate


A Loan granted to an individual whose annual income on the date of grant of loan is less than $20,000:
Secured loan up to $3,000
Unsecured loan up to $3,000





12% per annum

18% per annum
B Secured or unsecured loan of up to $3,000 granted to an individual whose annual income on the date of grant of loan is $20,000 or more To be agreed upon between moneylender and borrower
C Secured or unsecured loan of more than $3,000 To be agreed upon between moneylender and borrower


Please fax to our Registry at Fax No.: 6325 1416 or
email to our Registry at: [email protected]
should you wish to provide any feedback or
have any questions about any licensed moneylender.
For a listing of licensed moneylenders and their business address,

you may log on to our website at http://www.ipto.gov.sg/.


REGISTRY OF MONEYLENDERS
45 Maxwell Road
#06-11 The URA Centre, East Wing
Singapore 069118.

 

[Rogue Trader]

Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

Nah beh. recently i'm helping a young girl whose cheebye brother used her IC to borrow from one of these loansharks. still many ignorant and desperate singaporeans out there. i don't if this is "legal" or not. but i can safely deduce one thing: THE TWO CHEEBYE CASINOS BUILT BY PAP ARE KILLING SINGAPOREANS!

 

[rofthelper]

Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

hahaha...a lot of these LMLs are "hang goat head, sell dog meat"/
Recently, a lot of them have been raided by poodle for suspected illegal activities.

True true.... juz take a look at those makeshift offices along Guillemard Road or grandlink square you will know.

Or best still... buy a TNP from mon to sat. The LMLs ads are even more than the kinky massage ctr/spa. :p

 

[GoldenDragon]

Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

License Lender go to police 1st
to get permit then go and harass.

No such thing exists.

Even debt collectors have no right to harrass. Some people even believe there are licensed debt collectors. In reality, there is no such thing as a licensed debt collector. You just need to register a company. Debt collectors have no extra powers to collect debts. They employ psychological pressure. For instance, standing outside your door and talking to you in a manner which attracts the attention of your neighbours. Some even wear a jacket with the wordings, 'debt collector' behind.

 

[Narong Wongwan]

Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

There is no maximum interests they can charge. Info posted regarding 18 percent per year is outdated.
Law only restrict the quantum of loan depending on income of borrower, above or below 30k income per year as the benchmark.

 

[BCR101]

Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

.


Originally Posted by Yip Hon


License Lender go to police 1st
to get permit then go and harass.


The Police should look into and punished this falsehood and deception

used by debts collectors.

Debtor collectors should be regulated .

No such thing exists.

Even debt collectors have no right to harrass. Some people even believe there are licensed debt collectors. In reality, there is no such thing as a licensed debt collector. You just need to register a company. Debt collectors have no extra powers to collect debts. They employ psychological pressure. For instance, standing outside your door and talking to you in a manner which attracts the attention of your neighbours. Some even wear a jacket with the wordings, 'debt collector' behind.

 

[Yip Hon]

Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

Debt collectors / agencies should be regulated

they are getting bolder bolder ...