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Police Create Their Own Problems Then Start Boasting of Their Raids
- Thread starter GoldenDragon
- Start date
Did not know the law has been changed, always thot the legal limit is/was 18% per annum. That is what pawnshops are charging, how come with the change in law pawnshops never up their interests?
If indeed this is happening here then its becoming like HK where the loan sharks operate from 'finance companies' and the triad all come under registered 'societies/clubs. Come to think of it there used to be quite a number of 'sports clubs' operating as snooker and jackpot dens but now all no more?
If indeed this is happening here then its becoming like HK where the loan sharks operate from 'finance companies' and the triad all come under registered 'societies/clubs. Come to think of it there used to be quite a number of 'sports clubs' operating as snooker and jackpot dens but now all no more?
If I am not wrong, the part on 20% legal interest said by Goldendragon may be true and the percentage may be even more depending on the terms they signed. This is a cause for worry. "Licensed" moneylenders.
Anyway, don't borrow from sources who are very willing to lend money. Always comes with a catch.
interests at 20% per month and its completely legal? The borrower is facing financial ruin for sure :(
Banks credit cards even more. No wonder every time hear calls from banks want cash plus, cash advance, i will tell them no interests i take. They put down the phone 1st
http://app2.ipto.gov.sg/LinkClick.aspx?fileticket=Z36qB3u469M=&tabid=205
These provisions regulate access to credit and provide that where
a borrower has an annual income of at least $20,000 and not exceeding
$30,000, he can only obtain unsecured credit of up to two times his
monthly income. If the borrower has an annual income of at least
$30,000, he can only obtain unsecured credit of up to four times his
monthly income. Borrowers with an annual income of less than $20,000
can only take a small unsecured personal loan not exceeding $3,000,
with the interest capped at 18 per cent per annum. The unsecured
lending provisions will not apply to high net worth Singaporean or
Permanent Residents earning at least $120,000 per annum, and non-
Singaporeans/Permanent Residents. The unsecured lending provisions
also provide for exclusions from their application for certain types of
loans e.g. loans for purposes of medical treatment, study, renovation,
etc.
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 12% per annum
Unsecured loan up to $3,00 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
These provisions regulate access to credit and provide that where
a borrower has an annual income of at least $20,000 and not exceeding
$30,000, he can only obtain unsecured credit of up to two times his
monthly income. If the borrower has an annual income of at least
$30,000, he can only obtain unsecured credit of up to four times his
monthly income. Borrowers with an annual income of less than $20,000
can only take a small unsecured personal loan not exceeding $3,000,
with the interest capped at 18 per cent per annum. The unsecured
lending provisions will not apply to high net worth Singaporean or
Permanent Residents earning at least $120,000 per annum, and non-
Singaporeans/Permanent Residents. The unsecured lending provisions
also provide for exclusions from their application for certain types of
loans e.g. loans for purposes of medical treatment, study, renovation,
etc.
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 12% per annum
Unsecured loan up to $3,00 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
Banks credit cards even more. No wonder every time hear calls from banks want cash plus, cash advance, i will tell them no interests i take. They put down the phone 1st
Credit cards and credit lines most at 24% per annum. 20% per month is ridiculous, must be very profitable business indeed.
melzp: 'give face' stuff died 2 decades ago. The policemen today are different from those in the 70s and 80s. You are lucky if they don't stab you from behind.
The culture today is very different. Everyone wants to rise and use their colleagues as steps on a ladder. They only take orders from their superiors and some of the kiasu may also want their boss to black and white the instructions for fear of arrows and taichi later.
Try calling a Mr Wong (6325-1439) from the Registrar of Moneylenders and ask him to clarify what "to be agreed upon between moneylender and borrower" means.
He will ask you either to check with your own lawyer or ask you to interprete it yourself. Strange isn't it? Civil servants hate to be quoted for fear of being unable to defend themselves. First World? Perhaps the hotel at Genting.
To me, the meaning is simple. You are free to charge whatever you fancy as long as both parties agree. A very serious problem is now solved, on the surface.
When debtors fail to pay up, the same tactics are used to recover the loan. Which debtor has only 1 loan. Likely to be several, from the legal and illegal. If legalising the ah long trade is the solution in our fight against the illegal ah longs, we don't need graduates and scholars as policy makers.
May I ask, for how many years did you operate it until you quit sometime in 2009? :p
classified top secret. check with jw5. mark yeo operated which club?
bro please help retrieve what loaded888 posted 10 years ago. you have been of great assistance thus far. just need another favour from you. cheers.
I'm afraid I'm not that old, so I was not aware of loaded888's existence in 2006.
But in 2006, Mark Andrew Yeo was appointed a director of CIT:
http://libapps2.nus.edu.sg/nus_hlc/annrep/cit12008.pdf
(page 54 of the pdf file)
and has remained in that position until now:
kepcorp.com/en/news_item.aspx?sid=5957
kepinfratrust.com/board_of_directors.html#MARK
after CIT merged with KIT last year (2015):
kepinfratrust.com/milestones.html
kepinfratrust.com/past_cityspring_milestone.html
kepinfratrust.com/past_keppel_infrastructure_trust_milestones.html
I'm afraid I'm not that old, so I was not aware of loaded888's existence in 2006.
But in 2006, Mark Andrew Yeo was appointed a director of CIT:
http://libapps2.nus.edu.sg/nus_hlc/annrep/cit12008.pdf
(page 54 of the pdf file)
and has remained in that position until now:
kepcorp.com/en/news_item.aspx?sid=5957
kepinfratrust.com/board_of_directors.html#MARK
after CIT merged with KIT last year (2015):
kepinfratrust.com/milestones.html
kepinfratrust.com/past_cityspring_milestone.html
kepinfratrust.com/past_keppel_infrastructure_trust_milestones.html
For retrieval purposes, no need to be young or old. If you have the knowledge, that is all it takes.
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