Legalised Ah Longs (aka Licensed Moneylenders) advertising in TNP everyday

[GoldenDragon]

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.

Bro, if you find any legal moneylender who is prepared to loan below 10% interest per month, I will pay you $100 for every 5k loan.

 

[Cestbon]

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.....

I will not abject even if gov approve selling drug since gov already approve selling tobacco.
If the kid buy drug will not be any different with tobacco. So let people decide, if they want to die that their own personal matter.
The person to blame is the user itself. No one force anyone to become smoker/drug user . U think drug trafficker will give drug for free or do you see any tobacco seller give free cigi?

 

[Narong Wongwan]

It's illegal for anyone under 18 to smoke.
Likewise seller cannot sell tobacco to those under 18.
There are restrictions and curbs to tobacco advertising, marketing etc.
This is why we have laws, to protect the vulnerable.

I will not abject even if gov approve selling drug since gov already approve selling tobacco.
If the kid buy drug will not be any different with tobacco. So let people decide, if they want to die that their own personal matter.
The person to blame is the user itself. No one force anyone to become smoker/drug user . U think drug trafficker will give drug for free or do you see any tobacco seller give free cigi?

 

[Narong Wongwan]

Those small companies charge at least 10 times more than GE money.
What is the relation between high interests that we are talking about and junk bonds?
If u want to cite exemple in corporate world, let u show u an example.
Typical interests on borrowed scrips for short selling is 18 percent a year.
Which is already considered very high.

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.

 

[Narong Wongwan]

To add on, tobacco manufacturers give out free cigarettes all the time, last time go disco you can be sure promoters will stuff you with packets of cigs. But now it's illegal.
Pushers also give out free samples for newbies to try, that is how to get them hook.

I will not abject even if gov approve selling drug since gov already approve selling tobacco.
If the kid buy drug will not be any different with tobacco. So let people decide, if they want to die that their own personal matter.
The person to blame is the user itself. No one force anyone to become smoker/drug user . U think drug trafficker will give drug for free or do you see any tobacco seller give free cigi?

 

[drifter]

It's illegal for anyone under 18 to smoke.
Likewise seller cannot sell tobacco to those under 18.
There are restrictions and curbs to tobacco advertising, marketing etc.
This is why we have laws, to protect the vulnerable.

dude you are trying to say that those borrower are under 18 thats why they are vulnerable and need to be protected ?

 

[drifter]

To add on, tobacco manufacturers give out free cigarettes all the time, last time go disco you can be sure promoters will stuff you with packets of cigs. But now it's illegal.
Pushers also give out free samples for newbies to try, that is how to get them hook.

ah long got give out free money to try anot ? if got i also want ..

 

[Narong Wongwan]

dude you are trying to say that those borrower are under 18 thats why they are vulnerable and need to be protected ?

Just using an analogy...to show why law exists.

 

[Narong Wongwan]

ah long got give out free money to try anot ? if got i also want ..

Was responding to cestbon who brought in free drugs and free cigs into the argument.
Ah Long San used to give one interests free week during Chinese new year period when the syndicate's operation shut down during this period so technically it's free money.

 

[drifter]

Just using an analogy...to show why law exists.

Bro , we don't need those type analogy .. It's totally different issue .

 

[drifter]

Was responding to cestbon who brought in free drugs and free cigs into the argument.
Ah Long San used to give one interests free week during Chinese new year period when the syndicate's operation shut down during this period so technically it's free money.

Bro , that's not free money . Free money means don't have to pay anything .. That's why borrower think that they can get easy money and forget that they must return ..

 

[Narong Wongwan]

Bro , that's not free money . Free money means don't have to pay anything .. That's why borrower think that they can get easy money and forget that they must return ..

Even if they dun return there will be consequences...so it's not free...I dun think the chao kars think it's free either, they might feel it's 'worth it' though...to suffer the harassment in exchange for the money they took.

 

[drifter]

Even if they dun return there will be consequences...so it's not free...I dun think the chao kars think it's free either, they might feel it's 'worth it' though...to suffer the harassment in exchange for the money they took.

yes..maybe the chowkas never think its free money ..but im sure those chowkas never think if they really can afford to pay to the ah longs before they borrow .

 

[GoldenDragon]

Ah Long San used to give one interests free week during Chinese new year period when the syndicate's operation shut down during this period so technically it's free money.

Not only Chua Tiong Tiong aks ALS did that. ALL ah longs give that during CNY.

 

[Marcus888]

How can you say licenced moneylenders operate the same way as ah long. Ah long go about others house splashing paint while licenced moneylenders did not. And this does not mean that they can go around to borrow money and dont pay, they are just taking advantage of the fact that those licenced moneylenders cant do anything to them other then suing him bankrupt which is a lose lose situation for the licenced moneylenders. The government legalised this trade so that they can curb ah long. If everyone lend from the licenced moneylenders, no more splashing of paint on neighbours house. This in turn will help solve 1 of the society problem that Singapore faced for decades. And now this borrrowers go around borrowing money and tell the press that they are the victim. Those guys went around borrowing money, read the contract, accepted the terms and condition and signed the contract. Blame who? You took the money and used it and you should pay. The law wont protect you from borrowing and not paying. For those that lend money for real issue(eg hospital bills...), i pity them in paying such high interest and those licenced moneylenders should show some conscience in charging them lower interest. But for those gamblers or lazy asshole that dont work, u r just a bloody faker that cheat on others compassion by calling the press or police.

 

[GoldenDragon]

For those that lend money for real issue(eg hospital bills...), i pity them in paying such high interest and those licenced moneylenders should show some conscience in charging them lower interest. But for those gamblers or lazy asshole that dont work, u r just a bloody faker that cheat on others compassion by calling the press or police.

Bro, to the legal ah longs or illegal ah longs, conscience and compassion are words that does not exist. Making money and more money is the cardinal objective. How to prove who borrowed for what purpose?

It is the same when a poor chap wants to buy basic groceries in the supermarket. The supermarket charges the same price whether you are poor or as rich as our MIW.

 

[sgloancritic]

I have been following these licensed Ah Long for more than a year. They increase the acceptance fee by so much that interest is at least 40% per month!

Read my blog: http://sgloancritic.blogspot.com

I have update the blog periodically on their latest charges
And how they deal with defaulters.