Licensed Money Lenders

[Yip Hon]

Govt think it was a good move to have LML.
They are wrong . Data just out . HDB resale shot up by 20 percent.
Why ? LML and loan sharks working hand in hand to screw low income borrowers.

Those who want to 'Hiong' LMLs beware !!!
They have more than one central Registry.
Up to 5 registry which can trace which
lml you have just visit or made enquiry with,

For those desperados with hdb pty tge moment
you are rejected from a lml shop or just step
out of it you have many sms from
illegal loan sharks to take you on and ypur hdb pty
will be gone in no time.

my take is come Dec the hdb resale vol will shoot
up by 50 percent.

Expect more homeless.

Govt making live easier for lmls.

Fuck up Policy again .

Sporean screwed big time again.

lml got their own unofficial registry to track

weak and defenceless homeowners.

 

[Yip Hon]

the Govt has LML and Illegal loan shark to be more focused and techology based. On a daily basis they know amongst themselves who are the desperado just
arrived on the scene as they are now registry - linked and
, telephone-lined .

i hope SBF will start a thread to name and alert borrowers those
lml who play dirty.

for the start authority should keep an eye on the one operating near Lavendar MRT at the HDB block.

 

[laksaboy]

I won't be surprised to find out that if you dig deeper and follow the money trail long enough, you'll find out that at least one of the swanky new pawn shop franchises (Moneymax, Value Max, Maxi-Cash) is wholly or partly owned by one of the pappies/cronies. You need loads of capital to open so many branches islandwide, with aircon, display lights and staff uniform, within such a short period of time.

This definitely isn't some solitary, family-owned pawn shop.

 

[Yip Hon]

Pawn Shops also have their own "registry" .
Singapore is small. They will share info.

 

[Yip Hon]

I won't be surprised to find out that if you dig deeper and follow the money trail long enough, you'll find out that at least one of the swanky new pawn shop franchises (Moneymax, Value Max, Maxi-Cash) is wholly or partly owned by one of the pappies/cronies. You need loads of capital to open so many branches islandwide, with aircon, display lights and staff uniform, within such a short period of time.

This definitely isn't some solitary, family-owned pawn shop.

Pawn Shop business to these rich company is secondary . It is the properties that they purchased to operate their businesses that they are after. Capital appreciation and taxes benefits etc...After raising funds they diversify.

 

[Narong Wongwan]

Pawn Shops also have their own "registry" .
Singapore is small. They will share info.

why would pawnshop need registry? got collateral no need worry about smelly kars........

 

[Narong Wongwan]

I won't be surprised to find out that if you dig deeper and follow the money trail long enough, you'll find out that at least one of the swanky new pawn shop franchises (Moneymax, Value Max, Maxi-Cash) is wholly or partly owned by one of the pappies/cronies. You need loads of capital to open so many branches islandwide, with aircon, display lights and staff uniform, within such a short period of time.

This definitely isn't some solitary, family-owned pawn shop.

pawnshop business is very profitable and owners are very rich.....from what i know its only that few families in the industry.....machiam goldsmiths like that.........think the revamp are the younger generation of the families trying to shed traditional image to open new markets.

 

[jw5]

Next is illegal drugs....legalize them.
Too many sickly old folks? legalize euthanasia.

They should legalise the culling of morons who spend their time making motherhood statements.
But that would mean that some of them would need to be replaced.

 

[jw5]

I do see a proliferation of pawn shops in Sinkieland ever since the first casinos were built.

You get Moneymax, Value Max, Maxi-Cash etc franchise pawn shops popping up everywhere, and they use aggressive and pervasive celebrity marketing. One time I passed by one of their pawn shops, minding my own business, and one of their auntie employees jumped out and gave me a pack of tissue paper printed with their company brand.

The concept of pawnshops is not as disastrous as licensed money lending.
At least people who go to pawnships still have something of value that the pawnships take.
They lose in gambling and can't redeem the item, the pawnshop keeps it.
Pawnshops are also an option for people who buy jewellery items or other items of some value and simply wish to dispose them for some reason, it may not be a desperate need for cash.
Still wondering who the policymakers think make up the borrowers who go to licensed moneylenders.

 

[GoldenDragon]

Still wondering who the policymakers think make up the borrowers who go to licensed moneylenders.

Some background info would be useful in understanding the 'thinking' behind this world class solution to a problem.

CID re-organised itself, had one Unlicensed Moneylenders team of officers. Officers from land divisions (Violent Crime team) were posted to CID. Fell under the Specialised Crime Div. Sounds seepay keelak!

Whoever thought he was a genius in the new set-up got a rude awakening when the UML team was overwhelmed with ah long cases. All divisional cases were referred to UML team. They drowned with their IPs. Assistance was sought from some other units that made up the Specialised Crime Division. During that time, while assisting to clear Ah long cases, they neglected SS, gambling and vice matters just to focus on the ah longs. They only started to buy toilet paper when shit was all over Police Cantonment Complex!

The above explains why the authorities decided it was better to allow these ah longs to suka suka charge interest rates than be completely overwhelmed by the challenges that confronts them. When the Moneylenders Act was thereafter amended, my friend called to check if it was true can suka suka charge interest. The person from the Registry of Moneylenders advised my friend to check with his lawyers! Even staff from the registry felt awkward about this change. What a joke!

 

[darthboy]

Debt collectors and licensed money lenders are all scumbags.

Typical tactics:
Call everyone who's related to you. Can harvest names via Facebook and Friendster.
Send letter to unknown or old address, then go to courthouse to file a writ of summons. Said that they've sent letter but no reply. Obviously, since it's the wrong address. (this tactic is used by government scumbags as well)
When business is bad, just target anyone and claim they own a debt. Some may be intimidated to pay up. Free money. No joke.

Make no mistake about it. The best part about collecting money from you: shaming and bullying you at the same time. That's why such jobs attract insecure low lifes. The nurse could have dropped them on the floor at the hospital when they were babies.

 

[darthboy]

Oh. Forgot this. One more dirty tactic.

When you can't pay up one money lender, your contact will be passed to another money lender. Knight in shining armor comes to lend you some money to pay the first one.

BTW, both are either buddies or operated by the same boss.

Go figure. :*:

 

[alvin36]

Oh. Forgot this. One more dirty tactic.

When you can't pay up one money lender, your contact will be passed to another money lender. Knight in shining armor comes to lend you some money to pay the first one.

BTW, both are either buddies or operated by the same boss.

Go figure. :*:

your contact will also be passed to ah longs too..... then you will begin to receive SMS from ah longs... offerring loans and fast cash. they are all linked