Licensed Money Lenders

[GoldenDragon]

debt collectors dun need licence here......anyone can set up company and be one....

That's right. No license needed. No 'special' powers for these chaps.

 

[alvin36]

LML's interest are worst than ah longs... let me give you few examples from my counsin's debts with them.... it was shocking when we try to help him clear his debts..... and these guys are as nasty as the ah longs. Better make sure u keep the contract and receipt properly. I shall not named the LML... but they are worked the same way.

take $500 loan, but after deduct admin/acceptance fees... only take $400 on the spot.
but you got to pay 5X$120 for 5 weeks. (total $600)

take $2000 loan, but after deduct admin/acceptance fees... only take $16000 on the spot.
but you got to pay 6X$400 for 6 payments (bi-weekly payment) total repayment $2400

take $1400 loan, but after deduct admin/acceptance fees... only take $1400 on the spot.
but you got to pay 9X$422 for 9 payments (monthly payment over 9 months) total repayment $3800

 

[GoldenDragon]

Eventually, the licensed money lenders will pay the price also, when the borrowers start borrowing from them to pay the loan sharks.

Not likely to happen. The licensed ones charge higher interest rates compared to the unlicensed. The unlicensed ones are usually okay if you delay payment for a few days. The licensed ones will charge you 5% of loan amount for everyday you are late.

The illegal syndicated ones (jip thuan) can compete with the licensed ones - they are ruthless. One day late and they will strike.

We must be the only country in the world that permits the licensed ah longs to charge any interest rates as long as both parties are agreeable. If you can borrow on 120% interest rate per annum, you are lucky. 180% quite lucky liao. From what I was told, for monthly loans, you are looking at 25-30% per month.

 

[GoldenDragon]

take $500 loan, but after deduct admin/acceptance fees... only take $400 on the spot.
but you got to pay 5X$120 for 5 weeks. (total $600)

I was told otherwise. For 500, you take back either 350 or 375 only. 400 is after deduction for 20% upfront chophead. There is a 5% service fee for regulars. 10% if doing biz for the first time.

 

[alvin36]

I was told otherwise. For 500, you take back either 350 or 375 only. 400 is after deduction for 20% upfront chophead. There is a 5% service fee for regulars. 10% if doing biz for the first time.

every LML charged differently. some do pay-day loan... some do weekly, or bi-weekly, and some do monthly repayment.
It is true that licensed ones charged higher interest than unlicensed ones.... because they are to pay for the license tax :p

they are all operated by ah-longs... all the ah bengs and lians in the office. they talk nicely when they want you to take up the loans... but once you didnt pay or late. they harass and talk the same way as ah longs....

If any one desperate until must take from LML and ah longs... i suggest you take all... from every possible ah long and LML, then run road. DONT PAY UP.... this is called HIONG KA

 

[GoldenDragon]

If any one desperate until must take from LML and ah longs... i suggest you take all... from every possible ah long and LML, then run road. DONT PAY UP.... this is called HIONG KA

If want to be 'hiong ka', I have a worthy suggestion. Less hassle. No need visit one ah long and LML after another. If kena screening, name will appear. Can be quite malu.

Take keu pua. Credit limit 10k enough liao. 1k per match or click maximum also never mind. Double up when you win. Good idea? If lose, run or hide!

Another suggestion. Take two keu puas. One pang, one jiak. Sure to win. Puayk siao with losing account. Pay up 30-40% upfront. The rest in intsallments. No need borrow from ah long or LML. No need pay interest. The winning pua can still continue to bet. Sui bo?

 

[Fishypie]

Have you seen our Licenced $ Lenders' association President ?..one Look at him, and you'd know what are you getting at.The uLtimate 'Laughing faced tiger'..hehehe

 

[magical]

LML's interest are worst than ah longs... let me give you few examples from my counsin's debts with them.... it was shocking when we try to help him clear his debts..... and these guys are as nasty as the ah longs. Better make sure u keep the contract and receipt properly. I shall not named the LML... but they are worked the same way.

take $500 loan, but after deduct admin/acceptance fees... only take $400 on the spot.
but you got to pay 5X$120 for 5 weeks. (total $600)

take $2000 loan, but after deduct admin/acceptance fees... only take $16000 on the spot.
but you got to pay 6X$400 for 6 payments (bi-weekly payment) total repayment $2400

take $1400 loan, but after deduct admin/acceptance fees... only take $1400 on the spot.
but you got to pay 9X$422 for 9 payments (monthly payment over 9 months) total repayment $3800

Bro,

That was not the case for me leh.

Borrow 2K, Swee Swee get 2k, no admin fees or watsoever stated above.

 

[alvin36]

Bro,

That was not the case for me leh.

Borrow 2K, Swee Swee get 2k, no admin fees or watsoever stated above.

ok bro... pls share with us. how is your repayment scheme ? and which LML ??

 

[magical]

ok bro... pls share with us. how is your repayment scheme ? and which LML ??

Bro,

Every month pay $400 interest, until I pay $2400.00 Can name the LML here har, pm better la

 

[jw5]

Not likely to happen. The licensed ones charge higher interest rates compared to the unlicensed. The unlicensed ones are usually okay if you delay payment for a few days. The licensed ones will charge you 5% of loan amount for everyday you are late.

The illegal syndicated ones (jip thuan) can compete with the licensed ones - they are ruthless. One day late and they will strike.

We must be the only country in the world that permits the licensed ah longs to charge any interest rates as long as both parties are agreeable. If you can borrow on 120% interest rate per annum, you are lucky. 180% quite lucky liao. From what I was told, for monthly loans, you are looking at 25-30% per month.

Tks for the info, GD.
Looks like it's another case of poor policy + poor execution and then later act blur and ask "Licensed moneylenders made things worse? Really?"
The desperate borrowers will simply get more desperate. I wonder who the policymakers think make up these group of borrowers from licensed moneylenders. Don't think the latter will have it easy as well, even if their customers don't borrow from them to pay ah longs, they will get lots of customers who don't pay or borrow from them to pay other LMLs.
These problems are spiralling put of control, and they still think the answer is to legalise it.

 

[Bigfuck]

Not likely to happen. The licensed ones charge higher interest rates compared to the unlicensed. The unlicensed ones are usually okay if you delay payment for a few days. The licensed ones will charge you 5% of loan amount for everyday you are late.

The illegal syndicated ones (jip thuan) can compete with the licensed ones - they are ruthless. One day late and they will strike.

We must be the only country in the world that permits the licensed ah longs to charge any interest rates as long as both parties are agreeable. If you can borrow on 120% interest rate per annum, you are lucky. 180% quite lucky liao. From what I was told, for monthly loans, you are looking at 25-30% per month.

Aiyah, you think like crook but not armed with some tak chek. The S$500 loan but get S$400 is a stupid fraud. You only got S$400. Admin or some lanjiao fee they tell you even from banks here is a cheap lie. Just think you borrow $400. You never saw $500 first mah. The fraud is how the trick you for your effective interest rate. Uhm At S$400 and 5 weeks payment of 120$ each, the effective annual interest rate is... you guys ready? 143,213.7% Legalized dai yi long. Simple what your weekly interest compounded to derive the S$120 payment is 15%. If you do simple interest over 1 year not much about 780%. One year compound interest is 10,459% So you now know why haircut is bullshit. It is daiyilong discount, which not much fuck of a discount. Last time some daiyilong stores sell by installment payments. Those EIR also easily 10 times our friendly credit card of 24% nominal annual rate. So sometimes illegal robinhood is better than legalized corruption. If daiyilong start an MLM fund with that kind of weekly interest rate compound, limbeh S$120 become 17 million dollars. I truncate and return back to the fund the small change If you believe 5% is enough to cover SGP inflation, any haircut you offer that is above eir 5% is a win.

 

[GoldenDragon]

These problems are spiralling put of control, and they still think the answer is to legalise it.

That's the only thing they know - legalise the illegal.

Take betting for example. They couldn't control the horse and soccer bookies. Their response? Legalise betting but must be Pools.

They couldn't handle illegal lottery operators in the past. Response? Legalise it.

PRC FLs in Geylang? Legalise them.

Ah Longs? Legalise them.

 

[Narong Wongwan]

That's the only thing they know - legalise the illegal.

Take betting for example. They couldn't control the horse and soccer bookies. Their response? Legalise betting but must be Pools.

They couldn't handle illegal lottery operators in the past. Response? Legalise it.

PRC FLs in Geylang? Legalise them.

Ah Longs? Legalise them.

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

 

[GoldenDragon]

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

My advice - never say never.

Last time, wrt casinos, 'over my dead body'. Now, not one but two casinos.

Last time, if anyone suggested licensed ah long can suka suka charge interest, people will say you are siao. But, it happened.

 

[laksaboy]

And a lot of them are setting up shops in the neighbourhood/heartlands. I spotted one near my place.

Whenever there are casinos, moneylending and prostitution will be rampant. You can't have one without the others.

 

[GoldenDragon]

And a lot of them are setting up shops in the neighbourhood/heartlands. I spotted one near my place.

Whenever there are casinos, moneylending and prostitution will be rampant. You can't have one without the others.

Strangely, yet to see the proliferation of pawn shops. Macau's pawnshops all over like 7-11 - 24/7/365.

 

[laksaboy]

Strangely, yet to see the proliferation of pawn shops. Macau's pawnshops all over like 7-11 - 24/7/365.

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.

 

[Capano2121]

his monopoly gone liao......macau one can turn very violent and even resort to kidnapping....
Sinkieland will have a 'legalized' version.........maybe enact new law if you owe casino money then go jail kena caning......

Singapore still got ISD & ISA ACT leh!!!!!! This time round use wisely loh! Arrest them under ISA & demand payment loh!!!!!! PAP govt gets 50% of returned funds lah! To stay profitable & make full use of this facility ah long interest goes up six times lah!!!!! And ANTI VICE doggies can get commission for every repo lah!!!!

 

[Narong Wongwan]

Singapore still got ISD & ISA ACT leh!!!!!! This time round use wisely loh! Arrest them under ISA & demand payment loh!!!!!! PAP govt gets 50% of returned funds lah! To stay profitable & make full use of this facility ah long interest goes up six times lah!!!!! And ANTI VICE doggies can get commission for every repo lah!!!!

When this day comes expect sinkieland to be mafia hub....all organized crime syndicates will want to operate from here....coupled with ease of money laundering....sinkieland boleh!