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

  • Thread starter Thread starter Yip Hon
  • Start date Start date
Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

Pioneer said:
Credit card companies charges high interest rates too... that make them licensed loan shark as well?
Click to expand...


In a way Credit Lines , Overdraft , Credit Card ( provided they are unsecured),
secured means maybe you pledged your Fixed Deposit , pledged your Private
Apt or House .

You see Credit Card company is a lesser evil ( than L M Lenders ) in that you pay monthly when you get your salary.

But these suckers L M Lenders die die make you sign for weekly payments !!!
 
Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

i think that banks are charging obnoxious interest rates on their credit facilities. the authority should look into it, banks operate like legalised money lenders too and that should not be allowed as a lot of young are using their credit facilities and unable to repay in full. it's as good as the banks tricked them into using it and charge them after.

Yip Hon said:
In a way Credit Lines , Overdraft , Credit Card ( provided they are unsecured),
secured means maybe you pledged your Fixed Deposit , pledged your Private
Apt or House .

You see Credit Card company is a lesser evil ( than L M Lenders ) in that you pay monthly when you get your salary.

But these suckers L M Lenders die die make you sign for weekly payments !!!
Click to expand...
 
Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

Yip Hon said:
In a way Credit Lines , Overdraft , Credit Card ( provided they are unsecured),
secured means maybe you pledged your Fixed Deposit , pledged your Private
Apt or House .

You see Credit Card company is a lesser evil ( than L M Lenders ) in that you pay monthly when you get your salary.

But these suckers L M Lenders die die make you sign for weekly payments !!!
Click to expand...

credit card company less evil ? well , try default payment and see how much is the interest rates .
 
Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

Pioneer said:
Credit card companies charges high interest rates too... that make them licensed loan shark as well?
Click to expand...

Credit card interests average 2% per month. Very high already.
Legal money lenders interests average 20% per month, some can go until as high as 30%.
Some are weekly instalments, effective monthly interests even higher still.
 
Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

Narong Wongwan said:
Credit card interests average 2% per month. Very high already.
Legal money lenders interests average 20% per month, some can go until as high as 30%.
Some are weekly instalments, effective monthly interests even higher still.
Click to expand...

Sure onot? They are not supposed to charge more than 24% per annum. Can report them to MAS.
 
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.
 
Last edited:
Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

Pioneer said:
Credit card companies charges high interest rates too... that make them licensed loan shark as well?
Click to expand...

allanlee said:
Sure onot? They are not supposed to charge more than 24% per annum. Can report them to MAS.
Click to expand...
actually 24% per annum is technically illegal. 18% per annum supposed to be the max. Like what pawn shops can charge. Dun ask me how the legal ah longs figured in all this. Someone familiar to banking laws can advised?
 
Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

the 18% i think is on the principal amount. after you paid on the first term, the interest you paid on the next following is technically "a bit" lesser, as its 2 percent on the unpaid amount.

so cannot just add the interest by 2 x 12 = 24%.
 
Last edited:
Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

banks love to use figures game to confuse customers ...somemore got effective rate and reducing rate .....ect . end of the day ..you pay more without knowing .
 
Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

View attachment TNP Pg 30.pdfView attachment TNP Pg 29.pdfView attachment TNP Pg 28.pdfView attachment TNP Pg 27.pdf
kukubird58 said:
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.
Click to expand...


KKB, Indeed there are alot of them selling " dog meat "

Just take a sampling youself . My bro and i take a samplings

of the "FASTAds" on The New Paper , 23 Apr 11 , sat , we did a

simple count from Page 27 to Page 34 , total 8 pages .

There are a total of 100 advertisements selling " dog meat "
 
Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

kukubird58 said:
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.
Click to expand...

bro...no different from the bank ....wolf in sheep skin .
 
Last edited:
Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

Yip Hon said:
View attachment 1792View attachment 1791View attachment 1790View attachment 1789


KKB, Indeed there are alot of them selling " dog meat "

Just take a sampling youself . My bro and i take a samplings

of the "FASTAds" on The New Paper , 23 Apr 11 , sat , we did a

simple count from Page 27 to Page 34 , total 8 pages .

There are a total of 100 advertisements selling " dog meat "
Click to expand...

bro , how many banks outlet in singapore ? lets do maths ..
 
Last edited:
Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

"Dog Meat" Business Booming = More Misery For Borrowers
 
Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

drifter said:
bro...im not with them ..but put it this way , if you just start up company of course you need some advertisements to let ppl know .
Click to expand...


Bro , have you tried their "meat" before ???

I have a feeling that you have not.

My point is very simple : i hope the Singapore Police Force and the CAD and CPIB and

the Registrar of Money Lenders will start monitoring these Dog Meat Vendors .

I really believed they have started to . These sellers are digging their own graves now.

At the right time I hope the above Authorities will Bury all of they .

In the very graves they that they are digging now ...
 
Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

Yip Hon said:
Bro , have you tried their "meat" before ???

I have a feeling that you have not.

My point is very simple : i hope the Singapore Police Force and the CAD and CPIB and

the Registrar of Money Lenders will start monitoring these Dog Meat Vendors .

I really believed they have started to . These sellers are digging their own graves now.

At the right time I hope the above Authorities will Bury all of they .

In the very graves they that they are digging now ...
Click to expand...

bro...you are right , i never try the meat before . Yes , if the goverment start to monitor those business , confirm close shop , im sure theres alot of those company doing money laundering .but think about it bro , they are the only one that can " help " those ppl rejected by the bank .
 
Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

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

The reason for the boom in these legal ah longs is the 'liberalization' of the laws governing them.
The interests charged are perfectly legal. As long as they use legal means to recover their money it is legal.

Yip Hon said:
Bro , have you tried their "meat" before ???

I have a feeling that you have not.

My point is very simple : i hope the Singapore Police Force and the CAD and CPIB and

the Registrar of Money Lenders will start monitoring these Dog Meat Vendors .

I really believed they have started to . These sellers are digging their own graves now.

At the right time I hope the above Authorities will Bury all of they .

In the very graves they that they are digging now ...
Click to expand...
 
Re: Licensed MoneyLenders + Police Report = Licensed Loan Shark ? ;Straits Times 22/4

allanlee said:
Sure onot? They are not supposed to charge more than 24% per annum. Can report them to MAS.
Click to expand...


allanlee, just buy a copy of the TNP the new paper go to

FASTADVERT : there are on average 100 advertisements per day.

These suckers can approved your loan if you give them your

singpass over the phone . some more careful they ask u to go down

to their office , this is how a typical weekly loan works :


Loan S$1000 Get Only S$700 within 1 to 2 hours

depending on which stall you go .

Typical payment plan after upfront deduction :


S$1,000 loan Deduct a) 1st Instalment of S$200/-

next deduct S$100/- processing fees . Total deducted

is S$300/- . it will then hand you the S$700/- in cash.

and you sign and thump print at load of legal documents

to make sure that you are securely and legal binded.

Some stalls will take photos of you . Some of the

documents that they make you sign ( which all must sign )

is just crazy .

You will get a card with their contact man and POSB a/c

to be credited weekly . You pay the balance x 6 instals

of S$200/- weekly :

a) 2nd Instal Week : S$200/-

b) 3rd Instal week : S$200/-

c) 4th Instal week : S$200/-

d) 5th INstal week : S$200/-

e) 6th Instal week : S$200/-

f) 7th Instal week : S$200/-


Total pay x6 Instal = S$1,200 ( for taking S$700/- )


Interest for 6 weeks = 1200-700 = 500 divide by 700= 71%


If you miss any weekly payment a late fee of S$150 applied.

also late interest applied. Legal letter fees applied.


all throw in for 6 week loan = more than 100% Interest.
 
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