SG Loan Sharks.... Hard Life!!!

[HK14K]

Reading articles in the news and having feedback from the society like me wonders Singapore "Ah Long" are having a bad time and rather quite stupid. Why?

1. Using their own money to lend to a strange and yet when one doesn't pays back, he/she can call police and the Ah Long's will have any bad debt to bear.

2. Confronting their own "CUSTOMERS" is consider an offence in SG.

3. If a person goes to an Ah Long to borrow $10k or $20k, do you think that person can start paying back in a weeks time even if it's installment? Why cannot do "Ma Tou" (Cantonese)

4. And the last thing is; if the SG govt can get rid of SS, why not Ah Long's?

 

[Debonerman]

Because the Police heard that the biggest and must remain untouchable Ah Long goes by the street name of Ah Ho.

 

[Narong Wongwan]

3. Which ah long can borrow 10k-20k please intro to me.

4. SS not totally eradicated....as with the loansharks. But Sg ones already rendered relatively toothless....but still pap can't do shit to these toothless loansharks.

 

[HK14K]

3. Which ah long can borrow 10k-20k please intro to me.

4. SS not totally eradicated....as with the loansharks. But Sg ones already rendered relatively toothless....but still pap can't do shit to these toothless loansharks.

Maybe I'm OUT.... In the past Ah Long does lend amount of 10-20k.

Worst still, if a person is so poor to the extend dun even have that few thousands or hundreds n resort to Ah Long's, do you think this person can pay back?

 

[ray_of_hope]

Reading articles in the news and having feedback from the society like me wonders Singapore "Ah Long" are having a bad time and rather quite stupid. Why?

1. Using their own money to lend to a strange and yet when one doesn't pays back, he/she can call police and the Ah Long's will have any bad debt to bear.

2. Confronting their own "CUSTOMERS" is consider an offence in SG.

3. If a person goes to an Ah Long to borrow $10k or $20k, do you think that person can start paying back in a weeks time even if it's installment? Why cannot do "Ma Tou" (Cantonese)

4. And the last thing is; if the SG govt can get rid of SS, why not Ah Long's?

How do you know they are having a hard time? For every 1 harassment case that is reported there may be 10-15 successful "transactions", i.e., the borrower pays back plus the high interest. Ah Long runners also now go directly into the casinos and stand next to borrowers at the table games. Immediately after a big win by the borrower the Ah Long runner collects the debt. Ruthless and efficient. The borrower is not left to his/her own devices.

 

[HK14K]

How do you know they are having a hard time? For every 1 harassment case that is reported there may be 10-15 successful "transactions", i.e., the borrower pays back plus the high interest. Ah Long runners also now go directly into the casinos and stand next to borrowers at the table games. Immediately after a big win by the borrower the Ah Long runner collects the debt. Ruthless and efficient. The borrower is not left to his/her own devices.

Wow, I learnt something new from u!!!

 

[I_Hate_Pappies]

Worst still, if a person is so poor to the extend dun even have that few thousands or hundreds n resort to Ah Long's, do you think this person can pay back?

Majority are able to pay back. If not, Ah Long would have Hor Gau Kan long ago without needing gabernment intervention liao.

 

[Narong Wongwan]

Maybe I'm OUT.... In the past Ah Long does lend amount of 10-20k.

Worst still, if a person is so poor to the extend dun even have that few thousands or hundreds n resort to Ah Long's, do you think this person can pay back?

Even back then sums as those are rare and only to VIPs....meaning super regular customers....as in all business transaction....you build a relationship. So not considered loaning to a total stranger.

Loansharks do not expect borrowers to pay back like bank customers.
Eventually 9 out of 10 borrowers will not be able to repay their loans as promised.
It's how much the ah longs can milk out of them when the going is still good that's the key....and how much more they can milk from the borrower's family when loan is late and defaulted. Get it?

 

[I_Hate_Pappies]

I understand lately the market outside is in a total mess. Some black sheep are coming up with all sort of funny rates.
Borrowers beh tahan, off the HP and go MIA. The other lenders all kena affected when the debtors go MIA.

 

[HK14K]

Even back then sums as those are rare and only to VIPs....meaning super regular customers....as in all business transaction....you build a relationship. So not considered loaning to a total stranger.

Loansharks do not expect borrowers to pay back like bank customers.
Eventually 9 out of 10 borrowers will not be able to repay their loans as promised.
It's how much the ah longs can milk out of them when the going is still good that's the key....and how much more they can milk from the borrower's family when loan is late and defaulted. Get it?

Ok, understood.

But from what you have mentioned and the replies from Pappies n Ray of Hope, it seems that collecting back money is not hard. From their replies, can i understood as only one out of ten defaults payment?

If only one out of ten defaults payment, then why SG Ah Long's only lend 10-20k to so-called VIPs only. If do a conversion, 20k SGD is = 100k HKG slightly higher. In HK, 100K is not considered a big sum to finance company

 

[GoldenDragon]

Maybe I'm OUT.... In the past Ah Long does lend amount of 10-20k.

Worst still, if a person is so poor to the extend dun even have that few thousands or hundreds n resort to Ah Long's, do you think this person can pay back?

Whether licensed or unlicensed, $500 to 2k is the norm, whether daily, weekly or monthly repayments. 10-20k very few and you need to be very credible in the eyes of the ah long. For instance, you may need someone credible to guarantor the loan or if ah long knows your daddy will die die settle loan if pressed to. Another scenario is where there is some form of collateral and ah long knows you will be getting some cash soon.

 

[GoldenDragon]

I understand lately the market outside is in a total mess. Some black sheep are coming up with all sort of funny rates.
Borrowers beh tahan, off the HP and go MIA. The other lenders all kena affected when the debtors go MIA.

Black sheep are the faceless ah longs who operate from overseas. Those whom you get to meet the runners are still quite ok. The faceless ones operate with zero principles. Even after you complete payments, they will call and tell you you are one short. If you argue with them, and matter not resolved, they will warn you a team of commandos will do-up your meighbours' home with your name on it. This MO started at least 2-3 years ago. Even the licensed and unlicensed ones seepay toolan these faceless chaps aka telephone gangsters.

 

[HK14K]

Black sheep are the faceless ah longs who operate from overseas. Those whom you get to meet the runners are still quite ok. The faceless ones operate with zero principles. Even after you complete payments, they will call and tell you you are one short. If you argue with them, and matter not resolved, they will warn you a team of commandos will do-up your meighbours' home with your name on it. This MO started at least 2-3 years ago. Even the licensed and unlicensed ones seepay toolan these faceless chaps aka telephone gangsters.

You're detailed, Bro....

Can update myself on local dark side events from u

 

[Narong Wongwan]

I understand lately the market outside is in a total mess. Some black sheep are coming up with all sort of funny rates.
Borrowers beh tahan, off the HP and go MIA. The other lenders all kena affected when the debtors go MIA.

The funny rates are due to legalized loansharks....the legal money lenders.
Almost all were former ah longs given a new lease of life by government shortcut way of containing loanshark problem.
Now these Lmls revive their illegal operations and run them parallel with their lml....with a ready pool and network of potential borrowers who are willing to pay 25%-50% interests rates....as opposed to old rates 20% per month looked paltry.
Govt give ah long industry a boost and helped revived it.

Loansharks here are toothless unlike countries like Hk and Malaysia where there's threat of bodily harm and kidnap even. But now innocents citizens are collateral damage.

 

[Narong Wongwan]

Ok, understood.

But from what you have mentioned and the replies from Pappies n Ray of Hope, it seems that collecting back money is not hard. From their replies, can i understood as only one out of ten defaults payment?

If only one out of ten defaults payment, then why SG Ah Long's only lend 10-20k to so-called VIPs only. If do a conversion, 20k SGD is = 100k HKG slightly higher. In HK, 100K is not considered a big sum to finance company

SG also got machiam hk finance companies in the form of legal money lenders. But toothless and act within the law unlike hk ones....bro GD already replied on the rest.

By default I mean ah long borrower is like a casino gambler.
Casino not afraid you win as you will definitely return.
Likewise a borrower will return to borrow but like the gambler sooner or later will start to lose....so most borrowers will eventually default.

 

[HK14K]

SG also got machiam hk finance companies in the form of legal money lenders. But toothless and act within the law unlike hk ones....bro GD already replied on the rest.

By default I mean ah long borrower is like a casino gambler.
Casino not afraid you win as you will definitely return.
Likewise a borrower will return to borrow but like the gambler sooner or later will start to lose....so most borrowers will eventually default.

I saw on NewPapers there's alot of likw what u mentioned legal money lender now.

The different part HK n SG is, in HK even a finance company is known as Ah Long. In cantonese, HKs normally call it (财务公司 or 财仔）... They're not afraid of lending u large amount even if u r a stranger. Many govt servant even borrow from them.

During the 80s and early 90s, even the banks appoint such 3rd party companies to go after their customers when they default credit payments. When a customer defaults the payment, the bank will issue a letter stating that 3rd party company has taken over the debts (which is those Ah Long‘s) and the customer will have a hard time already.

 

[PhuaCheeBye]

Loanshark deserves death sentence. Before that, caned them 100 times till their ass bleed!

 

[tonychat]

only low IQ fucktards become loansharks.

 

[PhuaCheeBye]

only low IQ fucktards become loansharks.

Worse than Fucktards...these people all will get cancer for dragging innocent new homeowners or neighbours into harassment.

Bastards! Hope they all get whatever cancer God can give them and suffer a painful death.

 

[Narong Wongwan]

Loansharks are giving pap a headache and making more citizens pissed off with pap...

For that I have to say GOOD JOB Ah Longs!