Fancy more advertisements by Private Licenced MoneyLender on Newspaper offer personal loan?
Personal Loan - Fast approval
- Loan Up to 4X your salary
- Lowest Rate
- Flexible repayment
Sound Good?
Why I say they are operating worse than a loanshark?
Usually Licenced MoneyLender charge $30 admin fee just to check your CPF contribution and Credit Bureau Record. To Be Competitive, a few will waive it.
You can call to ask to enquire or request for any loan amount.
Usually you won't get anything more than $1K. (Lack of Capital or minimise their risk?)
Lowest Interest? Flexible repayment? 1.5 interest per month? 18% interest p.a? MY FOOT.
Despite all the fancy advertisement on paper...
Most Private Moneylender will insist on weekly repayment at 5.7% interest. Which mean 22.8% per month which is more than illegal moneylender. So who is the loanshark? Weekly repayment allows the moneylender to earn more and get some money back to roll. I doubt they have millions in capital and more demands than what they have. If you borrowed 1k and you have to pay $57 interest per week and thus weekly repayment is $307
Once your loan is approved, you have to pay 2% of the loan amount as loan approving fee. Ha! Do they have so many bank admin staffs to check and verify the loan? So for a 1k loan, you only receive $950 after admin charge and loan approving fee.
Comparing these Private Licensed MoneyLender with the Illegal one for a $1k loan
Private Licensed moneylender: Disbursed amount: $950 and weekly repayment of $307.
Overall you forfeit $278 for 1 month
Illegal moneylender: Disbursed amount: $800(They took your interest first) and weeklly repayment of $200 + $10(collector fee).
Overall you forfeit $240 for 1 month
By the way, who want to or can repay a loan weekly on monthly wage? Unless you can a taxi driver or security guard or doing odd job with daily pay.
Some Licenced Money Lender DO offer MONTHLY repayment at usually 15% interest PER MONTH( PER MONTH NOT PER ANNUM)
For a $1k loan for a repayment period of 6mth: you will be charged $900 for interest WHICH IS ALMOST the principle sum! the repayment amount is $317 per month.
For $1k loan for a repayment period of 1 year: you will be charge $1800 for interest which is amount double and that is 180% interest per annum. Credit Card charge only 24% p.a There is 7.5x more.
Late payment is even Harsher.
Bank change up to $60
Illegal loanshark extend 1 week of repayment which mean 20% more
Licensed Moneylender can charge up to 30% of the loan amount. (This is amazing)
The law stated that moneylender interest is supposed to cap at 18% per annum?
Have they exploit the Loophole? This is no wonder more and more such moneylending firm pop up.
I wish the Law can deal with such evil means of business.
Why people still go to them?
1. Rejected by Bank due to bad credit or too many loans
2. Need Cash Fast
3. Low Income
4. Lack of Knowledge. (Bank do offer Personal Loan for those earning 20k p.a)
5. STUPID
For how they handle payment default I do not know. Anyhow here are what moneylender do:
Banks will send lawyer letter
Illegal Moneylender splash paint, lock your house or vandalise or simply write graffiti.
Private Licenced MoneyLender??? no Clue yet...
How fast can you get the money from Private Money Lender. Earliest is usually 6-8hr or next day. Craps to them saying approval within 2hrs or instant cash!!! You may have to wait for 1 week sometime.
Feel free to comment and come back for more updates. Will be going on site to check. Hahaha!
My advice: If you really want such fast cash and NO family member or single friend can help... Don't waste the $30 admin fee. ( Once money put in... hard to change your mind)
Merry Xmas! Thanks for this great post!
ReplyDeleteMost people do because of reason no.5. Loan is a risk think, people should take a good study of before taking action.
ReplyDeleteStupid or Desperated.. I can say it is addict. Most of them are probably due to illegal gambling... No one can lend them any money and for them to get a chance to win back the money.. They go for high interest loan. This is so sad... Recently there was so many report of people committing suicide due to gambling debts.
ReplyDeleteGreat information. Though I am in a situation in need of finance, i just felt that all these advertidsment had some kind of "twist" and had always contemplated in approaching these legalised loansharks.
ReplyDeleteThanks.. Glad you find this useful. Just remember that loan can be negotiate with your debtor no matter what. Just dont fall into this pit. Banks will be the best choice if you are eligible.. Read my other post on my site visit to these legalised loansharks' office.
ReplyDeleteHey thanks is there any really good coys that really honestly try to help?
ReplyDeleteI don't think so except banks. These private moneylender do not have any mode of insurance to cover defaulter due to death or disability. Thus only HDB seller do have the privilege or lower interest. As far as i know... There are certainly a lot of such defaulters.
ReplyDeleteI think risk and reward concept has to come in here. If you were the moneylender you will also be damn sian everyday someone walk in. Don't know if he is reliable. Are you going to charge him 1% a month?
ReplyDeleteTrue. But think another way. People who approach these private moneylender are those with low income. For bad or max credit, they can simple check out with the credit bureau and reject their application. they choose to whck these people with no choice hard. How to expect a lowever income earner to repay their loan in 6 months with 18% interest monthly?
ReplyDeletethey operate in a so called Legal Way, but they are biggest than any illigal shark around...
ReplyDeleteIf there is no hidden agenda, why cant they dislose the Interests rate on the phone when one is making enquiries...
maybe they depend on the $30.00 application to make a living, that show how pathetic they are...
Hope the government will react to stop all these so call License Money Lenders...
true they are the biggest loanshark...
ReplyDeleteNowaday they waive the application fee but after the loan is approved, it will be add in.
They are doing a business. You don't expect them to borrow at token interest do you? They are not a non-profit organisation. In my view, they have to harbour higher risks than loansharks because they can't do painting or reposition your flower pots like the latter do.
ReplyDeleteFor a meagre 1k loan, their cost of civil suit may be higher than the original loan. Worse if nothing could be recovered if the defaulters have nothing valuable with them.
Hi, either you are doing the business or your close one is doing such business.
ReplyDeleteYou are very right that this is a high risk business.
But you guys don't have to make it harder. Weekly repayment is not achievable by most normal salary workers and those who accept such terms I believe are desperate people who don't have the means to return. Unless they won back those losses(Gamblers).
Doing weekly repayment isn't it what the illegal loansharks do? Why force people to the extreme?
This comment has been removed by a blog administrator.
ReplyDeleteGetting loans from these money lenders does not bring you to a solution to your financial issues. If you lapse payments, they even take action against you, such as caveat your properties!! So why must resort to them as a solution. They don't give you a better night sleep by giving you a loan, instead they're giving nightmares. On top of that, its a burden to your current financial situation. Get help from the professionals.
ReplyDeleteThis comment has been removed by a blog administrator.
ReplyDeleteThere are 2 scammers giving comments. lol! What an old trick.
ReplyDeleteHaha! Thanks! Initially I was just curious and I thought they operate something like GE money which target at low income people. But GE money is rather strict in some way and their interest is much higher than bank personal loan. When i see a lot of these companies popping up, I decided to explore thinking that they are solution against the illegal Ah Long.. But Alas..they just drain you off faster and in additional you have to pay admin fee. Thus I explore more of these companies to conclude they ll operate the same way. Basically they just exploit the loophole in Law.
ReplyDelete***Quote***
ReplyDeleteGetting loans from these money lenders does not bring you to a solution to your financial issues. If you lapse payments, they even take action against you, such as caveat your properties!! So why must resort to them as a solution. They don't give you a better night sleep by giving you a loan, instead they're giving nightmares. On top of that, its a burden to your current financial situation. Get help from the professionals.
My reply to this gal:
Sometimes people do not understand why we have reached the stage when we need to approach these sucking blood people to give us loan. Although its our ownself to blame to reached such a plight. Not that we do not want to go for pro help. THEY actually have had abandoned us and refused to help.
The needle never poked you, you wont feel the pain. Talk is easy. We all like banks and pro but THEY all dont like us! So how???
Either borrow to survive the living or just jump and die instantly. Only 2 options for us. Not desperate, but this is no choice if we need to live on with bills here and there, pay this and pay that...
Lucky ones will not understand us for sure. :)
Great finding. Great thanks... Some cruel business mind will for ever suck blood from low income (stupid) people..
ReplyDeletewhat if you have borrowed from a licensed money lender and cant repay the loan? is there someone you can turn to for help?
ReplyDeleteFor this part.. I am also eager to find out.. If they do not use illegal means, they simply file a claim against you. I am not sure which side will win in the event of a lawful. I personally do not believe the law allow high interest. But as theybare not breaking the law after the new moneylender act. It is hard. I certainly believe you can negotiate for lower interest if you really can't pay up. Worst come to worst, let the law settle it. You can' t be sued bankrupt for couple of grands.
ReplyDeleteWell if you do not pay up, first they will go to your house to visit u, if you do not appear in front of them, they will still harass you. if you say you will call the police, they will ask u to go ahead and call the police. in fact they work hand in hand with the police as a licensed money lenders. so after police come when u reported, the police will hand over the case to the debt collectors.
ReplyDeleteSecond, if both of the two resorts does not work out, they will go to your office. Once they go to your office, that's the end of the game. Once they talk to your HR.. you can paint the picture yourself.
If you do not pay up at all, when they go to the police to report, the law actually covers the money lenders much more than you. you will be wanted by the police at the end of the day.
So bear in mind, they uses the legal way to borrow, to lend, and to collect. remember always think first before you borrow from these money lenders.
Thank for this info.
ReplyDeleteFor money problem, the law cannot do much..
You won't be wanted by the police. The law will try to meditate thing to come to a agreement. And ask if the lender want to sue the borrow to bankruptcy and but for few grands debt is not enough. They can only claim a small claim to make the defaulters show his face. Most of it is embarrassment.
The debt collector also cannot make a nuisance or cause disturbance otherwise the police can act.. Be it they are collecting Tyne loan legally.
i would just like to know because I have a neighbour and he is a foreigner( i think indonesia or philippine) and a lot of legal and i think illegal moneylender go their hdb to collect payment and i heard the foreigner already go back to his country. Is there a way the singapore law could go to the foreigner country and search for him and bring him to singapore and jail? can singapore law file case against this foreigner? I heard also from neighbour the foreigner borrowed quite a lot lenders.
ReplyDeleteit really depends. if borrowers pay on time they pay very little interest.
ReplyDeleteHi,
ReplyDeleteGood tips about personal loans. Thanks for nice post. i will come again your new post.
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