On Site Visit to Private Money Lenders

During my free time, I called and walked in to Various Licensed Moneylenders that advertised in the Newpaper.

This is what i found currently:

I visited the a moneylender office at Grandlink Square: I was entertained by a "Ah Beng" type of finance officer.
I was asking for 5k loan as I earn > 2500k per month.
I had to pay $30 for admin fee. After 8 hours (It advertised 3hour approval), I was Offered just $500 with 5.88% weekly interest! Ridiculous! Low budget company?

Next I went to Kitchener Road since I saw many advertisements claiming no application free and interest from 1.5%. I called up to enquired. The staff honestly told me they usually charge 15% monthly. I visited the place and it was manned by few "normal" looking people. No application free. so I asked for 5k loan again.
Finally i received a call 2 days later and told my loan was approved but only 1k can be loan to me at 5.88% weekly! Not what they claimed within 24hr and 5.88% interest is 4x5.88% monthly. Loan Shark!

I saw an ad at Joo Chiat Road... hmmm I think I should skip this. Joo Chiat Road to me is just like a mini Geylang. (where you can prostitution and contraband cigarettes sales and backlane gambling stall) Lol!

Hey Upper Serangoon Shopping Center do have 3 advertisements.
Started at 2nd level since it claimed it offers up to 100k loan and rate at 18% p.a
Walk in and saw 1 "Ah Beng" and a smart dress guy. Asked for 5k loan and paid $30 for admin fee. Got a call and told me the interest maybe too high for me at 15% monthly. They advise me to take GE money. There goes my $30. Strange? why people go to them if they can take GE money? Why they ask people to go GE money instead and they should tell me before i paid $30. Hmmm... felt cheated.

Went up to 3rd Level.
Saw a girl who i think is the clerk. She seems just doing her job to issuing receipt for application fee. A slight plump guy was answering to all my enquery, $30 admin fee required. Ask for 5k and called me up after 1 day to check for more information and then 3 day later told me my loan is approved but only 1k and interest rate is 18%. min 6mth which means 900 interest for 1k loan. !!!!!!

Went up to 4th level.
Saw a malay girl clerk. While applying for the loan, I wanted to ask for info but she told me her boss is not in. Thus i skipped this place. just to save my 30 buck. Haha!


Next Day, I decide to go Penisula Plaza since they offer no application fee. Too much $30 buck was lost. So go for a free type. saw 2 girl clerks. I fill up the application form and a mini questionaire which roughly determine my chance for getting a loan. So I asked for 5k loan and was told they usually offer 1k loan for trial borrower. I ask how much is the interest and she told me depends... DEPEND? I thank her and left.. just like that. Haha!

I saw another advertisement. No address was stated. I called and it was answer by an "Ah Beng Voice. I ask about the loan and interest rate and he told me to go down to his office to discuss. I ask where is he located. It was at golden mile 3rd level. Well... Golden mile do not seem a good place to get loan.

Thats all i have done... Will go for more site visit so stay tuned. Spent $90 so far. Hope you guy out there can link people to this blog and not let my $$ go wasted. :D

21 Jan 2010.
On Monday, I visit the private licensed moneylender at Jurong East.
As advertised, it offers the lowest interest. When i call and ask, a guy told me they won't reveal the interest rate over the phone. So i went down and I spoke to the guy about the interest rate. They offer 12% per month for 3 month repayment and 15% per month for 6 mth repayment. I choose the 6 month. Till today I yet to received any reply from them. Budget low? I also found out they do HDB loan stuff and CPF rebate stuff. Good thing about them is... No admin fee charged. So no loss on this place. :D

My thought is.. what happened to the 1.5% interest per month gone?

International Personal Loan Scam!!!

You are desperate for a loan.

Your friends and family cannot help or do not want to help... Well... people are selfish or you are untrustworthy.

You search the net for help and found many people posting in the classified claiming to provide big loan with low interest.

STOP!

Think Again. On what ground are they going to trust you will return the money.

If you contact them... first they will find means and ways to make you wire some money over as "processing fee" Once you do so, they may ask for any amount... until you are broke or smart. You won't hear from them again.


Next. we go to 1% interest loan advertisement. Miss Tan? Sound familiar.
Not really a scam but you won't get big loan. Simply getting you to invest your CPF money. In return they give you some $.

My thought is they have link to insurance agents. As far as i know agent are give 3% commission for the investment you make with your CPF.

It mean when you invest $10K, the agent make $300. Usually you will be offered $150 per $10k and after 3mth you can "renew this again. This will eat into you CPF and everytime you start such an investment you will lost some $ as processing fee and commission. Worst they will invest your CPF in HIGH RISK stuff. If you have $50k in your CPF. is it worth to lost a few 10k for $750?