Seeing so many legal loansharks appearing and competing for advertisement on the newpaper, I decide to drop by a couple to check.
True enough, they waive the admin fee of $30 but i gather some interesting details.
As I browse through the paper, I saw an ad that is eye catching. 2x month income and flexible repayment.
So I dropped by to a moneylender based at Lavender MRT at French Road, it does give me the ah beng loanshark feeling. There were many mid age ah beng looking guy inside and I ask for 1K loan. They offer only weekly and bi weekly loan. They charge up to 5% for loan approval fee and 5.71% weeekly and 15% of the principal sum for late payment. So...... I decline the deal.
However I manage to catch hold of another interesting information from a borrower. Earlier 1 mentioned a lender at peninsula plaza, the place where the staff look more white collar and professional. You won't feel intimidated inside. He revealed he took a loan of 1k with a repayment of weekly interest 3.33% sound good?
Here the catch, Although there is no admin fee, he have to forfeit 5% for the loan approval fee which is $50 and $200 as first repayment. In the end he get only $750. The funny thing is the 1st repayment is on the day itself and the actual repayment start just the next week. He was issued a repayment tracking card to track his repayment and the person to liase with. He was told to make his repayment by 6pm on the repayment date and call the liasing person once he did a bank transfer. If he can't make it by 6pm, he just need to inform the person by sms or call. He even got photographed on a webcam. LOL! Impressive by the professionalism using technology.
Stay tuned for more Field Report..
wah! Even bank don't take photo.. Haha
ReplyDeleteThanks for your blog!!! I am desperately looking for a money lender until i come across your blog!! Thanks for your info. I think I will not look for them anymore. Just have to work my way out of debts the slow way then. Now owe about $50k. If you have any means to help I would be appreciative.
ReplyDeleteif it is friendship loan, just be a bastard and clear slowly and remember that is end of your trust. If it is credit card debt, clear slowly, sell whatever valuable u have and get a 2nd job. U will take 3 years to clear without affecting your lifestyle.
ReplyDeleteI feel these money lenders are making it difficult for you to repay in hope of getting the late payment!
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