It has been long since I blog...
It seems these legal loansharks are getting more and more active. I also found 1 of them adding a comment in this blog. He said to put ourselves in the moneylenders' shoes for those who borrowed and did not return.
There is some logic but they simply expose the loophole in the new law on moneylender act. Thus they open their business only to those who earn $20k per annum so they won't be CAPPED at 18% per annum on interest. Therefore they can charge up to 15% per month. Thus more of these business come by as they do not have to avoid the law anymore.
SO why they do not open their business to those who earn less than 20K per annum? Simple LOANSHARK! add to the loan approval fee of 3% and they are worse than illegal loansharks.
They just paid couple of $k and they can start their business. The only thing i can think of that benefits the government and people of Singapore is they will be paying taxes and reduce the vandalism act and hostile threat to the borrow who default on their payment.
However on the other hand, I witness people who visited their firm which is usually a small office do simple have the look of losers. Apology for me saying that but it certain given me such an impression. Perhaps i do have sympathy on them which they are likely to have no way out.
My conclusion is unless it is matter of life and death, these moneylender should be your LAST solution to all your financial problem or else you are plunging deeper.
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haha, you sound like a saint. You keep saying legal moneylender is worst than loansharks. Can you pls clarify? I don't work as a moneylender nor a loansharks either. You offer your valuable advice to people not to borrow from a legal moneylender. Do you in return have any money to help people out?? Or you are just plain debtor complaining how's life is..
ReplyDeleteHaha! I am not a saint!
ReplyDeleteThere are many solution out which many people are not aware. They just want fast money to tide them over for a while but instead it bring them in a worse state in next few months after that. Many people do not realize that!
I do not have the extra money but I know the bank do. Haha! If the bank do not want to lend you money means you got a problem!!! BIG PROBLEM!! And If your friends or family members do not want to help means you got a even BIGGER problem.
Most people often borrow in the hurry is usually to settle debt and usually gambling debts. THESE Moneylenders capitalize on these and bang the last nail on your coffin.
Private moneylender do exercise such caution but they are also more interested to get the late payment fee which is 20% OF the PRINCIPLE SUM just for a week late payment.
Why that they are worse than loanshark? There is just a matter of money. Loan do not charge 2% for loan approval fee and and $30 for loan application fee(Upon successful).
This will mean you are pay $80 after you get a $1k Loan! Some Private moneylender deduct the first installment and which mean you left only $720 for a $1k request.
AS I already mention, only borrow from them if it is a matter of life and death. Or else you are digging yourself in further. Most people like me have debt as I have yet to repay my HDB loan. Haha. Yes Life is Hard but why they make it harder? There is why Singapore do not support monopoly.
P.S Anonymous If you are not a private moneylender, then you seem to be on their side? Maybe you are their rich "investor"?
It may be common that you encounter dafaulters BUT It is just your fault as it is for greed that you lend and do not screen a person carefully.
WAHHH.. So mind i ask how u know so many things about private Moneylender? u been there before? or lend before? disqualified to loan ah?
ReplyDeleteYup I been there before... thus I know a lot. You should read the rest of my blog and my experiment.
ReplyDeleteHow to be disqualified when you guy loan to any Tom Dick and Harry as long as he earn $1.6k per mth and not a bankrupt?
You should know yourself and your "real" intention. I really love to see how long you all last. Hahaha
Please hear me.
ReplyDeleteI’m a customer of a licensed moneylender in Singapore.
To be honest, I know their interest rate is high but they saved me….
Without them, I think I will have jumped down from my flat by now.
When you are really in need of money and banks have rejected you, they are the best source. They saved my life and saved me from become bankruptcy
I don’t like to borrow from relatives or friends because they will look down on me and they will tell many people and gossip about you. Everyone has pride; I don’t want my family being look down due to me.
I had borrowed from loan shark before; I can tell you it was a nightmare. When I couldn’t pay up, I knew they are coming but didn’t know when, so my family had to live in the dark because we dare not switch on the lights just in case they come. We were living in fear during that period. When they splashed the paint on our door, we hide in a corner of the house and dare not make a noise, and listen to the noise outside, when the noise stopped we will wait for another half an hour or so before we move. I know I’m the one should be blamed for all these… but many times in life you just don’t know what’s going to happen next, just luck.
Licensed moneylenders, they will also chase me for payment but they won’t splash paint or hit me, we do not need to live in the dark. Sometimes they even waived my late fees or let me pay lesser when I talked to them.
I know you are out of goodwill and kind to us but you will never understand how we feel when we are facing with financial problems. Singapore has a lot of rich people, they won’t understand our feeling. Just put yourself in my shoes, when you are desperate for money and you get from nowhere, it’s between death, licensed moneylender and loan shark, which one will you choose?
Therefore, I really hope that more people can understand us…
For rich people, they need banks or GE money to borrow money from; for low income people like us, we need licensed moneylender to borrow money too.
But for those who are not very desperate for money, I will not encourage you to borrow from anyone, not even credit card, their interests are high too.
I agreed as I said unless it is a matter of life and death else do not go to them. Taking this shot is much better than jumping to death!
ReplyDeleteHowever for personal loan usually they can loan you the most $2K. Not enough to save you from bankrupt unless you "pawn your house with them".
DO you know that bank won't force you to go bankrupt unless you are really broke and no longer have anymore income. In addition if your debt is less than 100k, the court will suggest a Debt management plan (DMP) instead as long as it see you have the ability to repay your creditors slowly.
However you are wrong to say they borrow to low income people. In fact only LOANSHARK loan to low income people. Nowaday bank do borrow $$ to those earning just above $20k per annum. of you have bad credit rating then you got no choice. TAKE NOTE THAT: Licensed Money Lender DO NOT Lend money to those earning below that as the interest will be capped at 18% PER YEAR!
If it is really means death, then you would have try friends or relatives. Pride is worthless in such situation.
Private License Moneylender or Loanshark makes no different when you are desperate. Yes you can talk to these licensed moneylender to waive your "extra" as long as you can promise to repay them. The saying goes: Better than Nothing. Loansharks are usually operated by runners and thus it is hard to talk the the person who is actually lending you the money. Hw may just be the "investor." This runner depend on late payment as bonus to them and thus they retort to unlawful way to get the money and it is hard to negotiate with them.
SPLC.. Are you assuming what you know about the operation of the moneylender or are you a moneylender before?
ReplyDelete"How to be disqualified when you guy loan to any Tom Dick and Harry as long as he earn $1.6k per mth and not a bankrupt?"
Are you sure about the above statement?
I read thru your entire blog and knew you approached a few moneylender too... Oh wait!!..Does that mean you fall under the below category?
ReplyDelete"If the bank do not want to lend you money means you got a problem!!! BIG PROBLEM!! And If your friends or family members do not want to help means you got a even BIGGER problem."
I always believed, If somebody want to critic anybody should take a look at oneself. If you discourage how the moneylender operate. You should refrain yourself from borrowing from them. What the point of borrowing from them, and
complaining in the end?
P.s I not a moneylender, borrower or rich investor.
I am a malaysian.Very hard for us to survive to get a loan in malaysia. I need a urgent loan.Please email to nesan199@yahoo.com
ReplyDeleteZzzzzzz... Did you red my blog properly. Pardon me for my BAD English then.
ReplyDeleteI approach them not because I want to borrow from them. I just want to test them out.
Very Curious about their business as I found them out on the newpaper. I thought of recommending this alternative to people instead of going to AH Long. Insetead they are not better.
I am NOT CRAZY TO borrow and pay nearly 100% interest in the end. Unless they can lend me $1million. lol!
IF you own credit card like me, You should know that the bank' telemarketing contractors will often call you to offer you loan.
I am very sure! Above $1600/annum and not a bankrupt. I am 99% sure there is not a good credit check done.
For those unemployed the money lenders won't give them loan. I've tested 3 money lenders. Have you tried it recently?
ReplyDeleteYes I mentioned.. as long as they earn $1600/mth and > $20000/annum and not a bankrupt.
ReplyDeleteSome money lenders straight ask for singpasss and nric number without telling why they need it for and their interest rate. Sounds like they want to pull a fast one like buying insurance or unit trust etc and may buy huge amount like 100k or they may do something hanky panky. They refuse to divulge anything else. Their regd address is at s'pore shopping centre but the person said he's operating frm toh guan area. Damn bloody fishy. Any comments? Btw I'm not money lender, financier or their backer.
ReplyDeleteDIAM LAH SPLC...
ReplyDeleteSUCK ur father cock and diam diam lah.... Dun act like you the champion lah. If you are so good then talk to the Govt abt all these. Raise these questions on ST Forum lah....
Only hide in cyber world KPKB.....
lol!
ReplyDeleteLook at the manner of ONE OF these LICENSED Monylender...
Maybe this particular guy do not have a father???
The media had raised so probably i just wait to see as this is loophole in the moneylender act. This is probably a bubble tea biz.
SPLC,
ReplyDeleteFirst of all i really don't understand why someone or anyone bother to go from places to places exploiting moneylenders fault. You even said you dont borrow from them, and yet you disclosed everything about them. Are you one of their debtor who have defaulted the payment?
Anyway since you are so free to bother about lEGAL moneylender, why not you travel around those hdb area which is so prone to "ah long" harrassment? Just take a look at the big picture for awhile.. Our local goverment have been issued licence to those "legal ah long" is for a purpose. That is to combat those illegal ah long which use unscruplous method to claim their debt back. Yes, i admit they is some legal moneylender that charges interest higher than the loanshark. At least we know legal moneylender dont use unscrupulous method to claim back their debt. To be fair.. We cannot judge this trade based a single person assumption. You know what i mean SPLC?
Dear SPLC,
ReplyDeleteThere is a governing body that handles all dealings with licensed moneylenders here in singapore. http://app2.ipto.gov.sg/
If you have any problem and discover that anyone of the things u "stated" above is wrong-doing. you can lodge a complaint here.
And in this website, there is even a pointer to borrowers that you must have not forgotten to read.
http://app2.ipto.gov.sg/LinkClick.aspx?fileticket=GyWfBgoJXC8%3d&tabid=71
Mind your own business, others are also earning a living.
Why do they need you to furbish them with singpass? I thought we can send them a copy of cpf statement. What if they anyhow do transaction using the singpass?
ReplyDeleteI wouldnt give anyone my singpass.In fact Ill key in for them if needed adn delete the cache, data etc...on their comp.
ReplyDeleteThe government allows these people to operate.
And these blogger merely reveals the truth, if you dont like it then DEAL WITH IT MONEYLENDERS!!!Go open an ice cream stall then!!
Sadly, in this so called 1st world country, we have one of the worst widening income gap between rich and poor and there really are people struggling daily and receive little help.
To Whoever oppose.. Why don't you guys do business for those will earn less than 1.8k a month? isn't just explore the loophole.
ReplyDeleteTo Whoever support! Thanks! Yes I am revealing the truth!
Since the moneylenders are doing LEGAL Business! Why they do not tell everyone that they charge 180% or more interest for half a year? What so afraid to hide? How about HBD advertisement? 1% interest for HBD Seller.
What I said is it wrong? NO! I am not a debtor or defaulter to these illegal moneylenders. Maybe You are right! I am too free.
You can earn a living as this blog is merely just to alert people who are desperate to think twice. Once they are there, they may not be able to resist the temptation of getting hard cash in their hand.
Are u sure no one doing lower than 1.8K salary a month???? U very very sure or u just talk only?
ReplyDeleteI know of some who do it... so get ur facts right.
People who loan are not stupid... people who loan and thinking to spend cash in advance are stupid. Those who need to settle off urgent matters are better off borrowing and clearing early earns interest rebates. Rather than borrowing from friends who will see u differently after which.
So SPLC, just mind your own business and find out more before you shoot...
I have never loaned from moneylenders nor i am a money lender but i just feel that it is another form of finance for the poor and low income group.
Try borrowing and then u judge, i been to a few and check out their deals also, maybe you have not met one that is more professional thats all.
Yes I am very sure.. the min infact can be 1.7k. THUS I am VERY SURE! but there is exception to those who earn 1.6-1.8k PROVIDING His annual income exceeding 20k.
ReplyDeleteThis is the loophole.
"These provisions regulate access to credit and provide that where
a borrower has an annual income of at least $20,000 and not exceeding
$30,000, he can only obtain unsecured credit of up to two times his
monthly income. If the borrower has an annual income of at least
$30,000, he can only obtain unsecured credit of up to four times his
monthly income. Borrowers with an annual income of less than $20,000
can only take a small unsecured personal loan not exceeding $3,000,
with the interest capped at 18 per cent per annum."
Unless he "mortgage" his HDB
I Do not talk only so Tell US which moneylender loan for those with 20k and below. Give me the contact and I go and check. KINDLY NAME A FEW here. I can advertise for them.
If borrowing is to settle urgent matter then is it right to put "Salt" on the wound with such high interest? Most of the common reasons we know best.
What kinda rebate are you talking about when it make no much difference to clear in 2 months early. the rebate is usually 70% of the balance which mean you still have to pay 3 month interest even you borrow and repay the next day. By the way... the early rebate DO NOT APPLY to weekly and bi weekly loan!
I had already found out enough.. and Why do I mind my own business when this is interesting.
And who don't you mind yours since you are not a moneylender and never loan from them.
You already said.. finance for the POOR. it's POOR so WHY is there a MUST to charge the POOR such high interest???
Nice, well written and informative post.Thanks for sharing!
ReplyDeleteSecured Personal Loans
I Do not talk only so Tell US which moneylender loan for those with 20k and below. Give me the contact and I go and check. KINDLY NAME A FEW here. I can advertise for them.
ReplyDeleteGoldstar Credit - Ms Hong : 97920556
People Park Centre #05-51
(chinatown)
SPLC: Mortgage??? U are totally freaking clueless about what u toking abt... No one does caveat or mortgage nowadays. Some even provide 24hrs interest free loan. Some have rebates can save up to 10-20%
ReplyDeleteGet your facts right first dun just open your mouth and talk.
Charge the poor high interest? what kind of risk they facing? Even loan 500 also got ppl runaway.... so what u expect??? Quote from some money lenders....
So SPLC.... survey the market again.... Don just talk.... So someone has given you contacts advertise lor... make sure i see the company prominently online since YOU ARE ADVERTISING FOR THEM.
Money master: Moneylender are not loansharks, for your info... A loanshark is someone / a group of people giving out unsecured loans to individuals at a interest rate which is determined by the 2 parties. This type of activities is considered illegal as the business is not being licensed by the Government and it often results in some criminal acts by the thugs. However a legalised moneylender is totally different, they get their license from the government bodies, operate in a way that follows a strict guidelines and regulations set down by the relevant government bodies. For those who dun understand the differences please read more newspaper or find out more before you post any negative comments. There may be some black sheep among 1 or 2 Moneylenders as mentioned but please do not condemm the large number of Moneylender companies who are providing their services to the members of public who need financial aid.
ReplyDeleteMoney master: Dear SPLC, Are you in cahoots with the illegal loan sharks? By saying that Lrgalised Moneylenders are like loanshark, are you trying to tell the members of the public that they might as well go to a loanshark to take a loan instead of a Legalise moneylenders? If you have so much time to post negative comments on others which is untrue, please take the time to read more on Singapore laws and then come back to post more. No one is above the law, Singapore laws does not provide loopholes, our governments are very systematic in managing the country, alot of guidelines are set out and its clearly black and white. Please do more research.
ReplyDeleteAfter someone stated some new facts the blogger seem to have eaten his blooper and kept silence?
ReplyDeleteHi,
ReplyDeleteIam from India, yes for some points mentioned i do agree to boh of you.
But i need an urgent loan of 25k for my son's operation.
Banks rejected my application, no lender in india, so coming out for international help.
Can any one help me out with what ever the interest rate is . but i will not pay upfront fees.
Please email me to naveentenneti2008@gmail.com
Blooper? Nay!! I was eating a Whooper at Burger King this afternoon. I don't watch my blog everyday. But it seem you guy are more concern about me blogginf fearing I may ruin your business. Heh! I GOT ALL MY FACT RIGHT!.. any reader can go and find out themselves on what i stated are truth or not.
ReplyDeleteYou can defending these loanshark are clearly who you are.
Hahaha!.. your definition of Loanshark is WRONG!!!
A loan shark is a person or body that offers unsecured loans at HIGH interest rates to individuals.
"what determine by both parties?" Get your definiton right!!
BTW GOLDSTAR CREDIT is not what you claim that they loan to those who earn less than 20k per year. I was checked!!!
You can also refer to this gumtree advertisement too in case you claim otherwise.
http://singapore.gumtree.sg/c-Business-Services-other-GOLDSTAR-Credit-Private-Limited-Lic-186-2010-Personal-Loan-W0QQAdIdZ238809536
READ PROPERLY 21K PER YEAR OR MONTHLY INCOME $1750. Do not anyhow state.
In cahoots? Hahaha. Grow up whoever you are. AS if I own all the illegal Ah Longs in Singapore. You should know that Ah Long do not lend $ to strangers. it is by recommendation. Moreover I am condemning Loanshark because of high interest whether legal or not. But the worst form is those operate in Broad daylight.
The loophole is obvious and that is why the minimium is MUST BE above 20K. There are plently of such loopholes that consumers are ignorant of. Even simple stuff like signing handphone contract. there are more terms and conditions than what is advertise.. Look at so many thug renovation contractor get away scot free when they fail to do a job.
P.S. I just leave the Goldstar credit for a few more days before I delete it. If the gumtree ads is some how deleted... I can guess why. lol
oh ya.. people borrow $$ and run away, that is your problem. Since you guy have TOOK the admin fee to DO your credit check. this money is not given for nothing. YOU MUST DO A PROPER CHECK BEFORE YOU LOAN. Unless this $ is just to put into your pocket.
ReplyDeleteYou must have heard that some people rent a car and never return it. So will the price for renting a car be 500-1k per day since cars are going missing?
:p
Wow... What a debate. Some how some points are relevant but some are not.
ReplyDeleteJust happen to see this sometime back and called that Goldstar, I claim I earning 1.5k and suprised to hear that they actually can do. I went to see ms Hong. Was a guy who attended to me. He said max can loan up to 1k and interest is 0.34%per week. Loan tenure was only 5weeks. That's what I gathered. So i guess maybe they really do. I did not take the offer though, I went to try try cause it's near my office. Well, the linked did say that low income may apply as well.
first,i must applaud to SPLC's dedication and taking time to write and responding to all good and bad comments.As the writer had explained many times that his findings and experiences are meant for information only and not a COMPULSORY things for us to do,so SPLC ISNT responsible and shouldnt be held for any kind of consequences,isnt it? By the way SPLC,do u know anything abt what will happen if the defaulter for licensed moneylender run away or fail to pay up? pls blog more often as i find it v.interesting...
ReplyDeleteFrom your blogs, i have a rough views of what i might encounter if i am going to visit their office. As i am a woman, i know its really not very nice to go there. Sigh, but i really wish to try try as mostly i borrowed from ah long, the repayments need to be weekly. The interest is 20% per month. So i wish to look for a monthly basis so that i can hold more cash instead.
ReplyDeleteIf based on the interest rates they offered you, in this case, they are really worst than loan sharks' rates.
I will review what i seen and experienced with you again.
Thank you for your blogs on this issue. I appreciated.
I just contacted serveral Licenced Money Lenders. Their offer is usually a max. of 1K for 1st timer. Their interest is also 20%, repayments also they demand preferably weekly or bi-weekly. I asked them what is the diff from our loans from Al Long and them. They replied say they not scared police but ah long scared police. Me??? This is call you know. Government give them licence just to let them act ya ya pa pa ya legelly? Then we as consumer just as to suffer, whether to loan from ah long or licenced money lender.
ReplyDeleteOne thing worst is that, they still need to check with credit burea for our records then to decide whether to lend or not. In this case, ah long WINS! The licenced one said if i have credit card they can loan me more than 1K but still 20% interest per month. Me??? If i got credit card, my cash advance the most charged me 5% interest. Gosh...
I better support ah long at least i dont need the hassles to bring down all my documents, pay admin fee, approval fee, let them consider one day or more then say NO to you, in the end more expensive than ah long. :( Strange huh?
No choice but to SUPPORT AH LONGS!!!
Hi! The same thing call and pester the customer to pay. Then they will send letter to the company you work in. if not, they can engage debt collectors to do the "dirty" work for them. Whatever the debt collector do is no business of their. When the debt collector is internal of 3rd, I don't know.
ReplyDeleteHi whoever.. Indeed it is a flat 20% interest. Have you tried Goldstar as what they have mentioned which i do not believed in. I can't forge my income document to see if the interest is really 0.34% per week. can I?
They may not scared people but I managed to learn that that feared the law too. Though they exploit the loophole they are actually abusing this. If you know any lawyer you can try to make peace by negotiating the loan interest only if you intend to repay early with the lawyer as backup(threatening tools).
No really support Ah Longs unless you are confident you can repay them promptly and no default as I do not like the idea that nowaday they target the neighbour too.I wont like the idea that my neighbour borrow $ from ah long too..Unless it is a life and death solution, you should find a way out.
You are right that they may say no to you.. nowaday the admin fee is payable only if your loan is approved.They are simply taking advantage of your situation.. But most of the time you can work your way out but it will be tough for a period of time. It is better than going to these legal and illegal loansharks just to seek a temporary easy way out.
I will go try the Goldstar you mentioned. Seriously, i do not encourage people to look for easy way out, but i believe you know the 'tough' of our times.
ReplyDeleteHopefully most people have control on their own actions and be more responsibility. Just borrow what they can return. As for now, since we have only them to help us in financial, never lose away your last resolution! Unless you wanted to die soon, needs no money in future anymore.
They are left being your 'friend' when you in need. :P
Talking bout acceptance fee... i spoke to OCBC and GE they also got acceptance fee....
ReplyDeleteSimilar tactics i believe.
I read all your entries and find it very informative. At least now if I need to find the licensed moneylender I am wiser. Also have a better idea which one to go for, I am sure there are genuine one out there that are willing to help those in needs.
ReplyDeleteOne day when I make it in life, I will open one that does not suck but to help those that are really in need.
Hi Freddy!
ReplyDeleteIt is sad to see more and more of such companies popping up like toadstool after the rain.
That mean there are a lot of such demands now!!
This blog is more of information which give you a head up of what you expect before you approach them.
it is great that you have such an ideal thought... But think again in the other sides' shoes..a bad apple spoil the whole basket of fruits..
That why I say when I make it in life, which me my finance is in abundance, than I won't mind helping those that really deserve the assistance ;p
ReplyDeleteThis is such a informative blog.
ReplyDeleteTheir interest rates is indeed competitive (dare I say competing who can successfully charge higher?)...
It's very true that they do not operate to help those really in need, complete opposite of what is being advertised.
Those earning <$20,000 are unable to take loan due to the interest capped at 18% p.a (hence lesser profit margin?)...
For those earning >$20,000 the interest rates could easily be at 60% p.a. It's so much higher than the interest from banks, usually approximately 12 to 15% p.a.
I hardly see any legal moneylenders offering a loan to the really low income groups.
I agreed with your perspective. But borrowers can get a hard money loan for less then 20K income. These are easy to get and are fast approval rate. Even though its interest rate is bit higher then slandered loans.
ReplyDeleteSince 2005 the CreditSources.org team has been helping people with less than perfect credit obtain personal loans up to $25,000.
ReplyDeletePersonal Bad Credit Loan
this is a local/singapore problem,i dont think overseas information is gonna help,rich sehgal/hard money loan unless they loan to sporean??
ReplyDeletehas anyone being sue and brought to bankruptcy by all these legal moneylenders?
ReplyDeletewell in my opinion ,i think these so call licensed lenders is just exploiting the desperate people.
ReplyDeleteSo far there hasn't been such report where a brrower is sued by these moneylender. Anyway couple of grands cannot be brought to bankrupty as 1 of them already give a valuable information that they cannot make themselves a nuisance otherwise their license may be revoked. The most they can do is seek debt collector company or file a small claim if they can go by law. Lol!
ReplyDeleteThanks so much for bringing this to light. It is absolutely incredible that they allow this to continue! Loan Sharking is something that in my opinion needs to be stopped. But does that really have a chance of happening? Doubtful.
ReplyDeleteUnsecured Bad Credit Loans
i do not understand why we borrow unlicenced money lender a some of money but when we left a last payment they just ignored us.please can somebody give some suggestion.
ReplyDeleteThe person who wrote this review is totally quite lame. Each type of company runs to the needs of the person in the country. Everything had its pros and cons. So i dont feel that its wrong for money lending company to operate in singapore.
ReplyDeleteP.S > Pls do not make fun of any parties in your review. It is just that you do not seems to approve of such company in singapore and that is you only. Do not be so selfish as to mislead singaporeans into your thinking pls! Grow up!
By The Way, the writer of this review gave the wrong information. There were company giving loan to those ppl under 20k per annum.. SO Pls do your reports before you wrote them into your so called GODLY reports LOL!
ReplyDeleteMoney lending is a lucrative business. Well, as we all know that high risk equate high return. In the money lending industry, the owner can recoup their capital within 6 months, even with encountering a 60% default risk.
ReplyDeleteComing back to all this Big hoo ha about money lenders been evil or borrowers been suckers established a fact that it is just another options of choice. Credit card, License money lender or Loan sharks all charges significant interest rate (if to compare between different markets or in different countries).
Whether be it the license money lenders are evil, i though they must exist but perhaps they should provide kind of flexibility to assist those who are really unable to meet the payment requirements by restructuring their loans and provide them longer timeline for repayment. Nonetheless, i believe the apparent social problems are link to the existence of our IRs, legalize betting and etc..
The real question to us is will this business be able to remain lucrative in the next 10 years? After the Government has cramp down those illegal Loan sharks, they will start introduce new regulations to these industry till much firms finds that too much restriction enforce which may affect their profitablity, eventually leading to one by one pulling out which ultimately left those few biggers one.
Anyway, this assumptions are base on my personal view, hopefully, the coming economic recession which will begin in the next few months may not last too long, otherwise, we will see more people in debts and creating more social issues.
I wish everyone well and hopes my views does provide some insight.
This is Anonymous(Truth) commenting here...
ReplyDeleteHi to all,
After reading all the comments and replies here, really open up the facts and catches hidden in this subject...
Be it what had been mentioned here is it, right or wrong, true or false; just take a look in the current moneylender's act and it shows all...
Be it whether will the loan be issued/granted at earning <20k or >20k, it makes no different...
Do you guys know where/what is the similarity & difference between the lender and the borrower???
Similarity - Both trying to earn/get money in the easiest and fastest time...
Difference - Lender earns far more than what they had issued out even from the start and borrower sinks deeper than ever especially when repayment defaulted under unforeseen circumstances...
1 piece of advice to the lenders (legal or not), high return = high risk(bad debts), do not push too hard till the borrower really got no way out and fight back without looking back, in which when you made them lose their rice bowl as it is the mode of repayment...
1 piece of advice to the borrower, O$P$, since you had agreed and sign the papers, try your very best to payback what you had committed...
It is all about demand and supply...
As long everything is done within the jurisdiction of the law, what else to argue about???
Good day to everyone...
i m a borrower and still repaying. but what i want to say is that, they are no different from the illegal loanshark, only without the paint throwing. i do repay on time but when my pay was being delayed or hold up, i never hide or go MIA from them, i requested a few days grace period on my repayment and willing to bear the late charge and additional interests, but here is where they really reveal their real color and became very aggressive. start calling non-stop even i aleady answer their call less than 5 mins, calling you sick names, threatening to disgrace you in public, etc etc etc. i agreed with Anonymous(Truth)'s comments. if i lose my job, i lose my mode of repayment. and if i lose my rice bowl, who is going to compensate my losses? who wants to borrow if not being forced by life? who love being hassled and disturbed almost every min and second? so please have a bit more kindness as life is already very hard now a day and please don't make it even more worst. thanks many many.
ReplyDeleteFUCK LA.... i myself a target of the so call legal moneylender! but they are just shit ! lousy then illegal loanshark. loanshark at least just cut the the interest $1k get $800 but so call legal want still cut what FUCK admin fee. they dont give chance but i must say some do.most don't they just visit your house and work place make me lost my job. and they keep pushing ask me for return when they make me lost job!So for anyone want to lend money please dont go the so call legal want. if you still think you have to or you have t jump. then PLEASE jump now !
ReplyDeletegoing to money lenders should be your last resort unless you are very confident in paying it when you have a little cash tight. But when you borrow must he responsible in paying back.
ReplyDeleteBe careful here.nobody can help you here or even suggest how you can get financial help.any answer of a loan lender to your question or loan request,you MUST ignore,because they are SCAMS...real SCAMS...I was a victim of which i was ripped off hundreds of dollars $....So email me right away on tips of detecting a loan scam and a safer way of getting a cheap legitimate loan help via ” kenshawwjeanne(at)gmail(dot)com “.Replace the content in brackets as usual.I made it so because of those CON IDIOTS..Beware,I can't diclose anything here cos its a public place, for fear of SCAMMERS,so do as instructed and you shall see the reality of it all..If you don't mind I can as well narrate my scam experience to you and how I finally got back on my feet through a God Sent from where I Least expected that finally gave my life a financial stability,in my next email to you.Jeanne
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