No admin fee?
Yes there won't be an admin fee if only your loan is not approved.
If your loan is approved, there will be an admin fee charge + loan approved fee which total is 5% of your approved loan.
For 1k loan, it will be $50.
As mention in earlier blog, it used to be 2% loan approve fee + $30 admin fee.
it work out to be the same or more.
For 2k loan, it will be $100. This is $30 more as compared to last time you pay $30 for admin and 2% which is $40. Toal was $70.
Hmmmmmm........... Nice marketing gimmick.
Saturday, May 15, 2010
Thursday, April 29, 2010
Getting Tough on HDB Resale Exploiters
Hahaha! finally. I guess more of these advertisement will start to disappear from the Newpaper.
As brought up by 1 commenter, Mypaper report on 28 April 2010 that MND is keeping a close watch on these legal loanshark exploiting this as a means of money lending. thank mypaper.sg for publishing such a important news.
Good Luck to these Legal Loansharks!
As brought up by 1 commenter, Mypaper report on 28 April 2010 that MND is keeping a close watch on these legal loanshark exploiting this as a means of money lending. thank mypaper.sg for publishing such a important news.
Good Luck to these Legal Loansharks!
Saturday, April 24, 2010
More Site Visits....
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..
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..
Tuesday, April 13, 2010
No Admin Fee but more licenced moneylender poping up
Since the last time i blog, you see more and more of these moneylenders advertising nowadays and operating closer our heartland. In addition With Competition toughen up, have waived the $30 admin to stay competitive. They got no choice, No borrower = no profit
This saga remind me of Bubble tea craze burst... Lol
Or Maybe it time for them to realise it is also time to lower the interest to stay in competition.
Perhaps I should goes to Review this Article:
THE NEWPAPER ( 5 April 2010 , Monday )
Mr Mohamad, who is married with no children, said he initially needed $5,000 for bills and groceries but then became "greedy" and borrowed more.But that $17,000 "loan" ballooned when hidden costs and interest were added.When his flat was sold a few months later, he should have got more than $50,000, but got less than $8,000.Other home owners who have taken such loans said they too were hit after they sold their flats.Here's how it works - a homeowner approaches the licensed moneylenders who advertise their business openly.The HDB homeowner is given a loan upfront with the promise that the flat will be sold at a hefty profit.In high-risk cases, the licensed moneylenders get the homeowner to sign documents that allow them to lodge a caveat on the flat.The loan sounds attractive. The advertised interest may be just 1 per cent per month.But the actual repayment will be much higher, said problem consultancy firm Bilal Consultants.
Sound Very familiar? Everyday you see on the advertisement stating 1% interest loan for HBD seller... This is a secure loan but looking at it... Well I shall touch more on this next time. :p
This saga remind me of Bubble tea craze burst... Lol
Or Maybe it time for them to realise it is also time to lower the interest to stay in competition.
Perhaps I should goes to Review this Article:
THE NEWPAPER ( 5 April 2010 , Monday )
Mr Mohamad, who is married with no children, said he initially needed $5,000 for bills and groceries but then became "greedy" and borrowed more.But that $17,000 "loan" ballooned when hidden costs and interest were added.When his flat was sold a few months later, he should have got more than $50,000, but got less than $8,000.Other home owners who have taken such loans said they too were hit after they sold their flats.Here's how it works - a homeowner approaches the licensed moneylenders who advertise their business openly.The HDB homeowner is given a loan upfront with the promise that the flat will be sold at a hefty profit.In high-risk cases, the licensed moneylenders get the homeowner to sign documents that allow them to lodge a caveat on the flat.The loan sounds attractive. The advertised interest may be just 1 per cent per month.But the actual repayment will be much higher, said problem consultancy firm Bilal Consultants.
Sound Very familiar? Everyday you see on the advertisement stating 1% interest loan for HBD seller... This is a secure loan but looking at it... Well I shall touch more on this next time. :p
Saturday, January 16, 2010
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?
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?
Sunday, January 3, 2010
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?
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?
Thursday, December 24, 2009
Singapore Personal Loan - Private Licenced MoneyLender much worse than illegal Loanshark!
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)
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)
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