Surprise Surprise...now the pie has shrunk due to increasing competition.
It is not surprise that with the Internet and latest technology that these legal loanshark are promoting themselves bring their service closer to you from home. Their service are rather fast and some can even approve your loan application online.
Of course you will need to follow up by bring your relevant document to their office as well as signing the IOU before the loan is finalize.
I am rather impressed that some of them do take the effort to beautify their website and I am also glad that some of them do provide the detail on their website. This is in fact what I am looking for as upfront and honesty rather than hiding the facts and getting people to make their way down to their office and wasting their time and give in to their terms.
Talking about how most of them giving general statement and sweeping advertising slogan..lowest interest and flexible repayment. The catch is on the acceptance fee. This acceptance is really what goes into their pocket so they make the smart move to collect the interest and profit first and play around and market with the then interest rate. Despair some providing transparency, most of them still hide the ugly fact on the interest detail.
Browsing the site, I found few sites offering payday loan with interest of $2/day. You are to repay the loan fully on you payday or maximum 30 days. What is the catch? Look at the acceptance fee! 20%. No matter what you can't escape from high interest in total.
Going thru this business for some time, I realize that customer service will be grow if you are a genuine and serious customers. Most of the time you can negotiate for discount, better deal such as lower acceptance fee when you reloan and the fact you never give them any problem.
I discover that if you are a good customer and you can repay the loan early, go for those ah Beng people and ah Beng looking office. How to describe ah Beng office is hard to describe until you made a comparisation. But Why? You may ask...
These ah Beng money lender provide and will waive off a lot of fee and sometime waive off the rest of the interest if you made early repayment. But if you go to those 'high class' and formal looking office, they simply go by the book. Meaning that no discount will be given even if you made early repayment and seldom will they waive or lessen the acceptance fee. You also have to provide plenty of document to them.
But if you default, the treatment is likely to be reversed 360 degree and you can work out a solution with them providing that you honor it. They will respect customers who dare to step out and admit they are problem rather than go MIA. But again if you fail so again.. Most likely is the debt collectors' jobs now. You can expect what type of debt collectors you will see and most will visit your workplace first.
So think twice before you seek their 'help'..
Monday, April 11, 2011
Thursday, April 7, 2011
Higher interest & higher acceptance fee..
With more private lenders offering no 1st payment, that means additional 1 week interest to be paid. However it's seem the weekly interest has gone up to 6.66% per week of the principle loan. This can easily chalk up to 40% for 1.5 months. I was inform that Illegal Loan shark also up their interest from 20% to 25%. However who is going with inflation of Singapore.
The acceptance fee has gone from 5% from the 1st time I start this blog to as high as 15% or even 20%. Add to the interest it can be as high as 60% interest just for 6 weeks. OMG!
The acceptance fee seem to be their assurance to loan less in case of defaulting and also their form of customer service by charging you less acceptance fee or waive your interest if you repay easy.
Few days back...I personally witness a borrower trying desperately to loan 5k. Haha! Yes I am back for some tour in Peninsula Plaza.. He claim he earn $4k a month and no debt with banks or any other lenders and even tell the counter girl to check. I was wondering why he did not approach the bank. He said he need it only once and that's it. Sadly the staff did not honestly tell him that for first timer it is just $1k loan even you are as rich as Bill Gates. It is still $1k. As their SOP, the staff ask the man to go for coffee and will call him if it is approved or SMS him if it it not. The result Is simple.
Amazing more people are approaching them and it seem this is really a money world, cash in hand with no considerisation it will be going towards the another people hand after that. The best thing is more and more of these companies are surfacing and some of these companies are under the same Boss or management... For some reasons, maybe if their license ger revoked..etc.
This remind me of the bubble tea era but look again... Bubble tea is back. And not forgetting it is one of the oldest trade which can be compete with the lifeline of cockroach. Lol!
The acceptance fee has gone from 5% from the 1st time I start this blog to as high as 15% or even 20%. Add to the interest it can be as high as 60% interest just for 6 weeks. OMG!
The acceptance fee seem to be their assurance to loan less in case of defaulting and also their form of customer service by charging you less acceptance fee or waive your interest if you repay easy.
Few days back...I personally witness a borrower trying desperately to loan 5k. Haha! Yes I am back for some tour in Peninsula Plaza.. He claim he earn $4k a month and no debt with banks or any other lenders and even tell the counter girl to check. I was wondering why he did not approach the bank. He said he need it only once and that's it. Sadly the staff did not honestly tell him that for first timer it is just $1k loan even you are as rich as Bill Gates. It is still $1k. As their SOP, the staff ask the man to go for coffee and will call him if it is approved or SMS him if it it not. The result Is simple.
Amazing more people are approaching them and it seem this is really a money world, cash in hand with no considerisation it will be going towards the another people hand after that. The best thing is more and more of these companies are surfacing and some of these companies are under the same Boss or management... For some reasons, maybe if their license ger revoked..etc.
This remind me of the bubble tea era but look again... Bubble tea is back. And not forgetting it is one of the oldest trade which can be compete with the lifeline of cockroach. Lol!
Wednesday, March 2, 2011
Interesting comment from associate of moneylender
Okay, I got a comment from an associate. He claim that the government charge 17% tax regardless of recovery.
I would like to say that this 17% tax is on the PROFIT NoT on the principle loan and this tax apply to all corporate business in Singapore.
if this tax is high... Then they have to make their profit 5 folds? So they need to charge more than 200 for 1k loan.. So they can pay $34 to tax, wow... Good excuse.
Anyway back to the topic.
So comments that some moneylender insist them to go to their office personally even though they know their loan will not be approved. Hence wasting their tine and transport $.
I can't say for all moneylenders, I know there were moneylenders who provide better service and orovide their info honestly. Those do not usually are those that want to end your call early as long as you earn $20k a year. They would just call you to go down personally with some required documents. They will give the interest rate and fee in general or range. These group of people are indeed sickening.
Here are the guidelines to prepare if you insist to visit them.
some moneylenders only do weekly loan even they advertise monthly loan is available. Probably this is less risky and they got more cash to roll.
Need loan more than $1k, if you are 1st time lender, well forget it. The most is 1k and subsequently than you will be given slight yes slightly higher loan cause they are rolling your money with you paid interest and fee.
Be prepare to pay 10%- up to 20% processing fee. Which means at least 10% of the money is gone even they don't deduct your 1st payment.
Do not be naive and fooled by flashy advertisement like no interest, free 3 months interest, these usually apply for short period like no interest for 1 week but 5-6% interest per week after that or no interest for 3month for 6mth to 1 year loan. In the end it's the same or you are paying higher. The interest rate is standard for weekly which is 5-6% per week.. It Per weekly of the principle loan.
For monthly is 10%-15%. But expect a higher processing fee for the lower interest given.
Hope for more feedback from these moneylenders customers.. Cheers.
I would like to say that this 17% tax is on the PROFIT NoT on the principle loan and this tax apply to all corporate business in Singapore.
if this tax is high... Then they have to make their profit 5 folds? So they need to charge more than 200 for 1k loan.. So they can pay $34 to tax, wow... Good excuse.
Anyway back to the topic.
So comments that some moneylender insist them to go to their office personally even though they know their loan will not be approved. Hence wasting their tine and transport $.
I can't say for all moneylenders, I know there were moneylenders who provide better service and orovide their info honestly. Those do not usually are those that want to end your call early as long as you earn $20k a year. They would just call you to go down personally with some required documents. They will give the interest rate and fee in general or range. These group of people are indeed sickening.
Here are the guidelines to prepare if you insist to visit them.
some moneylenders only do weekly loan even they advertise monthly loan is available. Probably this is less risky and they got more cash to roll.
Need loan more than $1k, if you are 1st time lender, well forget it. The most is 1k and subsequently than you will be given slight yes slightly higher loan cause they are rolling your money with you paid interest and fee.
Be prepare to pay 10%- up to 20% processing fee. Which means at least 10% of the money is gone even they don't deduct your 1st payment.
Do not be naive and fooled by flashy advertisement like no interest, free 3 months interest, these usually apply for short period like no interest for 1 week but 5-6% interest per week after that or no interest for 3month for 6mth to 1 year loan. In the end it's the same or you are paying higher. The interest rate is standard for weekly which is 5-6% per week.. It Per weekly of the principle loan.
For monthly is 10%-15%. But expect a higher processing fee for the lower interest given.
Hope for more feedback from these moneylenders customers.. Cheers.
Monday, February 21, 2011
Invasion of Legal Loanshark
Surprise surprise!
Indeed this has become a very good business and it seems to cover 85% of the classified ads on
The Newpaper and these ad are even more than job recruitment ad.
With repetition of ads by the same moneylender and all the marketing gimmicks..
Free interest, monthly repayment and no admin fee.
I can tell you that they all work the same. The fact that more of these moneylender even operate
In the heartlands has conclude that there is no stopping them at the moment.
But the day will come.. Remember that last time there were a lot of ads on cpf investment where rouge
Financial consultant for cash of up to 200 buck for every $10k invested from cpf. Now it is gone when the government make some adjustment for cpf investment.
Recently all the 'dirty' spa ads are also getting less. No doubt that the police have done their job to raid these business.
Back the how these moneylenders charge. Despite the fact they are seeming trying to compete with each other.
They can't run away from the fact that they are shark.
Free 1st week interest? By not deduct the first payment mean you have to pay interest for another week. So it's the same. Smart huh?
No admin fee? 5% processing fee when your loan is approved. This will mean for every 1k, you are paying at least 50 and usually it will be 70 plus the whatever charge.
On top of that, it is 10-15% interest per month if you are going by monthly installment. It will be 100-150 dollar per month for 1k borrowed.
It may seem less but don't forget your principle loan. for 15% interest, you need to pay 317 per month for 6month. So how much interest is that.? 100% interest rate not forgetting your processing fee.
There is a list for directory of these sharks at sml999 website.
Take care!
Indeed this has become a very good business and it seems to cover 85% of the classified ads on
The Newpaper and these ad are even more than job recruitment ad.
With repetition of ads by the same moneylender and all the marketing gimmicks..
Free interest, monthly repayment and no admin fee.
I can tell you that they all work the same. The fact that more of these moneylender even operate
In the heartlands has conclude that there is no stopping them at the moment.
But the day will come.. Remember that last time there were a lot of ads on cpf investment where rouge
Financial consultant for cash of up to 200 buck for every $10k invested from cpf. Now it is gone when the government make some adjustment for cpf investment.
Recently all the 'dirty' spa ads are also getting less. No doubt that the police have done their job to raid these business.
Back the how these moneylenders charge. Despite the fact they are seeming trying to compete with each other.
They can't run away from the fact that they are shark.
Free 1st week interest? By not deduct the first payment mean you have to pay interest for another week. So it's the same. Smart huh?
No admin fee? 5% processing fee when your loan is approved. This will mean for every 1k, you are paying at least 50 and usually it will be 70 plus the whatever charge.
On top of that, it is 10-15% interest per month if you are going by monthly installment. It will be 100-150 dollar per month for 1k borrowed.
It may seem less but don't forget your principle loan. for 15% interest, you need to pay 317 per month for 6month. So how much interest is that.? 100% interest rate not forgetting your processing fee.
There is a list for directory of these sharks at sml999 website.
Take care!
Wednesday, January 5, 2011
Low Interest... whole bunch of craps!!!
Mushrooms of Legal Moneylenders popping up and cover 70% of the classified pages in Newpaper. Offering free interest and interest as low as 10%...
Here is the catch... As interest rate is low is when you are able to return the money within a period of time such as 1 or 2 months. Free interest if you can return in a week.
The Real catch... Where does their earning goes then? It is in the approval fee which is acceptance fee+admin which can be as high as 15% of your loan. add the 10% and and you are actually paying 25% interest for the loan.
What can you say about that?
Here is the catch... As interest rate is low is when you are able to return the money within a period of time such as 1 or 2 months. Free interest if you can return in a week.
The Real catch... Where does their earning goes then? It is in the approval fee which is acceptance fee+admin which can be as high as 15% of your loan. add the 10% and and you are actually paying 25% interest for the loan.
What can you say about that?
Friday, July 23, 2010
More Private Money Lenders Popping Up.
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.
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.
Saturday, May 15, 2010
No admin fee? Here is the catch.
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.
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.
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?
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