View Single Post
Old 16-09-2011, 08:40 PM   #13
LonelyMan
Master Member
 
Join Date: Nov 2004
Posts: 2,795
In terms of preference:

1. Parents
2. Siblings
3. Relatives
4. Friends
5. Interest Free Instalment from Banks
6. Personal Loan from Banks
7. Interest Free Balance Transfer from Banks
8. Cash Advance from Banks
9. Credit Card
10. Illegal Moneylender (Ah Long)
11. Licensed Money Lender

Why Ah Long over Licensed Money Lender? Simply because you can dun pay up and Ah Long cannot sue you. Second reason is Licensed Money Lender charges more interest (10%++ per WEEK) than Ah Long (5% a week). Additionally, there is late payment charges on top of the higher interest charged (none of these 2 are having any cap at the moment).

Some Licensed Money Lenders also used scare tactic to make you repay money, pressuring you by knocking on the door to shame you. Plus they have the law with them.

I have worked with people who owes money to Licensed Money Lender, MP simply refer to me and refer back to MP since they voted to pass the bill in parliament.
LonelyMan is offline