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-   -   Personal Loan from Licensed Money Lender (https://forums.hardwarezone.com.sg/credit-cards-line-credit-facilities-243/personal-loan-licensed-money-lender-2471084.html)

TheSource 06-01-2012 11:46 AM

Don't go to them. I've personally loaned from them. Started from one to pay off bills/hire-purchase payments which accumulated due to my unemployment in 2010. The list quickly grew to 10+ cos their payment schedules were weekly/bi-weekly, which caused me to reloan numerous times just to make payment. Took awhile to clear about 14 of them last year. Still 4 to go and most of my salary goes to them. And it's stressful because they harass you when you don't pay. Not to mention interest rates of between 20% to 50% a month, not a year.

So please don't go to them. Till now I regret ever stepping into the office of the first moneylender I borrowed from.

blackie83 06-01-2012 01:39 PM

Just declare bankrupt lor.

kingkoh77 09-02-2012 11:54 AM

If is short term still ok (like 2 wks to 1 mth).
If is longer than 1 mth, better consider hard before filling up the form.

But I guess sometimes in life, we are left with no much choices...
:s7:

ccssgm 04-04-2012 10:26 PM

Illegal Ah LONG dun try

raj7398an 20-06-2012 04:31 PM

i guess pple dont want to step inside their office but at times no choice as banks decline their request.

RMITUniversity 26-06-2012 11:48 AM

Quote:

Originally Posted by TheSource (Post 63026953)
Don't go to them. I've personally loaned from them. Started from one to pay off bills/hire-purchase payments which accumulated due to my unemployment in 2010. The list quickly grew to 10+ cos their payment schedules were weekly/bi-weekly, which caused me to reloan numerous times just to make payment. Took awhile to clear about 14 of them last year. Still 4 to go and most of my salary goes to them. And it's stressful because they harass you when you don't pay. Not to mention interest rates of between 20% to 50% a month, not a year.

So please don't go to them. Till now I regret ever stepping into the office of the first moneylender I borrowed from.

Fully agreed. Once you step in very difficult to turn back. Cos the list will grow. You will borrowed from one to repay another one.

Took from max credit. Website look good but I can tell you they are blood sucker and behave like ah long.

Took $3000, up front deduct 20% admin fee, work out to be $600 which means I take back $2400. Interest is at 40% of $3000 I took and that works out to be $1200. Which means overall I have to repay $4200 but the amount I took back is $2400 only. And they expect me to pay $700 every two weeks for 6 times. (I guess now no admin fee already, but I never go back anymore). Means I take back.

Then on every due date, they will bomb you with messages and calls. And when they call you, they will say things like remember to pay up if not I will go your house threaten you, pour paint, etc.

Plus their interest always charge differently.

But their business still very good. I think customers no choice, need to reloan that's why go down to them.

starbugs 25-07-2012 07:16 PM

This thread being upped by a spammer....LOL

Anyway, if you see a Google Ad advertising these legal money lenders, do society a favour. Keep clicking those ads and make these legal ah-longs pay for your clicks!

blackie83 25-07-2012 08:09 PM

Quote:

Originally Posted by RMITUniversity (Post 67837519)
Fully agreed. Once you step in very difficult to turn back. Cos the list will grow. You will borrowed from one to repay another one.

Took from max credit. Website look good but I can tell you they are blood sucker and behave like ah long.

Took $3000, up front deduct 20% admin fee, work out to be $600 which means I take back $2400. Interest is at 40% of $3000 I took and that works out to be $1200. Which means overall I have to repay $4200 but the amount I took back is $2400 only. And they expect me to pay $700 every two weeks for 6 times. (I guess now no admin fee already, but I never go back anymore). Means I take back.

Then on every due date, they will bomb you with messages and calls. And when they call you, they will say things like remember to pay up if not I will go your house threaten you, pour paint, etc.

Plus their interest always charge differently.

But their business still very good. I think customers no choice, need to reloan that's why go down to them.

Unsecured loan is very expensive and the rates not competitive.

Why don't loan from Bank. Usually just call the hotline they will get the telesales to provide the promotion rate.

But again. Loaning money is not a way to cover luxurious lifestyle.

Sometimes no choice need to loan business needs.

Bank's debt collections at most call you to pay money or stick notice. My friend's experience was they threaten to report to your job HR.

Don't understand why they BK to company? If got bank call and ask oei your company HR say your staff own me money?

HR got reason to sack you because of bad debt issue.

No job how to make payment?

itsyiwei 26-07-2012 04:53 PM

My personal experience is if the loan is meant for bookie's debt,
Should speak directly to the bookie to work out some repayment term instead of loaning from License Money Lender. You will be surprise how willing are they prepare to negotiate..sometime interest free for a few months..but of course, they will close the account, u couldn't place bet, endure the gambling urge etc etc....but that will be a totally different topic

Good Luck Bro..

oliveirar 25-10-2012 07:09 PM

No Credit Check Loans
 
cant say who is making up threads, as this is a critical matter and people should make themselves alert enough to be safe from the frauds.


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