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wilcom79sg 19-08-2009 08:50 PM

Personal Loan from Licensed Money Lender
 
Hi all,

Is there any one here ever take up loan from Licensed Money Lender in Singapore?
Are they safe to approach?
Care to share your thought here....

eddy_wilkinson 28-12-2009 02:36 AM

Quote:

Originally Posted by wilcom79sg (Post 39707497)
Hi all,

Is there any one here ever take up loan from Licensed Money Lender in Singapore?
Are they safe to approach?
Care to share your thought here....

You can refer to http://sgloancritic.blogspot.com/ on the article about singapore private moneylender

Thai_Rak_Thai 19-01-2010 09:16 AM

very expensive

purplewave 09-02-2010 02:31 PM

very good blog

thehiongster 09-02-2010 02:32 PM

yes its good

dlocenot 09-02-2010 08:51 PM

Nice style!!

benedict888 09-02-2010 10:40 PM

try GE money?

they call up offer me personal loan

charmingaladdin 10-02-2010 10:06 AM

approach GE money or banks...NEVER go to those pte licensed moneylenders...if u dun believe us, go to sgloancritic.blogspot.com n u'll noe what we r trying to say

avatar1881 06-07-2011 11:47 AM

Can see there r a lot of such ads in New Paper and Waobao.

Yea. Nice and informative Blog: sgloancritic.blogspot.com

So Loansharking is legalised in sg now?:s27::s27:

ccssgm 06-07-2011 03:52 PM

Same as ah long if cannot afford to pay

SBS2716G 07-07-2011 12:24 PM

Quote:

Originally Posted by avatar1881 (Post 57430726)
Can see there r a lot of such ads in New Paper and Waobao.

Yea. Nice and informative Blog: sgloancritic.blogspot.com

So Loansharking is legalised in sg now?:s27::s27:

Yes legalised. So all ah long go register companies liao. Can lend legally at high interest. Only problem is that they still use same tactic to chase for money. I think govt should ask anyone who wish register as money lender to give $1 million as deposit first. Then less ppl will go register.

ccssgm 07-07-2011 06:43 PM

Legal AH LONG
Better dun try

LonelyMan 16-09-2011 08:40 PM

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.

NY__chickenpie 02-01-2012 11:00 PM

avoid them like plague, dun touch with a 100 m pole, they are poisonous mushrooms

abdrazak84 05-01-2012 01:58 PM

Go to local banks. GE-money has been acquired by Standard Chartered by the way.

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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