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Personal Loan from Licensed Money Lender

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Old 19-08-2009, 08:50 PM   #1
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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....

Last edited by wilcom79sg; 19-08-2009 at 10:48 PM..
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Old 28-12-2009, 02:36 AM   #2
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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
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Old 19-01-2010, 09:16 AM   #3
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very expensive
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Old 09-02-2010, 02:31 PM   #4
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very good blog
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Old 09-02-2010, 02:32 PM   #5
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yes its good
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Old 09-02-2010, 08:51 PM   #6
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Nice style!!
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Old 09-02-2010, 10:40 PM   #7
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try GE money?

they call up offer me personal loan
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Old 10-02-2010, 10:06 AM   #8
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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
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Old 06-07-2011, 11:47 AM   #9
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Thumbs down

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?
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Old 06-07-2011, 03:52 PM   #10
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Same as ah long if cannot afford to pay
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Old 07-07-2011, 12:24 PM   #11
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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?
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.
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Old 07-07-2011, 06:43 PM   #12
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Legal AH LONG
Better dun try
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Old 16-09-2011, 08:40 PM   #13
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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.
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Old 02-01-2012, 11:00 PM   #14
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avoid them like plague, dun touch with a 100 m pole, they are poisonous mushrooms
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Old 05-01-2012, 01:58 PM   #15
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Go to local banks. GE-money has been acquired by Standard Chartered by the way.
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