Loan sharks masquerading as licensed moneylenders

[Greatbirdlegend]

 

So scary....recently I've seen quite a lot of these flyers around my estate too.

Looks like everyone wants a piece of the action.

 

------

 

Jul 4, 2011

Loan sharks masquerading as licensed moneylenders

They tout services via fliers, online ads, but are not on approved list

By Mavis Toh

 

A flier for an illegal moneylender at the grille gate of a Bishan flat. Such moneylenders offer quick, hassle-free loans at exorbitant interest rates, and ask for borrowers' confidential SingPass information and passwords so they can get personal and financial data. -- ST PHOTO: LAU FOOK KONG

 

ILLEGAL moneylenders pretending to be licensed operators are becoming brazen, dropping fliers and name cards at the doorsteps of flats and on car windshields across the island.

 

Some are also advertising their services on classified websites such as ----.com and gumtree.sg

 

Touting themselves as licensed operators to unsuspecting borrowers, they offer quick, hassle-free loans at exorbitant interest rates through bank transfers - not unlike the way loan sharks operate.

 

A check by The Straits Times found at least 10 such operators advertising on various sites online. None of them is on the Insolvency and Public Trustee's Office's list of licensed moneylenders. Some list company names such as Jenny Finance and Javier Credit. Others simply leave a number and go by names such as Apple and Ivan.

 

Several of them returned calls made to them last week using overseas numbers, and said they were based abroad but had workers in Singapore. One even said he had an office on Jurong Island.

 

All eight contacted asked for the caller's confidential SingPass information and passwords to access his Central Provident Fund accounts and get personal and financial data.

[Moredhel]

And which Sinkie is dumb enough to provide his confidential Singpass details to money lenders (OF any kind).

 

Seems quite wierd with the influx of all these new moneylenders during this time when banks are almost falling over themselves to lend you money.

 

Recession looming around the corner? Too many people neck high in 'cheap interest' maximum loan debt? Or sharks jumping on the Singaporean mentality of the party that never ends?

 

Hope the men in blue get in on the action to meet this years targets too.

 

 

[Jman888]

the legal ones like banks and credit cards already so aggressive, the back street ones much also catch up

[The_Bear]

And which Sinkie is dumb enough to provide his confidential Singpass details to money lenders (OF any kind).

 

Seems quite wierd with the influx of all these new moneylenders during this time when banks are almost falling over themselves to lend you money.

 

Recession looming around the corner? Too many people neck high in 'cheap interest' maximum loan debt? Or sharks jumping on the Singaporean mentality of the party that never ends?

 

Hope the men in blue get in on the action to meet this years targets too.

 

You have heard of the old chinese saying of forcing the tiger to jump over the wall? Despradoes will even make elephants jump over that wall. In the most extreme cases, they might even consume the wall if needed. These people are usually already insolvent and has no realistic way of repaying when they approach such money lenders. And the whole point of such money lending activity is total exploitation of the victim and his family. Both party willing, it is nearly impossible to stamp out such activities.

[Mllcg]

the legal ones like banks and credit cards already so aggressive, the back street ones much also catch up

 

banks only lend the rich. haiz

[The_Bear]

banks only lend the rich. haiz

 

would you lend money to someone who has no realistic means of paying back?

[Jman888]

would you lend money to someone who has no realistic means of paying back?

 

 

i told them i already owe other banks a lot of money, they say it's ok, they are them, we are different

[Donut]

what if we pass all these fliers to the Police and let them deal with these ppl? Police can easily trace these ppl

 

lending money without license is illegal in SG.

[Old-driver]

You have heard of the old chinese saying of forcing the tiger to jump over the wall? Despradoes will even make elephants jump over that wall. In the most extreme cases, they might even consume the wall if needed. These people are usually already insolvent and has no realistic way of repaying when they approach such money lenders. And the whole point of such money lending activity is total exploitation of the victim and his family. Both party willing, it is nearly impossible to stamp out such activities.

this I agree, when people are deperate they will resort to all means

[Rainbowbiatch]

but they lend $$ to any tom dick harry, and it doesnt matter if these pple have the ability to return.. so wat do these illegal money lenders gain?

[The_Bear]

this I agree, when people are deperate they will resort to all means

 

Another saying is "Beware of the man who borrows $500; welcome the man who needs $50,000"

[Greatbirdlegend]

what if we pass all these fliers to the Police and let them deal with these ppl? Police can easily trace these ppl

 

lending money without license is illegal in SG.

 

Could be operating out of Singapore.

Nothing you can do to them then.

[Mllcg]

but they lend $$ to any tom dick harry, and it doesnt matter if these pple have the ability to return.. so wat do these illegal money lenders gain?

 

lol.

 

banks lend based on income.

 

u can "borrow" from "them" with no limits

[The_Bear]

but they lend $$ to any tom dick harry, and it doesnt matter if these pple have the ability to return.. so wat do these illegal money lenders gain?

 

Long term forcible return of money from victim. Most of this people have no means to repay the principle amount but is able to service the interest in the medium term. Most of these people has other assets (CPF, HDB etc) which can be utilize in one way or another. Other than that, these money lenders also exploit the fact the the victim has family, friends, colleagues and relatives who will to a certain extend help to bail them out. Finally, the borrower will resort to illegal means to pay back the debt. You will be surprised by the amount the you can squeeze out of a seemingly broke person.

[Rainbowbiatch]

Long term forcible return of money from victim. Most of this people have no means to repay the principle amount but is able to service the interest in the medium term. Most of these people has other assets (CPF, HDB etc) which can be utilize in one way or another. Other than that, these money lenders also exploit the fact the the victim has family, friends, colleagues and relatives who will to a certain extend help to bail them out. Finally, the borrower will resort to illegal means to pay back the debt. You will be surprised by the amount the you can squeeze out of a seemingly broke person.

 

desperation of mankind..

seeking for the easiest/quickest way out..

[The_Bear]

lol.

 

banks lend based on income.

 

u can "borrow" from "them" with no limits

 

There is a limit to income. Btw, there are other considerations too.

[SimonTan]

We might be lucky to condem such unlicened moneylender. As we don't need to worry about food and expenses.

 

A desperate hubby, wishing to cure his kids or wife...might be so thankful to such moneylenders.

There is a huge market out there for such moneylenders.

I know some friends, always asking me to lend them money. I always refer them to the advertisement in NewPaper if they need money!!

 

Time are good or bad....I am not sure.......very conflicting views and news I read and see.

 

 

 

 

[Latka]

They using tele marketing too. Just got a call fm one of them, speak mandarin only. Just ask if I need to borrow money. Followed up by SMS.

They having recession now?