the govt of singapore has always mounted campaigns cracking down on the menacing loan sharks that has destroyed countless individuals,families and their jobs.However,i was shocked to discover a new group of loansharks which openly advertised themselves as "Licensed Money Lenders" in the NEWPAPER daily.
i only realised their operations when my cousin revealed how they operate their services.
nowadays in the NEWPAPER,we can see lots and lots of advertisements with attractive captions like,"MONEY NOT ENOUGH??, NEED CASH? , PERSONAL LOANS, LEGAL LOANS, FLEXI REPAYMENTS,NO APPLICATION FEES, NO GURANTOR, INSTANT APPROVAL , LOW INTEREST, CASH ON THE SPOT, 15-1 HR APPROVAL, SURE APPROVED, NO HIDDEN COSTS, AND many more .
Now,i was very shocked when i realised how the loan repayments work out.
For example, the basic criteria to apply is to have a monthly salary of $1600 or more or 2 years NOA.
then,for a $1000 loan,the borrower takes back only $700.reason is because they charge 20% interest and 10 % so called processing fees or application fees.then the borrower is to pay $200 weekly for 6 weeks.
Therefore,for a basic 1 k loan,u guys can go calculate how much is the actual interests the borrower has to pay back.
The money lenders are charging a totally incredible interests which even amounts higher than a loan sharks.!
The reason they will tell u why they charge so its because they are LICENSED MONEY LENDERS approved by the govt.
Difference is only they do not splash paint and burn the borrowers houses.
i feel that day by day,many and many more SIngaporeans will soon be sucked into these subsituted sharks faster than the economic downfall.
I did a real check myself by calling up and went to apply several groups as advertised in the NEWPAPER.
1) MICRO CREDIT #03-03 JLN BESAR PLAZA
2)EURO HUB 10 UBI CRESENT
3)JURONG EAST ST 13 #03-207
4)UPPER SERANGOON SUPER CREDIT
5)EAZI CREDIT PEARLS HILL TERRACE #02-64
6)A1 CREDIT PENISULAR PLAZA #07-22
7)TAN QUEE LAN ST
8)FRENCH ROAD SWIFT CREDIT
9)AND MANY MANY MORE OUT THERE
They operate by advertising with many different names and contact numbers but actually some are the same companies.
Finally,through all these easier ways of getting loans which are charging so much higher interests then the banks and the OLD LOAN SHARKS,
i fear for the countless many prey which are gonna be preyed in the coming days,weeks and years.