Category: Articles

Caps to be placed on licensed moneylenders’ interest rates

singapore-currency-notes

The Government has accepted majority of recommendations put forward by an advisory committee and will implement them progressively from July this year.

Beware of new loan shark tactic: Using prospective borrowers to harass debtors

Beware of new loan shark tactic Using prospective borrowers to harass debtors

SINGAPORE – A 69-year-old borrower was told to go to a specific address to pick up the loan. He was asked to slip his NRIC under the door.

He did so but did not get any response despite knocking on the door repeatedly. He then called the police to help retrieve his NRIC.

The address turned out to be that of a 54-year-old debtor who had defaulted on his loan repayments.

The Police said in a release on Friday that this is a new tactic employed by loan sharks to use prospective borrowers to harass debtors.

Investigations are currently ongoing against the prospective borrower for an offence of harassment by causing annoyance under the Moneylenders Act.

Borrowers who commit such acts may be liable for an offence under the Moneylenders Act (Revised Edition 2010). First time offenders found guilty of loan shark harassment will be jailed for up to five years, fined between $5,000 and $50,000, and may be given between three and six strokes of the cane.

Further investigations also showed that the debtor had also assisted loan sharks in their activities by opening a bank account for their use. He has been arrested.

A first time offender found guilty of assisting loan sharks in their unlawful activities may be jailed for up to four years and fined between $30,000 and $300,000.

Members of public are advised to stay away from loan sharks and not to borrow money or assist the unlicensed moneylenders in any way.

The public can call the X-Ah-Long hotline at 1800 924 5664 if they have any information on anyone who could be involved in illegal loan shark activities or 999 for urgent Police assistance.

Sources: The Straits Times

Apply for Fast Cash Loan from Licensed Moneylender in Singapore

Apply for Fast Cash Loan from Licensed Moneylender in Singapore

Getting a legal loan came with its restraining perks and limitations back in the 90’s, however since the digital innovation has advanced the model of living globally, Singapore is now renovating the terms of conduct towards getting a loan. By making it easier and flexible, you can apply for easy personal loan from licensed money lender in Singapore online. The best part is that there are a variety of loans that you can apply for, which will be hassle free and the transactions are instantly approved in the most fastest and secure way in the world.

Types of loans from licensed money lenders in Singapore

1. Personal loan Singapore. The easy personal loan Singapore is the easiest loan to apply for as one can do this via online application or even through a simple SMS. Singapore offers the greatest value of affordable loans and is offering effective services in a timely manner. In this section, customized loans are offered that will suit your needs as well as element a great payment plan. If you are experiencing financial challenges in almost any area of your life the licensed money lenders will offer you the best financial assistance without exploiting your ability to pay back the loan on time. The best advantage with this investment is that you can get your loan application approved the very same day you have applied; and it provides very low and highly competitive interest charges. The ability to pay back a loan at a very low interest rate is very hard to find especially since the personal loan supplied by the licensed money lender in Singapore comes with a customized payment plan method of affordable monthly installment plans.

2. Payday loans. This is one easy personal loan that helps to sort out your financial problems that may arise in between your paychecks duration’s. Serving the greatest purpose of eradicating any extra bills or costs that may arise, the payment of this easy personal loan takes off the weighing burden of financial problems instantly.

3. Foreigner loans are best supplied to plebeians who are foreigner(s) working in Singapore. The application can be conveniently done online or one can consider direct application while taking a great tour at the main offices of the licensed money lenders company. This can be a great advantage as you will be able to work with qualified representatives who will directly discuss with you the terms and conditions of the whole transaction. This package also offers the options of undertaking a customized foreigner’s loan in which you can simply borrow a figure that you do require instead of compromising on some other financial costs. The customization of loans comes with customized payment plans which are very convenient at the lowest interest rates.

The licensed money lenders in Singapore also offer business loan at the most affordable rates in order for you to handle the financial emergency needs of your business. It is classified in a different section from the personal loans mentioned above as it focuses on the loans supplied to a business versus an individual.

Moneylender Tips – Identifying Legal Moneylenders in Singapore

Moneylender Tips – Identifying Legal Moneylenders in Singapore

How do you tell a if a Moneylender in Singapore is a legal one? Here are some tell-tale signs:

  1. No telemarketing or SMS

According to the IPTO rules and privacy acts, moneylenders should not advertise their services in the form of telemarketing or SMS marketing. The penalties for advertising these services are harsh. Moneylenders can easily lose their licenses if they are caught.

However, many illegal money lending services use SMS and telemarketing to market their services to unsuspecting consumers. It is important to avoid these services.

  1. No online bank transfers

Moneylenders often claim that they are able to provide instant cash for approved loans. The truth is that a legal moneylender will never use online money transfers to make payments for money. Only illegal moneylenders would use such methods as there would be no paperwork and therefore no way of tracing where the money came from.

Legal moneylenders will require you to come into the office to sign the contract before they can give you the money. This applies even for those who allow you to apply for the loan online.

  1. Are registered on the Registry of Moneylenders

The easiest way to identify a legitimate moneylender is to check with the Registry of Moneylenders. All licensed moneylenders are registered on this registry. They are required to abide by certain laws and regulations in order to maintain their registered status. Only moneylenders serious about running a legitimate business will strive to maintain their license by abiding with all the regulations.

  1. Never ask you to disclose personal details over the phone

A legal moneylender takes the personal information of its clients seriously. Such lenders will never require their clients to disclose their personal information over the phone. It is important for you never to divulge information such as your Sing Pass details over the phone to a third party.

SingPass verification ought to be done on site and in person. Legal moneylenders will require you to come with your personal details for verification when your application has been approved.

  1. Research the moneylender

It is important to carry out your own research on the lender you are interested in. Apart from checking to ensure that it is registered with the Registry of Moneylenders, it is also important to look for further information about the lender online. There are various websites that provide independent reviews on moneylenders. You can visit these websites to see what others are saying about the lender you are interested in. This will help you avoid any illegal moneylenders.

Two arrested for helping unlicensed moneylenders

court-news

SINGAPORE: Two men have been arrested for suspected involvement in helping an unlicensed moneylending syndicate, police said on Thursday (Jun 18).

Preliminary investigations revealed that the men, both aged 48, were believed to have assisted an unlicensed moneylending syndicate to obtain Automated Teller Machine (ATM) cards and Personal Identification Numbers (PINs) from debtors, said police. These were used to perform ATM transactions related to unlicensed moneylending businesses.

The suspects were arrested near Bukit Batok Central on Wednesday. Police also seized four ATM cards and three mobile phones as case exhibits.

Both suspects will be charged in court on Friday. First-time offenders found guilty of carrying on the business as an unlicensed moneylender or helping in the unlicensed moneylending business could face a fine of between S$30,000 and S$300,000, up to four years in jail and up to six strokes of the cane.

Sources: Channel NewsAsia