Tag: moneylenders

Johor loan sharks targeting Singapore workers jailed

Johor Baru — Loan sharks are targeting workers in Singapore and charging interest rates of 24 percent to 60 percent per year. After a series of raids in Johor Baru, police have arrested 21 loan sharks that have been running illegal money lending operations. They...

Domestic helpers need not get employers’ permission before taking out loans: MOM

Ministry of Manpower (MOM) Senior Parliamentary Secretary Low Yen Ling has expressed that there are no plans to require foreign domestic workers to get permission from their employers before taking out loans for legal moneylenders, since this may just cause more problems in the...

Maid uses employer’s address and contact to borrow from loansharks, employer gripes that police apparently says this is legal

Netizen Ironman Apek took to the Facebook page Complaint Singapore yesterday, September 10, to complain about his domestic helper, who had used his address and hp number when she borrowed money from both legal and illegal moneylenders.  His troubles began when a loan shark...

Money-lending: a blight in the heartlands

The problem with moneylending in the heartlands is that the lenders are there in such large numbers. Will “regulating” these monleylenders cut down the numbers? There are 206 licensed moneylenders in Singapore, which is 27 per cent above the ideal number of moneylenders according to...