(Newswire.net — July 15, 2013) Dhoby Ghaut, Singapore — Never judge a book by its cover. A quote known to all and the following true story perfectly illustrates the real character behind these money lending figures. “We are a licensed money lender in Singapore who offer the the best personal loan where you can get quick and advance cash!” is a popular tagline used by moneylenders to entice online customers to apply for unsecured personal loans.
Singapore is a regulated country and many of the citizens view the word “legal” as a bubble of protection. However, that does not seem to be always the case. An incident in a Singapore government company clearly illustrates this – a money lender making a huge nuisance in the office few days ago and hurled intimidating remarks to get the borrower to make the repayments of the quick loan. It did not only occur once. It occured repetively for five days. The embarrassment which these moneylenders in Singapore have caused to the borrower seems to be something unexpected as they market themselves otherwise.
Are moneylenders allowed to cause harrassment and nuisance at the work office of their borrowers? Is this actually legal? Some argue that it was acceptable as there was no violence involved. Some argue that it was just an issuance of a legal letter and no actual threat were posed. This area, is indeed a grey one.
A spokesperson from Max Credit Pte Ltd, Mr Tay answered when asked, “Legal moneylenders in Singapore have to obtain a license and Registration Company Number before we can start our operations. The Government will also do routine checks on our business operations. Hence, customers should always remember to do a thorough background check on the loan company before deciding to take up a personal loan from the company. You can’t kill all the sheeps just because of one black sheep.”
Which money lender can be trusted and which cannot be? One has to be wise in the selection of loan companies to obtain a personal loan. As a piece of advice, one should just avoid taking up any personal loans unless necessary. Better be safe than sorry.