They like to use big-sounding names like “Federal Bank” and “Bar Associate” among others. Whenever and wherever there is desperation, especially of the financial genre, there seems to always be someone to take advantage of the vulnerable.The loan forgiveness provisions directly benefit social workers by allowing a person with a degree in social work, who is employed by a public or private child welfare agency, to have part of his or her college loans forgiven. Unfortunately, the way we live is far removed from how we ought, and some businesses are less scrupulous than others, though some are perfectly legitimate and honorable – for instance, some people have complaints about payday lenders. Just like banks or car dealerships or any business, some are less than reputable – and have less than ethical practices when it comes to payday lending, and any consumers who feel as if they've been wronged by a payday lender can make payday loan complaints to the governing state agency, as payday lenders are typically regulated or licensed in some form or another. You can't drive without a license, and you can't lend a cash advance or do any check cashing either.
| Sharp rise in illegal loans: Singapore police |
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| Tuesday, 09 February 2010 |
AFP Illegal loans rose almost 60 percent last year as Singaporeans reeling from the economic crisis turned to loan sharks to tide them over the tough times, a senior police official said Monday.There were 18,600 cases of illegal loans made by loan sharks last year, a 58 percent increase from 11,800 cases in 2008, said Ng Boon Gay, director with the criminal investigation department. Illegal moneylenders lend at exorbitant interest rates and use threats and intimidation to pressure debtors to pay up if they renege on payments. "We expect loan shark cases to continue to be a concern. We'll try to take it down, but we'll see how it will turn out," said Ng. "We are watching it very carefully," he said. Ng said the police arrested 958 illegal moneylenders last year, a 90 percent jump from 2008 as the economic slump pushed cash-strapped locals to turn to loan sharks. "Because of the economic crisis at the time, we expected... UML (unlicensed moneylender) cases to go up because there are people with financial difficulties and some may resort to these illegal means," he said. Singapore's economy shrank 2.1 percent last year after slipping into a severe recession in the third quarter of 2008 due to the impact of the global economic crisis. Although Singapore has pulled out of the slump, the loan shark situation is not expected to improve as "the percentage of bad debt has actually increased" following the crisis, Ng said. "Even though there is some upturn in the economy, based on the data that we get... we expect it to increase," he said. http://www.google.com/hostednews/afp/article/ALeqM5jT1_VG3nknhPsGdCCFbveZ-5sH0A Share this article:
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