Sopela Business Market

Top Menu

  • Home
  • Mail us

Main Menu

  • Home
  • Advertising
  • Business
  • Corporate
  • Entrepreneurs
  • Industry
  • Marketing
  • Media
Sign in / Join

Login

Welcome! Login in to your account
Lost your password?

Lost Password

Back to login

logo

Sopela Business Market

  • Home
  • Advertising
  • Business
  • Corporate
  • Entrepreneurs
  • Industry
  • Marketing
  • Media
  • How to be a Hospitality Industry Training Teacher

  • We Have To Bring Industry To The U . s . States

  • Envisioning the way forward for the Mining Industry

  • Technological Advancements within the Automobile Industry of america

  • Ruggedized Computers for Multiple Industry Needs

Business
Home›Business›Loan Sharks in Singapore: Here is What You Need to Know about Them

Loan Sharks in Singapore: Here is What You Need to Know about Them

By Flavio Otis
August 14, 2021
553
0
Share:

Loan sharks, also known as “ah longs” are unlicensed moneylenders in Singapore and they are infamous for their harassment tactics. In television, they are depicted as blood-like red paint splashed on house doors. While the Singapore government has indicated that it is illegal, even for citizens to borrow from loan sharks, they still continue to flourish.

If you want a loan in Singapore, make sure to only deal with legit lenders. One way of getting this assurance is using loan comparison sites. So, here are five things that you need to know about ah longs in Singapore.

They Offer Loans through WhatsApp, SMS, and Emails

Today, most loan sharks in Singapore are going digital, which they consider a better way for covering their identity and preventing easy identification. For example, you might find them floating ads on WhatsApp groups or making cold calls to look for new clients. Do not fall into their tricks because they can easily plunge you into a cycle of continuous debts that is very difficult to get out from.

If you suspect that the lender following you through emails or sms is a loan shark dealer, the best thing is to notify the authority. Do not engage with loan sharks in any way – run away as fast as you can!

Loan Sharks Charge very High Interest-Rates

When loan sharks advertise their loans, what is presented to the target is something very attractive, but this is not the whole story. You might be told that the interest rates being offered will be less than what conventional banks offer, but they include so many hidden charges. At the end of the day, the loans they offer end up being very expensive.

Insist on getting the actual interest rate and if you find it higher than 4%, the chances are that you are dealing with a loan shark. Remember that you can get loans with reasonable interest rates by comparing them at Lendela. See, why risk paying more working with an essay shark as opposed to using a legal lender through Lendela for lower rates.

Ah Longs Always Ask for Administration Fee before Approving Loans

When licensed moneylenders get applications from interested borrowers, they do not ask them to pay. Why ask a person who is looking for money to pay? Instead, they focus on your qualification, and if you do, charges are pooled together with the monthly payments. This implies that you will pay the administration fee alongside the principal and interest.

So, if you hear a lender who is indicating that approval of the loan is only possible after paying a specific fee, such as admin charges, that is likely to be a loan shark. So, you better walk away and look for licensed moneylenders through Lendela.

Loans are Approved Remotely

Although this is the digital age, no loan is signed online. Once a loan is approved, the legit lender has to get a face-to-face meeting when the loan is being signed. This helps the lender to confirm more details and ensure that the borrower understands the details of the loan requirements. If you are dealing with loan sharks, they approve loans remotely and require you to repay remotely too.

Loan sharks are like a beast waiting to torment you and make life unbearable. Therefore, you should avoid them at all costs. If you notice a lender with any sign of a loan shark, it is advisable to stay away. Instead, you should visit Lendela site because they only work with licensed lenders in Singapore when borrowers are applying for loans in Singapore.

Previous Article

Top Benefits Of Hiring Credit Card Processing ...

Next Article

The Importance Of Technology In Logistics Processes

Share:

Related articles More from author

  • Business

    Cultivate a Better Business With Steph Korey: Value and Importance of Curiosity

    March 11, 2022
    By Flavio Otis
  • Business

    3 Tips for Hiring an SEO Specialist for Your Business

    June 18, 2021
    By Flavio Otis
  • Business

    Finding Out More About Disposable Vape Pens

    December 29, 2022
    By Flavio Otis
  • Business

    VAT on Superyacht Rentals in France

    March 14, 2023
    By Flavio Otis
  • Business

    How to Create Memorable Customer Engagements That Drive Loyalty

    November 28, 2022
    By Flavio Otis
  • Business

    What Is The Role Of Diffractive Optical Elements In Different Industries?

    April 5, 2021
    By Flavio Otis

Comments are closed.

  • Industry

    How to be a Hospitality Industry Training Teacher

  • Business

    How to choose a reliable Forex broker?

  • Media

    Media Planners and Buyers Unite!

  • Recent

  • Popular

  • Comments

  • Natixis & John Hailer Instill Disruptive Services in the Investment Scene

    By Flavio Otis
    March 23, 2023
  • How to Become a Successful Business Insurance Agent

    By Flavio Otis
    March 21, 2023
  • Surveying a yacht in La Spezia

    By Flavio Otis
    March 20, 2023
  • Should You Buy An Individual Health Insurance Or A Family Floater Plan?

    By Flavio Otis
    March 15, 2023
  • Key Parameters Which Will Help You To Choose The Right Car Insurance Policy

    By Flavio Otis
    March 15, 2023
  • Natixis & John Hailer Instill Disruptive Services in the Investment Scene

    By Flavio Otis
    March 23, 2023
  • 5 Affordable Marketing Tactics That Actually Work With Smaller sized Budgets

    By Flavio Otis
    October 16, 2019
  • Marketing for Professionals

    By Flavio Otis
    October 16, 2019
  • What Drives Entrepreneurs to produce Something From Nothing?

    By Flavio Otis
    October 20, 2019
  • The advantages of Learning What Effective Entrepreneurs Do

    By Flavio Otis
    October 21, 2019
  • Business

    Natixis & John Hailer Instill Disruptive Services in the Investment Scene

  • Business

    How to Become a Successful Business Insurance Agent

  • Business

    Surveying a yacht in La Spezia

  • Business

    Should You Buy An Individual Health Insurance Or A Family Floater Plan?

  • Business

    Key Parameters Which Will Help You To Choose The Right Car Insurance Policy

Recent Posts

  • Natixis & John Hailer Instill Disruptive Services in the Investment Scene March 23, 2023
  • How to Become a Successful Business Insurance Agent March 21, 2023
  • Surveying a yacht in La Spezia March 20, 2023
  • Should You Buy An Individual Health Insurance Or A Family Floater Plan? March 15, 2023
  • Key Parameters Which Will Help You To Choose The Right Car Insurance Policy March 15, 2023
  • VAT on Superyacht Rentals in France March 14, 2023
  • When is the best time to invest in gold? March 13, 2023

Archives

  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • May 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • Mail us
Copyright 2020 Sopela Business Market - All rights reserved.