Rise of Online Shopping and how shoppers spend more

The Rise of Online Shopping Sales and How It Got Us to Spend More

What does 9/9, 11/11, 23/11, 12/12 have in common? They are all online shopping festival sales dates started and promoted by e-commerce companies to encourage consumers to buy and spend more online.

It all started from Amazon’s Black Friday Sale, followed by Alibaba’s Singles Day Sale, and subsequently, e-commerce companies started coming up with other dates to host their own online shopping sprees — think 9.9, 12.12 and some even has weekly sales deals!

Alibaba’s Singles Day Sales even managed to keep smashing its own sales record. They recorded S$34.6 billion during the sales last year, cementing it as the biggest shopping event in the world.

And Singaporeans love these bargain – CNA stated that consumers from Singapore formed the seventh biggest group of overseas shoppers in 2015, coming behind bigger spenders from Russia, Hong Kong, United States, Taiwan and Spain.

And we love these sales because it allows us to buy certain necessity at a bargain price.

For example, a recent homeowner can browse and bookmark furnitures in Alibaba’s Tmall and Taobao, and wait for the Singles Day Sales to purchase everything. This way, they can shop at the comfort of their own home and save money at the same time.

But while the sales can help certain group of individuals save money, it also makes a whole lot of people spend more than they normally would.

These companies have engineered ways to gamify the online shopping experience and made deal hunting seem like a treasure hunt.

For example, during most of the sales, the e-commerce platforms will list out some of the popular items and their sales price days or weeks before the actual sales.

This helps the e-commerce platform to get the word out that the sales is coming, and creates hype and a fear-of-missing-out amongst shoppers, which eventually lead to more sales during the actual day.

Lazada even had a online shopping game during the sales that allows people to get products from as low as 99 cents as long as their friends help them to slash the price of the product through their unique referral link.

So, one way to work these sales to your advantage, and not be controlled by your impulses during the sales is to do research beforehand and plan a shopping list of the items you need.

Instead of mindlessly browsing through all the deals, you go into the sales with a clear budget, goal, and only purchase the items on your list.

Besides that, one other way to save more is to look out for credit card partnership that the e-commerce sites have. Often you will be able to enjoy some cash back or in certain cases, earn some air miles!

Now that Lazada’s and Shopee’s 9.9 sales are over, maybe it’s time to start listing down the items you really need and start spotting deals at Alibaba’s Singles Day event!

How to check company cares about privacy data policy

How to Check If A Company Cares About Data Privacy

Data privacy has been the talk of town recently due to the Facebook and Cambridge Analytica scandal. But even before this, data privacy has been an increasingly hot topic over the years.

This has propelled changes in data concerns and protection across all levels from individuals to governments.

On an individual level, people are wondering how much personal information are they giving away when they signed up for a free service such as Facebook or Google, and how safe is it?

A KPMG study on data privacy show “The average Singaporean consumer is not convinced that companies are doing enough to protect their personal data, and this in turn results in a lack of trust and hesitance to purchase online”

Across companies, executives increases their budget for big data security amid increasingly stringent data privacy law and corporate data leaks.

Finally, governments across the world worries about the power private companies wield with the amount of data in their possession.

So, as companies and governments across the world promises to safeguard your information better, how can you be sure that they are really acting on their promise?

Let us walk you through some of the most common things to look out for in a company’s website to see if they are taking your data seriously.

A Secure Website with SSL and HTTPS

Google encourages all companies to switch to HTTPS a few years ago and explains this one their website:

HTTPS (Hypertext Transfer Protocol Secure) is an internet communication protocol that protects the integrity and confidentiality of data between the user’s computer and the site.”

Our website is an example of this:

When using Chrome browser, you can easily see if a website has https via the url bar on top. If they are indeed on HTTPS, you will be able to see the word “SECURE” highlighted in green, and instead of http://, you will see https:// beside the company url.

Benefits of being on HTTPS includes:

  • Encryption: To prevent malicious actors from monitoring your online activities on the website
  • Data Integrity: Data shared between you and the company are secured and cannot be modified by outside actors
  • Authentication: To prevent phishing. You can always be sure you landed on the official company page.

Check for A Data Privacy Page

A data privacy page lays out how a company collects data from you and what do they intend to do with it.

So, if you are planning to submit sensitive information to a company — e.g. mobile number, name and NRIC. Remember to search for a PDPA policy on the company website.

You may take a look at our own PDPA policy at https://applypersonalloans.sg/pdpa-policy/

A quick read through our policy will provide you with some examples of important clauses a typical PDPA policy should include:

  • We do not automatically collect your data unless it has been given to us willingly to engage or inquire our services
  • We will only use your data within the company and this will data will NEVER be sold to any third party
  • We will take reasonable steps to secure your data
  • You can request to withdraw your consent to any use of your data or to edit your data via one of our hotlines.

As more companies place a bigger emphasis on big data in order to better understand their customers, you can be sure they will try even harder to get more personal information from you.

In some ways, this is unavoidable, especially if you wish to engage the company’s services. But you can better protect yourself by understanding what the company plan to do with your data.

Major changes to moneylenders industry in 2017 and 2018

Major Changes to Moneylenders Industry 2017 and 2018

Loan Cap

One of the most impactful change would be the loan cap that moneylenders can dish out to borrowers. The current practice allows an individual licensed moneylender has a loan cap to each borrower, however, each borrower can borrow from multiple moneylenders.

The new practise proposed on Monday (Nov 6) in Parliament, was to impose an aggregate loan cap to each individual thus limiting the total amount that the borrower intends to borrow.

For example with the new loan cap in place, a borrower with an annual income of less than $20,000 may borrow up to $3,000 from all licensed moneylenders combine. For individuals with annual income of more than $20,000, they may borrow up to six times their monthly income from all money lenders.

For each borrower, before each loan is issued, it is now mandatory for money lenders to obtain credit reports from the Moneylenders Credit Bureau (MLCB) to check if a borrower has exceeded their loan cap limits.

These reports (50cents per report) are to be obtained online and money lenders have to update the Moneylenders Credit Bureau after each loan is issued.

Regulatory Framework for Moneylenders

A new regulatory framework will be established to allow MLCB to impose rules on money lenders to protect borrower data. This is to improve regulation of the industry.

With new rules, comes new changes in borrowers mentality. Ms Jolene Ong, chairman of Arise2care Community Services, which conducts debt counselling, mentioned that the new changes will prevent people from over-borrowing. However, for those in serial debt, they might just turn to unlicensed money lenders.

Regulation in Moneylenders Company Profile

Moneylenders must get the Registrar’s approval before employing or engaging any assistants. Approval must be sought before anyone can be a major shareholder or to increase shareholdings.

This new move is to allow the Registrar to cancel approvals for loan assistants or shareholders should they deemed as “unsavoury” or those with previous convictions in unlicensed moneylending.

Money lenders will then be required to be incorporated and submit annual audited accounts to the Registry for Moneylenders. This is to professionalise the industry and improve transparency and accountability. More than two-thirds of 160 existing licensed moneylenders have been registered as companies.

Empire Global a True Financing Center

Although the Bill has not been approved yet, with the new slew of upcoming potential changes, the loan and money lenders industry is set for disruption. We at Empire Global is pretty equipped to handle such disruption and are ever ready to serve our customers better.

Manage Your Festive Cash with Credit Card and Payday Loans

The period from December to February always passes by in a flash, starting with Christmas celebration, followed by New Year and finally, our personal favourite, Chinese New Year! All these activities requires huge cash commitment from us. A Straits Times report states Singaporeans intend to spend an average of $2,503 during the Chinese New Year period.

Coupled that with the other celebrations, this amount can easily go up to three or four thousands. So, how can we manage or even make the most out of these thousands of dollars?

Cash back or Miles Credit Cards

There are many credit cards in the market with various benefits, but you will have to decide which one works best for you. Here, we recommend just looking at two types — cashback or miles.

This is how Cashback credit cards typically work — you get a percentage cash back at the end of the month after the bank has tabulated your spendings, usually with a cap on the cash back.

Different cards give cash back for different type of purchases:

Citi Cashback Card works best for food and transportation with up to 20% cashback on select merchants.

DBS Live Fresh Card works best if you love shopping online with up to 5% on online purchase

There are many others in the market, so compare them and select the best ones for your needs in order to get the most out of the high spending during the festive periods.

Miles cards are best for those who loves travelling as these cards gives you X miles for $Y purchase.

Unlike cash back cards, miles cards do not have a limit so you can rake in tons of miles during this period.

Credit Cards and Interest Rates

However, with credit cards, you will also need to take note of interest rates. Especially since there will be so much on your to-do list that you might forget about your credit bills.

This can take a huge hit on your finances since the rolling interest rates can be as much as 2% per month or 24% per annum.

Payday Loans Instead of Credit Cards For Quick Turnaround

The only issue with credit cards is that not everyone can afford them, especially if you have a history of bad credit ratings.

That’s when payday loan can help. Example, when you are waiting for your year-end bonus to arrive, and you require a small cash top-up to prepare for the celebrations.

While payday loan also has high interest rates, they can be easily managed as long as you work within your means and figure a plan to repay the amount monthly.

So, how have you been managing your spending during this period? Let us know if you have other great ideas!

En Bloc SERS. Worth the risk for HDB Loan?

Taking on Expensive HDB Loan for Possible SERS En Bloc Flats: Yes or No?

SERS (Selective En bloc Redevelopment Scheme) or more commonly just known as En Bloc refers to when HDB decides to rejuvenate aging estates by buying back the old blocks of flats from homeowners (often at a premium) and providing grants.

Due to this, some homeowners are not taking the remaining lease into consideration when purchasing a new flat, and some are even willing to take on expensive HDB loan to purchase old flats. Let us explore if that’s true here.

Benefits of Being in the SERS Scheme

Here are a few things you can benefits from being a part of the SERS scheme:

  1. Compensation based on the market value of the flat at the time of the SERS announcement
  2. Reimbursement of reasonable expenses in moving to a new place (e.g. removal fees, stamp, fire insurance and legal etc.)
  3. 100% chance of getting a new flat at HDB’s designated replacement site at a subsidized rate
  4. Higher chance of balloting for new HDB flats outside of designated replacement site as 5% of all BTO are reserved for affected SERS owners.
  5. Rehousing benefits grants of up to $30,000 for first and second-time home owners and more

En Bloc Affects Surrounding Flats too

99.co did a research on whether SERS causes flats around it to go up in value too. And their verdict? Yes, it does bring a uplifting effect most of the time on its surrounding flats.

Their theory is that home owners participating in SERS might not necessary wants to move in to the replacement units that HDB has set aside for them and prefers to buy resale or private properties. Hence causing a surge in demand, and eventually, a surge in price.

You can see how attractive this is to flat owners whom have been staying in a flat for several decades yet don’t have the financial capabilities to move out to newer blocks of flats.

But this is also seen as a potential “investment” for others who knows that they are up for a possible huge pay-out if they were to purchase one of these en bloc flats.

But… that’s not necessarily true.

The famous colorful Rocher Centre up for En Bloc SERS

The famous colorful Rocher Centre up for En Bloc SERS

Your Flat Might Worth Nothing at The End of Its 99 Year Lease

Our National Development Minister Mr Lawrence Wong recently put this rumour to rest in his blog post where he warned home owners to not assume that their flat will be selected as part of the SERS when the lease runs out.

Fun fact: Only 4% of HDB flats have been selected as part of the SERS programme since its 1995 launch.

He also mentioned that there a block of flats has to meet several criteria to be eligible for SERS, and some of these includes:

  • Potential for redevelopment: the flats have to be deem under-utilised by the Government and that its redevelopment will bring value to its surroundings.
  • Replacement sites must be available: there must be suitable land nearby to house the current SERS scheme home owners.
  • Government financials: we would assume the government has a planned budget for this scheme every year and that it’s only sufficient for a small selected group of flats.

“We will continue to maintain this strict selection criteria. So please do not assume that all old HDB flats will be automatically eligible for Sers”, said Mr Lawrence Wong.

In the end, although being part of the SERS scheme can be profitable, there is no telling whether a particular block of flat will be selected.

Hence, it would be better to purchase a flat based its remaining lease and on factors that affect your living condition instead of its potential to be en-bloc.

COE pricing increase and demands. Learn about car loan changes in Singapore.

COE Pricing Increase & Demand: Car Loan Changes

There has been a lot of buzz circulating around the increase in Certificate of entitlement (COE) supply and demand. With lots of prospective car buyers waiting for COE prices to soften before making their buy, we shall take a look at how COE premiums varied so much this year.

COE premiums ended higher in the tender on 22 Jun 2016 as the easing of car-financing rules by the Monetary Authority of Singapore (MAS) continued to drive demand for COEs. And just recently, COE premiums fell across all categories at the close of the bidding exercise on 7 July 2016.

With COE for small cars having the biggest dip, falling by 5.25 per cent to $52,301. Premiums for big cars (above 1,600CC or 97KW) fell 1.62 per cent to $56,089.

MAS Easing of Car Loans

Just 3 years ago, the MAS imposed guidelines for car loans. This time, car loans have been relaxed to suit the current demands.

For cars with an open market value (OMV) of $20,000 or less, buyers can borrow up to 70 per cent of the purchase price, up from 60 per cent. Buyers of cars with OMVs of more than $20,000 can now borrow up to 60 per cent of the purchase price, up from 50 per cent.

The loans tenure has also been raised to seven years, from five.

This easing of car loans have allowed potential car owners to take up interest in car ownership. Although most car traders have already found ways to circumvent the car loan curbs. With households having healthier balance sheets, potential car buyers will enter the market for COEs due to car loan restrictions being eased up.

According to UniSim’s Adjunct Associate Professor Park Byung Joon: “Everyone predicted that the COE premiums will gradually decline because of the number of COEs. But these private-hire companies are kind of unexpected”.

COE Price Changes: What Next?

With the changes of COEs premiums and car loans being eased up, many are still undecided on purchasing a car.

“If you plan to buy a car, just go ahead and don’t delay your purchase, hoping that something will happen to the COEs”, Mr Park.
Dr Theseria said: “Timing a car purchase is like timing the stock market. It is hard to do and generally doesnt work.”

So what happens next? Basically, plan your finances before making a big purchase. Check out your existing loans, your repayment plans and whether you are able to sustain the big ticket purchase. Like for all loans, read on the terms and conditions properly and check on the interest rates that are given by the loan company.

If you are interested in knowing more about car loans, you could contact us too by speaking to our loan officers on the line. We are able to provide car and personal loans to suit your financial needs.

CarPark Fee Hike: So what if COE drops?

Some people have tried to correlate this drop recently with the car parking fee hike. The government has explained this quite fairly enough. Car park charges have not changed since 2002, yet inflation as well of costs of operating public car parks have increased significantly.

HDB carparks account for 90% of carparks in Singapore, costs have increased due to several factors:

  • Rising overheads in the construction industry;
  • Improvements to new and existing HDB carparks, such as install multi-story carparks with lifts, and providing link bridges to connect carparks to surrounding flats;
  • Additional repair works required to maintain an increasing number of ageing carparks.
Here are some important breakdowns to understand the car park fee changes.
Car parking fee changes imposed by URA

Car parking fee changes imposed by URA

Car park season fee changes 2016

Car park season fee changes 2016

Learn how to get licensed legal loans in Singapore

How to get Licensed Legal Loans in Singapore

Ever so often, we get customers whom have gone down the path of borrowing from unlicensed moneylenders. We have advised our clients multiple times, to get legal loans from licensed financial institutions in Singapore.

Unlike the major financial institutions in Singapore, the licensed money lending industry has gotten a bad reputation with unlicensed money lenders spoiling the name of legal loans. Some unlicensed money lenders have gone to the extend of bribing employees to release customer phone records just to gather those who are in need.

Furthermore, errant licensed money lenders have also caused a bad rep for us.

Getting Licensed Legal Loans

So how does one get licensed legal loans? Basically, there are a few touch points that borrowers can look at. Firstly, the local banks and major financial institutions are able to provide legal loans with ease. However, these are usually susceptible to closer inspection from the companies in terms of looking at your financial capability, your salary income and your current liabilities.

Also they tend to be stricter in selecting their borrowers so as to reduce their standing overheads. There are also many financial legal loans to consider when you are getting from banks such as home loans, car loans, home refinancing, renovation loan, personal loans, fast cash loans and many more. One could easily get confused in the financial jargon.

There’s also borrowing from licensed money lenders whom are able to provide licensed legal loans to Singaporeans, PRs and foreigners too. They are slightly more lax in their rules, and with the new regulations imposed by MinLaw, licensed money lenders would not want to risk losing their licenses over giving loans that you cannot sustain or giving overly high interest rates.

The interest rate has been capped to 4% monthly interest rate as set with the new regulations. As licensed moneylenders, this has indeed caused disruptions in our business flow, however we do understand the new rules standpoint and are more than happy to advise our clients on borrowing legal loans.

Legal loans from licensed money lenders could be easier to understand for many as most are geared towards personal loans. Furthermore, there are online financial loan quotation tools like ours that are provided by the licensed moneylenders. This in turn allows borrowers to get a fast selection and review process.

Choosing Legal Loan Provider

So how does on choose a great legal loan provider in Singapore? Firstly, check out the reputation of the licensed money lenders in Singapore. Read the many online reviews and compare between them.

Check for their licenses whether they are still accredited under the Moneylenders Act. Issuance of licenses are very strict, hence companies that remain are the ones that adhere strictly to the rules stipulated by the law.

Next, place online quotation requests with your loan requests to figure out which licensed money lenders provides the best deal for your legal loans.

Last but not least, head down to the few selected licensed money lenders of your choice and talk to the loan officers. They will explain to you the financial terms, the legal standings, and of course assess your loan situation and financial capability.

They will determine a suitable loan amount and repayment mode. Ensure that you are comfortable with this arrangement and get the loan officers to explain any legal documents that you do not understand. And when you are fine with what’s provided by them, it’s time to sign and get your legal loan.

Borrowers Credit Worth now accessible through Moneylenders Credit Bureau Credit Reports

Borrowers Credit Worth: Data bank on Loan & Repayment

As part of the new measures to aid borrowers at large, the newly setup Moneylenders Credit Bureau (MLCB), will now house records of borrowers’ loans and repayment history with licensed moneylenders, operating from March 1 2016. This was announced by the Law Ministry (MinLaw) on Wednesday (Feb 24).
With the launch of the Moneylenders Credit Bureau, all licensed moneylenders will provide regular updates on borrowers’ loan information. This in part contributes to build a strong data bank on borrowers loan and repayment records. Furtherwich, allowing the generation of credit reports of all borrowers on all their active loans with all licensed moneylenders in Singapore.
The credit report will contain information pertaining to:
  • The loan type and tenure, total outstanding principal amount and total amount payable
  • Details of all active loans the borrower has with licensed moneylenders and the repayment status of each loan.
The credit report information will be made available to both borrowers and licensed moneylenders alike, and for the latter, licensed moneylenders like us at Empire Global to better access the credit risk potential of borrowers and make direct choices on providing loan options.
Plus with these new information, licensed moneylenders can now make faster decisions to deny loans to those borrowing beyond their means.
This helps us, licensed moneylenders fast as we can make direct and better business decisions by better potential borrowers assessments, evaluating the creditworthiness of borrowers.
In turn, lowering our loan defaulters rate thereby reducing our cost of business. Savings! Which we want to past on to our borrowers at times. As licensed lenders, our loan officers at many times have to create solutions for potential borrowers or reassess their repayments so that they can repay and at the same time not borrow beyond their means.
The setup of such a framework, fixes a major problem whereby borrowers may approach different licensed moneylenders to take out multiple loans and moneylenders have no understanding or access whether the borrower is capable of repayment.
Said Mr Billy Lee, founder and executive director of Blessed Grace Social Services: “The MLCB will encourage borrowers to practise greater financial prudence and borrow within their means, given that their loan information will be accessible by all licensed moneylenders.”
Borrowers themselves, can use their own credit report to better manage their finance and loans too.
The Bureau added that it will cost licensed moneylenders S$0.50 and borrowers S$1 to purchase a credit report, it added.
Licensed moneylenders in turn can use credit reports to keep track of their active loan contracts with their existing borrowers and whether the borrowers have taken up other new loans. This allow business decisions such as deciding whether borrowers are capable of keeping up their repayment plans.
To better monitor borrowing and licensed lending activities, the Law Ministry and Registry of Moneylenders will use the Bureau to assess such activities.
Said Mr Peter Tan, president of the Moneylender’s Association of Singapore: “In addition to protecting borrowers from overborrowing, the MLCB can help licensed moneylenders make better informed decisions and credit assessments. It is a positive step towards helping to mitigate the risk in our high risk industry.”
Unsecured Credit Limit New Changes in Singapore by MAS

Unsecured Credit Debt New Limits in Singapore: Find out Now

Singapore: Applied lots of credit card recently? Ever had friends who are debt-ridden by their credit cards? The Monetary Authority of Singapore (MAS) will phase in tighter limits on credit card debt and other unsecured credit facilities over four years to allow more time for borrowers to cut their debt.

This was a drastic change instead of the originally imposed idea (20 months ago) of implementing the limit at once this June. The new credit limit change offers a big lifeline to consumers who have overextended.

Unsecured Credit Limit in Numbers in Singapore

Unsecured credit is borrowing that is not backed by collateral. The borrowing limit limit applies only to interest bearing balances incurred on unsecured credit facilities such as credit cards and unsecured personal loans.

These unsecured credit limits are not applicable to loans for medical, educational or business purposes. Borrowers with annual income of S$120,000 or more, or people with net personal assets exceeding S$2 million will not be subjected with the new borrowing limits. Over-extended borrowers in Singapore total 84,000 who owe S$7.5 billion(source MAS).

What does Unsecured Credit Changes

With MAS recent annoucenment, the new limit caps on a person’s total amount of credit card and other unsecured debt will be slowly implemented in phases:

— June 1 2015, the unsecured debt limit will be 24 times the monthly income

— June 1 2017, the unsecured debt limit will be 18 times the monthly income

— June 1 2019, the unsecured debt limit will tightened further to 12 times the monthly income

How does new unsecured credit limit affect me

How does new unsecured credit limit affect me

This new time measures allow borrowers up to June 2019 to make the transition to adjust to the new credit limits. The increased time given were brought about following feedback from the public and the advice of the Association of Banks in Singapore, and Credit Counselling Singapore.

Although most unsecured borrowers in Singapore borrow within their limits, but a small portion still have significant unsecured debts.

How does new Credit Limit Affect You?

Financial institution (FIs) are no longer allowed to granted further unsecured credit to an individual whose unsecured borrowing exceed the limits. So if an individual exceeds their limit, they will not be allowed to apply for new credit cards.
Banks in Singapore are supportive of the new move as this allows more time for borrowers to repay their debts. This allowed banks more time for compliance with the new law. Unsecured Credit provides good margins for banks as interest rates goes up to 24 per cent per annum.

What if I Exceed my Unsecured Credit Limit of 12X

There is a help centre whereby one can seek help from the Repayment Assistance Scheme (RAS), a centralised debt repayment solution by Credit Counselling Singapore in partnership with the banking industry.

Under RAS, debt amount if is in excess of the credit limits of 12x / 18x /24x of your monthly income will be subjected to a lower interest rate of 5% per annum. This amount can be paid in a span of 8years and will certainly help to reduce debt burden. This allows highly indebted borrowers to have a assistance scheme. Borrowers who are eligible for the scheme will get letters from their financial institutions with information on their outstanding credit debt. Learn more about RAS and how it works 

How can RAS help me with my unsecured credit  debt and repayments

How can RAS help me with my unsecured credit debt and repayments

Harassed online by Loansharks? Use licensed moneylenders instead!

Harassed by Loansharks ‘大耳窿’? Use Licensed Moneylender!

The digital age has certainly changed the way business is done. And the illegal moneylender (loansharks) have taken it to new heights. We at Empire Global take a look at how the industry is changing rapidly.

Harassment Online: Name Shaming

Loansharks are now using social media to take their “Owe$Pay$” threats online. One creates a fake account that replicates the borrower’s with similar name and befriends everyone that he knows. And then the big hit comes whereby the loanshark starts placing posts on the account.

They even use postcards with pictures of the victim’s identity card, plastered with O$P$ and plastered them onto the fake account. This is just one such antic being used by them.

By name shaming and cyber bullying the borrower, the unlicensed moneylender gets to publicly let the victim’s closest ones know about his borrowing issue.

Help Yourself from Illegal Moneylender

Firstly, the law is on your side in an online bullying case. Facebook complaints falls the Protection from Harassment Act (POHA) because he had claimed the content on Facebook was false.

Secondly, under the Moneylenders Act, any person who, acting on behalf of an unlicensed moneylender, commits or attempts to use any threatening, abusive or insulting words, behaviour, writing, sign or visible representation, or commits any act likely to cause alarm or annoyance to his borrower or surety, any member of the family of the borrower or surety, or any other person, may face up to five years in jail, a fine between $5,000 and $50,000 and is also liable to get caned.

With the police clamping hard on harassment cases coupled with the use of modern technology plus social media, the police have come up with alternatives to get the public at large to help them.

Posting images of loanshark harassment, with their deeds online, the police appeals to the public to turn n such offenders. Such as Liu Yimin Lynnette, 28, who was charged in court facing seven charges of splashing red paint on doors and pasting envelopes with “O$P$”, the unit numbers of the borrowers, and a mobile number on the walls beside the units.

The young woman (above) whom the police were looking for in relation to loanshark harassment has been charged in court. -- PHOTO: SINGAPORE POLICE FORCE

The young woman (above) whom the police were looking for in relation to loanshark harassment has been charged in court. — PHOTO: SINGAPORE POLICE FORCE

News publishers such as AsiaOne has taken this another step further by showing a map of the money harassment cases (Loanshark Harassment Hotspots) occurring in Singapore. These are public information gathered from SPH news sources to give the public a better look at the harassment cases by illegal moneylenders.

Borrow from Licensed Moneylender Instead

Simply avoid all these harassments that could ruin your name by going to proper licensed moneylenders instead. There are limited licensed moneylenders and every year it becomes harder for businesses like us to maintain the moneylender license.

This is due to changing policies that improves the safety nets of borrowers. We encourage these moves by the government no doubt as it makes things smoother for us.

With strict regulations by the government and heavy punishments for licensed moneylenders if they made offences. Hence borrowing from licensed moneylenders make a better choice.

Negotiations between lending officers becomes easier too. Tell us your concerns and we can help you.