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Empire Global Best Google Reviews Feedback Licensed Moneylender

Best Google Reviews Licensed Money Lender

We see our customers as invited guests to a party, and we are the hosts. It’s our job every day to make every important aspect of the customer experience a little bit better. – Jeff Bezos

Amazon is one of the few companies in the world that pride themselves on serving customers well, and that has been instrumental in helping them become the biggest e-commerce company in the world.

Similar to Amazon, excellent customer service has become our ethos here at Empire Global. Which leads us to being the best google reviews licensed money lender in Singapore.

Licensed money lenders in Singapore was born out of necessity. In the past, individuals who can’t get financing from banks and other legal financial institutions used to turn to loan sharks for solutions, and that created a whole lot of social issues.

This move has helped to bring down the rate of unlicensed moneylending.

However, licensed money lenders have got its own controversies too. The methods employed by licensed moneylenders used to collect bad debt has often been compared to loan sharks, especially since incidents like the Funan Mall debt collection happened.

These news made our team more committed to good service, not just because we believed that it will bring about word-of-mouth recommendation, but also because we believe our customer deserve it.

A quick search for our brand name “Empire Global” on Google will surface our company detail on the result page, along with the reviews our satisfied customers have given us.

With 95 Google reviews and an average of 4.8 stars rating, we are confident that our team are providing the right service and help to our customers. We are literally the best google reviews licensed money lender.

So, how do we provide a good service?

Our Business Environment

We have designed our environment to make you feel at ease upon entering the store. This is done with the help of soothing music and clear lighting with professionals that are both friendly and helpful.

This is to ensure that you will never be pressured to take on any loan and that you can take your time to fully understand all criteria before committing.

Clear Explanation

We understand this might be your first time borrowing from a licensed moneylender so our team always make sure you understand all the necessary details and payments schedules before taking on your payment.

Fast and Efficient

Our team have processed hundreds of loans and are well versed in all the requirements of a loan. We also understand that you might need the financing urgently, so we always try our best to process your loan as quickly as possible.

With this, we hope we have changed your opinion on how some licensed moneylender operate and that you should find the one that you are most comfortable with before making the commitment!

Learn about Personal Loans in Singapore and how to get a personal loan

Learn Personal Loans & What is a Loan Company in Singapore

More often than not we get asked what is a personal loan and how do we differ from a bank in Singapore. Basically licensed money lenders just work similarly to banks here.

So what is a personal loan company in Singapore really mean and how does the personal loan work out from these money lenders.

Looking for a personal loan company? When exactly?

With the current cost of living rising and jobs being harder to find, more and more people who aren’t so prudent with their finances end up in debts. When one’s financial situation gets out of hand, one turns to friends or families and if that doesn’t work out, you turn to banks.

At times, a person’s credit report or rep sheet is not so great and in turn there’s the licensed moneylender option.

So how does one know that a company operating a licensed money lender is good? Do what a shopper would do. Check out their personal loan rates, ask for their best loan terms & loan period.

Do not forget to ask about the effective interest rate. And just do a simple comparison of what you have.

Lender policies differ between lender to lender, more often than not its the loan terms and interest rates that sets them apart.

Some lenders will be able to offer a flexible personal loan period to suit your needs even. Always shop around and of course customer service plays an important role.

Even us at Empire Global want you to compare. You can easily submit a loan request to us through our online personal loan application. We will get back to you in the quickest time possible on your loan terms.

What determines the personal loan offer you get in Singapore?

Personal loan in Singapore and the how to get a loan

Personal loan in Singapore and the how to get a loan

Although money lender have different personal policies, the main factors remain. Companies like us will look at the type of loan you want, your loan period, your base salary.

Loan specialists will evaluate your financial status and recommend a suitable loan amount, rate and tenor based on your financial needs and ability to repay the loan over time.

Scams from Unlicensed Moneylenders

Believe most of you have read about moneylender scams and loan sharks trying to taunt you to pay up.

These online and offline harassment techniques can certainly be irritating. Some come in the form of SMSes that start out with “OWE $ PAY $”, including a “lovely” expletive and ending with “I SURE COME LOCK AND BURN YOUR HOUSE TONIGHT”. That makes one big bad wolf.

Luckily for us, the Singapore government has been tough on cracking down such cases. Licensed moneylenders found to using such techniques will get their licenses suspended or face a hefty fine.

Licenses of moneylenders have become lesser, as some licensed money lenders end up losing their licenses due to bad practises. Loan sharks and unlicensed moneylenders cases have been facing a lot of heat as the police cracks down on them.

There’s lots of publicity on it and the police has taken an active role in educating the public at large.

Foreigners Seeking Loans: Enter Foreigner Loan

Although there’s banks and financial instituations,  there are a lot more restrictions in place when they provide personal loans.

If you are a Singaporean or a PR that doesn’t earn more than the $20,000 /yr quantum, it can be quite tough to get a loan.

Furthermore if you are a foreigner with less than $45,000 annual income it gets tough to borrow from the banks. So most of the times, foreigners approach licensed money lenders for a take on loans.

How Much Can you Loan?

As mentioned earlier, if your annual income is less than $20,000, it’s tough to find a bank willing to provide an unsecured loan for you at the best possible rates.

However, most licensed money lenders will be able to legally loan you up to $3,000. If you are earning more than $20,000, a licensed money lender can then loan up to 2 to 4 month’s of you salary. Which is why we ask for a proof of salary at times. The loan amount depends on your repayment period too.

Do contact us if you require a personal loan.

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.

Licensed Money Lender faces criticism in Singapore. A new set of woes to worry about.

Licensed Money Lender Facing Criticism in Singapore

The licensed money lender industry in Singapore has gotten its run of bad publicity for 2015 given the recent events occurred amongst debt collection. Debates have been brought up on how debt collection can be made better.

Licensed Money Lender Scene

This was due to a recent scene in the licensed money lender industry in Singapore when seven employees of Double Ace Associates confronted a stall owner at Funan DigitalLife Mall foodcourt and created a big scene during the busy lunch hour. All offenders were charged with unlawful assembly just last month.

Debt Collectors in Singapore creating a fuss at Funan Digital Mall Singapore

Debt Collectors in Singapore creating a fuss & harrassment at Funan Digital Mall Singapore

Licensing Debt Collection in Singapore

Debt collection in Singapore. Hired by licensed money lender.

Debt collection in Singapore. Hired by licensed money lender.

Licensed money lender hire debt-collection companies from time to time for long standing debts that they cannot handle and this incident highlighted on how a loan can go horribly wrong.

“Licensing the debt-collection industry could clean up its image, and clamp down on the use of harassment tactics” – suggested by Mr David Poh, President of the Moneylender’s Association of Singapore, has been backed by the Credit Collection Association of Singapore (CCAS).

This matter of debt collection has been raised in Parliament last month when MP Foo Mee Har mentioned whether debt collectors should abide by a code of conduct, and if the Government of Singapore would consider introducing laws that govern fair deb-collection.

Others have mentioned that should such a code of conduct be in place, there will be a lot of infrastructure that needs to be put up for case investigation. Hence the onus should be on the licensed money lender, to ensure their debt collectors do not use violence or high pressure tactics.

“Moneylenders found to have committed offences may have their licences suspended, not renewed or revoked by the registry,” Senior Minister of State for Law Indranee Rajah

Late Fee Charges by Licensed Money Lender

Late Fee charges by Licensed Money Lender

Late Fee charges by Licensed Money Lender

Late last year, an article about how a borrower got a small loan and incurred a large debt due to the late fee charges.

Suggestions have been made to cap the penalty late charges. However this has led to many licensed money lenders protesting that the new rules could kill their business.

This is why at Empire Global we always encourage borrowers to negotiate early and fully understand the terms involved. Terms from different licensed money lender vary greatly. All these could lead up to you getting into greater debt.

Licensed Money Lender Woes & The Review Committee

With the advisory committee proposing major changes of which a controversial interest rate cap of 4 percent per month has led to an outburst in the licensed moneylending industry.

Many licensed money lender in Singapore have mentioned that the cap will lead to borrowers not paying back instead. Without late penalty charges, it will be tougher to collect back their money.

Borrowers have a higher chance to default on their payments. Leading to lower profit margins by the money lenders.

The advisory committee basis on the proposed interest rates is also referred to prevailing interest rates charged by licensed moneylenders in jurisdictions like Hong Kong, Australia, Japan and Britain, which range from 1.5 to 4 per cent.

We at Empire Global are looking at ways to improve our infrastructure and to work with the interest rate cap. Hopefully, the Ministry of Law considerations on relaxing advertising restrictions on newspapers will be implemented.

Most definitely, we want to be geared up to in advance to follow through the new rules imposed.

Chinese New Year: Singapore Gamblers get hooked!

We just past 2015! And now we are counting down towards the festive Chinese New Year. Every Chinese around the world will be celebrating this festival as it’s a time to get together and have fun. Staff at Empire Global too indulge sinfully in our gatherings. However, let’s look at the topic of gambling during this festive season.

Chinese New Year Bonus + Annual Wage Supplement = Spend!

Traditional bosses give out additional bonus for Chinese New Year season as it means a sign of wealth in the company. Not to forget, there’s the 13th month bonus (annual wage supplement) that is handed out too. And that’s a lot of extra money in your pockets.

More often than not it means trouble especially to problem gamblers who try their luck out in Chinese New Year.

A Little History on Chinese Gambling

Well, its not difficult to reason why Chinese are known around the world for their high aptitude to gamble. As you look back through time, Chinese people have a long-documented history of gambling (recorded in every known dynasty).

Chinese believe in many control points (feng shui, luck, star sign, superstition). These high illusion of control may then lead to high risk-taking and/or more gambling. Chinese gamblers’ illusion of control is often portrayed in Chinese gambling-theme films.

Chinese Gamblers During Chinese New Year

Traditionally, many Chinese will play some form of gambling during the Chinese New Year as it is believed the new year brings in fresh new luck. I believe most of us can ascertain to that. With the long holidays during Chinese New Year, gamblers head to the local casinos and try their luck. Well with the added money from bonus it’s no surprise.

Today’s Gamblers in Singapore

Singapore, is in the top 10 list of biggest gambling nations.

Singapore Top 10 Gambling Nations in the World

Singapore Top 10 Gambling Nations in the World

Singapore’s One Hope Centre, which helps gambling addicts, saw a nearly 50% jump in cases in 2013 compared to 2012. In 2013, One Hope Centre saw 523 addicts seeking counselling. Executive Director, Mr Dick Lum, said, “Many clients that we counselled felt that it is all right to gamble, since the Government allows the casinos to be opened here, and this is very misleading.”

Watch: Counsellors have been constantly calling for tougher curbs on online gambling

Gambling addicts have also chalked up high debts and a recent statistic shows Singapore gamblers are some of the top loss per gambler.

Singapore Top 10 Gambling Losers in the World

Singapore Top 10 Gambling Losers in the World

However, even with large losses and the $100 local entry fees, this does not deter more citizens to delve into their gambling addictions. Gamblers now find gambling alternatives and using online methods instead.

Getting online is pretty easy in Singapore and online gambling enters make it even easier to sign up PLUS some provide free credit for account openings. This has led to even youths going online as the age restrictions in Singapore casinos are pretty strict.

Latest statistics from the National Council on Problem Gambling (NCPG) show that online gamblers have the poorest self-control.

Youths Gambling?

A local study done by NTU’s Professor Chang Weining in 2007 found that the prevalence of problem gambling in Singaporean youth is about three in 100, but one of them is a potential pathological gambler.

ECMS Consultants, another counselling centre, said they are seeing more younger adults hooked on gambling. Its clinical director, Gerald Goh, said that he has also seen foreign students who go to the casinos every week.

“For them, it’s free to go to the casinos. On average, their parents give them $15,000 to $20,000 pocket money a month, so they go in there to ‘have fun’. But when they lose their pocket money, they start to borrow from friends,” Mr Goh said.

Gambling Bad Loans?

Quite often, some of our clients went into big debts of bad loans from illegal moneylenders. If you have issues with illegal moneylenders or loan issues, do consult with our loan officers and we will best assist you.

Summary: Help for Addict Gamblers

There are lots of help available in Singapore through the National Council on Problem Gambling (http://www.ncpg.org.sg) and the National Addictions Management Services (NAMS). If you think you or your loved ones have a problem with gambling, you can also call the stop gambling hotline at 1800-6-668-668.

There’s even an expression which justifies gambling during the Chinese New Year as ‘a little bit of gambling soothes your mind.’  (小赌怡情). So just have some controlled gambling with your family and everybody relaxes to have fun.

Meanwhile enjoy this social video.

  • National Council on Problem Gambling: 1800-6668-668
  • National Addictions Management Service (All Addictions): 6732-6837
  • Tanjong Pagar Family Service Centre: 6593-6489
  • The Samaritans of Singapore (24 hours): 1800-2214-444
  • Ray of Hope by Christian Care Services: 1800-7867-669
  • One Hope Centre (9am to 6pm): 6547-1011
  • WeCare Community Services: 6471-5346

Read more: Gambling & How it Leads to Bad Loans

Understand and learn about how to get a personal loan in Singapore

How to get Personal Loan in SG

Still stumped by interest rates of personal loan in SG? Need to get a personal loan in SG? Personal loans are at times referred to as unsecured loans which are personal loan without the need for security, collateral or guarantors. There are lots of personal loans providers which include banks and lending companies like us at Empire Global. So what are the few ways that one can get a personal loan in SG for fulfilling all your dreams and desires that you put on hold?

Understand first. Why you should care about Personal Loan rates?

Like we have explained previously, interest rates can get quite tricky and can slip pass the mind of borrowers. Borrowers might have gone on the urge of borrowing and forget to calculate the effective interest rates of the loan amount. One should fully understand the loan repayment amount and the effective interest rate of a loan sum. This will enable them to make better judgement of their own financial standings.

For example, if you plan on getting a renovation loan do look for a provider of renovation loan package instead of taking up a personal loan in SG. What’s the difference you may ask? It’s most advisable to go to the most specific loan type that you need. This usually results in a better interest rate or something better to match your needs. Why so? This allows lenders to “think less” about your repayment and the terms and conditions of a loan plan. The more specific you are with your money needs, the easier life the lender has.

There’s intense competition amongst lending institutions here, hence the interest rates, repayment policies and the many applicable terms and conditions vary greatly. So do shop around to find one that best suits your needs.

Read more on Understanding Personal Loan & Interest Rates

Check your own Credit Rating

One of the basic thing you can do prior to borrowing is to check your own credit rating. This is usually applicable to those who have defaulted on payment terms of bills, loans, credit cards or those declared bankrupt or cleared of bankruptcy.

If you have repaid properly, the credit rating should be good still. However if you are still servicing those payments, it is most advisable to check your credit rating and ensure that you are at least eligible to borrow.

Read more on Credit Rating and get it check 

What determines a Borrower’s eligibility?

If you are applying for a personal loan in SG, the biggest ranking factor to determine the loan amount a borrower is eligible for is their source of income. Typically in general, most banks will lend up to four times the amount a borrower earns on a monthly basis.

Get Personal Loan from Banks

There’s a big competition between the different banks providing personal loan services. Some have created apps for borrowers convience. A frontrunner in using technology for loan services is the new Dash Advance app created by Standard Charted providing personal loan in SG. This shows how competitive the industry is.

At times borrowing from banks can get tricky too. Why so? A simple thing like  a late repayment penalty is often overlooked by borrowers. This is because no one wants to pay late. And this is where the institutions can play it up to their advantage. Mess up a repayment once and you just might get your interest rate increased . Late fees can be quite substantial too. It is totally unlike a credit card late fee of $50; the penalty might be much steeper.

When banks that you have shortlisted are offering comparable packages, you should next look at their penalty fees and administrative fees. Basically pick the lowest interest rate provider and if there’s a tie, pick the one with the less “painful” penalties.

A basic set of information is required such as your NRIC, income documents (CPF statements, income tax statements) should be readily at hand before approaching these institutions.

Get Personal loan from Licensed Money Lender

With major financial institutions providing personal loan in SG, there are another group which are the licensed money lenders providing an alternative for borrowers. With much lesser fine print and more straight forward loan application process, borrowing from licensed money lenders can at times be a wiser choice.

The loan process is much faster and usually hassle free. Interest rates are highly competitive too and some of the best options are their flexibility in repayment plans. You can talk to the loan officer to draft a repayment policy to best suit your needs. Approval rates are typically higher and at times you are able to receive the cash amounts in a day or two.

However as there are quite a few unscrupulous lenders out there, it is a necessity to have a copy of the contract or loan terms when you sign up for a loan. Avoid those that easily approve your loan application without any legal contract. You can also check the company’s license by visiting IPTO. Money lenders who violate the laws set upon have their license revoked almost immediately. This ensures that the licensed money lender industry is kept legit and safe.

Getting it right for a Personal Loan

As repayment periods are usually longer with personal loan in SG, one has to be careful in borrowing and be clear about financial repayments needed. Loaning money is not a way to cover luxurious lifestyle. Identify the loan package that best suits your current financials and the lender. The loan process can get frustrating and your application might even be rejected, but do be careful when applying for a personal loan in SG. Ask questions and clear as many doubts you may have before signing up for a personal loan in SG.

Not to forget, too many loan applications can ruin your credit and obliterate your chances of getting one in future as it affects your credit ratings. Having too many applications makes you look desperate or in financial difficulties. As a result, lenders will see you as a credit risk and less likely to approve you.

Problem Gambling & Considerations in Getting Personal Loans

Problem Gambling and Considerations in getting a Personal Loan

Think World Cup makes you Rich?  A look at Problem Gambling

Seen the problem gambling advertisement by Singapore? It has gone completely viral and people from the USA has seen the ad. Most of us at Empire Global are glad we supported Germany! Some of us have won quite a bit. Of course we bet from licensed source – Singapore Pools.

And who could forget dynamo Germany win over Argentina in the World Cup finals! 1-0 and that sealed the deal for the campaign.

We wished this was us! Gutsy guy who made this pick. Well, the ad message is to get across “Problem Gambling” to people.
Any Other Score: Germany vs Brazil

Any Other Score: Germany vs Brazil. We all wished we had this betting slip! 7-1 to Germany.

Here’s the ad done to resolve problem gambling

Problem Gambling in Singapore

We probably should have heeded Andy’s dad advice to support Germany isn’t it? With Germany’s win over Brazil (7-1 trashing), our hearts wished we had bet big on Germany. Wouldn’t you?

Although the memes and the jokes that people made over the ad made Singapore famous indirectly but the underlying message is important. Which is why the government agency will not yank the advert out from our tv viewing commercials.

Problem gambling is on the rise here in Singapore and is getting prevalent in our society especially with two big casinos in our country. Public education has increased greatly over the years, with readily available helplines , exclusion acts from casinos  and many online resources and support from government agencies. Here’s an info graphic to show some numbers on gambling habits in Singapore.

Gambling Figures 2011: Highlighting Gambling habits of Singaporeans

Gambling Figures 2011: Highlighting Gambling habits of Singaporeans. credit: ST PHOTO

With the increase takedown on illegal gambling dens and illegal moneylenders, it shows that Singapore is taking a strong stand on illegal activities.

Read more on: Singapore cracks down on illegal gambling dens

Borrowing Legally and Illegally

With World Cup this year, moneylenders has seen a spike in customers who are borrowing. Some of them had gambled heavily on underground gambling dens and needed financial assistance immediately. Some had turned to loansharks to borrow to pay off their debts. We speak to such customers every so often and at times we had to turn them down too.

The benefits and low risks involved for borrowing from legal lenders far outweigh those of illegal lenders. Harassments, high interest rates, SMS spam are the things you would want to avoid when you want to take up a loan.

Read more on: Why borrow from Licensed Moneylenders

Financial institutions and legal moneylenders have regulatory compliances and legit licenses to provide personal loan. Furthermore, with Budget 2014 there are new changes to the moneylending industries. Tighter rules and regulations are being carried out with more crackdowns on moneylenders who fail to compile within the rules. Moneylending licenses are getting lesser too. Which means those licensed moneylenders you see now are pretty much doing a great job.

Moneylending rules are under review which was announced during the World Cup period. Borrowers would have better financial education and interest rate caps. We expect this will be done across the board soon and the stop to new licenses for moneylenders since 2012 goes only to show that the government would only want good moneylenders to remain in the industry

Read more on: Moneylending review this World Cup

Getting a Personal Loan

You may need a sum of money urgently and you have exhausted all avenues to look for. This is when people turn to licensed moneylenders as it offers a form of unsecured debt financing solution. A Personal loan might be a good choice to look at. Plus moneylenders are able to release funds on a shorter term notice.

Advantages of Personal Loan from Moneylenders

Personal loan issued by moneylenders are unsecured meaning that you don’t have to vouch so strictly for your credit rating or income as opposed to by banks and other financial agencies. However by saying so, ensure that you are borrowing from a licensed moneylender or else you might end up in debt with extremely high interest rates.

Most of the time, one will need to handle a stack of paper work and provide assurance to lenders in order to receive a personal loans. Whereas with moneylenders, this step is greatly simplified. You would not need to have  a perfect credit rating or high salary to cover the personal loan.

Read more: Personal Loans Information Guide

5 Important Considerations before getting Personal Loan

1. Have you thought of all other alternatives before approaching a licensed moneylender? Do you have reserve funds somewhere? This is because personal loans bring another form of debt towards your financials.

2. Personal loan contracts are legal and borrowers are to ensure that they are able to meet the repayment terms and contract requirements. Ensure that you are able to meet the repayments set out and double check in on your financials before signing on the contract.

3. Borrow only what you need and what you can repay. Do a financial calculation of your outstanding debts, income and expenses. Gauge your debt servicing ratio, and borrow only what you can mange with. This is to avoid unwanted interest repayments.

4. Ensure that moneylenders or financial officers explain the financial and legal terms that are bounded in the contract. ALWAYS be sure that you know and understand the personal loan contract term. For personal loans, keep in mind the basics which is repayment period, repayment schedule, interest rates and other fees that could be incurred.

5. Be sure of yourself that you have made an informed decision about taking a personal loan from a licensed moneylender. Go with a licensed moneylender that you are comfortable with. Check their reviews online and compare them. Do not rush to take up a personal loan. Do through research for yourself.

At the End of the day

Regardless of whether you are borrowing from banks or licensed moneylenders, ensure that you have done adequate research and comparison on the loan contracts.

Personal loan are contracts made between you and the lender, understand the legal terms and the repayment contract that is set out. Caculate the interest rates and the repayment amount for the full loan term to ensure that you are borrowing within your limits.

ALWAYS borrow within your capabilities.

Stay tuned as we bring more articles on personal loans and how it affects you. We look into interest rates offered by banks and the many financial terms and buzz words commonly exchanged between them to confuse borrowers.

Empire Global is a licensed money lending company in Singapore. We place great emphasis on dishing out proper financial advice to our customers before they sign on the dotted line.

Here’s the new ad done by NCPG to save themselves. Some find it a good one. Some not so. You have the final say.

NCPG new Ad One More Time for Andy's Dad

NCPG new Ad One More Time for Andy’s Dad after Germany’s win this World Cup. What say you?

Don't Be a Victim. Learn about these four financial scams today.

Don’t Be A Victim! Learn About These Financial Scams

We had previously talked about 7 great tips you can use to identify legal and illegal moneylenders. Read it if you haven’t, as it might just save you from heaps of troubles.

We at Empire Global greatly enforce the rules stipulated by IPTO and our loan officers always advise our customers on the proper loan terms.

A reminder, legal and licensed moneylenders do not send out SMS marketing messages. If you ever received one, it MUST be from an illegal source. But unfortunately illegal moneylenders aren’t the only problems that borrowers face nowadays.

There are always unscrupulous businessman and scammers who constantly think of new ways to trick you off your hard-earned cash. These usually come in the form of financial scams that are carefully disguised as legitimate businesses deals or easy cash. Falling into any one of these could mean landing yourself in huge debt or seeing your savings wiped clean.

4 Common Types of Financial Scams

Now let me quickly take you through these 4 most common type of financial scams and how to identify them with a help of a great educational video.

Ponzi Scam

Ponzi scams almost always lured victims with high short-term returns with low to zero risk, but things aren’t as good as it seems. Often victims will receive about 1-2 prompt returns on their investments (as advertised), but that’s as far as it goes.

The greatest Ponzi scam in Singapore was Sunshine Empire masking as a MLM business that promises extremely high returns. Lots of people around us at Empire Global had been duped by them.

Once the victims are convinced and hooked into investing more of their money, the scammer starts to disappear and becomes uncontactable.

Thus always remember the saying, “there is no free lunch in this world”. If the investment sounds too good to be true, or encountered such an attractive deal, do a research online (forums, news, government website) to prevent falling into such traps yourself.

Lottery winnings / Inheritance Financial Scams

These are one of the oldest scam out there. Typical a scammer will contact you about a huge windfall either through winning some lottery or inheritance.

These usually come in the form of an email/mail (usually very well written!), with proper letterheads, and promoting it as risk-free. This is to give you the perception that it comes from a legitimate source.

Once you bite onto the good news, they will then slowly bait you into transferring money as a “processing fee” or “handling fee” in order for them to transfer the winnings to you.

Phishing Scam

Phishing scams refers to scammers trying to impersonate as an existing legitimate business or government body to try to get your personal particulars or passwords etc.

Common ones are these online login website to your bank accounts. They develop a login website similar to those of the banks and trick you into keying in your personal data and passwords into the online form.

Hence, always ensure that the Bank login website that you are visiting is the correct and legit ones. Always check with the bank if you are unsure.

Illegal Moneylenders Scam

Today, we are also going to highlight another new financial scams scheme use by the illegal moneylenders in Singapore. If you think they only use SMS marketing to fake as legal licensed moneylender in their SMS message? You are wrong! They are more than just fake SMS marketing as licensed moneylenders.

In fact, there are even reported cases of scammers sending threatening SMS to their victims demanding for money that they have allegedly borrowed or payments that they have missed.

Read more on Watch Out! Illegal Moneylenders and the Ah Long Scams

What really forces the victims to comply is the scammer ability to identify them by their names and NRIC number. Which is then followed by a threat to the victim’s family members.

Once successful, the scammer will then instruct the victim to pay the money within an hour or less to a bank account. This is to prevent them from having the time to go seek for advice or help from other inclusive of the Police.

However, since the rise of such cases, the Singapore Police Force came out with some guidelines highlighted below that can help you avoid such financial scams.

  • Do not contact the senders of dubious messages or letters
  • Do not response to unsolicited demand for loan payments
  • Do not reveal your personal particulars such as Name, NRIC number, and address to unknown individuals
  • And always report to the police when such incidents happen.

You may just save you your hard earned cash and the agony of dealing with such incidents.

Here we are also sharing an infographic about financial scams around the World! Arm yourself and your families with this knowledge and prevent these from happening to you!

Infographic - Learn about financial Scams  happening around the world

Infographic – Learn about financial Scams happening around the world

Illegal Moneylenders Scam Alert

Watch Out! Illegal Moneylenders & The Ah Long Scams

Anyone catching up with the World Cup 2014 recently? We at Empire Global certainly have. Have you bet on a soccer match before? Know of friends who betted on sports and lost heavily? We believe this is becoming a norm to us all.

Rise in Illegal Moneylenders

If you have been catching up on our local news, there’s been a rise in local publications and awareness campaigns on punters borrowing from illegal moneylenders or loan sharks (also known as Ah Longs) to finance their gambling habits.

They take up high risk loans and some get conned into scams led by these illegal moneylenders. This shows the increasing rise in illegal moneylending and the risk awareness that the authorities are trying to put up front. Punters are being gamblers still delve into the habit of gambling.

Caution!!

A word of caution upfront: if you ever get caught up in borrowing from illegal moneylenders, it will be a bottomless pit of debt. Please be careful! Always check the source and seek advice or borrow from legal moneylenders instead.

As people get uptight about their money, they start borrowing or listening to any source that seem reliable. We have cases whereby borrowers have sought out illegal moneylenders that seemed legitimate, but yet ended up in even higher debts.

Read more on 7 Great Tips to identify legal moneylenders vs illegal moneylenders

 Rise of Technology And How You Are At Risk

With technology being easily available to all plus all everyone is getting on-board with social media, it has become easier for syndicates to retrieve all your private information and use it to their advantage. As time passes, these lenders get smarter and better hidden.

3 Rising Scams Run By Illegal Moneylenders or Scam Syndicates

Let us introduce to you 3 rising scams that have been run by illegal moneylender scam syndicates.

Scam No. 1: The Threatening Letter

Although this is seldom reported these days, but it was once at its peak.

Illegal Moneylenders Syndicate: Threatening Letter Scam

Illegal Moneylenders Syndicate: Threatening Letter Scam

A simple letter will reach your mailbox with similar content such as “ “We don’t want to disturb your family, neighbours or vehicle… Call this number… (dinosaur). If no return call, we will take action (last warning).” Some letters like the one shown will just plainly threaten others into fear.

You must be wondering how did the syndicate gotten hold of the address. This is a harassment and a scare tactic that the illegal moneylenders deploy.

Well, there are a couple of scenarios whereby this could have happened. It could be a simple contest or survey whereby your personal details have been leaked. The government has taken strong approach on privacy protection this is done through PDPC.

Read more on: DNC Registry Do-not-call List: Goodbye to unwanted calls and messages

Or in the worst case, a borrower has misused your information to borrow money and placed you as a guarantor. The mistaken identity that borrowers use is commonplace, and it really disrupts your personal life as illegal moneylenders are all out to harass and embarrass you.

Read more on: New Loan-shark tactic or scam?

Scam No. 2: Frightening Phone Call Scam

Illegal moneylenders are now using your own mobile number to contact you. Using abusive language and forcing innocent parties to repay for loans that they did not borrow.

  1. They target people and send threatening calls to tell them to deposit money into their account. They play on people’s psychology by threatening harm on their family or loved ones.
  2.  They target people who have previously borrowed money from illegal moneylenders. The unscrupulous ones will sell or leak information that scammers can use. As these borrowers will less likely report to the authorities, they are the prime targets and are more willing to pay than face shame and embarrassment.
  3.  In addition, scammers make false loan claims of innocent victims and intimidate them to pay up unknown loans they had not taken.  These callers will follow up with continuous SMSes, threatening the family members of the victim.

Do check out this episode by Crimewatch SG, and the Ah-Longs scams that have been run by the syndicates.

Scam No. 3: SingPass Scam

Firstly requesting a SingPass ID Password is strictly forbidden by law. Illegal moneylender syndicate start to request SingPass on unknowingly victims by assuming fake identities of legitimate sources. With a SingPass access, scammers can gain access to personal information

Illegal Moneylenders Scam Syndicates request Access to Singpass Login.

Illegal Moneylenders Scam Syndicates request Access to Singpass Login.

The Battle Against Illegal Money Lenders

The battle against Ah Longs (illegal moneylenders) is long and hard. It has since intensified when NCPC and SPF joined hands to launch a nationwide campaign to eradicate them. There are now campaigns consisting of Roadshows, TVCs, billboards and awareness movements to educate the public about the dire consequences of borrowing from unlicensed moneylending syndicates (Ah Longs).

As licensed moneylenders, Empire Global has strongly supported the movements and advise our customers to practice due diligence and for some not to repeat the past borrowing mistakes they had with illegal moneylenders.

The above scam practices are unacceptable of licensed moneylenders. If you encounter such money lenders, you should report it to the Registry of Moneylenders.

We highly encourage you to share this information to your network to highlight the alarming scams that are run these days.

Read more on: Why borrow from licensed moneylenders

Help Take Action: The X-Ah-Long Hotline

The hotline is at 1800-X-AH-LONG or 1800-9-24-5664, and allows the public to provide information on loan sharks anonymously. If you are in trouble or see others in trouble, please, help to reach out to the hotline and help to take action.

 

Goodbye to unwanted phone calls & messages

DNC Registry Do-not-call List: Goodbye to unwanted calls and messages

Don’t call me, I’m on DNC Registry

In today’s digital age, large amounts of personal data are collected, used and made available to third party organisations. This growing trend is moving exponentially as large amounts of sensitive data are made available with the aid of technology. Consumers are now becoming more aware on personal data privacy and are greatly concerned with protecting their own privacy.

Since 2 Jan 2014, anyone with a local telephone number can wish to opt out of receiving unsolicited telemarketing calls or messages from organisations.

If your telephone number is on the national Do-Not-Call known as DNC Registry, organisations are not allowed to send you telemarketing messages unless you have a clear documented consent to receive messages to an organisation.

This piece of news was a sign of relief for many whom had been receiving unsolicited messages or calls from telemarketers promoting their products or unlicensed moneylenders finding new customers.

These errant companies acquire telephone databases to use for telemarketing purposes have greatly irritated consumers.

DNC Registry covers all forms of messages linked to a telephone number and these includes the popular Internet message programs such as WhatsApp, LINE and Viber.

DNC Registry Top Three Myths Debunked!

DNC Registry Myth 1: Stop receiving messages after registration?

DNC Registry Myth 1:After registering on the DNC Registry, I will immediately stop receiving unsolicited telemarketing messages.

Truth: Registering on the DNC Registry does not mean you will immediately stop receiving telemarketing messages.

Organisations that have checked the DNC Registry before you registered can still use their list of results for up to 60 days if they did so before July 2, 2014 (and 30 days thereafter).

Therefore, you may still receive telemarketing messages from them during this period.

DNC Myth - No more messages when I in the DNC Registry

DNC Registry Myth 2: If my number is on the DNC Registry, organisations can no longer send me any kinds of telemarketing messages

Truth: Organisations may still send some telemarketing messages to you in certain specific situations.

For example, if you have already given companies clear consent for telemarketing messages, they do not have to run the checks.

A typical case would be phone numbers which have been in the form of prior lucky draw entries. Some messages are not considered telemarketing messages under the DNC requirements.

DNC Myth - Complain to Personal Data Protection when received moneylenders SMSes. How to handle them

DNC Registry Myth 3:If I receive telemarketing messages from moneylenders, I should lodge a complain to the Personal Data Protection.

Truth: Under the Moneylenders Act, licensed moneylenders are not allowed to advertise their services via SMS or voice calls.

Instead report such moneylending SMSes or calls to:

(c) The National Crime Prevention Council’s “X Ah Long” Hotline at 1800-924-5664 (1800-X-AH-LONG); or

Companies in Post-DNC launch?

Under the Personal Data Protection Act, local and overseas organisations must check with the DNC Registry to ensure that the Singapore phone numbers that they are sending telemarketing messages to are not listed in the registry.

Companies will now have to check its call list with the DNC registry. The numbers on the its list are valid for up to 60 days if they are not on the DNC registry. After the initial 60 days, it must submit a request to check the numbers again before making a pitch on the phone, fax, SMS or MMS.

However the 60 days limit will be deducted to 30days starting from July 2014. This means that consumers who register after July 2 2014 may still receive telemarketing messages for up to 30 days.

Companies are issued 500 free credits per year to check their call lists. Depending on the type of company, a one-time fee setup costs $30-$60.

Messages that are not considered to be telemarketing

Here’s a list of the types of messages that are allowed for telemarketing purposes (adapted from PDPC)
  • Market research or market survey
  • Promotion of non-commercial programmes carried out by public/government agencies
  • Information about employment opportunities
  • Warranty information, product recall information, and safety or security information relating to a product you have purchased
  • Delivery of goods or services, including relevant product updates and upgrades
  • Business-to-business (B2B) marketing; and
  • Nuisance calls which are non-commercial in nature

Bottom-line

If you continue to receive unsolicited telemarketing messages, you can lodge a complaint with the Personal Data Protection Commission (PDPC) for investigations and enforcement. The PDPC will not hesitate to take necessary action against organisations that do not comply.

Businesses now would never want to violate the PDPA as hefty penalties are issues which is up to S$10,000 can be fined per customer complaint, and the maximum penalty is S$1 million. A single illicit phone call will destroy a company reputation.

DNC Steps

Now, are you on the DNC registry yet? DNC registration is FREE, and you can get your phone number included in any or all of the three DNC registers – for voice calls, text messages and faxes. Registrations with the DNC registry is lifetime, but consumers can easily deregister at any given time. Terminated phone numbers are also removed from the registry.

  1. Check your telephone number with the DNC Registry by visiting www.dnc.gov.sg
  2. Signup on the DNC registry by sending “DNC” to 78772 to block calls, text messages and fax messages;”DNC” to 78773 to block calls only; “DNC” to 78774 to block text messages only.
  3. Register by phone at 1800-248-0772 to block calls, text messages and fax messages; 1800-248-0773 to block calls only; or 1800-248-0774 to block text messages only.

More reading sources

Register with DNC – www.dnc.gov.sg
For more information about the Act, visit the Personal Data Protection Commission website.