Targeting Loansharks not solution
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The hideous crimes committed by loansharks and their runners must not go unpunished, and every effort must be exerted to wipe them off the face of Singapore. The misery they cause with their usurious rates of loan interests drove many to the loss of careers, families and even their lives.
However, wiping them off is not the solution nor solving the root of the problem.
The problem lies in money, espacially the lack of it.
Many attributed such loans as being taken up largely by gamblers. But how true is that statement? Even if it is true, why did people had to gamble in the first place?
More often, majority of such people comes from low income base and had thought to supplement their income for a better life thru gambling, eventually becomming a habit that led them deeper and deeper into ruin with each victory or defeat at the roll of the dice.
Some dont even gamble but find it a task to make ends meet. No legal banking entities would loan them for they have no worthy collateral as security against loan.
Education is one means to escape from poverty, but not many can aspire to scholarships, for places are limited, not to mention, each person has her/his talent in different aspects of life that complement societies.
CDCs and welfare organisations had put in enormous efforts and had done well to help all it could, but there are limits, not only on such organisations, but on the recipients themselves, for who wants to depend on charity?
Jobs and living within one means type of education are crucial to prevent abject poverty from creeping in. But when that period of time when even a dollar is crucial, such people have no where to turn to. Who better than a loanshark, inspite of the harsh terms?
I dont presume to have a solution, does anyone have any bright ideas for bridging loans set up by our society to the less well off and less priviledged, so that they may not fall prey to gambling as a means out of poverty or turn to loansharks?
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I am no bright spark, but just to start the ball rolling, if any chance at all, i offer up a suggestion.
Most of the loans taken up from loansharks are between a few hundred to probably $2000. Higher amounts would only mean the wealthy are doing it to tide over their cash flow, and they need not our society's help.
Those who borrow low are usually the lower income group to tide over their own cash flow during some more demanding financial periods.
My suggestion is this:-
1.Town councils to offer loans from $100 up to $2000 to these lower income citizens at market bank rates for a period of 3 months. Collateral will be their passports so that they dont run away.
2. Less well off citizens will have 3 months to pay back in full + interest.
3. Should they fail, they will have to offset such payments in lieu - by working part-time to clean up the estates at night after work, at the wage rate of a full time worker.
4. Town councils will then organise and control the work flow and hiring of workers so as not to affect their budgets.
It may be shameful, but I do think its better than to have one's IC and hp no. pasted on lifts and corridors, harassed at nights, lives threatened. Furthermore, there still is a chance he can pay up in full, as the amounts are not huge.
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It's disheartening to see our MPs kept silent on the root of loansharking, but instead searching for a bigger stick to bash loansharks who offer easy loans to the less priviledge!
Worse still when they attribute people who seeks for loans are mainly gamblers. This is not true. Some may be gambling addicts, but many more are desperate for money, for banks or employers or friends are not forthcomming with loans. Thus they throw the dices and hope for some lucky returns.
Many only need a few hundreds to thousand plus to tide over, sometimes such as start of school term to buy uniforms and books, some because the breadwinner fell sick or sacked from work, etc...social problems that exist.
Who can these people turn to? Banks arent gonna care, employers have their cash flow issues, and friends have their own families to take care of. So who else, but their elected representatives?
I know its not the govt's place to go into banking or biz or even provide a welfare state, but there is a social problem that arises from our city state. When one goes hungry, one really starves, for we have no backyards to grow potato or rear chicken.
I appeal to everyone who cares about the less priviledge to talk to your MPs on this issue, ruling party or opposition. If we do not tackle the root of the problem, when IRs come along, it will be even more worse as every poor ah beng will bank his future at the roll of a dice as many are doing now with soccer bets at Spore Pools.
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fierce. such a long writing .
killing the loan shark will not solve the problem.
Most transactions are actually quite smooth. Usually there is no problem. But there are always some bad debts, which turn out messy.
The loansharks will know how to keep close eyes on their lending now. So there will be less hideous crimes.
People who borrow money make their own choices. So it is their fault.
Hard to solve problem.
The runners and the loansharks ARE the true victims in this issue
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what other place can get unsecure loan?
so many PAWN shops set up? Why? suddenly so many?
something fishy?
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speaking on loans, those unsecured loans you see on tv like ezcash or something may appear good. but actually there are offshore banks offering the same loan service with lower interest and higher loan amount.
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Any figures for the numbers of defaulters against the total number of transactions?
Any figures on the numbers of frauds who cheat the loansharks, and get away with it?
Maybe the loansharks should be given the licence to break a few correct bones, that would end the nuisance of the wrong flats being vandalised.
I have know many who benefitted from the 'sepuloh dua' loan.
We don't always need a Muhammad Yunus, sometimes we just need some pocket money till payday.
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Originally posted by Lokey:
fierce. such a long writing .
killing the loan shark will not solve the problem.
Most transactions are actually quite smooth. Usually there is no problem. But there are always some bad debts, which turn out messy.
The loansharks will know how to keep close eyes on their lending now. So there will be less hideous crimes.
People who borrow money make their own choices. So it is their fault.
Hard to solve problem.
The runners and the loansharks ARE the true victims in this issue
Sorry, I have no pity for the loansharks. It's ridiculous interest rates that they imposed - 10-20% per month! And the guy who asked for 1000 dollars gets only 800 dollars and pays back a thousand in a month's time. The loanshark already collect 20% profit upfront on the 1st hour. Woe if you roll over your loan. It gets compounded PER MONTH! No pay and you get shit.
I do agree with you that the loansharks will be smarter now. When there's money to be made, invention will be the mother of necessity. They wont die out. But the guys who borrow aint likely to stop, for wherelse are they going to find money? Rob, steal, kidnap, murder?
Pawnshops are not solutions. The poor may not even have any gold left to pawn, if they could afford it in the first place, and usually, they are only worth 20% of its actual value upfront.
2nd hand stores pay even less for your household items.
Times arent exactly good now. The rich have acess to loans anywhere inshore or offshore, and banks would serve right up to their doorstep, BEGGING them to take loans. But not so for the poor.
The rich had cut spending, and wages are still being maintained at present levels although chances that it may rise later. But for now, the poor and the less priviledge have no where to turn to.
They are not asking for welfare or charity, but just a couple of bucks to tide over some storm on the homefront. Thus their need and desperation for loansharks.
My own pockets are not deep enough to help all, if even any at all. It needs the full force of our society to help, and hell with convention or excuses such as 'it is not the way things are done in the world'. We create our own world here in Singapore, where no one gets left behind, second to none.
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police real stupid. they are so good in investigation but all along not proactive in hitting back at the loan sharks. They just need to send some bait of fake people asking for loans and they can have direct contact with the loan shark runners already. get some crazy task force on it and i can bet the loan sharks will never make any business here in Singapore.
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Is it true they are mostly gamblers? If it is true, then the root problem is the gambling issue. So there must be a concerted effort to suppress gambling, from all aspects.
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Originally posted by Veggie Bao:
Is it true they are mostly gamblers? If it is true, then the root problem is the gambling issue. So there must be a concerted effort to suppress gambling, from all aspects.
Gambling is never the issue or the root. Gambling is as old as time. Life and nature itself is a gamble. We know death is certain, but we dont when is the due date. It is an unknown. Some live to 100+, some...dont even make it past the first day....
Gambling is perfectly ok. It is only when done in excess will harm befall. Just like eating too much redmeat or drinking alcohol excessively, etc. Even if gambling is banned, just as MM Lee tried to do when he was a PM, he failed miserably. It just went underground or overseas.
Thus, better know that it is a losing battle and confront it headon, organise and regulate it. With the funds and winnings in our society, for society now is the banker in gaming industry, and as we all know, the house/banker always wins. No doubts about it.
And with such funds we can put it to good use and for better social spending, supported by those who would like to gamble responsibily as well as those foolish gambling addicts. Better the money goes into society's pockets than illegal private selfish anti-social crook operators.
You see a beautiful girl at the bus-stop. You challenge your friend as to who have the courage to approach her and ask for her name. The winner will win a reward. That itself is a gamble. Thus my point- there is no way to suppress gambling.
Only education can help.
Life is all risks, but must always take well thought out CALCULATED RISKS and NOT FOOLHARDY RISKS, and too educate our young as well that its ok for recreational challenges and gambles, played with earnings that one must be prepared to lose and wont go into debt, but NEVER NEVER to use one's hard money to gamble if he cannot afford to lose or bear the consequences, for the dice have six sides and six odds, 52 card game or others with even astronomical odds.
Gambling had never been an issue. It is only the effect, just as loanshark is an effect. The cause is money - lack of it. Remove the cause, the root, and effects will not be an issue. If only anyone would listen......
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The problem is they cannot remove poverty. sometimes you have to use 'force' to achieve certain objectives. to this date fighting fire against fire is the best way to suppress or improve the problem.
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Originally posted by kcockicht:
The problem is they cannot remove poverty. sometimes you have to use 'force' to achieve certain objectives. to this date fighting fire against fire is the best way to suppress or improve the problem.
I agree with you on use of force to suppress the problem of loansharking and gambling. Hang the perpetrators by all means for the misery they caused to lives and those innocent ones caught up in the mess.
But like fire, it had been with us since mankind began. No matter how educated we become from the footsteps of our cavemen ancestors and sought to tame fires, it is an impossible task.
I humbly apologise for being stubborn, adamant and strident on my siren call to look into the root of the loanshark/gambling problem. Lives are at stake here. We as a society will do all we can to eradicate poverty, and had done a great job, but it is still not finished, for there are still people who face financial issues. Not exactly a big social problem, just cash flow difficulties in certain times where they have NO WHERE to turn to.
Alone, we cant be much help to them for our pockets are not deep enough and they the ones having problems may be a large pool. Those of us who had become successful had grown from the hardwork and frugality of our forefathers, into a rich and stable civilised state. We must now not be selfish and leave others struggling behind. Their forefathers too had a part in our miracle. Idealism perhaps, but there is an honour debt we must not ignore. Keyword: Root.
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make it a death penalty for loansharks lar lol
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Originally posted by Rooney9:
make it a death penalty for loansharks lar lol
Sigh......its not a solution. Where will we draw the line? Afterall, there's money to be made and they will only be more cunning and devious. Cornered dogs are the most dangerous beasts.
Jobs will help eradicate poverty. Temporary cash flow problems can be solved with loans. However, if the problem still cannot be solved, then whatever problem they are facing is something that even their job cannot help.
At times, its not a simple issue as 'over-spending' or no saving. Be realistic, how much can one saves on a $1000+ salary in Singapore? Worse if he has a family or reduction on wages. And in life, who dont experience its little emergencies? Who can they turn to? Even NTUC, supposedly to look after the lower income, only allows loans if one earns $30,000 a year!
They will need to take on another job instead inorder to have the kind of funds to help, and do it legally.
There are no lack of jobs in Spore. We even have to invite foriegners to take up jobs here. Rather than to help the foriegners, perhaps employers can help our citizens instead.
Many citizens shunned those jobs acceptable to foriegners. But if he has a problem that his present job cannot be solved within a time period, then he must shrug off whatever perceptions the shunned job entails and apply for it.
It is not the best course of action, but it is better than to depend on charity or starve to death. Our forefathers had never shunned such jobs or depended on charity. So too must we, if we are in dire straits.
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If only people were smart enough to pass this law....
"Monetary loans from UNLICENSED corporations or individuals are illegal and therefore no repayments shall be required indefinitely."
Loan sharks would go out of business, nobody would even lend you a single cent.
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use terrorism laws to suspend/freeze suspected ah long bank accounts lar
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Originally posted by parn:
If only people were smart enough to pass this law....
"Monetary loans from UNLICENSED corporations or individuals are illegal and therefore no repayments shall be required indefinitely."
Loan sharks would go out of business, nobody would even lend you a single cent.
the problem is loan sharks are illegal. they use force to get back interests while banks uses force by freezing your assets if you are unable to pay, probably forcing you into bankruptcy. so those who borrowed leagally go bankrupt if cannot pay. thos borrow illegally get the paint from loansharks if cannot pay.i still fell that banks should lower interest rate fopr small amount loan further. like thos people who really need money enough to feed the family for a few months out of jobs. while maintaining interest for larger amount for those who use in investments or businessess. these way people will approach banks instead of loan sharks.
as for loan sharks i still hope gahmen use force and proactive approach tohun them down.
look at the piracy problem. all due to some stupod internbational territorial law just send a special force or arm ships with soldiers can easily shoot all the pirates to kingdom come. and whats the airforce doing? one bloody guided missile is enough to blow the pirate boatds to kingdom come.
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