08 Feb '11, 2pm

More people borrowing money

More people borrowing money

SINGAPORE: More people are approaching licensed moneylenders since the opening of Singapore's two casinos about a year ago. Moneylenders' Association of Singapore president David Poh said the association has seen about a 40 per cent jump in the number of loans offered. Figures from the Law Ministry's Insolvency & Public Trustee's Office showed an eight per cent increase in the number of licensed moneylenders in 2010 compared to the year before. There were 239 licensed moneylenders as at end December 2010, compared to 221 in 2009. The number of such companies joining the the industry's association has also gone up three times in a span of just one year, from 50 in 2009 to 160 in 2011. But dealing with problem gamblers is a somewhat risky business for these agencies, especially when borrowers struggle to pay off interest rates which can amount to 18 per cent per annum. Mr Po...

Full article: http://www.channelnewsasia.com/stories/singaporelocalnews...

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