08 Feb '11, 3pm

Licensed moneylenders see rise in business: by Alvina Soh SINGAPORE - More people have been approaching licensed...

SINGAPORE - More people have been approaching licensed moneylenders since the opening of Singapore's two casinos about a year ago. The Moneylenders' Association of Singapore has seen about a 40 per cent jump in the number of loans offered. Punters hoping to make a quick buck are turning to them to fund their gambling habit. Figures from the Law Ministry's Insolvency and Public Trustee's Office showed an 8 per cent increase in the number of licensed money lenders in 2010 compared to the year before. As of the end of December, there were 239 licensed moneylenders compared to 221 in 2009. The number of such companies joining the association has also gone up three times in just one year. There were 50 in 2009 and 160 currently. But dealing with problem gamblers is a somewhat risky business for these agencies - especially when borrowers struggle to pay off interest rates which ...

Full article: http://www.todayonline.com/Singapore/EDC110208-0000560/Li...

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