10 Apr '11, 9pm

2 in 3 moneylenders contacted by MediaCorp are not officially registered

The clients of licensed moneylenders typically included businessmen who need cash to tide through their business and housewives who habitually gamble on cruise ships. In the last half year, the profile is changing to include more young professionals aged between their 20s and 40s. And they are borrowing from multiple moneylenders - sometimes more than 10 licensed ones. "The trend is very alarming. We receive about 20 cases a month. Majority of them are white-collared workers and each owed more than 10 licensed moneylenders," said Mr David Poh Cheng Seng, president of the Moneylenders Association of Singapore (MLAS). Many are now turning to the MLAS, hoping that the association may be able to intervene and stave off their creditors on their behalf. As a result, MLAS' Mediation Panel, a pilot project set up last September, is not accepting any mediation requests for now due ...

Full article: http://www.todayonline.com/Singapore/EDC110411-0000315/Be...

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