03 Jul '11, 11pm

Loan sharks masquerading as licensed moneylenders via @cmswire

Loan sharks masquerading as licensed moneylenders via @cmswire

A flier for an illegal moneylender at the grille gate of a Bishan flat. Such moneylenders offer quick, hassle-free loans at exorbitant interest rates, and ask for borrowers' confidential SingPass information and passwords so they can get personal and financial data. -- ST PHOTO: LAU FOOK KONG ILLEGAL moneylenders pretending to be licensed operators are becoming brazen, dropping fliers and name cards at the doorsteps of flats and on car windshields across the island. Some are also advertising their services on classified websites such as 88DB.com and gumtree.sg Touting themselves as licensed operators to unsuspecting borrowers, they offer quick, hassle-free loans at exorbitant interest rates through bank transfers - not unlike the way loan sharks operate. A check by The Straits Times found at least 10 such operators advertising on various sites online. None of them is on th...

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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