icompareloan - Propertybuyer Scams - Loans Scams

Anybody taking any loans recently in Singapore ?

Loan Shark loans from illegal money lenders, money lender lists...please be careful not to fall into ilegal money lenders trap... If you were to borrow from illegal money lenders, it will be your doom day.

i have a long time friend who is doing well in business and have good family, unfortunately he like to speculate on the stock market.... one day the market turn against his position, he loses a lot of money.

Due to his pride as he was brought up by any elite family, he cannot face the fact of being a failure financially.
He met an old friend who is dealing with loans, i would say illegal money lenders links, he ask him to help him to raise some money for him so that he can use the money to punt the stock market so that he can recover from his huge loss.

Unfortunately, luck was not on his side, he continue to lose all the money he borrow form loan shark.
This time, he is really bitten by this Loan Shark. There is no turning back... He cannot return the illegal money lender money. He has not road to go but die ... He got to know this old friend who recommend him to illegal lender and got him into trouble...

Sad to know he committed suicide in a forest in singapore... leaving some notes to say sorry to his family members about his coward act and unwilling to face the fact of live about his financial failure in life due to his Pride he has built in his lifetime, fixing him unable to handle normal human live up and down cycle ....

So Keep a look out ... only borrow from legal money lenders...

List of Licenced Money Lenders In Singapore

THE MONEYLENDERS ACT (CHAPTER 188)

List of valid moneylenders registered in the Republic of Singapore, as at 1st Mar 2013, published in accordance with the provisions of subsection (1) of Section 7 of the Moneylenders Act :-

List of Licensed Moneylenders in Singapore

Business Name/Address Licence No.

1.   101 CREDIT PTE. LTD. (56/2013)

2.   168 CREDIT PTE LTD (173/2012)

3.   1133 MONEYLENDERS (57/2013)

4.   96 CREDIT (195/2012)

5.   77 MONEYLENDER PTE. LTD. (29/2013)

6.   ABI CREDIT PTE. LTD. (37/2013)

7.   ABK LEASING (184/2012)

8.   A&E CREDIT SERVICES (18/2013)

9.   A1 CREDIT (162/2012)

10. A8 CREDIT (76/2012)

11.  KATONG CREDIT PTE LTD (17/2013)

12.  ABM CREDITZ  (197/2012)

13.  ADVANCE CASH CREDIT PTE. LTD. (78/2012)

14.  ADVANCE PLANNERS CREDIT (98/2012)

15.  AERO CREDIT PTE. LTD. (97/2012)

16.  AK CREDIT CORPORATION PTE. LTD. (208/2012)

17.  AKB MONEYLENDERS (22/2013)

18.  AL. M. MARUTHAPPAN  (140/2012)

19.  ALPHA 8 CREDIT (103/2012)

20.  ANDAL MONEYLENDERS (109/2012)

21.  AP CREDIT (28/2013)

22.  AR. T. FIRM MONEY LENDER (135/2012)

23.  AR. V. VELAYUTHAM (9/2013)

24.  ARIKSHA MONEYLENDER (16/2013)

25.  AS SHALIHIN ENTERPRISE (183/2012)

26.  ATB CREDIT (145/2012)

27.  AVIS CREDIT (712013)

28.  BALAKRISHNA & CO (126/2012)

29.  BAN-KING CREDIT (26/2013)

30.  BLISS CREDIT PTE. LTD. (171/2012)

31.  BST CREDIT PTE. LTD. (174/2012)

32.  BTB CREDITZ (196/2012)

33.  BUDGET CAPITAL PTE. LTD. (186/2012)

34.  CASH AID (143/2012)

35.  CAPITAL FUNDS INVESTMENTS (30/2013)

36.  CASH CHECK (203/2012)

37.  CASH DIRECT (14/2013)

38.  CASHMAX CREDIT PTE. LTD. (83/2012)

39.  CING DIEN CREDIT (211/2012)

40.  COUGAR CREDIT & INVESTMENTS (49/2013)

41.  COVERALL (SINGAPORE) PTE LTD (144/2012)

42.  CRAWFORT (107/2012)

43.  CREDIT 21 PTE. LTD. (54/2012)

44.  CREDIT 88 (50/2012)

45.  CREDIT 89 (34/2013)

46.  CREDIT ASSIST PTE. LTD. (38/2013)

47.  CREDIT EXCEL (5/2013)

48.  CREDIT EMPIRE (52/2013)

49.  CREDIT HUB CAPITAL PTE LTD. (150/2012)

50.  CREDIT KING PTE. LTD. (54/2013)

51.  CREDIT MATTERS PTE. LTD. (124/2012)

52.  CREDIT PARADISE (181/2012)

53.  CREDIT THIRTY3 PTE. LTD. (1/2013)

54.  CREDIT XPRESS (96/2012)

55.  CREDIT XTRA PTE LTD (148/2012)

56.  CREDITMASTER PTE. LTD. (51/2013)

57.  CYS CREDIT PRIVATE LIMITED (86/2012)

58.  DALIP SINGH & COMPANY (119/2012)

59.  DYNAMIC MONEYLENDERS (185/2012)

60.  DENARO PTE. LTD. (68/2013)

61.  EASI ADVANCE PTE. LTD. (128/2012)

62.  ELITE INVESTMENT & CREDIT (77/2012)

63.  EMPIRE 90 CREDIT (110/2012)

64.  EMVERTEX CREDIT (112/2012)

65.  ETHOZ CAPITAL LTD (25/2013)

66.  ETHOZ AUTOMOTIVE SOLUTIONS LTD (214/2012)

67.  EURO CREDIT PTE LTD (190/2012)

68.  EXCEL CREDIT (PTE.) LTD. (10/2013)

69.  EMPIRE GLOBAL PTE LTD (66/2013)

70.  EXPRESSLOANS CREDIT (200/2012)

71.  EZ ENTERPRISE MONEYLENDER (142/2012)

72.  EZ LOAN (24/2013)

73.  FAST MONEY (74/2012)

74.  FONG CHIN CAPITAL PTE. LTD. (133/2012)

75.  FORTUNE CREDIT PTE. LTD. (4/2013)

76.  FU LU SHOU CREDIT (180/2012)

77.  G3 CREDIT (210/2012)

78.  G CREDIT (39/2013)

79.  GAIN CREDIT (19/2013)

80.  GANESHWARI MONEYLENDING (216/2012)

81.  GAUTHAMMA CREDIT (138/2012)

82.  GEE CREDIT (199/2012)

83.  GENERAL LEASING PTE LTD (53/2012)

84.  GL CREDIT PTE. LTD. (33/2013)

85.  GM CREDIT (12/2013)

86.  GOLD ALLIANZE CAPITAL PRIVATE LIMITED (60/2013)

87.  GOLDEN CREDIT (S) PTE. LTD. (60/2013)

88.  GOLDSTAR CREDIT PTE. LTD. (159/2012)

89.  GS CREDIT PTE. LTD. (136/2012)

90.  GT CREDIT (13/2013)

91.  GURSEWAK SINGH MONEY LENDER (205/2011)

92.  GV CREDIT PTE LTD (157/2012)

93.  HARDIP SINGH AND COMPANY (2/2013)

94.  HERSING CREDIT PTE LTD (156/2012)

95.  HHL MONEYLENDERS (139/2012)

96.  HMS MONEYLENDERS (82/2012)

97.  HORISON (120/2012)

98.  HSX CREDIT (87/2012)

99.  HUA YANG CREDIT PTE LTD (165/2012)

100.  HUP HOE CREDIT (93/2012)

101.  HWA FONG CREDIT PTE LTD (64/2013)

102.  IBS CREDIT ENTERPRISE (67/2013)

103.  I-CREDIT PTE. LTD. (158/2012)

104.  INSMART CREDIT (147/2012)

105.  JD CREDIT PTE. LTD.  (59/2013)

106.  JEFFLEE CREDIT PTE. LTD (131/2012)

107.  JIN CHIANG CREDIT PTE. LTD. (213/2012)

108.  JNB CREDITZ (193/2012)

109.  JML CREDIT (194/2012)

110.  JOTHI MONEYLENDER (204/2012)

111.  JR CREDIT (S) PTE. LTD. (63/2013)

112.  JR STAR CREDIT (40/2012)

113.  JURONG MARINE CONTRACTORS PRIVATE LIMITED (125/2012)

114.  KAPUR SINGH COMPANY (212/2012)

115.  KARTHIK MONEY LENDING (122/2012)

116.  KBB CREDIT (80/2012)

117.  KHALON & GILL MONEYLENDERS (182/2012)

118.  KIM ENG FINANCE (SINGAPORE) PTE LTD (137/2012)

119.  KR RM RAMASAMY PTE. LTD. (205/2012)

120.  KST CREDIT (187/2012)

121.  LEKSHMI MONEYLENDER (206/2012)

122.  LIAN FONG CREDIT & TRADING (PTE) LTD (209/2012)

123.  LIAN HUAT HANG CREDIT LTD (141/2012)

124.  LIEN MONEYLENDERS (91/2012)

125.  LION CREDIT PTE. LTD. (115/2012)

126.  MAGNUS CREDIT PTE LTD (50/2013)

127.  MAX CREDIT PTE. LTD. (108/2012)

128.  MM CREDIT (2/2013)

129.  MONEYHUB CREDIT PTE LTD (163/2012)

130.  MONEY3 PTE. LTD. (42/2013)

131.  MOTOR-WAY CREDIT PTE LTD (178/2012)

132.  MONETIUM CREDIT (146/2012)

133.  MWA CAPITAL PTE. LTD. (161/2012)

134.  NEW ERA CREDIT (175/2012)

135.  OASIS CREDIT (191/2012)

136.  OC CREDIT PTE. LTD. (15/2013)

137.  ON LINE CREDIT PTE LTD (41/2013)

138.  ORANGE CREDIT PTE. LTD. (75/2012)

139.  OUTER TRUST CREDIT SERVICES (132/2012)

140.  P LAKSHMI FIRM (179/2012)

141.  PARDEEP MONEYLENDERS (44/2013)

142.  PERIAKARUPPAN GANAPATHY CREDIT ENTERPRISES (88/2012)

143.  PHILLIP CREDIT PTE. LTD. (153/2012)

144.  PIT-STOP CREDIT (113/2012)

145.  PLATINUM CREDIT PTE. LTD. (155/2012)

146.  POWER CREDIT (164/2012)

147.  PR VEERAPPA CHETTIAR (8/2013)

148.  PROFESSIONAL LOAN COMPANY PTE. LTD.  (215/2012)

149.  PROSPER CREDIT PTE. LTD. (113/2012)

150.  PT CREDIT (90/2012)

151.  QV CREDIT PTE. LTD. (94/2012)

152.  QUICK LOAN 101 (188/2012)

153.  QUICK CREDIT PTE LTD  (53/2013)

154.  R2D CREDIT PTE. LTD. (45/2013)

155.  RADEEP MONEYLENDER (160/2012)

156.  RAPID ACTION MONEY (21/2013)

157.  RESOURCE CREDIT (170/2012)

158.  RIVERBANK FINANCIALS PTE LTD (169/2012)

159.  RM. RENGANATHAN MONEYLENDER (45/2012)

160.  RML CREDIT (46/2013)

161.  RTG CREDIT (70/2012 )

162.  ROYAL CREDIT (151/2012)

163.  S.E. AUTOMOBILE INVESTMENT (166/2012)

164.  S.P. MONEYLENDER  (102/2012)

165.  S21 CREDIT (134/2012)

166.  SAN TEE CREDIT (176/2012)

167.  SANDS CREDIT PTE. LTD. (168/2012)

168.  SB CREDIT (56/2012)

169.  SGP CREDIT (36/2012)

170.  S G CREDIT PTE. LTD.(123/2012)

171.  SHANMUGAN MONEYLENDER (127/2012)

172.  SHREE RAI (89/2012)

173.  SHRIRAM CREDIT SINGAPORE PTE.LTD. (81/2012)

174.  SIGHAPPI ACHI MONEYLENDER (79/2012)

175.  SINCERE MONEYLENDER PTE LTD (117/2012)

176.  SKM CREDIT PTE. LTD. (23/2013)

177.  SKYLINE CREDIT (62/2013)

178.  SME CARE PTE. LTD. (152/2012)

179.  SOON SENG MONEYLENDER (31/2013)

180.  SOS CREDIT (69/2013)

181.  SRISAKTHI MONEYLENDER (130/2012)

182.  SU CREDIT (55/2013)

183.  SUBBIAH VALLI & SONS ((11/2013)

184.  SUCCESSFUL CREDIT ((35/2013)

185.  SUMO CREDIT PTE. LTD. (7/2013)

186.  SWIFT CREDIT ((167/2012)

187.  SYMBOLIC PTE. LTD. ((61/2013)

188.  SYNERGY CREDIT PTE. LTD. (207/2012)

189.  TAN CHONG CREDIT PTE LTD (99/2012)

190.  THE MONEYLENDERS PTE. LTD. (154/2012)

191.  TAN & JIANG ENTERPRISE PTE LTD (27/2013)

192.  TIRUMALAI MONEYLENDER (116/2012)

193.  TK MONEYLENDERS (65/2013)

194.  TRADITION CREDIT CO PTE LTD (169/2012)

195.  TRILLION CREDIT SOLUTIONS PTE. LTD.(202/2012)

196.  TUR MOHAR MONEY LENDING (70/2013)

197.  U CREDIT (PTE.) LTD. (198/2012)

198.  U NEED CREDIT PTE. LTD. (48/2013)

199.  UNLIMITED FINANCE PTE. LTD (189/2012)

200.   UK CREDIT (47/2013)

201.   UNI CASH 88 PTE LTD (40/2013)

202.   UNILINK CREDIT PTE. LTD. (201/2012)

203.   UNITED CREDIT PTE. LTD. (85/2012)

204.   VERA CAPITAL PTE. LTD (129/2012)

205.   VM CREDIT PTE LTD (149/2012)

206.   W E CHONG CREDIT ENTERPRISE (58/2013)

207.   WAH LEONG COMPANY (PRIVATE) LIMITED (20/2013)

Icompareloan scam - Beware property buyer - i compare loan scam

SCAMS IN SINGAPORE - Are You A victims?

icompareloan - Propertybuyer - moneylender - moneylenders - money lender

When Obtaining Loans from Licensed Moneylenders

Notes to Borrowers:

1)  What should I consider before taking up a loan?

You should keep these key points in mind:

•  Before approaching a moneylender, consider other alternatives, such as the various financial assistance schemes offered by various Government agencies. You may contact the agencies to find out more about their schemes.

•  You are legally obliged to fulfil any loan contract you enter into with a licensed moneylender.

•  Consider whether you are able to abide by the contractual terms, bearing in mind your income and financial obligations. Borrow only what you need and are able to repay. Be mindful that if you are unable to meet the contract ual terms, the late payment fees and interest payment will be a financial strain not just on yourself but also on your family.

•  The law requires moneylenders to explain the terms of a loan to you in a language you understand and to provide you with a copy of the loan contract. Make sure you fully understand the terms of the contract, in particular, the repayment schedule, the interest rate charged and the fees applicable.

•  Consider carefully before agreeing to any contractual term which allows a moneylender to lodge a caveat on the sale proceeds of your real estate property upon default of the loan repayment. When a caveat is lodged against your property, you will not be able to sell it without first repaying the moneylender in full. If the repayment is taken from the net proceeds from the sale of the property, it can wipe out all or a substantial portion of the proceeds.

•  You should shop around different moneylenders for the most favourable terms. You should not rush into and commit yourself to a loan until you are satisfied with the terms and conditions.

2)  How much can I borrow?

For secured loans, you can obtain a loan of any amount. For unsecured loans, you can obtain:

•  Up to $3,000, if your annual income is less than $20,000;

•  Up to 2 months’ income, if your annual income is $20,000 or more but less than $30,000;

•  Up to 4 months’ income, if your annual income is $30,000 or more but less than $120,000; and

•  Any amount, if your annual income is $120,000 or more.

3)  What are the interest rates moneylenders can charge?

From 1 June 2012 onwards, moneylenders are required to compute and disclose to you the Effective Interest Rate of the loan, before the loan is granted. If your annual income is less than $30,000, the interest rate which moneylenders can charge, for both secured and unsecured loans, is capped at:

•  13 per cent Effective Interest Rate for secured loans; and

•  20 per cent Effective Interest Rate for unsecured loans.

The Effective Interest Rate takes into account the compounding effect of the frequency of instalments over a one-year period. This means that Effective Interest Rate better reflects the actual cost of borrowing over a one-year period.

annual income is $30,000 or more, the caps above are not applicable and interest rate is to be agreed upon between the moneylender and the borrower.

4)  What are the fees that moneylenders can charge?

From 1 June 2012 onwards, moneylenders are only permitted to charge six types of fees:

•  For each occasion of late repayment of principal or interest;

•  For each occasion the terms of the loan contract are varied at your request;

•  For each dishonoured cheque issued by you;

•  For each unsuccessful GIRO deduction from a bank account, as payment to the moneylender;

•  For early redemption of the loan or early termination of the contract; and

•  Legal costs incurred for the recovery of the loan.

Any other fees are not permitted, and are hence not enforceable by the moneylender.

5)  How do I know whether a moneylender is licensed or not?

Do not borrow from unlicensed moneylenders. Verify that a moneylender is licensed by checking the list of licensed moneylenders. Notwithstanding that the moneylenders are licensed, be mindful if they:

•  Use abusive language, or behave in a threatening manner towards you.

•  Ask for your SingPass user ID and/or password.

•  Retain your NRIC card or any other personal ID documents (e.g. driver’s licence, passport, work permit, employment pass or ATM card).

•  Ask you to sign on a blank or incomplete Note of Contract for the loan.

•  Grant you a loan without giving you a copy of the Note of contract for the loan and/or without properly explaining to you all the terms and conditions.

•  Grant you a loan without exercising due diligence (e.g. approving a loan over the phone, SMS or email before even receiving your loan application form and supporting documents, such as the income tax assessment and payslips).

•  Withhold any part of your principal loan amount for any reason.

Such practices are not acceptable. If you encounter them, you should report the moneylender to the Registry of Moneylenders, with information such as the moneylender’s business name, licence and contact numbers. Please see Question 10 for more details.

6)  How can I tell whether an advertisement is from a licensed moneylender or an unlicensed moneylender?

Under the advertising directions, which took effect on 1 November 2011, licensed moneylenders are permitted to advertise only through these three channels: (a) business or consumer directories (in print or online media); (b) websites belonging to the moneylender; and (c) advertisements placed within or on the exterior of the moneylender’s business premises. All other channels are prohibited.

In this regard, the advertising directions can help you differentiate between licensed and unlicensed moneylenders. If you receive flyers, SMSes, emails or other forms of advertisements which are not permitted under the directions, these would be from either licensed moneylenders operating in violation of the directions, or loansharks. Hence, you are advised not to respond to such advertisements. 

Errant licensed moneylenders will be investigated by the Registry and loansharks will be investigated by the Police.

7)  Can I rely on the content of an advertisement to take up a loan from a moneylender?

You are advised to seek clarifications on specific terms of the loan contract before signing up with a licensed moneylender, and not to rely solely on the content of advertisements from the moneylender.

8)  In the event that I am standing as a surety for a loan, what should I look out for?

You should ensure that:

•  You understand your responsibilities as a surety;

•  You receive a copy of the Note of Contract at the time that the loan is granted to the borrower;

•  The moneylender has explained the terms in the Note of Contact in a language that you understand; and

•  The moneylender does not keep your NRIC card or anyother personal ID documents (e.g. driver’s licence, passport).

•  The moneylender does not acquire any information that contains passwords to your user accounts (e.g. Singpass account, Internet banking account, email account).

9)  What should I do after being granted a loan?

•  Make sure the moneylender delivers to you the full principal amount of the loan as stipulated in the Note of Contract, there should be no instalments or fees deducted up-front.

•  Pay the loan instalments on time to avoid incurring late payment fees and late interest.

icompareloan - icompareloans - propertybuyer - propertybuyers - Money lenders - Money Lender

Tips on How You Can Manage Your Finances Better

There are several things that you can do if you want to be in charge of your financial life. In recent times this has become a very crucial aspect, and there are several reasons for this. The first is, perhaps, for the purposes of saving for the future. The saving culture is a characteristic of prudent and shrewd individuals as it helps to cushion one against unexpected financial turbulence. Cutting down on expenses is another way to manage your finances better. For this and much more on how to manage your finances better, keep reading to learn what you should and should not do.

What to do with a loan

People have different opinions when it comes to taking loans, but the general guideline is that unless that is the only option left, taking a loan is not a wise decision. Ideally, the recommended thing to do is to search for lasting solutions that do not encompass the borrowing of a loan. You could, for instance, use up your savings to settle the issue at hand; alternatively, if you are looking to buy something, how about taking some time off until you have sufficient funds? You could also make use of a soft loan from family and friends, often accompanied by the good will to see your issue addressed. Should you decide to go for a loan, be sure to make a comparison between different lenders.

Often, many people seek financial assistance when it comes to paying for their studies. Once one has graduated, it is expected that they will pay up the loan. To ease this burden, it is important to have a payment plan. The norm, for many financial institutions is to give discounts for individuals who choose to have their payments subtracted from their monthly income by way of an electronic register. The advantage of using this method is that there are no hidden charges. Add to this the fact that you are not likely to forget the payments and you have a good reason to use electric deduction of loan payment.

Handling a personal loan

Should you find yourself in need of a personal loan, you have at your disposal a number of options which you could choose to work for you. Sadly, some banks will not be too willing to give such a loan to persons with poor credit rating. To counter this, it becomes important for individuals to have the appropriate documents to show that they are in a position to repay the loan once it has been granted. Some of these documents may include proper car loan records as well as credit card facilities.

Handling cash loans

We have all faced emergencies at one point or another, and with no ready source of money, fast cash loans become an exciting idea. While this may seem as the only viable solution, it is advisable to steer away from such as they have an unreasonably high rate of interest. Borrowing from friends and family is a better option. Alternatively, start saving for a rainy day. Using this strategy is sure to help you manage your finances better.

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What Happens When You Application For a Personal Loan Is Rejected?

Getting a personal loan is a fundamental process when you are in dire financial need. For this reason, it is very disheartening when your application is turned down for whatever explanation. There are a number of options you have following such an occurrence. Since it is almost impossible to foretell when you may require loan services, it is important to keep your credit record flawless. The simple reason for this is that if there are any mistakes, it would be very hard to get them corrected in good time, especially because when it comes to loan applications, time is of the essence. Having full knowledge of your credit ratings is also crucial as it allows one to have realistic expectations of the likelihood of getting a loan.

It is vital that the details provided on the loan application form are true, and this will often include area of residence, employment records as well as income over a defined period of time. In case you have had unfortunate encounters which have tainted your credit history, you may want to attach a letter explaining the circumstances. The letter should be brief and precise, and in it you must include the efforts you are making in improving the situation. This is crucial because it helps the officer in charge in making a proper decision.

You must also be ready to provide a collateral in cases where getting a personal loan entails having it secured. It is advisable, however, not to use this option since it is accompanied by a high risk. If you must, the collateral could be any asset that is in your legal possession, whether a car or real estate. The reason this is important is because in case you do not repay the loan, you lose the collateral.

When getting a personal loan, you will need a co-signer, and just as the name suggests this is a person who signs the loan application with you. Their job does not just end at signing since in case you do not repay the loan, they are entirely responsible for it. Due to this, many people are not too willing to be co-signers, and for good reason. Loan defaults end up straining the relationship between the two parties. To make this easier, it is advisable to pay off a given amount of money every month.

Following rejection of your loan application, you may want to visit another financial institution to see whether your needs will be met. This is important because different institutions have different policies on lending loans. If your credit history is not impressive, you may consider getting an institution which deals with such cases. Of course there may be more stringent policies in the latter, but you stand to gain so it is a worthy decision. This presents a golden chance to improve one’s payment schedule.

It is a huge blow if you application gets turned down, but to counter this, you must do everything that is in your capacity to ensure that you get it right the first time. Be clear with your financial past, as well as work diligently to maintain a great record. In addition, avoid defaulting on the loan as you may need to use the very same credit facilities in the near future. This is further heightened when you use a co-signer. It is vital to preserve the co-signer’s integrity by making timely repayments throughout the pre-specified period.