Tag: loan sharks

The Truth About Moneylenders and Sensationalist Journalism

Moneylenders have been a hot topic in over the last decade, with a growing number of fraudulent businesses illegally operating under the protection afforded by cross-border operations. This has given the moneylending industry a negative reputation it doesn’t entirely deserve. By way of example, more than 5% of the population in Singapore has used payday loans to borrow money. Regulated companies that operate according to established guidelines are far from the stereotype bad journalism would lead you to believe. According to recent studies, 8% of renters with an income between $40,000 and $100,000 have used payday loans to borrow money. ... Read more

One Borrower’s Story: On the Road to Becoming Debt Free

A lot of people can easily relate to Ms. A’s story.  It started with a seemingly innocent purchase: she wanted an iPhone.  She had some money saved up but did not want to spend all of it on a smartphone. She had been a borrower before and did not have any problems paying off the debt. Ms. A then decided to borrow S$500 from a loan shark that was constantly spamming her hand phone. Ms. A was very happy with her rose gold iPhone, but what she did not expect were the harassing phone calls she would soon be receiving on ... Read more

Ex-bank officer sentenced to jail time for sharing customer data with shark

Koh Chee Tong, an ex-UOB bank officer, improperly shared customer data with an illegal moneylender known as “Ah King.” Apparently Koh was pressured by the loan shark to share UOB customer details over an unsettled $16,000 gambling debt he had previously incurred. “Ah King” offered to extend Koh’s repayment period in exchange for names, NRIC numbers and telephone numbers from UOB’s customer database. In late 2013 Koh illegally used his staff identification number and password to access UOB’s computer systems to retrieve the data. “Ah King” then used the stolen data to expand his customer base. Koh pled guilty to ... Read more