Saturday, July 09, 2011

Life and Debt : Predatory Lending in Singapore

I took an unannounced break from blogging for the past few weeks. Much of my writing energy was expended during GE2011 and I ended up busy with work the past few weeks. I will probably get going again once the Presidential Election gets going - it looks like a PAP endorsed candidate vs an independent candidate. The last time the people got to vote during the Presidential Elections, the PAP endorsed Ong Teng Cheong. While Ong Teng Cheong was highly respected, better known and campaigned much harder than the other candidate, he only garnered just over 58% of the votes. The other candidate received 41% of the votes hardly campaigned and voters were not even sure he wanted the job but voted for him anyway.  The result shows that people really did not want a president too closely associated with PAP govt in the 1993 elections. The PAP is a lot less popular today and I believe the independent candidate for the coming elections will put up a good fight - unless the Presidential Elections Committee has other ideas. I believe the head of a large coorperative who has to take care of diverse interests of all stake holders not just the bottomline of a company is eligible under the constitution. More on the presidential election later. Today's topic is predatory lending in Singapore.

Yesterday's New Paper had this headline news about 80 teens arrested for distributing flyers. These teenagers were recruited online and were offered temporary part time jobs to distribute flyers and name cards. They were handcuffed and taken to the police station. Based on The New Paper report, it is likely that most of them did not know they were doing anything illegal:

"More than 150,000 name cards and pamphlets advertising loan facilities, masquerading as legal loans and licensed moneylenders, were seized. Other items confiscated include two printing machines." -  News Report : [Link]

The parents of these kids had to pay a bail of $2000 to get them out of jail. I find it strange that the police used so much of their resources to catch these teenagers who were probably themselves ignorant deceived victims exploited by masterminds behind these schemes. I think it is hard for these teens to figure out they were doing something wrong handing out flyers for "esay loans", "fast cash" when these are almost ubiquitous in Singapore - you find them at bus stops, notice boards, lamp posts, in your mail box etc.

The irony is The New Paper that broke the story carry hundreds of these ads in their paper everyday.

Hundreds of listings offering fast and easy loans no different from the flyers the teenagers were distributing. I counted 10 full pages of such ads. I wonder if The New Paper checks every single one of them to ensure that they are legal. If not, shouldn't they be treated like the 80 teenagers who were arrested? Given its circulation and the number such ads it carries, The New Paper is helping to promote predatory lending which is extremely harmful to our society.

The growth in demand for these loans is a manfestation of thngs going wrong in our society. It could be gambling, poverty, low wages, or unemployment that makes people desperate enough to take up these loans. The lenders exploit the financial hardship of these people for profits and worsen their financial situation. In a number of countries, the govt proactively stepped in to regulate such loans by limiting the effective annual interest and the fees these lenders can charge. If nothing is done in Singapore, such activities and associated problems  to grow and fester. The New Paper used to have only one page of such ads. Now it has 10 full pages.  I believe the number of people getting exploited by scrupulous lenders is growitng.

If the people who are supposed to be doing their jobs do not watch these signs carefully and try to figure out the underlying problems faced by the people and allow these lenders and the banks to promote and expand their lending activities to exploit the financial situation of a large segment of our society, we will find our problems less solvable when they become big enough to be visible.

41 comments:

Anonymous said...

What about casino's , are they allowed to give loans to their customers?

Anonymous said...

Basically the tactics used by the government, killing the chickens to scare the monkeys or "the hatchet" in the bag remarks is back again.

Write to your elected MP and the Chief of Police.

Where do we stand compare to the Malaysian people.

Anonymous said...

HARD TRUTH OF LIFT AND DEBT ON THE REAL UNEMPLOYMENT RATE OF SINGAPOREANS

First
-----
There is no statistics for unemployment rate for Singaporeans. This figure has never been released.
When you see data on Unemployment rate of residents,
it is unemployment rates of Singaporeans and PR
(permanent residents).
As PRs form a substantial portion of the residents
and most of the PRs are working adults(*), the
inclusion of PR employment statistics have distorted
the unemployment rate of Singaporeans.

(*)Most of the PRs are working adults because
non-working PR adults would not have been eligible to
become PR in the first place,
and if the PR adults become unemployed after becoming
PRs, the PRs are more likely to leave Singapore to return back to the countries they were from due to the lower cost
of living.

Second
------
If a person is unemployed longer than 6 months, this person is not classified as unemployed. This person is not captured in the statistics for unemployment rate

Third
-----
If a person is not able to find a job, he/she may choose to become a taxi driver, insurance agent, property agent, temp staff, part-time staff, etc. or he/she may choose to take up some courses thereby making himself/herself as
full-time student. Peoples under this category are not classified as unemployed but they are unable to find any full-time jobs in the first place.

Fourth
------
Generally, the expected cost to employ foreigner is significantly lower than employing Singaporean.
Employer has to bear the opportunity cost of the absence of male Singaporeans attending about
3 weeks per year of reservist training even though the Singaporean salary is paid by make-up pay.
Employer has to pay for 4 months of maternality leave for Singaporeans women who just give birth.
Employer has to pay 16.5% employer CPF to Singaporeans CPF. This puts Singaporeans on unfair disadvantage, making foreigners cheaper.
Employer needs not pay any of the above to foreigners.
If you are an employer, who will you employ, Singaporean or foreigner?
Obvious answer: Foreigner is employed as foreigner costs less.

Conclusion
----------
The hard truth is that the real statistics of unemployment
rate of Singaporeans is much higher than the released
unemployment rate of residents although this real statistics
has never been released.
The logical deduction of the real statistics of
unemployment rate of Singaporeans shows that foreigners are the number one choice in the eyes of the employers.
Foreigners are here to take over Singaporeans jobs.

Anonymous said...

The only crime in SG is being being poor.
The teenagers were poor and therefore guilty and arrested.
This is the society u helped create by sitting on ur arse and worse ... talking rot and ignoring realpolitk during ge2011.

Anonymous said...

These fast cash loans are everywhere since the casinos were opened.

The first wave of political change has taken place 2 months ago. Anticipating a backlash in the presidential election 3 months later, PM LEE immediately resuffle his cabinet.

The second wave of political change will hit in this presidential election and the newly annointed president will be 3 times better then President Ong Teng Cheong as this new chap will seek to address and redress the damage that PAP policies have done to young couples setting up a family, waiting 4-5 years for a BTO, rising COV and hdb prices, cost of living, etc.

Today's Singaporeans are resentful of the PAP bad policies. The PM had apologised, now we need a President to redress the damage the PM's team did and the misguidance given by the ex-MM.

Wait out for the second wave. Coming to a place near you.

Lye Khuen Way said...

"If the people who are supposed to be doing their jobs do not watch these signs carefully and try to figure out the underlying problems faced by the people and allow these lenders and the banks to promote and expand their lending activities to exploit the financial situation of a large segment of our society, we will find our problems less solvable when they become big enough to be visible"

The above oberservation applies to almost every "wrongs" some of us see in Singapore.
eg :a) the DBSS / BTO scheme and the overall policy regarding HDB pricing and PRs being able to but from the re-sale market of HDB flats.
b) Public Transport & Road/Traffic infrastructure

While waiting for the new Parliament to sit, we are in some way,in a "no government" situation. So what ? I dare say we have been in that condition for more than the last 4 or 5 years. No ?

Anonymous said...

Good to have you back, Lucky!

Yeah, arrest the teenagers.
Treat the symptoms..

Its always after the fact and
the path of least resistant.

People with money ( and I mean those with more than 5 million to spare )
are the ones thats causing lots of social issues:

A) they enter the property market and begin to speculate and profit from the ensuing froth

B) they enter the vehicle market and begin to create a demand that is not natural

C) they enter the stock market and bid up prices with their inside knowledge

The mother of all causes is the interest rates.. increase the rates and the rich will begin to park their money.. it remains static and will cause less harm.

Aurvandil said...

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Anonymous said...

The New Paper is run and staffed by ELITES. You know Tony Tan? the one with the slicked back no parting white hair?

The 80 are ahbeng ahseng ahuay alien who are competing with the New Paper advertising. The SPF is only helping the Elite-run advertising media preserve their revenues. LOL.

John YS said...

I'm staying in a HDB in the western part of Singapore, I've received more than 10 such flyers till date.

I've seen my door being thrown paint all over straight after Chinese New Year, only to find out that it was my neighbor who owes the money, not us.

If the government can do something about illegal money lending, I think many of us won't be posting comments here.

SE said...

SG govt elites' lust for profit continue to drive the common people to new depths of depravity.

The causes are all around us..Casinos, Foreign Immigrants/PRs, High Gini Rate, Rising Cost of Living etc..these are the diseases.

Meanwhile, the MCYS, SPF, HDBs will be hard at work researching how to change the symptoms. Indeed it makes you wonder if they can free up any more of their precious resources to attacking the real problem such as arresting fertility rate or capturing the murderers of the 7 dead corpses on this island.

Like the Home Minister's stance that death penalty to innocent drug mules will deter Druglords, we should ask for the same penalty for Politicians. It will deter corrupt politicians/officials instead of paying out the millions of dollars to keep their laundry clean. Gerald Ee should pay heed.

Anonymous said...

If police can be sloppy in their detective work on charging people for murder and assault/battery case as shown in very recent news,
I wouldn't be surprised if they were also sloppy in their recent round-up of 80 teens for alleged loan-sharking activities.

Anonymous said...

Let this double standard continues. The more the merrier for the opposition.

Anonymous said...

Yeap, the whole of Singapore had gone from bad to worst. The efficient police that we once know is no longer the same.

The recent case of a Mr Kadar acquitted of the 2005 murder-robbery was a serious weakness in the way the police works nowadays. They are totally incompetent.

They don't seems to bother that a life is at stake. Is Singapore learning too much from PRC China where corruption and incompetency rules?

Anonymous said...

9 dead bodies found in first 7 months already. They would be daft to not see a serial pattern...

Anonymous said...

Haha....

advertisements for loans, how to get rich, bucket shop operators, massage services, social escort services, therapeutic equipments, chatlines and educations etc are in our newspapers everyday.

Who are the suckers of these advertisements???

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====================================================================================================================
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scores?
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(5) PURPOSE OF LOAN:....................
(6) GENDER:.............................
(7) MODE OF FUND RECEPTION:.............
(8) COUNTRY:............................
(9) OFFICE/HOME PHONE NUMBER:...........
(10) OCCUPATION:........................
(11) EMAIL ADDRESS:.....................
12) ZIP/ POSTAL CODE:..................
(13) CITY:..............................
(14) BANK ACCOUNT BALANCE:..............
(15) NEXT OF KIN:.......................
(16) MARITAL STATUS:....................
(17)SCAN AND ATTACH YOUR IDENTITY CARD..

BE BLESS,
REV VICTOR VELLA
MRS SHARON DELANEY [ASST. C.E.O]
EMAIL ADDRESS---holyinnocentloanservices@gmail.com
HOLY INNOCENT LOAN SERVICES