Simei was formerly known as the “Tampines South”. Its location is within the town of Tampines in the eastern part of Singapore.
There are several facilities and amenities in Simei. Schools, MRT, coffee shops, shopping centers are everywhere. Restaurants, supermarkets, department stores, bookstores, jewelry, and gift shops.
Eastpoint Mall is the most famous shopping mall in Simei. NTUC Fairprice is a leading supermarket chain in Singapore.
Simei Park is the only park that consists of a playground for kids. It also includes elderly fitness corner and running tracks for health-conscious people.
There are wide arrays of residential areas in Simei. Those are land properties, condominiums, mansions, and public housing flats.
Changi General Hospital serves the medical needs of people in Simei.
Moreover, financial facilities are also present in Simie. One of them is the licensed moneylenders in Simie.
Yet, there are also illegal financial facilities in Simie. This is to help you know and understand what they do.
The illegal facility is operating and run by the so-called loan sharks.
Loan Sharks in Simei
As mentioned, loan sharks are illegal. They consist of either a single entity or a larger entity that works together.
They usually prey on desperate individuals. Examples are families who are in lower socioeconomic neighborhoods.
Risks When Dealing with Loan Sharks in Simei
Some risks come along when you deal with loan sharks. Here are some of the risks:
- You may pay a higher interest rate compared to legal lenders.
- You might receive threats in case you could provide repayments on time
- You will be pressured to borrow more money to pay up for the previous loans
How to Spot a Loan Shark in Simei
Luckily, there are signs that you could look for to spot for loan sharks. Here are signs on how to spot a loan shark:
Interest rates are ways for moneylenders to earn money, so they are normal when you borrow money. And yet, loan sharks charge an excessively high-interest rate.
The sad part is there are people you were victimized by the loan sharks. They experience a financial burden due to a high-interest rate.
Some even had a hard time getting out of the situation that loan sharks had put them into.
Flexible Terms of Requirements
Moneylenders ask for certain requirements. Such requirements are valid government-issued ID, proof of billing, and many other documents.
These documents are used to certify that you are an existing borrower and not a fake one.
But, if the lender does not require you any legal or valid documents, that could be a sign that they are loan sharks.
Licensed Moneylender in Simei
Takes Any Form of Document
Other loan sharks will ask you to submit or surrender your documents. They would as for your passport, valid ID, or even your ATM card for you to get a loan.
Take note that no legitimate moneylenders will do that. They would only ask for a photocopy of your documents.
If they ask a property or assets as collateral for a loan despite the amount, that is an indicator of a loan shark.
Most loan sharks won’t show you a contract. Some would ask you to sign a contract but be very careful about signing.
Read every detail of the contract. Some loan sharks would include policies or provisions that would be unfair for you as a borrower.
When you don’t understand a certain detail, ask the moneylender about it. Make sure that the contract is transparent with its terms.
Unclear and Inconsistencies in the Loan Terms
Another sign that you might be dealing with a loan shark is their unclear loan terms.
There might be no agreed repayment schedule. The required payment and the maturity of the loan might not be set.
Some other loan sharks would set such standards. But they tend to change the terms that you have agreed already.
Posing Threat or Violence
Another sign of a loan shark is if they are pressuring you to borrow more to pay one loan with another. They might even pose violence when you have unpaid loans.
Some loan sharks would threaten borrowers if you will not pay. They may even say that you will be prosecuted or be sent to prison with your unpaid loans.
But take note that they don’t have the legal right to send you to prison since the loan is illegal.
How to Avoid Loan Sharks in Simei
Dealing with a loan shark could be avoided in so many ways. Before transacting with any moneylenders, you should check their credibility. Check if they are authorized and accredited by the government.
You can check them up online. If they don’t provide you enough information through a simple google, then they might be a loan shark.
NOTE: If you think you are dealing with loan sharks, report them right away. Even if you know someone who was victimized by them, report them as well.
Contact the police immediately especially if you are at risk for danger.
Are you planning to get a loan? Better choose the licensed moneylenders in Simei if you want to have a secured loan. Certain facilities are complying with the Moneylenders Act.
Check the list of licensed moneylenders in Singapore as you choose.