Is it an Offence to borrow from loan shark Singapore?

Is it an Offence to borrow from loan shark Singapore?

There are thousands of them in Singapore alone. These “ah longs” are often members of organised crime syndicates and their funds usually come from unidentified sources. Hence, dealing with a loan shark in Singapore is illegal.

What happens if you dont pay back a loan shark?

Loan sharks may use intimidation and force if you don’t pay back the loan, which authorised lenders would never do. Your loan never gets paid off. Once loan sharks get you to borrow money once, they are likely to charge such high interest rates you won’t ever repay it in full.

Are there loan sharks in Singapore?

It’s hard to imagine why a global financial hub like Singapore still has a relatively prevalent loan shark presence.

Can I trust loan shark?

Loan sharks appear friendly at first, but quickly trap their victims into a vicious cycle of spiralling debts through threats, violence, and intimidation. These criminals rarely go round wielding baseball bats and smashing windows in.

What to do if a loan shark is after you?

Any lender, licensed or unlicensed, who harasses you is breaking the law. You should report any loan shark to your local your local Trading Standards office and to the police if the loan shark threatens you or uses violence.

How can you tell if someone is a loan shark?

A loan shark is a person who – or an entity that – loans money at extremely high interest rates and often uses threats of violence to collect debts. The interest rates are generally well above an established legal rate, and often loan sharks are members of organized crime groups.

Can a loan shark go to jail?

A loan shark who paid a social media influencer to promote his illegal money lending operation has been jailed. Business student Rovin Mavunga, 24, used Snapchat to find customers he would go on to terrorise when they were unable to pay off debts.

What happen if I didn’t pay online loan?

Defaults generally can have a negative impact on your future borrowing. When you fail to pay your EMI on the online loan, the lender will send you an intimation about the amount due to be paid. You can then repay the loan with a penalty as prescribed by the lender.

How does Singapore deal with loan shark harassment?

Find a nearby neighborhood police post and report the loan sharks to make sure you are protected. If you prefer not to go out of the house for fear of being assaulted, you can also call the police at 999 or the X-Ah Long hotline at 1800-924-5664 (1800-X-AH-LONG) to get further assistance with loan sharks.

How do I stop loan shark harassment in Singapore?

Can I sue someone who owes me money Singapore?

You will need to file a civil claim with the courts. This follows the normal civil litigation process. Although you can represent yourself, it is advisable to get a lawyer. A lawyer will usually profile your debtor to determine your chances of getting your money back and the best strategy of doing so.

Can you go to jail for not paying an online loan?

2. Can you be arrested and sent to jail if you fail to pay your debt? Many borrowers default on a loan every day, and the common question they ask is whether nonpayment of the loan will result in imprisonment. The answer is no.

What to do if loan sharks are after you?

Any lender – licensed or unlicensed – who harasses you is breaking the law. You should report any loan shark to your local your local Trading Standards office, to an Illegal Money Lending Team, and to the police if the loan shark threatens you or uses violence.

How do I report a loan shark in Singapore?

Call Singapore police or submit an e-complaint if you believe you’re dealing with a loan shark. You can also call 1800-924-5664 for direct contact with the X-Ah Long service. If you have any doubt that they are loan sharks, or that they start bothering you, don’t hesitate to check with the police.