06 Mar '12, 11pm

Rise of pawn shops and loan sharks

I have followed your blog since your presidential election bid last year, you come across as an honest and outspoken individual with unique views and solutions. I wonder if you have seen the rise in jewelry and pawnshops in singapore in recent years, just along AMK central there are 4-6 competing pawnshops in a row. In the unsecured personal loans space, there is remarkable loan growth as well, from DBS cashline, Citibank ready credit etc. This largely involves high 20% annual interest rates or similar. There is a segment of the market trapped in a perpetual debt cycle, 'rollers' and their debts keep ballooning until they default. Loansharking is on the rise, even for small sums. Can a study be done, anonymously government-style, to eliminate these negative trends, find out who are the people borrowing this money, and help them before they become a greater social problem, ...

Full article: http://tankinlian.blogspot.com/2012/03/rise-of-pawn-shops...

Comments

  1. 06 Jul '14, 5am

    Great article, read more on illegal moneylendings here in another great article:

    http://applypersonalloans.sg/watch-illegal-moneylenders-ah-long-scams/

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