Reading Time: 4 minutesIn July this year, the Straits Times reported a case involving a woman who was pressured by a licensed moneylender to renew her loan 16 times, obliging her to repay far more than what she owes. Using the woman’s case as an example, we discuss the ‘refinancing’ tactic used by more opportunistic moneylenders to overcharge their borrowers […]
Borrowing from a moneylender – what you need to know
Reading Time: 7 minutesIn 2014, businessman Goh Meng Leong borrowed $350,000 from a licensed moneylender at an annual interest rate of 240 per cent. Over two years, Mr Goh paid back a total of $700,000 in instalments to ABK Leasing. However, even though Mr Goh had paid back twice the amount he had borrowed, he still owed the […]