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Thread: Need some sincere advice

  1. #1
    Estherr
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    Default Need some sincere advice



    My boyfriends wants to get a Yamaha motorbike and wanted to borrow $2000 from licensed moneylenders. We were trying to find the interest rates online but its very difficult to find. Even when we call the lenders, they keep asking us to come down to their office to talk.

    I came across this website which help you to compare interest rates from licensed money lenders. I don't know whether is it good.

    Anybody got take loans through licensed moneylenders *** censored by moderator ***

    Please share your experience with us. This is the 1st time we are planning to take a loan from moneylenders and we are quite worried.

    Thank you so much.
    Last edited by PaLmEr; 02-06-2015 at 05:57 AM.

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    Heng77
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    Default Need some sincere advice

    Does your boyfriend really need a bike? Spend within your means, don't fall into the debt trap. Motorcycle shops allow installments, try not to go to those moneylenders.


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  3. #3
    ticks
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    The mere fact that he needs to go to money lender is indicative of troubling days to come.. Like what Heng77 said. Spend within your means. Bike shops offer rates from approx 6% onwards...
    Ride fast..ride safe..don't crash...

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    Estherr
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    He will be getting $2000 in 2 weeks time from his friend. He lend to his friend before. So this is like a short term loan for only 2 weeks.

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    Heng77
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    Then I would suggest you wait for the money to be returned before committing to the bike. What if the friend do not return the loan? What if he return partially, what if.. Don't jump into debt, that's my advice.


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    weesern
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    Licensed moneylenders' rates are definitely higher than banks' rate. If really necessary, go to the bank first.

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    Estherr
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    Thank you so much. We will consider again

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    MR BIKER
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    Limsteel
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    Money lender... Licensed Loan Shark. Never Never go as last resort even in life and death situation.
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    I think take the installment safer... It's considered hired purchase... U default on payment they just take ur bike...
    License moneylender.... Prob file for u to be bankrupt...
    Unlicensed moneylender ... Prob take ur life.

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    Limsteel
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    Take life ? Wrong, they harass you for money and harass your family neighborhood. Killing the lender is bad for business...
    91-92: 84 Yam LC125
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  12. #12
    ViciousKitty74
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    The licenced money lenders needs your income details, and it has to be valid for six months at least, no gaps allowed.

    Your NRIC, your CPF statements and your Bill address. They need to check thru your CPF using your Singpass.

    And the interest is 20%.

    It really is much cheaper loaning from the banks or the motorshops. Or better yet. Use cash.
    41/Female/Singapore. Prefers her men single, rich & almost dead. Licences: Class 2B, 2A, 2, 3, 4 & 5. Boats, Weapons Shooting, Taxis, Tour Guide Licences. Now working (not so hard) on getting fixed & rotary wings licence. Blah, blah, blah and blah.....

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    duo
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    Just wait till the supposed friend returns the amount. Patience is a virtue.
    Last edited by duo; 06-02-2015 at 01:16 PM.
    KRGT-1
    I want to ride my bicycle I want to ride my bike..I want to ride my bicycle I want to ride it where I like..

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    Siphon
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    Quote Originally Posted by Limsteel View Post
    Take life ? Wrong, they harass you for money and harass your family neighborhood. Killing the lender is bad for business...
    watched too much chinese drama... hahaha

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    if u have problem coming out with $2000, my best advice is to just take public transport. there are many other costs other than the price of the bike itself. insurance is a big cost for young riders.

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    Siphon
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    ... So true... 3rd party Bike insurance can be higher than car comprehensive insurance... Haha

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    zalk
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    You are working adults? You can easily save $2000 over a couple of months.

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    Quote Originally Posted by j View Post
    if u have problem coming out with $2000, my best advice is to just take public transport.
    Yes, I agree with j!

    If he can't afford $2000, better take bus/MRT.

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    Siphon
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    BMW not bad la... No hidden cost... 2k yamaha might need to overhaul engine, change tire... Chain. Sprocket. And many others...

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    Are you in a hurry to get a bike? If not..you can try asking your bike shop if you can make partial payment for the downpayment..e.g 500 in the 1st mth n 1000 in 2nd mth etc etc..work out within your means..

    Do reconsider buying a bike now as tge coe is currently priced at $5504/- ..thus your initial cost will differ with the price of the bike on the road..

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    My advice take public transport. Work hard, save money. Then buy bike. Take only a few months to save up 2k

     

     
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    Please don't borrow from money lenders or any banks for loans.. Save up and then buy..


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    Girl, be very careful when you have a boyfriend that wants to borrow money from a moneylender. Like the others said, its already a sign of bad things to come.

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    wait4me
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    yr boyfriends wants to borrow let him be.

    but if you are the gurantor or if u are ask to return the interest rate when s h i t happens, then that is the real TROUBLE

    i hope not to see u under sammyboy
    一路向北 4 EVER , my friend



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    really ripping rate. 12% 15% 18%, and all the complicate fee like late settlement fee, late settlement extra interest. Its obviously out to confuse borrowers.

    Most bike shop installment only charge 6% +/- at most.
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    n9.kevin
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    Dont be to hasty to get a bike

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    Guide to borrowing from licensed money lender.
    https://www.mlaw.gov.sg/content/rom/...s-english.html

    Money lender reviews.
    http://moneylenders-sg.com/ez-loan-moneylender-reviews/

    read up the guide and moneylenders review if u MUST borrow from moneylenders.
    Last edited by kawa78; 07-03-2015 at 04:08 PM.

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    Throttle
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    Quote Originally Posted by Estherr View Post
    My boyfriends wants to get a Yamaha motorbike and wanted to borrow $2000 from licensed moneylenders. We were trying to find the interest rates online but its very difficult to find. Even when we call the lenders, they keep asking us to come down to their office to talk.

    I came across this website which help you to compare interest rates from licensed money lenders. I don't know whether is it good.

    Anybody got take loans through Onelyst - https://www.onelyst.com/compare-loans/

    Please share your experience with us. This is the 1st time we are planning to take a loan from moneylenders and we are quite worried.

    Thank you so much.

    Good technique of getting people to visit your website (onelyst)


    hahahaha....

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    Jehuty
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    Quote Originally Posted by Estherr View Post
    My boyfriends wants to get a Yamaha motorbike and wanted to borrow $2000 from licensed moneylenders. We were trying to find the interest rates online but its very difficult to find. Even when we call the lenders, they keep asking us to come down to their office to talk.

    I came across this website which help you to compare interest rates from licensed money lenders. I don't know whether is it good.

    Anybody got take loans through Onelyst - https://www.onelyst.com/compare-loans/

    Please share your experience with us. This is the 1st time we are planning to take a loan from moneylenders and we are quite worried.

    Thank you so much.
    I have an advice.
    Get a richer boyfriend or a more hardworking one. 2K either COE gonna finish or just the downpayment for the bike.

    Last time I work using company bike, to and fro I took public.

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    MR BIKER
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    Throttle , you are right!!!! now i get it. hahhahahah. no wonder its the first post. after that poof gone.

     

     
  32. #32
    resistanc
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    Quote Originally Posted by weesern View Post
    Licensed moneylenders' rates are definitely higher than banks' rate. If really necessary, go to the bank first.
    Yes, try and enquire from several banks and choose the lowest interest rates.
    There are many short term loans.

  33. #33
    Throttle
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    Heh heh heh heh

    i'm good right, Mr Biker?

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    resistanc
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    Quote Originally Posted by Throttle View Post
    Good technique of getting people to visit your website (onelyst)


    hahahaha....

    hahahaha, good technique indeed!

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    prettygalyeoh
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    Quote Originally Posted by Estherr View Post
    My boyfriends wants to get a Yamaha motorbike and wanted to borrow $2000 from licensed moneylenders. We were trying to find the interest rates online but its very difficult to find. Even when we call the lenders, they keep asking us to come down to their office to talk.

    I came across this website which help you to compare interest rates from licensed money lenders. I don't know whether is it good.

    Anybody got take loans through licensed moneylenders *** censored by moderator ***

    Please share your experience with us. This is the 1st time we are planning to take a loan from moneylenders and we are quite worried.

    Thank you so much.
    Hi, just Google something like "licensed money lender" and you will find a list of legal lenders offering interest as low as 1% per month. One of the trusted site with legal lenders is something like "Top 10 Personal Loan Money Lenders in Singapore".

    In 2018, the maximum interest rate moneylenders can charge is only 1% - 4% per month, and a fee not exceeding 10% of the principal of the loan when a loan is granted. Nothing more nothing less. (In order words, if a borrower fails to repay the loan on time, the maximum rate of late interest a moneylender can charge is only 4% per month for each month the loan is repaid late.)

    Important note that just beware that you might be scammed into submitting your details to a loan shark. Those moneylenders that you see advertising via Google Adwords and Facebook Ads, are mostly unlicensed moneylenders or loan sharks, and you should avoid them at all cost.

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    I agree. Never give your personal information to online money lenders. They might use it and steal your identity.

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    Recently finished the repair, if you want a good company for garbage disposal, it all depends on the company you are applying to, consider the dimensions and weight of the garbage. We turned to this company http://junkandgardening.co.uk/ link the cost is adequate and we very quickly got rid of construction debris.

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