Need some sincere advice

[Estherr]

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.

Edited June 1, 2015 by PaLmEr

[Heng77]

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.

 

 

Sent from my iPhone using Tapatalk

[ticks]

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...

[Estherr]

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.

[Heng77]

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.

 

 

Sent from my iPhone using Tapatalk

[weesern]

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

[Estherr]

Thank you so much. We will consider again :)

[MR BIKER]

SINCERE ADVICE : PLEASE READ : http://www.tnp.sg/news/debt-collectors-demand-12000-extra-salary?google_editors_picks=true

[Limsteel]

Money lender... Licensed Loan Shark. Never Never go as last resort even in life and death situation.

[Siphon]

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.

[Limsteel]

Take life ? Wrong, they harass you for money and harass your family neighborhood. Killing the lender is bad for business...

[GuiNNeSS]

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.

[duo]

Just wait till the supposed friend returns the amount. Patience is a virtue.

Edited February 6, 2015 by duo

[Siphon]

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

[j1605198987]

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.

[Siphon]

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

[zalk]

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

[hiccup]

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.

[Siphon]

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

[Hamdeen]

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..

[xaley]

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

[shooting_machine_11]

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

 

 

Sent from my iPhone using Tapatalk

[rightnider]

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.

[wait4me]

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

[guangwei]

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.