A Complete Guide to Loan Shark Harassment in Singapore

1. A Complete Guide to Loan Shark Harassment in Singapore Loan sharks, often known as unlicensed moneylenders, are a persistent and serious issue in Singapore. As authorities tighten enforcement efforts against loan sharks and their runners, loan shark harassment-in-Singapore have turned to various tactics of harassing borrowers. Previously, loan sharks used a variety of tactics to harass and shame borrowers into settling their loans. Putting stuffed animals on debtors' door, spraying or pouring paint, phoning, messaging, and writing debtors with the purpose of informing, blackmailing, and humiliating debtors were among the techniques used. Unfortunately, neighbors of these debtors have been collateral or accidental victims on a few occasions. Despite the Singapore Courts' heightened sentencing precedents, loan sharks have found increasingly inventive ways, including as ‘hiring' adolescents to carry out their illegal operations and continuing to

2. use aggression upon debtors. Loan sharks are already known to build up websites, Social media pages, and online accounts to humiliate debtors and hound them for payback even when there are no actual encounters. Those with knowledge about loan shark activities should phone the police hotline at 1800-255-000 or 999 in an emergency to report it. If members of the public have information on loan sharks, they can call the National Crime Prevention Council's "X Ah-Long" hotline at 1800-924-5664. Finally, Singaporeans are strongly encouraged not to use any ostensibly loan shark-related services. If you know the name of a loan shark or have been harassed by debt collection agencies, you may want to consider filing a Protection Order against them under the Security from Harassment Act. The issue in such cases is that loan sharks generally operate beneath the radar. Operating debt collection companies is not unlawful, and there is no particular legislation governing what debt collection firms may and cannot do. Debt collectors frequently use intimidation, violence, destruction, and harassing to collect debt. Singaporeans should be aware, however, that these organizations are susceptible to Singapore's criminal laws, despite the fact that their operations are legal. If debtors have crossed the line and you are tormented, scared, or upset as a result of their menacing, abusive, or physical violence, or if their activities have led you to think that illegal violence would be used upon you, you may choose to seek a Protection Order under the POHA. When doing so, it's a good idea to get legal advice if you are stuck in debt due to urgent loan Singapore and emergency loan Singapore. Since the passage of the Moneylenders' Act in Singapore, the goal has been to impose tougher moneylending businesses. The Act stipulates that no person or corporation may engage in moneylending without first obtaining a license. First-time offenders who are found guilty of aiding in the penalties for unregistered

3. business of illegal moneylending will be punished to a maximum of four years in jail for a couple of $30,000 to $300,000. If an accused is proven guilty, he or she may be penalized with up to 6 strokes of the cane. If it is discovered that an individual created a bank account and handed away the ATM card and PIN to allow moneylending by an unauthorized moneylender, the person is deemed to have aided in illegal moneylending under the Act. Likewise, if it is discovered that an individual aided in making cash deposits on account of these unauthorized money lenders, they will be suspected of assisting in unlicensed moneylending. Members of the general public who have been mistreated by these loan sharks Singapore can also file a Magistrate's report. You can get further solutions at https://www.creditthirty3.com.sg/how- to-deal-with-loan-shark-harassment-in-singapore/ How To Handle Loan Shark Harassment In Singapore Taking a loan from Ah Long is never the right solution. Even if things are ok for you now, your problems will escalate without warning. Here are five options to consider: 1. Ensure Your Moneylender Is Licensed You can access MinLaw’s list of licensed moneylenders here. Don’t use false links and don’t trust in your moneylender’s seemingly legit website. Also, don’t confront your loan shark about it. They’ll lie and claim that MinLaw has an incomplete database. They may also say they’re not in that database because they’re new on the market or because their trade name is different. Some can even send you a fake link to a supposedly updated list of moneylenders!

4. 2. Contact The Authorities Call or file an online complaint with Singapore’s police. 999 Police number for emergencies 1800-255-0000 Police hotline for crime-related info 1800-924-5664 X-Ah Long hotline 1800-2255-529 Registry of Moneylenders https://www.police.gov.sg/I-Witness Filling an online complaint to the police Use those numbers above whenever you notice the tell-tale signs of a loan shark. It’s best to catch them early on, so don’t wait to be harassed or injured. Call the police as soon as you notice illegal advertising or receive an incomplete contract. Pro tip: Change your phone number and block the Ah Long on social media. Remember that loan sharks have innovative ways of contacting you. They know where you live and where you work. And, if you’ve already done business with them, chances are your contact details are already released in the loan shark network. Other illegal lenders contact many victims who can’t repay a loan shark. Their loans seem tempting, but they ultimately engross you in more debt. For instance, one woman’s loan skyrocketed from $20,000 to $400,000. 3. Don’t Cave Into Threats Loan sharks’ threats work because people feel like there’s no way out for them. Ah Longs may threaten to come back for you if you call the police, for instance. Calling the authorities is your safest bet, though. The police will keep an eye on you and protect you from the loan shark. Plus, you contribute by disallowing loan sharks to scam others! 4. Stop Paying Your Illegal Loan Ah Long loans are illegal. Therefore, repaying those loans is unlawful.

5. But loan sharks don’t know you know that. They’ll claim to call the authorities themselves if you don’t reimburse them. Remember, that’s a blatant lie. Loan sharks will never call the police, but you should do that immediately. Besides, don’t forget to change your number and warn your close ones about the potentially dangerous loan shark. 5. Contact Social Service For Extra Help It isn’t easy to recover after taking a loan from loan sharks. We understand that. Many people feel like there’s no way out, which means they get deeper into financial problems. We understand that it was your financial worries that sent you to a loan shark. We also understand that your debt may be more significant now. That’s why you need psychological assistance as well as money management advice. Here are some top-notch social services in Singapore to contact: Agency Phone number Credit Counselling Singapore 6225 5227 MSF ComCare 1800 222 0000 Association of Muslim Professionals 6416 3960 Adullam Life Counselling 6659 7844 Arise2Care Community Services 6909 0628 Blessed Grace Social Services 8428 6377 One Hope Centre 6547 1011 Silver Lining Community Services 6749 0400