Loan Sharks slash rates to keep up with competition
I was pretty amused by the Headline Story in today's Star that Loan Sharks (or as they are more popularly known, Ah longs) are beginning to slash their rates to keep up with aggressive competition from banks.Quoting someone called "Ah Meng", the paper reports that loan sharks are driving down their interest rates to as low as 5% per month, from their usual 30% just to stay ahead of competition from banks who are offering attractive personal loans.
In fact it was once reported that many local businesses had to resort to loan sharks since banks and other financial institutions had turned them down so often.
Which only serves to confirm that banks and Ah longs serve a common purpose: supply broke folks with money and squeeze the life out of them when they fail to pay up together with the exorbitant interest.
I know full well what it's like with a massive home loan to repay. Try missing one instalment and see what happens... :)
technorati: loan sharks.
posted by hew @ 10:17 am
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