Offer safer avenue for cash-strapped
WHILE the Government takes steps to eradicate loan-sharking activities by increasing penalties ('Tougher law on loan sharks', yesterday), we cannot deny the existence of a growing pool of desperate individuals who are prepared to pay exorbitant interest rates and risk harassment for a cash loan.
Wed, Nov 25, 2009
The Straits Times
WHILE the Government takes steps to eradicate loan-sharking activities by increasing penalties ('Tougher law on loan sharks', yesterday), we cannot deny the existence of a growing pool of desperate individuals who are prepared to pay exorbitant interest rates and risk harassment for a cash loan.
Not every individual who borrows from a loan shark is a problem gambler. Credit Counselling Singapore's (CCS) figures suggest that some 25 per cent of debtors in financial trouble cite gambling as a major cause.
The fact is that there are many individuals who face urgent cash needs but are unable to obtain these from the legitimate lenders in the market.
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