An illigal moneylender was jailed for 14 months on Monday. Yap Tia Suah, 45, a driver, admitted to three counts of extending loans of between $2,000 and $4,000 to three debtors last year.
He charged them an interest rate of 15 to 20 per cent each. Three other similar charges were taken into consideration.
Police seized, among other things, nearly $65,000, mobile phones and notebooks from a flat in Sims Avenue.
The money was forfeited.
Yap could have been fined between $20,000 and $200,000 or jailed for up to two years or to both on each of the three charges.
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Well, the police is trying also to enforce charging the person whom borrow money from the loan shark.
The rational is simple. You borrow from loan shark and forfeit to pay back. Then you report to police for the laon shark harrasment to avoid payment.
But if you don't borrow, nothing will happen. Therefore, it may become illegal to borrow from loan shark.
Unfortunately, no bank will lend you money if you are not credit worthy.
Therefore, people will still take risk to borrow from loan shark.
I think it is impossible to fully solve this problem.
When there is a need for money, somebody will provide and charge you high interest rate.
That's life.
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