Licensed money lenders are often called loansharks as well. Loansharks (in Singapore) are people who try to give a loan to someone for a benefit (eg interest gain) without a license. Loansharks are notorious for their behaviour and how they harass people when the loan is due. read more
Because a bank doesn't just give money away. If the bank fears that someone will not repay their loan, they will deny the loan. If the person is seeking a loan to pay for some activity of dubious legality, the bank will deny the loan. Loan sharks, on the other hand, are less selective about the people they give loans to and what they give loans for. read more
These shocking testimonies come as figures reveal that the number of people using money lenders has almost doubled in the last four years. Official figures show that 310,000 households are currently in debt to loan sharks, compared to 168,000 in 2008. read more