The universe of finance is fascinating on its own. Yet, dangers could lurk in such a bountiful and lucrative industry. There’s the controversial unlicensed moneylender slang often termed ‘loan sharks,’ which are the proverbial predators in innocent’s clothing.
These entities prey on the vulnerable. Their vocabulary often uses smooth deception and intimidation to induce confusion and manipulation.
The stormy scene of financial slang could be problematic, and getting through may become a challenge. When you require funds, you mustn’t fall into the temptation. With this guide, you can do it with the right tools and tips; those who embody the slang and the pressures become less scary and possible to overcome.
The Unlicensed Moneylender Slang – The ‘Ah Long’ Ambush
The ‘Ah Long’ is the informal term for unlicensed moneylender slang, particularly in Malaysia and Singapore. The word was a derivation from a Cantonese phrase. It means the ‘big ear hole.’
What’s all about those big ear holes? It’s because, in the past, it came from the realities that ‘Ah Longs’ used to put some coins in their ears. It’s why their ear appears more prominent, making it a viable distinction of their representation in the community.
In the 1980s, the era gave birth to unlicensed moneylender slang. As time passed, the unlicensed moneylender slang went through a rebranding, loan sharks, and now most people use it as it is.
The unlicensed money lenders have their codes, a cryptic space of terminologies and abbreviations. It’s all organized to confound and intimidate borrowers like you.
However, you don’t have to worry too much. By decoding code and selecting licensed lenders, you can tackle the truths and approaches to acquiring safe borrowing from personal loans and other financial products.
Educate Yourself with the Unlicensed Moneylender Slang
Ignorance may be bliss, as they’d often say, but not in this round, mainly because it involves your money and safety. So, how can you uncover unlicensed moneylender slang and its terms?
It would rely on your first strategy, and it’s all about self-education. As they have diverse terminologies, a comprehensive understanding would result in a more substantial means of protecting yourself from deceptions.
These words are like the following:
- Runner: It’s the terminology that those employing the unlicensed moneylender slang use for those individuals running errands for them.
- “O$P$”: It looks fancy at first glance, but the truth is, it’s an acronym that means ” Owe Money, Pay Money.” It’s a typically utilized abbreviation that loan sharks method to intimidate debtors, primarily to harass those who failed to pay their dues.
How do they do it? Loan sharks often spray O$P$, as well as the home no. of the debtor (at times, they’ll include their victim’s name), spraying such details onto the wall, whether it be a void deck or the floor walls where the borrower lives. It’s to render shame, manipulation, and harassment altogether.
The Singapore Police Force’s ‘Anti-Scam Centre’ is an excellent source for such information. They offer the complete glossary of terms, a critical weapon in your arsenal.
Loan Shark Indicative Signs
As you’ve guessed, unlicensed money lenders stalk potential borrowers endlessly. In addition to their slang, they appear appealing and friendly when initiating their show sham.
To further protect yourself, you must be cautious and aware of the indicative signs you’re likely dealing with unlicensed money lenders. These are the following:
- Unauthorized marketing messages and advertisements
- Lack of registered place of business, specifically a physical office
- Tempting you with offers that are suspiciously lower than the market rates
- A dubious online friend request from a stranger
- A message with a link asking for your OTP details (possibly phishing scams)
- Interest rates from the loan are higher than the Moneylenders Act, capping at 4% monthly.
- Fees are high and hidden expenses are waiting to charge you.
- They collect fees upfront
- No regard for the credit limit set by the Singaporean Laws
- Withholding your most crucial personal documents
- Threatens, harasses, and is rude to you
- The websites they’d use are unsecured and amateurish looking.
When such situations arise, remember you can say ‘No!’ or report the incident to the authorities.
The Power of ‘No’ – Asserting Boundaries
The second method you can do is the most straightforward yet influential: Say ‘No.’ Communication with an ‘Ah Long’ is like a whirlpool; the more you engage, the deeper you’re drawn.
Shut them out. You don’t have to endure their poisonous sweet talk.
Refuse any form of communication – unsolicited calls, texts, and emails. You do not owe them your time and, most significantly, your attention. But, sometimes, saying ‘no’ may not possibly always be enough.
It is vital to understand that the known unlicensed moneylender slang, ‘Ah Longs,’ can be persistent, even aggressive. Thus, preparing for these specific situations is crucial, which brings you to the subsequent strategies to save you.
Enlisting the Aid of Legal Bodies – When and How
Saying ‘no’ is a good move you can do. But those with the unlicensed moneylender slang, ‘loan sharks,’ don’t get the idea instantly. When saying ‘no’ doesn’t work, it’s time to call in the calvary.
The Registry of Moneylenders, which is under the legal outline of Singapore’s Ministry of Law, is your reliable rescue party. They’re only a phone call away, too, at 1800-2255-529. Report any unlicensed money lending activity to them, and grant as much details and information as possible – the ‘Ah Longs’ name, loan terms, contact details, mode of communication – anything that can help you and track them down.
You can also get through the Singapore Police Force’s assistance via ‘999’, ‘71999’ for emergency SMS, ‘1800-255-000’ hotline, and the I-Witness.
The more details you can provide, the quicker the authorities can act swiftly.
Defending Your Rights- Reporting Harassment
The island city is exceptionally well-known for its rules and regulations. It’s the truth that Singaporean laws are vigorous. These regulations have a specific design to shield you from undue harassment.
The Moneylenders Act, for instance, provides stringent penalties for unlicensed money lending. If you encounter harassment or threats, report it instantly to the Singapore Police Force at ‘999’ or the X-Ah Long hotline at 1800-924-5664.
Remember, no one has the right to infringe on your safety and well-being. Don’t hesitate – the sooner you report, the quicker you can halt illegal lending activities.
Legitimate Lending – The Smart Borrowing Alternative from Those with Unlicensed Moneylender Slang
Remember, not all loans in the island city are shark-infested. Consider licensed money lenders are your go-to legal alternative for your financing necessities.
Unlike those known for the unlicensed money lender slang, these entities abide by the monthly interest rate cap of 4%. It’s a mandate by Singapore’s Ministry of Law’s Moneylenders Act or Rules.
For you to become legally eligible for a loan product from a licensed money lender, you have to be the following:
- You need to be at least 21 years old
- You don’t have an undischarged bankrupt
- Minimum annual income
Keep an eye out for this particular list of eligibility criteria on the Ministry of Law’s official website. You could also contact your chosen lender to discuss such eligibility requirements, including the documents.
Shield Personal Information from that Unlicensed Moneylender Slang – A Strong Defence
Personal information is a loan shark’s goldmine. With your details, they can forge agreements, swindle funds, or even manipulate your loved ones.
Do not let such situations happen to you and the people you love. Be wary of who you share your information with.
Never divulge details like your bank account, NRIC number, or address to unverified entities. Remember, prevention is the best cure. Keeping your information safe is another best defense against unlicensed money lenders.
Licensed Money Lender Vs. Loan Sharks: Clarified Contrasts
Here’s a quick yet helpful table comparing licensed lenders and those using the unlicensed money lender slang you often hear lately.
| Licensed Money Lenders | Loan Sharks |
| Regulated by Singapore’s Ministry of Law | Operates outside the Singaporean laws |
| Transparent interest rates (capped at 4% per month) | Ridiculously unreasonable and unpredictable interest rates |
| Legal contract | Confusing terms or no contract at all |
| Adheres to the Personal Data Protection Act | Personal data misuse |
You must know who your enemies are to deal with those who have unlicensed money lender slang in Singapore. Analyzing the difference between a licensed money lender and a loan shark is half the battle won.
Always choose licensed money lenders like Accredit Licensed Money Lender. Some golden rules you must follow are simple: borrow what you need and only what you can repay.
Treat borrowing as a last resort, not a lifestyle.
Charting Your Course Against Those Using the Unlicensed Moneylender Slang
The waters connected with those using the unlicensed moneylender slang are murky and challenging. Nonetheless, find the comfort that you are not alone. With the steps you’ve recently read, you now have the awareness to fend off loan sharks and their deceptive slang.
Remember, the power to steer clear of unlicensed money lenders lies in your hands. Stay educated, maintain documentation, shield your information, and practice safe borrowing. When you doubt, enlist help from legal bodies or a trusted money lender like Accredit.
You have the tools. You have the strategies. And most importantly, you have resilience.
Chart your course confidently, knowing you can weather any storm that could come your way. If you do find yourself in need of financial assistance, reach out to the right partner. The Accredit Licensed Money Lender grants lifestyle financing and credit counseling assistance and fulfills your monetary demands without falling into the loan shark’s trap.
You’ve read and understood; now it’s time to act. Don’t let those with ‘fancy’ unlicensed money lender slang scare you. Stand your informed ground and stay safe.
