New age tai eee long

[Vicz]

Have u guys seen a lot of postings sticking everywhere nowadays? even banners on the road telling people to get fast cash and loans? this is tai eee long?

[Typhoonz]

Should be lah... If I'm not wrong, these postings also mentioned that the loans are legal right?

[Watwheels]

Maybe they'll do the same to your picture and address if u dun return the money on time.

[Gary84]

Guys...i tink there's also a topic on this issue under STOMP...They are legal moneylenders.

[Leepee]

If there is no demand, they would have close shop long ago.

So times are bad maybe, so they think there is a huge market for them to advertise widely.

 

I know of relatives who use their services. Some buy new laptops on installment and resell the laptop to the 2nd hand delears.

 

Many different variations....maybe soon, there will be a buy a new car on 10years installment and resell it to 2nd hand delears immediately to get upfront CASH + monthly subsidies. The car may then be used to courier drugs, china mei-mei across borders.

[Blue2]

they are legal $$lenders but the way they do their business majiam not legal....

[Gearoil]

Hello, how can such ppl called their loans 'legal'?...in the first place by sticking stickers all over places..it is already vandalism!

 

These are sure signs that these 'Eee long or Ah Long' don't like to 'see the daylight'!

[Typhoonz]

Times are bad liao so they are just extending their services to those who don't have links mah...

 

Might be legally legal... Legal to them can liao... Cannot expect them to post illegal loans available mah...

Edited May 28, 2008 by Typhoonz

[Ultramega]

This is how the "fast cash" thing works:

 

1) The "Ah Long" operates a separate trading business. He would take order from customers and offer cheaper prices then ask them to wait.

 

2) When "borrower" calls "Ah long" for loan, he will be asked to go Harvey Normans or similar to buy something that his customer ordered and pay by credit card 0% interest installment, eg. LCD TV at $2000.

 

3) "Borrower" then sells the LCD TV to "Ah long" at a loss, eg. $1500. The Ah long will pay the "borrower" cash.

 

4) "Borrower" now has $1500 cash in his hands (what they call "fast cash") and a credit card debt of $2000 he has to pay (borrower pays installments to bank instead of ah long...this way ah long saves on runners, black paint and pig head expenses! ).

 

5) "Ah long" will then sell the LCD TV at say $1900 to his customer and earn $400.

 

Legal or not I don't know.

[Blackyv]

and some of them, they surf forum ....

[Albeniz]

Have u guys seen a lot of postings sticking everywhere nowadays? even banners on the road telling people to get fast cash and loans? this is tai eee long?

 

There are a lot of such advertisements in the New Paper. I am wondering if they are legal.

 

Why doesn't New Paper control the content of such advertisements?

[Albeniz]

Technically, it is illegal. When the "Borrower" buys an LCD on installment, the TV does not belong to the borrower (yet) when there is still an outstanding amount to be settled.

 

He could not sell the TV to Ah Long as the item still belongs to Harvey Norman (in this case).

[Panorama]

but the buyer is unaware that the TV was bought from Harvey under instalment. buyer is under the impression that the seller is the owner, no 2nd hand buyer will go thru all the checkings for a small item that doesnt require new legal registration. similarly, none of us will bother to check whether harvey, courts or any other shop did pay their suppliers or not, we will just pay and the carry the item off or ask for delivery service.