Make it a crime to borrow from loan sharks

Make it a crime to borrow from loan sharks

One of my neighbours borrowed money from unlicensed moneylenders and defaulted on repayments.

Some time after the Chinese New Year, a loan-shark runner splashed paint onto three units of my HDB block, vandalising the doors and iron gates. I was one of the victims.

Such appalling tactics of loan sharks are common these days.

To nip the problem in the bud, the authorities should make it illegal for anyone to borrow money from unlicensed moneylenders.

Growing demand from borrowers continues to fuel the growth and proliferation of unlicensed moneylenders. If the demand is significantly curtailed, then the number of loan sharks will be reduced considerably.

In this way, there will be fewer incidents of loan-shark intimidation.

Teo Kok Seah

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