Loan Sharks in Singapore
Many Singaporeans can attest to the high costs of living here and the financial strains and stresses that follow suit. Over time, these strains can take a toll on mental and physical well-being of individuals, especially when you are laden with responsibilities.
Licensed moneylenders can be a source of relief, even momentarily. However, what happens if you borrow from loan sharks here in Singapore?
Loan sharks are unlicensed financiers who often employ intimidation tactics to force individuals to pay large sums of money by a time frame. Over the years, the degree of loan shark harassment in Singapore grew from bad to worse, primarily due to the ease of connecting and collecting information in a digital landscape.
What does loan shark harassment in Singapore look like?
Some of the ways in which they intimidate their payers involve threats to kidnap their children, spray-painting their houses and even turning up at their places of work.
Bad cases of loan shark harassment include physical footage of these intimidation measures – often carried out by different syndicate members every time, an attempt to reduce likelihood of being caught in Singapore.
Experiencing trouble from loan sharks? Contact our lawyers in Singapore
Being targeted by loan sharks can be a deeply troubling and unsettling experience. When your safety and security are put at risk, it may be time to get legal help.
Although the operation of debt collection agencies is legitimate, these businesses are still subjected to criminal laws in Singapore. If you feel harassed and distressed by a loan shark in Singapore, get in touch with our expert criminal lawyers for a consultation.