Is borrowing money from a loan shark legal?
My friend is currently in short of money. He tried to borrow money from me but I am also in financial trouble as well. Then, he told me recently of how he had money. He said that he have borrowed money from his officemate. But after a week he is being charged with 40% of interest and his pay due date is in a week. He was shocked and he wants someone to help because that is not what they agreed upon.
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Loan sharks have existed every since people and groups needed money to create business or pay their existing debts. Unfortunately, they do not operate within the regulations of Singapore's Ministry of Law. In turn, they can increase interest rates to the highest levels they wish monthly and reject the amounts you regularly pay to allow them to gain higher interest rates and more money from you.