I was reading the article about the teenager who got threatened by loan-sharks with molotov cocktail here in Singapore.
I am really surprised on this issue.
#1: Getting loan from the loan shark at the age of 18 ? What the *toot*. The repercussions of online gambling made readily available without any filtration.
#2: From the loan amount of $500, it snowballed to a whooping $8000 frigging dollars within a matter of days (not even a week) ??? Can anyone tell me how loan shark interests work here ?
#3: With so many legalised loans available, why can’t the authorities clamp down on these loansharks and intimidate the rest of them ?
However, when I think about it again, I think this loan-shark probably have done their homework before they agree to loan the money to the teen. Afterall, since he is staying in a 3-storey terrace, surely his parents could afford to payback the amount owed to them.