I came across this moneylender shop at a HDB void deck in my neighbourhood few days ago. How do I know it’s a moneylender business even though it’s closed? Guess it’s obvious from the company name?
I understand that all moneylending businesses have to apply for a licence to operate as one and I assume this shop at my neighbourhood is a legal one, even though this is the first time I saw such shop? I had thought we would normally loan from banks and financial institutions. Borrowing from loanshark is illegal!
What I felt inadequate is the location of the moneylender shop, it was located right in our neighbourhood at a HDB void deck which is easily accessible by residents. Shouldn’t moneylending businesses be located in the business or commercial district?
The worrying part is if loan becomes so easily accessible, will it encourage gambling and other bad habits?
I personally feel that shops that are allowed to operate at residential area should be those that will bring convenience to residents’ daily needs and activities, such as minimarts, eateries, hair salons, clinics.. So can we continue to keep our neighbourhood simple?