A 39-year-old Filipino woman who has been a domestic worker in Singapore for the past 15 years has allegedly utilized her own savings and lent part the money to compatriots at a monthly interest rate of up to 20%.
The maid, who wished to be referred to as Anna, would appear on Orchard Road every Sunday, issuing “micro loans” to compatriots, Lianhe Wanbao (Singapore) reported.
Three years ago Anna witnessed her compatriots borrowing emergency cash from loan sharks. The lucrative business encouraged her to become a moneylender herself by using her monthly salary of S$800 (US$600) and savings.
She said each time she would only lend S$300 to fellow Filipino maids, who would be charged a monthly interest rate of 20%.
The maid turned moneylender insisted that she would only lend to maids who had true financial needs, particularly those with families in trouble in the Philippines.
Though Anna was using her savings to help others, many other maids have allegedly been handing out cash on behalf of illegal moneylenders.
John Gee of the non-profit organization Transient Workers Count Too (TWC2) said employers should be more understanding of their maids and consider paying salaries in advance if their workers’ families were truly undergoing financial difficulties.
Another non-profit organization, the Humanitarian Organization of Migrant Economics (HOME), said it had received a number of inquiries from foreign domestic workers on what they should do after borrowing from moneylenders or even loan sharks.
Ang laki naman ng interest niya, sabi pa niya doon lang siya nagpapahiram sa nagigipit. 10 percent nga malaki na, considering magkano lang sahod nila. Saka every month, sisingilin niya ay 20 percent hanggang mkabayad. Panggigipit na rin yan sa nagigipit na. Nakakatakot ang karma niya. Sana babaan niya interest niya.
20% is too much instead of helping you let shringking them deeply. You can make money as lower 5% will help you and will help people who is in need , wag maging buwan
dagitay adu utang Na Dita agbayad Kayu han u talikudan Ta Diablo a kwarta nga inutang u mangirurumen a pinarswa ni hudas
Ay apo mmmmmmn Diablo Ket Ta animal a kwarta
If there are no borrowers, then there won’t be any lenders.
Even if the maid did not lend out her money to other maids, the other maids would have eventually turned to loansharks.
It’s easy for TWV2 to suggest since words don’t cost money. So why don’t TWC2 be the lender? With low or no interest?
You will reap what you sow.. both the borrowers and the lenders. So don’t be either of them.
Pls. Lng po sa lahat ng kababayan ko na nautang sa mga moneylenders dto sa sg..tignan nyo po maigi at kuwentahin kung paano ang sistema ng mga moneyleders na yan..biktima po ako ng isang moneylenders dto sa part ng jurong east 4% interest lng ang nasa kontrata pero kung alam nyo kuwentahin naabot po ng 20% ang montly interest plus additional charge late fee na 60$ kahit na d pa due date ng araw ng pagbayad ko..((((((( to my fellow workers here in Singapore even in any nationality has barrowing in this money lenders pls..be smart and and always saves all the reciepts…i saw in this area lot of workers even some Singaporians also was barrowing money…they are more higher interest to what ur signing in the contract…pls be noted..pm me so u can avoid this moneylender..takecare of what ur signing with..!..its been hard to us fellow workers to lost money…!!! GOD BLESS PO SA ATING LAHAT!!
Money lenders like this 20% interest is too much…they are not helping others instead they are just making money for themselves…SG law should watch all this type of money lender….