Borrowing money from moWhile the vast majority of non-resident Indians will move overseas for employment, new opportunities and a new way of life, it seems that many are still falling into moneylenders singapore traps. In fact the UAE authorities have come forward to confirm that money lenders are now circulating within the Indian and the Philippine expat communities. Many of them are charging in excess of 10% per month for relatively small loans which can quickly spiral out of control and leave individuals in debt for many months or even years to come.
This is not a new problem for the expat community around the world but when you bear in mind the ongoing economic uncertainty it is one which is now more prevalent than it ever has been. Many expats will move to pastures new in the hope of beginning a new life, often promises of employment which failed to materialise or other benefits which are not always as expected when they arrive.
Fighting the money lenders
Unofficial and unregulated moneylending is still a crime in the United Arab Emirates and as such those who become entrapped by the criminal gangs should approach the relevant authorities. Even though many of the expat community may feel somewhat distant from the UAE authorities the truth is that they are still there to help and if a crime has been committed then they need to be made aware of it.
We have seen instances of individuals taking short-term loans in the hope of repaying them after one month with a 10% charge on top. Due to the difficult worldwide employment environment this is not always possible and delayed payments can often lead to excessive charges which begin to grow very quickly.