If Your Name Is Singh, Get Out Of Town

[Methersgate]

The highly lucrative money lending business in Philippines has claimed the lives of two more Punjabis in the past one week, raising questions about the safety of Indians involved in the trade. Jaspinder Pal Singh Chohan, who was the president of the gurdwara in Bulacan, was gunned down by some unidentified assailants on Tuesday in front of a bank when he was sitting in his car after withdrawing money. Chohan, who was from Khurla Kingra village near Jalandhar, had been living in Philippines for the past several years along with his family. Sources close to the family said he was involved in moneylending business and his two brothers and a sister live in the US. Last week, Chohan's cousin Jaspal Singh Bhatti, also a moneylender, was killed in the same city.

There's your answer:

They are all called Singh because they are all Sikhs. The Punjab is the home of the Sikhs, whose temples are gurdwaras. All Sikhs have the name Singh.

[WordsandMusic]

Seen a show once about a loan shark that loaned money to many people. He was starting to use strong arm tactics and ended up killing a guy. One of the family members of the dead guy wasn't sure which Loan shark it was so he started killing all the loan sharks he could hoping to get the right one before they got him. He finally got the right one, then someone got him. Just Saying!!

[Thomas]

Seen a show once about a loan shark that loaned money to many people. He was starting to use strong arm tactics and ended up killing a guy. One of the family members of the dead guy wasn't sure which Loan shark it was so he started killing all the loan sharks he could hoping to get the right one before they got him. He finally got the right one, then someone got him. Just Saying!!

Good   :thumbsup:   :)    

It's GOOD when lenders make it possible for people to borrow money,

BUT a COMMON interest the loan sharks demand is 480 % recounted to per year  :bash:  so they are scumbags, so I find it GOOD they are killed...  :1 (72):    If enough of them are killed, the common interests will perhaps drop to more decent...  :)

[Methersgate]

They should not be called "Bombays"; they are Punjabis.

[sonjack2847]

They should not be called "Bombays"; they are Punjabis.

Bombay is what they call onions around here so go figure!

[scott h]

BUT a COMMON interest the loan sharks demand is 480 % recounted to per year so they are scumbags

 

Gonna have to disagree with you on this one Thomas. First of all money lending has been around since money was developed. The 5/6 obviously fill a need otherwise there would not be so many of them. The 5/6 lend money either a) in such small amounts that normal lending institutions won't even talk to the borrower or b) the borrower has no collateral or would not qualify for a normal loan.

 

It might seem heinous to us, but one way to look at it, if a person needs P2000 or so, I would much rather have them borrow from a 5/6 guy than break into my car and grab the radio. :cheersty:

[Thomas]

 

BUT a COMMON interest the loan sharks demand is 480 % recounted to per year so they are scumbags

 

Gonna have to disagree with you on this one Thomas. First of all money lending has been around since money was developed. The 5/6 obviously fill a need otherwise there would not be so many of them. The 5/6 lend money either a) in such small amounts that normal lending institutions won't even talk to the borrower or b) the borrower has no collateral or would not qualify for a normal loan.

 

It might seem heinous to us, but one way to look at it, if a person needs P2000 or so, I would much rather have them borrow from a 5/6 guy than break into my car and grab the radio. :cheersty:

It's common because many poor have NO CHOISE.  When a poor start to need to borrow at such intestest (e g to a hospital bill, or to survive in general) then they have very hard to get out of dept, have to go on borrowing month by month. =Making the poor even poorer, EXPLOITED by the rich   =Scumbags... 

 

A poor Pinoy with entrepreneaur wishes was very WELL PREPARED with business plan made after he had read about a GOVERNMENT finansing program to get more small businesses to reduce poverty. But he got very frustrated when they DEMANDED COLATERAL :bash:     Of course most of the poor have no collateral...  :1 (103):

 

Compare: 

Sweden: When I were 25 and started a distribution company, then a bank loaned me same amount as I had saved from earlier employments, but I had NO COLLATERAL more than what I spend in the business, and I had QUIT my employment before that too.

Phils:   A Filipina had borrowed to start a shop (type 7-eleven) managed to get many customers and sold much, but she LOST money anyway every month. It depended of only her INTEREST was 25 000p per month by there were no other loans available for her, so she had no chance... :th_unfair:

 

Conclusion:  

In Phils the rich want to keep the poor DOWN...  :bash:

 

 

That DON'T mean I want to give away my money   :mocking:     but 480 % is much to much...

[canadamale]

They have the same type thing in canada, cash canada, money mart, etc, as long as you have a check coming they will lend you money at a obsorbant rate of interest, an $800 loan will cost you $965 as long as it is paid in full when due, your next pay date. Once they get you and your $950 comes off your next pay, well the cycle begins. Not too sure many Sings get shot for it in canada. Welcome to the Philippines

[scott h]

Making the poor even poorer, EXPLOITED by the rich

 

 

Of course most of the poor have no collateral

 

 

It depended of only her INTEREST was 25 000p per month by there were no other loans available for her, so she had no chance...

 

 

In Phils the rich want to keep the poor DOWN

 

Welcome to Capitalism

or to put it crudely

Life is tough

Edited May 11, 2015 by scott h

[canadamale]

Life is tough unless your one of the lucky bastards that retire to the Philippines with a nice young lass half your age. Went to Noahs Park  yesterday with 29 friends and outlaws. Did not have to go see mr Singh first for loan.  $1000, to rent the jeepney for transport, $13000 for food and entrance and pavilion. GF's father had to get up at 4am to be at work for 6. Almost felt sorry...not... my turn will come soon enough.