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Clason’s “The Richest Man in Babylon” Reveals the Fastest Way to Become Financially Savvy

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.

Withholding documentation and loan guarantees

One issue which is money lenders singapore more and more of a problem for the expat community is the fact that many of these money lending gangs insist on retaining some form of documentation to guarantee the loan. Indeed there have been instances of passports being confiscated by gangs until the outstanding funds are repaid which itself is against the law – passports are the property of the underlying country of issue.

As the financial pressure continues to build, important documentation is confiscated and sometimes even loan guarantees are demanded from family members, the pressure has become too much for some expats. However, there is hope, there are people out there who will help but until the relationship between the expat community and the United Arab Emirates authorities improves the money lenders will always prosper.

Conclusion

When you take into account the cost of moving to any country, potential issues with employment, short-term bills to pay and accommodation to find, it is not difficult to understand why so many in the Indian expat community have been tempted by the criminal moneylenders. While the UAE authorities are very keen to clamp down upon the illegal moneylending they do need the co-operation of victims.

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