More wanting to set up money lending business
I thought why the sudden interest in money lending and why Singaporeans are suddenly so enthused to want to set up businesses. Then I read in the net that there is this great idea being floated to help the poor Singaporeans to help themselves. It is about the poor oldies who have no money and needed to borrow money to survive. I was told that the scheme is to lend money to these oldies, who must first be over 65 years and be mean tested to be genuinely poor. Then they will be allowed to borrow from their own savings in their CPF accounts, and to pay interest of course. But one more interesting conditon. In order to be finally qualified to borrow from their own savings, they must first contribute 1% of their income, I supposed, to their savings first. Then only they can be allowed to borrow from themselves, or something like that. I also got confused as the logic was simply too brilliant that I am blinded. And why the long queue to set up money lending business? I think all those in the queue must be thinking that if the borrower has to put in money first, then they might as well be around to take the money upfront and talk later. And if the borrower got money to put into their savings accounts, they shouldn't be too risky. Am I right in thinking like that? Did I miss out something? This must be another one of those Uniquely Singapore schemes.