Leasing firms under probe for alleged moneylending

They appear to be sidestepping rules to deter moneylenders from targeting foreigners

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Filipino maid Felyn was barred from taking out loans from licensed moneylenders under a self-exclusion framework, so she tried to borrow from a friend.

The friend instead told Felyn that she could get quick cash from a leasing firm by selling her mobile phone and then leasing it back.

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A version of this article appeared in the print edition of The Straits Times on October 22, 2020, with the headline Leasing firms under probe for alleged moneylending. Subscribe