According to an article in The Straits Times, this is one of the many tactics they have used in their three-month harassment campaign that has left residents fearing for their safety.
Residents awoke yesterday to find the two cars and a van covered in red, yellow and black paint.
They said loan sharks had been targeting a particular flat for the past three months, but the debtor did not live there.
One woman, who declined to be named, said the loan sharks started by posting notices on the flat and another next to it, informing them of "Kelvin's" debt.
They later vandalised the doors and locked the gates of the unit and two others on the same floor.
Yesterday, they locked the gate of the debtor's flat again.
Police received a call about the vandalised vehicles at about 7.50am. Investigations are ongoing.
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