Loan Scam

WHAT IS A Loan Scam?

SMSes or WhatsApp messages are sent offering loans and loan services to random users. The scammers may claim to be staff from a licensed moneylender. Interested parties are instructed to transfer money as a deposit before the loan can be disbursed. After making the transfer, victims find that the scammers are no longer contactable. As part of these scams, the scammers may ask for personal information like NRIC and contact numbers, Singpass details and bank account numbers. When handed over, the information is used to harass or threaten victims for payment.

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OF CASES REPORTED
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$

WORTH OF MONEY LOST
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  • Advertisements on messaging platforms. It is illegal for licensed moneylenders to advertise via SMS or WhatsApp.
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  • Ignore these advertisements and messages
  • Block and report the number as spam on WhatsApp or through third-party applications
  • Only engage the services of licensed moneylenders listed on the Ministry of Law's Registry of Moneylenders website at https://rom.mlaw.gov.sg/information-for-borrowers/list-of-licensed-moneylenders-in-singapore/
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What to look out for

  • Advertisements on messaging platforms. It is illegal for licensed moneylenders to advertise via SMS or WhatsApp.
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How to protect yourself

  • Ignore these advertisements and messages
  • Block and report the number as spam on WhatsApp or through third-party applications
  • Only engage the services of licensed moneylenders listed on the Ministry of Law's Registry of Moneylenders website at https://rom.mlaw.gov.sg/information-for-borrowers/list-of-licensed-moneylenders-in-singapore/
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RELATED SCAM STORIES

Showing 6 of 78 Stories
Showing 6 of 30 Stories
25 Mar 2020

Check if the moneylender is licensed before borrowing

Be careful with even a website that looks promising ...philip credit..they have a valid phone no. And a valid email address....everything is a lie...you call, they will answer....it look real.... Check…...

23 Mar 2020

I lost $20K to Loan Scam

Please do not apply from any moneylender other than banks. They tempt you and make empty promises. This website is a scam. The hurt people's lives and will face the consequences by the law.  They will…...

19 Mar 2020

I found out that I was dealing with an unlicensed moneylender

I was desperate and in need of cash . And didnt think at all . Than day by day they keep asking me to transfer and given me alot of account to transfer to. Slowly i realise that they are scamming me.…...

11 Mar 2020

"Moneylender" insisted that I transferred money to secure my loan

Loan approve fast and said dont need any other requirement. After approved, ask to open bank account for repayment. The person - Robert - spoke very rudely after mentioned dont have any money to open…...

05 Mar 2020

Scammer insisted that I sent money to end the loan

Someone TransferRed me $300’to my bank account, then shortly after i received a whatsApp msg that my loan has been approved and ask me to tRansfer $600 To verify the loan. I refused to transfer as i did…...

02 Mar 2020

Licensed moneylenders are NOT allowed to advertise their services online, via messaging apps or SMS

In brief on 12 Feb 2020, I received a SMS from the money lending company that it provides loans. The SMS stated as No late charges and No deposit with the maximum loan of $100,000 As my F&B business failed…...

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