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.




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

What to look out for

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

How to protect yourself


Showing 5 of 5 Stories
Showing 6 of 30 Stories
21 Jan 2019

Scammer didn't release loan to me even after I paid over $3K in deposit

I wanted to get a loan to clear off some credit cards thinking that they are licensed money lender and the interest rates they offer are lower than the local banks. Initially he asked for a "payment review".…...

17 Jan 2019

I lost $2000 to Loan scam

Similar to one of the Scam alert person's story, I had money issue, msged a number where i received via text msg from as "licensed money lender" they called themselves as FAST CREDITS PTE LTD. The person…...

15 Jan 2019

I put down a deposit of over $3K for a loan I didn't get!

I needed a loan and responded to a so called legal moneylending service i received via Whatsapp. (A chinese guy who called himself william) I enquires about a $5000 loan with 12 months repayment. William…...

11 Jan 2019

Unlicensed Moneylender demanded for payment when I didn't even get the loan!

At first I was in need of cash to pay for my bank loan and I search online for fast cash loan and I found this "loan COMPANY" and they have an WhatsApp icon and I clicked on it and they replied me the…...

19 Dec 2018

Scammer asked me if i need to loan money

Caller call my hp on 19/12/2018 afternoon. He asked me if i need to loan money. I asked him where he got my number. He said his boss gave him a list to call. He asked more things but i cant hear him clearly…...

Have you encountered a scam?

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