I found a moneylender - Credit 89 - online. I filled in the online form on their website. They got in touch with me to discuss the loan. However, they had a very strong Malaysian accent and I had a tough timing understanding them. I asked for a contract. The contract states that I need 10% admin charge so I did not comply and they changed it to deduct from my loan quantum. So i signed after they promised. However i did not receive any money and they called me the day after saying that I would need to pay 2 months of installments. I declined and said i wont loan the money. They came up with another story sayinG it is processinG and i will be charged $1000 for holding charges each day. But if i pay the installMents, they will send Me money and i can return so there is no Additional charges. So i complied but to receive a cancellation fee of 15% and said they will send me lawyer letter. That is when i called the police and Reported.

The moral of the story is to never sign anytHing online without physically being there and to decline any requests for money. Also never send your details to them as they will use the details against you.

Editor's note: Note that licensed moneylenders are NOT allowed to approve loans remotely. Please get in touch with them through the contact details found here: https://rom.mlaw.gov.sg/files/ML%20Lists/ML%20List%20as%20at%20011020.pdf