Some guy called me and asked if I was looking for a loan. As he explained the details, I found out that his rates were much lower than those of licensed money lenders. I thought they were trying to penetrate the market by lowering the interest and administrative fees, so I proceeded with them. They requested two guarantors with their phone numbers, Singpass approval, and asked me to transfer $100 to verify my ability to pay. Then they asked for $700, followed by $900, and then another $900. They claimed these processes were necessary to ensure their finances before releasing the loan to me. In total, I transferred $1,700 to them.

I called him and demanded that he either return the money or I would report him to the police. He threatened to burn my house down and sent me a YouTube video of a loan shark lighting a debtor's house on fire.

I Googled the company he claimed to represent and visited them yesterday. The company is legitimate, but when I asked about the person, they said no such person worked there. They also mentioned that I wasn't the only one who had come looking for him.

That is when I was 100% sure this was a loan scam.