"Licensed moneylender" turned out to be a scammer

Anonymous | 30 Aug 2021

Loan Scam
I was looking for personal loan in the internet. I was searching for money lender online came across this contact and called this person (Zac/Zack/Jack/Jac) for loan. He told me they are licensed money lender and told me about the loan process and repayment plan and asked me to send over my personal details such as NRIC, bank statement and payslip etc. The website looked very legit and trusted, therefore I have submitted all my documents for a quote.

The next moment he has transferred $2500 into my account and informed me the loan has been APPROVED. I was so shocked that told him that was asking for a quote first before confirming to accept. He told me that the loan has been APPROVED, that is why he has transferred to my account. I told him that I have never confirm/agree if to take up the loan and only asking for a quote. I insisted he take the money back and he told me that if I were to transfer back, I have to transfer him back $5000 and I asked him back why need to transfer $5000 whereby he only transferred $2500 to my account. He is getting inpatient, yelled, and threatened at me and told me he is loanshark. He told me that if I don’t transfer him back $5000, he will ask someone to come my house and my office to do illegal things that loanshark always do that failed to return money. He threatens me that he has all my personal information, and they can do whatever they want. From there I got to know that all these information on the website were fake and got scam.

I called my bank to tell them about the problems that I have faced and made a police report immediately. I now only knew that licensed money lenders are not allowed to advertise their services online and that it will always be safer to acquire a loan at their actual office instead of doing it online. I did not know that this was a scam as this is my first time trying to acquire a loan.