What are loan or moneylender scams?
What do loan and moneylender scams look like?
1. The company not being an authorised moneylender
2. The lender advertises on a prohibited channel
- Business/consumer directories in print and/or online media
- Websites belonging to them
- The interior and exterior of their business premises
What are some past loan and moneylender scams in Singapore?
1. Police issued warning about loan scam involving a fraudulent Android app
2. Man jailed for giving in to loan shark’s threats
3. ‘Fake friend’ scam defrauded $3.2 million in less than three months
Over 900 individuals lost money
How do you tell licensed lenders apart from illegal lenders or scammers?
| Licensed Lenders | Illegal Lenders/Scammers | |
| Interest Rates | Up to 4% a month | Extremely high and stated after funds are disbursed, or exceedingly low with hidden fees |
| Misc. Fees | A clearly listed late repayment fee, upfront administrative fee, and any court-ordered legal costs | Hidden fees without limit, including charges before funds are disbursed |
| Business Conduct | No abuse, aggression, or harassment | Blackmailing, vandalism of property, etc. |
How can you protect yourself from loan and moneylender scams?
Preventing yourself from falling for scams
What to do if you’ve fallen for a loan or moneylender scam in Singapore
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