Loan Scam

Loan Scam

As of December 2021



Have fallen prey to scammers



Total amount lost to scammers



Largest amount lost by an individual


If you receive phone calls, unsolicited text messages via SMS, messaging apps or come across advertisements on social media or online offering loans or loan services, you’ve encountered a loan scam. The scammers may claim to be staff from a licensed money lender to gain your trust. You are then instructed to transfer money before the loan can be disbursed. The scammers disappear once the money is transferred. They may also ask for personal information like NRIC and contact numbers, Singpass details and bank account numbers. The information is then used to harass or threaten you for more payments.

Look out for these scam signs

How to stay safe

Ignore any unsolicited loan ads. Licensed moneylenders are not permitted to advertise. Block and report the number or ad on the platform on which the advertisement appeared.
Seek financial help only from legitimate financial institutions registered with the Registry of Moneylenders at

Only contact the licensed moneylenders via the contact details found in the registry. Scammers may impersonate licensed moneylenders by using their names, licence numbers and creating fake websites.
Licensed moneylenders are required to meet the borrower at the approved place of business to conduct physical face-to-face ID verification before granting a loan. Approving and disbursing loans online is disallowed.

Loan Scam: Real Stories

27 Mar 2023 | Loan Scam

Never respond to loan advertisements!

My helper responded to a Facebook ad for a loan and was directed to a WhatsApp number. She was asked to provide personal information, including her employer's name and contact number, a picture of her…...

03 Feb 2023 | Loan Scam

Beware of phishing SMSes!

Received lots of messages from the above sender with the header 'Likely Scam', Contents are about loan offerings & weekly payment schedules are available. Not the 1st time & information were provided…...

12 Jan 2023 | Loan Scam

I lost $900 to a Loan scam

On 3rd of January, I saw this loan advertisement on social media, in the first place I thought was licensed money lender so I click on the link to submit my name and my phone number , I was contacted…...

GET SCAM-RELATED ADVICE: CALL 1800-722-6688 (Mon-Fri 9am-5pm, excl. PH)
CALL 1800-722-6688
(Mon-Fri 9am-5pm, excl. PH)

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