As of December 2021
Largest amount lost by an individual
WHAT IS A LOAN SCAM?
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
Ads that reach out to you through social media platforms, SMS, messaging apps or cold calls.
Scammers may also create fake websites to convince you of their legitimacy.
They promise instant, fuss-free loan approvals, however, you'll have to transfer fees to them before they can process your loan application.
Scammers may offer to approve your loan remotely directly via messaging apps. This is illegal.
How to stay safe
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.
Loan Scam: Real Stories
28 Sep 2022 | Loan Scam
I wanted to take a loan of 40k. They claimed to be from "s.e. Investments pte ltd", which is a legitimate company MinLaw registered-list of moneylenders. Before they could “release” the loan to me, they…...
20 Sep 2022 | Loan Scam
I wanted to take a loan of 10,000. They posed as s.e. Investments pte ltd (they’re not from there), which is a legitimate company under the mas registered list of moneylenders. Before they could “release”…...
12 Sep 2022 | Loan Scam
To summarise: 1) Avoid any incoming calls starting with +65 2) Even if you have picked up such incoming calls & the caller is introducing himself from any loan company, pls end the call. Be prepared that…...
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