As of December 2022
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
13 Jan 2024 | Loan Scam
Scammer claimed to be calling from "AP Credit", asking if I remember him as he has contacted me before. Pls beware of such calls & ignore. If you choose to follow, be prepared to lose your money...
28 Nov 2023 | Loan Scam
Someone hacked into my dad's WhatsApp and pretended to be him. They asked me to loan $10,000 to 'him', and when I declined (knowing my dad's history of borrowing money from me), they began negotiating…...
13 Aug 2023 | Loan Scam
I came across an advertisement on Facebook pages called "Very Fast Loan." Intrigued, I requested a loan of $7000. An officer named Daphne handled my request and offered me a 7000SGD loan with terms totaling…...