3. Doesn’t have a physical address
Lenders that don’t provide their physical address or contact information are most likely scammers. Put brakes on your loan application process the instant you notice the lender doesn’t have a physical address.
Scammers will always want to make it as difficult as possible for borrowers to contact them later, therefore avoiding any legal action that might lead to a pursuit.
4. High processing fees
Scammers will also always demand large sums of cash in “processing fees” before they supposedly approve and wire the loan. A scammer will often ask you to transfer the loan processing fee first before approving and sending your loan, which isn’t always the case.
Never comply with such demands from money lenders.
5. No loan contract
A licensed moneylender in Singapore will never process or approve your loan without having both parties, the lender and borrower, read and consent to the terms of a written contract.
In contrast, loan scammers don’t always provide any loan contracts since they never want any evidence linked back to them or expose their dealings.
Loan con artists are real and are actively scamming unsuspecting victims of their money.
Don’t fall victim to a loan scammer.
Protect yourself and loved ones from scammers by spreading the word.