Beware of Fake Loan Ads

The authorities know that unlicensed moneylending (UML) syndicates have actually resorted to masquerading as certified lenders (LMLs) to evade detection and increase their client base.

Better called loan sharks, these syndicates have unlawfully utilized websites, printed leaflets and online media to market as registered companies.

A joint declaration from the Singapore Police Force and Registry of Moneylenders stated many borrowers have been misinformed into borrowing from loan sharks. “In their advertisements, these UML distributes consist of fictitious registration codes or legitimate company names of LMLs without their understanding or approval,” it said.

It recommended people not to respond to messages promoting loan shark services and to report these numbers to the cops. Possible debtors need to confirm that a moneylender is licensed by inspecting the list offered by the Registry on the Ministry of Law site.

On the website, the Registry alerts against taking loans from moneylenders who use abusive language or a threatening manner, request SingPass user IDs or passwords, or maintain personal recognition documents.