5 Red Flags To Check When Spotting A Money Lender Scam In Singapore
Do you need an urgent cash loan in Singapore? Although this requires a fast response, you should still be careful when doing any transactions. Fraudsters may try to get you to hand over money upfront or promise you will instantly earn a loan.
Although personal loan scams in Singapore are a widespread occurrence, there are techniques to identify and avoid them before they happen to you. Here’s what you can do.
1. Unsolicited offers
A licensed money lender in Singapore will most likely not contact you unless you just filed for a loan and you had a prescreened process. Personal loan fraudsters frequently get their victims through the phone to ask for bank account details.
2. No credit check
A fraudulent money lender in Singapore often preys on people in need of unsecured loans by offering money without the need for a credit check. They often ask for private government numbers and pins to get you signed up. Other people create loan proposals and then take money or valuables as a down payment before leaving.
3. Charge additional payments
Like a payday loan in Singapore, you should be on the lookout for deals that will expire in a short period. The temporary fee exemptions offered by specific lenders are usually restricted to fees and do not impact your lending rate or other elements of the loan agreement.
4. Assures approval
A licensed money lender in Singapore will not automatically promise you a loan assurance. Loan companies often conduct a screening to check the background, source of income and credit score before approving anything.
5. No transparency
When taking a personal loan in Singapore, lenders usually display appropriate fees and transparent loan prices on their websites. To avoid being taken advantage of, make sure your lender informs you about all of the expenses associated with your loan.
Are you looking for a licensed money lender in Singapore? Consider the financing solutions of Monetium Credit! Whether you need a short-term cash advance or a long-term instalment loan, you can ask for their assistance. Contact them today!