How To Avoid Loan Scams In Singapore
Money scams have become very common in Singapore. People could easily lose thousands of dollars or all of their life savings if they are not careful. According to a report by the Straits Times, crime rate for fake loans where victims were cheated into making deposits for a “loan” registered a huge jump of 151% from 396 cases to 994 cases in 2018. Borrowers need to be extra careful not to fall prey to loan con artists. The first step on how to avoid loan scams and how to tell whether private money lender is licensed or not is by being aware of some of the methods that con artists use. There are several signs that can give an indication that the lender is not honest. Singapore’s Ministry of Law has strict rules and regulations that has to be followed by all licensed money lenders. What are the methods used by scammers to deceive unsuspecting borrowers? High Processing fees Fake money lenders demand large amounts of...