The authorities know that unlicensed moneylending (UML) syndicates have actually turned to masquerading as licensed lenders (LMLs) to avert detection and increase their client base.
Better known as loan sharks, these distributes have actually unlawfully used websites, printed leaflets and online media to promote as signed up companies.
A joint statement from the Singapore Police Force and Registry of Moneylenders said many borrowers have actually been misled into borrowing from loan sharks. “In their ads, these UML distributes consist of fictitious registration codes or legitimate service names of LMLs without their knowledge or approval,” it said.
It encouraged individuals not to respond to messages advertising loan shark services and to report these numbers to the cops. Prospective customers should validate that a moneylender is accredited by checking the list provided by the Registry on the Ministry of Law site.
On the website, the Registry warns against taking loans from moneylenders who use abusive language or a threatening manner, request SingPass user IDs or passwords, or retain personal recognition files. It is always advisable to take personal loans from licensed lenders or Singapore banks.