Unfortunately, in the world of debt, money, investments, and loans, there are plenty of aggressors that want to scam you for your money. Especially in Singapore, which has made a name for itself as a place of rampant illegal money lenders, news article after news article is articulating the loan-shark activities too common in our communities. Whether through the disguise of ATM transfers or something worse, it’s definitely in your best interest to learn more about how to identify a legal money lender.
So how exactly does one do that?
Don’t worry, we’ve got you covered:
- Legal money lenders do not use SMS marketing or other telemarketing services.
A reliable money lender will leave your personal contact information out of their soliciting services. Sure, they may send an email every now and then letting you know about new rates; but, they will never send you texts and other aggressive forms of contact to get your business.
- Legal money lenders will not ask about online bank transfers.
One surefire way to know you are dealing with an illegal money lender is if they offer bank transfers online as a tool for sending cash. They will want to avoid paperwork at all costs so they can access the money as quickly as possible. Legal money lenders will sit down with you and file paperwork to back up your application. You will need to go to their office to finalize everything before the transfers occur.
- Legal money lenders will not ask about your SingPass over the phone.
As you know, every Singaporean resident has a unique SingPass that contains your sensitive information. Illegal money lenders want access to this information, so they will ask you to disclose it right over the phone or through text. There is no need for any money lender to access your SingPass.
- Legal money lenders will have a legitimate website with terms of service.
Do your due diligence to check out the money lenders’ websites. At this point, it’s pretty easy to spot the websites that are faulty or lacking in credibility. If the site looks like it was professionally made and comes with a terms of services, chances are, it’s a legal money lender.
- Legal money lenders will have a registered landline telephone.
A normal money lending company will have an official telephone number that is registered with their area of operation. They will not have the weird telemarketer digits that should immediately tell you to be careful.
After all of this, it’s up to you to read the contract and know what you are signing. Regardless of how busy you are, signing your name away to loan-sharks is not something you are going to appreciate down the line.
Please be sure to follow our tips above.
Of course, if you want to save time and go right to the source of a legal money lender, then head over to our application form at Singapore Legal Money Lender.