Do not fall for misleading advertisements
The authorities understand that unlicensed moneylending (UML) syndicates have turned to masquerading as certified lenders (LMLs) to avert detection and increase their consumer base.
Much better called loan sharks, these distributes have actually unlawfully utilized sites, printed flyers and online media to market as registered companies.
A joint statement from the Singapore Police Force and Registry of Moneylenders stated many debtors have been misled into loaning from loan sharks. “In their advertisements, these UML distributes consist of fictitious registration codes or genuine business names of LMLs without their understanding or approval,” it said.
It advised individuals not to respond to messages marketing loan shark services and to report these numbers to the authorities. Prospective customers must verify that a moneylender is certified by examining the list supplied by the Registry on the Ministry of Law site.
On the site, the Registry warns against taking loans from moneylenders who use abusive language or a threatening manner, request for SingPass user IDs or passwords, or keep personal recognition files.