Be Careful of Misleading Money Lending Ads

Don’t succumb to misleading advertisements. The authorities know that unlicensed moneylending (UML) distributes have turned to masquerading as certified lenders (LMLs) to avert detection and increase their customer base.

Much better referred to as loan sharks, these syndicates have actually unlawfully used websites, printed flyers and online media to advertise as signed up business.

A joint statement from the Singapore Police Force and Registry of Moneylenders stated numerous customers have been misinformed into borrowing from loan sharks. “In their advertisements, these UML syndicates include fictitious registration codes or legitimate company names of LMLs without their knowledge or approval,” it stated.

It encouraged individuals not to reply to messages promoting loan shark services and to report these numbers to the authorities. Potential debtors ought to validate that a moneylender is accredited by examining the list offered by the Registry on the Ministry of Law site.

On the site, the Registry alerts versus taking loans from moneylenders who utilize abusive language or a threatening manner, request for SingPass user IDs or passwords, or keep individual identification files.