Forum
Last updated: 

How to avoid loan scams?

One of my friends have been offered a loan with a great terms and now, he is reffering this loaner to me. I am amazed by the terms and I loaned to them in no time. After a few days, my friend called and told me that the loaner that we loaned is a big scam and just got our identies and documents for his own use.

User comments

  • user image

    No Name

    There are people who pretend to be on a legitimate company. Make sure to background check the person who tells you that he is from that company. It is easy to print fake documents and id's in todays generation. If you have been scammed and your identity have been theft, you can report them to the police to help you with that.

    2020.03.24 15:44
  • user image

    Jamie

    That is an important topic, and everyone should need to be aware of it. Nowadays, people are looking for easy ways to make money, and They do not away from mistakes. Innocent people get hurt by people like them. that why it's our responsibility that we have to be aware. I took a business loan from Shriram city, and I am satisfied.

    2021.07.09 15:42

Please leave your knowledge and opinion!

Related Forums

Loan

I want a business tomorrow.

Loan

Can I transfer money to the bank from my credit card?

Loan

Is this loaning agency legit?

Loan

Can I get a loan to treatment my old father? Because I belong to a poor family?

Loan

Buying a car

Loan

I want to loan to study but how?

Related Reviews

Loan

A great contender for the 7-year personal loans provider

This card is a great contender for the 7-year personal loans lead yet is the relative newcomer on the block. This does not stop them from being very aggressive in Singapore these past few years. Although Bank of China $martLoan’s interest rates are on the high side, Bank of China is generally more lenient than most other banks in Singapore and have a lower minimum annual income.

Bank of China $martLoan / Bank of China

Loan

Quick Cash has the lowest published interest rates on the market and no processing fees

Citi Personal Loans / Citibank Singapore

Loan

Sign up for CreditAble in order to cash your credit line using the Maybank CreditAble Term Loan

Maybank does not exactly offer a proper personal loan in itself but its term loan is linked to its personal credit line product. You just need to sign up for CreditAble in order to cash your credit line using the Maybank CreditAble Term Loan but note the terms & conditions and annual fee however. In my personal opinion, the loan amount is small while the interest is high, so it may be best to avoid this one.

Maybank Personal Loan / Maybank Singapore

Loan

One other good thing CIMB credit cards have is that there are no annual fees

The CIMB CashLite personal loan is based on your available credit card credit limit therefore you have to be a CIMB cardholder to apply for it. One other good thing CIMB credit cards have is that there are no annual fees but CIMB doesn’t publish their interest rates online. The actual interest rate is personalised based on your risk profile and credit history so you might very well end up with a higher interest rate than advertised.

CIMB CashLite / CIMB Bank Berhad Singapore Branch

Loan

DBS personal loans are based on either your credit card or personal line of credit

DBS personal loans are based on either your credit card or personal line of credit. Thus if you have DBS credit card or DBS Cashline and a DBS deposit account, you can apply through internet banking and get your loan processed immediately and credited instantly into your account. However if you don’t have a DBS credit card you can still get this loan, but you will have to furnish your income documents and obviously you won’t get the funds right away

DBS Personal Loan / DBS Bank

Loan

HSBC personal loan offers the longest loan tenure of 7 years in Singapore

If you need to borrow a large amount but cannot afford a big monthly repayment, then you should give consideration to the HSBC Personal Loan. This HSBC personal loan offers the longest loan tenure of 7 years in Singapore which means you’ll be paying 7 years’ worth of interest. HSBC is also great for those who need cash urgently as you can get approval-in-principle within one minute and receive the money the next working day. Isn’t that just wonderful?

HSBC Personal Loan / HSBC Bank Singapore