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

Can hospitals offer loans?

They gave me more than what I requested

I want to loan to study but how?

I need to loan a big amount of money but from whom?

Can I get a another loan even though I have debts?

Can loan money be used for damage compensation?

Related Reviews

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

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

Apply for a Citi Quick Cash to pay for urgent expenses such as medical bills and business expenses,

One can us the Citi Quick Cash for big ticket purchases and projects like home renovations while you can basically use the Citi Quick Cash for any type of expenses. On the other hand, you can also apply for a Citi Quick Cash to pay for urgent expenses such as medical bills, business expenses, unexpected repairs and much more. With Citi Quick Cash, the possibilities are in fact endless. You can also convert your unutilised credit limit to cash in your Citi Deposit Account in 60 seconds. A major plus is that you can get the cash on your terms and anytime on your mobile phone and repay with plans up to 60 months. No documents required and no hidden fees.

Citi Quick Cash / Citibank Singapore

MoneySmart exclusive rate of 3.5% (7.27% p.a.) for new loan customers with only 1% processing fee

The OCBC ExtraCash Loan is a true personal loan as it allows you to borrow up to 6X your monthly salary. However, I must warn that the interest rate is kinda high. If you don’t require that much money, I recommend that you consider the OCBC Cash-on-Instalments loan which is slightly cheaper. However currently with OCBC personal loan, you can get a MoneySmart exclusive rate of 3.5% (7.27% p.a.) for new loan customers with only 1% processing fee. For existing loan customers, you pay an interest of 4.7% p.a. (EIR 9.46% p.a.).

OCBC ExtraCash Loan / Oversea-Chinese Banking Corporation

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

Get interest-free cash in 15 minutes from as low as 0.7% processing fee

With the Credit Card Funds Transfer, you can get interest-free cash in 15 minutes from as low as 0.7% processing fee (EIR from 2.83% p.a.) and also freely choose your preferred tenure of 3, 6, 9 or 12 months. Although they offer a 0% p.a. interest rate, this is valid for a Credit Card Funds Transfer with a 3, 6, 9 or 12 month tenure and is only applicable to the amount transferred pursuant to the application submitted in respect of this promotion. The prevailing interest rate of 26.9% p.a. applies after the expiration of the tenure indicated in the application form.

Standard Chartered CashOne Personal Loan / Standard Chartered Bank Singapore