I received this loan offer on WhatsApp.

Take $10000 Pay $180x60Months
Take $20000 Pay $360x60months
Take $30,000 Pay $540x60months
$50K-$100K Above
Monthly Repayment Term Up To 60 Months

The terms looks attractive. The total repayment over 60 months is $10,800 for a $10,000 loan. the interest for 5 years is $800 or 8%. This works out to 1.6% per year. 

As loan is being repaid gradually over the term, the average borrowing is only $5,000, so the interest rate is 3.2% per year. 

This rate is still low. 

I suspect that these are not the true terms, and there are some administrative fee that is charged to the borrower. 

I may contact the lender to find out what are the charges. 

A more important issue is that this money lender is not licensed. It is better than their terms be submitted to a government agency who approves the terms, and ensures that the lender operates according to the terms, and that the borrower is not misled. 

Tan Kin Lian