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Potential scam - loan from unlicensed money lender
10 Apr 2022 (165 views)  

X sent me the text of his conversation with Y, who offered an attractive loan at a low rate of interest.

Y asked for details to process the loan, which X provided.

Towards the end, Y asked for an administration fee of $10,000 (which was 10% of the amount of loan).

After taking this fee into account, the interest rate charged for the loan became quite high.

Furthermore, there is the risk that after X paid the fee, Y may disappear with the money.

X lodged a police report about this "scam". The police said that no money was lost. It appears that they are not acting against L - which is a bad approach. The police should be more proactive in investigating such scams, even though no money might be lost.

Lesson: Avoid taking a loan offered from an unlicensed money lender. Avoid responding to offer of this type of loan through WhatsApp chat.

Tan Kin Lian
 


Potential scam - loan from unlicensed money lender
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X sent me the text of his conversation with Y, who offered an attractive loan at a low rate of interest.

Y asked for details to process the loan, which X provided.

Towards the end, Y asked for an administration fee of $10,000 (which was 10% of the amount of loan).

After taking this fee into account, the interest rate charged for the loan became quite high.

Furthermore, there is the risk that after X paid the fee, Y may disappear with the money.

X lodged a police report about this "scam". The police said that no money was lost. It appears that they are not acting against L - which is a bad approach. The police should be more proactive in investigating such scams, even though no money might be lost.

Lesson: Avoid taking a loan offered from an unlicensed money lender. Avoid responding to offer of this type of loan through WhatsApp chat.

Tan Kin Lian