Notorious Types of Scammers to Watch out for when Seeking Fast Cash loans
Have you ever bumped into a personal loan provider whose deal sounded straight out of an angel’s mouth? Maybe fell into a financial snare that ripped you off of your hard-earned money, just because you needed an urgent cash loan? You’re not alone. Year in year out, thousands of Singaporeans get nipped by the sharp claws of loan scammers. Cases of loan hoaxes are so prevalent in the Singapore cash loan market that it’s become harder and harder to separate the wheat from the chaff. To make it worse, loan scammers have a clear mastery for slipping in between identities and wearing different faces and personalities. So if you’re new to Singapore’s personal-loan space, this article peels off the masks of six common types of loan scammers you need to be wary about.
- The mystery caller
Just like an agent on a mission, this one operates like a faceless man. They insist on strict phone communication and turn down any request to finalize the deal in person. Most, if not all of their loan offers are promoted via Facebook, email, SMS, or calls. Of course, they’re hiding something, and it’s not good. Keep in mind that Singapore’s laws prohibit lenders from marketing their products online or personally. Licensed lenders are permitted only to advertise through three channels: owned websites, business/consumer directories (online/print media), and advertisements within the lender’s establishment. So if you receive a mystery phone call from a personal number that’s promising you fast cash loans at crazy rates, don’t fall for it as it’s most probably a loan scam.
- The Eager Beaver
We’ve all encountered this one. He is overly enthusiastic and acts with an impending sense of urgency. His frequent victims are desperate individuals who are in dire need of fast cash loans to fix emergencies. How they move from “Just take your time” to “this offer expires tomorrow, so you need to act fast” is um…suspicious. If you’re keen enough, you’ll notice that every minute you spend negotiating or asking questions drives them insane with impatience. This manic enthusiasm should raise an eye-brow because genuine, trusted money lenders in Singapore will never coerce you into taking their personal loans.
- The One your Guts doesn’t like
Looking for an urgent cash loan in Singapore? Your gut is your most loyal ally. Somewhere along the way, you’ll meet a money lender that’s difficult to trust. The trust just isn’t there, and it will never be there. Maybe you spot some gaps in the loan contract, or their misdemeanor is telling. As soon as you smell that something’s off, just abort the mission.
- The Proverbial Dumb and dumber
Of course, you’re bound to come across that one stone that isn’t blessed to become a diamond. The foolish scammer is the type who’s just beginning to learn his scamming chops. Their plot leaves behind obvious loopholes that you can use to bust them. But do you know what’s even more appalling about this scammer? It’s the fact that in their head, they’re smarter than everyone else. For instance, when you ask for the loan contract, they’ll give you a lengthy, incomplete document, hoping that you won’t read the whole thing. Or, they could even give you a fake physical address thinking you can’t use an address validation system to rat them out. In a nutshell, their scamming schemes are the equivalent of walking in mud and hoping you leave no footprints. The only victims they manage to dupe are those who are as intellectually challenged as they are. Or worse.
- The Physically Enchanting One
Armed with suave looks and an endearing personality, their charm will lead you to the gallows. Startling in their outward appearance and inward charm, this type will use their pleasant qualities to bait anyone looking for an easy cash loan. These will go the extra mile of showing up at your doorstep to lure you into their fast cash loans. Resist.
- The Computer Wizard
This scammer is more cunning than the rest because he actually knows what he’s doing. Their mastery of tech is out of the ordinary borrowers’ grasp, hence many people fall into their trap. Among all the arrows in their quiver, their two favorites are phishing emails and scam DMs. For instance, you might receive a loan advert via SMS, featuring a website link. On clicking the link, you’ll be led to a site that’s a replica of a licensed lender’s site. The ensuing events will involve being convinced to make an upfront payment before approval or refund $800 once $500 is relayed to your account. But here’s the catch- the $500 will never be relayed to your account. However, even “smart” scammers can be smoked out. Look out for links to fake websites, spelling errors in website addresses, and any impersonation attempts of licensed moneylenders.
To avoid getting scammed in the process of acquiring an easy cash loan, stick to licensed money lenders. These legalised lenders should be registered under the Ministry of Law with an official licence. While checking, take a look at money lender reviews online to see which is a reliable lender to count on. The best money lenders don’t only provide affordable loans but they also a variety of different personal loans. Get in touch with a money lender that can meet your financial needs.
About the Author
Drawing on 3 years of proven knowledge and counting, LoanHere has grown to become one of the go-to platforms for consumers’ diverse loan needs. Besides ensuring borrowers get their loan quotes promptly from the best private loan providers in Singapore, we also make an effort to craft well-founded blog articles focusing on loans, finance, and lenders.
