We get it. Life happens and while it would be ideal if everyone always had enough money, this is not the case. As a result, many loans play an important role in the lives of people in Singapore and around the world.
A cash loan can be extremely beneficial for unforeseen emergencies, large purchases, or simply when you need a little extra cash.
Having a good Singapore moneylender on your side can make your life a lot easier.
You, however, need to keep a few things in mind before choosing a WhatsApp moneylender and how to avoid getting scammed..
Looking for a WhatsApp Moneylender?
Getting a loan from an institution like a bank can challenging. You may need to stand for hours just waiting for an attendant. Let’s not forget the high rates and sometimes your credit score may not allow you to take the loan. Even if you get the loan, they take days to process it.
At I-credit, we understand you need help quickly and therefore we respond to your requests via WhatsApp with a sense of urgency.
When you come to us, we guarantee you 100% confidentiality and privacy for all your personal details and anything you share with us.
How to avoid getting scammed on WhatsApp
While there are legit moneylenders who uses Whatsapp as a mean of communication, if you aren’t versed with a few things, you may fall into being a prey to WhatsApp scams without knowing.
Here’s a classic way they do it:
1.You receive a text message on WhatsApp offering a loan amount.
If you are in doubt, they send you a link to a fake website. To entice you even more, they’re light on documentation. They appear willing, if not eager, to assist you as long as you have your SingPass and NRIC.
2. You are required to make a deposit immediately.
They know you’re desperate for money, so they request you to first make some money deposit for loan ‘processing’ and other stuff that doesn’t add up. They send you forged documents Supposedly from the MAS or MinLaw to get you to pay. It includes information on the GST and deposit amounts. The scammers will send you another paperwork verifying the loan approval to ease your fears and gain your trust. It’s done to persuade victims they are dealing with a licensed moneylender.
3. Even after paying the deposit, you don’t receive the loan.
As soon as you pay the deposit, you receive nothing and suddenly when you try to call the number; they’re switched off.
Sometimes, if you don’t pay the initial deposit, the scammers harass you since you’ve shared some personal details already.
Here are some pointers to help you avoid becoming the next victim.
- Note that licensed moneylenders are never allowed to contact you first through SMS or text.
- Report the number to WhatsApp and block it.
- Do a background check before sharing your personal details.
- Only borrow from legitimate financial institutions.
Check that they list the money lending company on the website of the Register of Licensed Moneylenders.
How can I-credit help?
I-credit is a licensed [under the ministry of law] moneylender in Singapore and we offer quick loans to you at an interest of just 4%.
Click here to apply and we will get back to you within one working day.