The authorities are aware that unlicensed moneylending (UML) distributes have actually turned to masquerading as licensed lenders (LMLs) to evade detection and increase their customer base.
Much better referred to as loan sharks, these distributes have unlawfully utilized websites, printed leaflets and online media to market as signed up companies.
A joint declaration from the Singapore Police Force and Registry of Moneylenders stated many debtors have been misled into borrowing from loan sharks. “In their advertisements, these UML distributes consist of fictitious registration codes or genuine company names of LMLs without their knowledge or approval,” it said.
It encouraged people not to reply to messages advertising loan shark services and to report these numbers to the cops. Potential customers ought to confirm that a moneylender is certified by checking the list supplied by the Registry on the Ministry of Law site.
On the site, the Registry warns versus taking loans from lenders who use abusive language or a threatening way, request SingPass user IDs or passwords, or keep individual recognition files.