Personal loans are unsecured loans that are applied and taken for personal use by qualifying people in Singapore. Qualifying persons are those who have a steady stream of income, from employment or business activities, and are citizens of Singapore, or foreigners with authority to live and work in Singapore. In addition, you must be above the age of 21 years, which is stipulated by law.
IP Credit is one of the TOP lenders for Personal Loan Services in 2019
IP Credit legal and licensed moneylender in Singapore is an established personal credit institution, having existed for many years. Our personal loan Singapore facilities are available for your various needs at any time you need them. Because these loans do not have any security attached to them, they have higher rates of interest than typical secured loans like car loans, mortgages, among others.
Personal Loan In Singapore
Personal loans are unsecured loans that are applied and taken for personal use by qualifying people in Singapore. Qualifying persons are those who have a steady stream of income, from employment or business activities, and are citizens of Singapore, or foreigners with authority to live and work in Singapore. In addition, you must be above the age of 21 years, which is stipulated by law.
IP Credit is one of the TOP lenders for Personal Loan Services in 2019
IP Credit legal and licensed moneylender in Singapore is an established personal credit institution, having existed for many years. Our personal loan Singapore facilities are available for your various needs at any time you need them. Because these loans do not have any security attached to them, they have higher rates of interest than typical secured loans like car loans, mortgages, among others.
Many people still fall into scam and lend from illegal moneylender. Here in IP Credit Pte Ltd, let us teach you how to identify them.
Illegal schemes you should avoid while looking for a personal loan
When you’re looking for a personal loan, you want to make sure that you’re getting the best deal possible, and that’s great! It’s time to open your options to the many personal loan companies in Singapore that can strike you a better deal than your local banks.
However, it’s also important to note that there are tons of unscrupulous people out there who are hunting for vulnerable people to scam them for their money. They could be unlicensed moneylending businesses that are skirting around the law and running their ‘business’ unlawfully, or they could be thieves posing as licensed personal loans Singapore companies.
Now, there are plenty of super simple ways to identify a personal loan company’s legitimacy. Just check out this article here. But for now, we are here to keep you informed on what to avoid.
How fake personal loan companies scam you
There are plenty of ways to get scammed out of your money when you’re looking for a personal loan. In fact, the Singapore police have been reporting increasing reports of scammers and unlicensed lenders deceiving victims into taking loans under the pretence of being licensed personal loans Singapore companies. Deceptive tactics used include soliciting for loans while claiming to represent licensed moneylenders.
Often, scammers ask individuals via mobile text messages or phone calls, to ask them to transfer money to them in order to pay for their “GST fees”, “processing fees”, “income tax fees”, and even “hospital fees” before asking the user to apply for a loan. The victim could also be promised a loan with a certain interest rate and repayment period
Unlicensed moneylenders will poach you to get loans through:
- SMS
- Websites
- Social media accounts
- … etc
If you are unsure about its legitimacy, call your relevant bank, hospital, or relevant business entity and ask them directly if you owed them that amount.
In other instances, the perpetrators create bogus websites or social media accounts portraying themselves as licensed moneylenders in Singapore. Such websites request your personal information, such as your NRIC number and contact details, which can then result in your identity being stolen.
Dangers of borrowing from unlicensed personal loan companies
In bad cases, the victim (often older folks) will lose their money and more. In worst-case scenarios, the unlicensed personal loan company could start harassing the victim and their family using extremely unethical methods in ways that will negatively impact their physical and mental health.
Licensed moneylenders are not allowed to poach people to get loans
It is important to note that licensed moneylenders only conduct their business activities through their registered branches. They do not solicit loans by phone or in person. Real, licensed moneylenders are not allowed to solicit people to buy loans via text messages, phone calls or social media platforms.
Your lender will not allow you to perform a loan transaction online, or at any location that is not an approved place of business. Instead, licensed moneylenders are required to meet the borrower in person at the approved place of business to conduct physical face-to-face verification of his identity before granting any loan.