Exploring loan options can be stressful — especially with scam cases on the rise. Imagine seeing a loan offer that promises fast cash, no credit checks, and ultra-low interest rates. It sounds like the perfect solution… until it turns out to be a scam.
Unfortunately, many in Singapore have fallen victim to such offers, resulting in financial loss, stress, and identity theft. In this guide, we’ll walk you through how to spot a loan scam, share real cases reported by Channel News Asia (CNA), and show you how platforms like Lendingpot can help you get financing safely and securely.
Loan scams involve fraudsters pretending to be licensed lenders to trick individuals into making payments or giving up sensitive information. Their goals are typically to:
These scammers often reach victims through public channels such as:
Technology has allowed scammers to become more sophisticated. Common tactics include:
In a CNA-reported case, scammers distributed fake Android loan apps embedded with malware that captured victims’ data — including banking details. (Read article)
Even with smarter scammers, there are major red flags to watch for:
You're told to pay a processing fee, insurance charge, or “deposit” before receiving the loan.
Legitimate lenders never require upfront payments — any fees are deducted from the loan itself.
Scam loan offers often appear on Telegram or unverified websites. These platforms allow scammers to hide their identities.
Scammers may rush you to act — “Transfer now or lose your offer!” Some even resort to verbal abuse or threats to coerce you into taking a loan.
Fake lenders often use vague names, suspicious email addresses, or provide no verifiable contact details.
Always cross-check lender details using MinLaw’s official list: View list of licensed moneylenders
1. Malicious Android Loan App
Between July and August 2023, at least 9 people downloaded a fake “loan app” and lost nearly S$18,000. The app was malware disguised as a loan application.
Read the full CNA report
2. 21-Year-Old Asked to Pay 10% Deposit and Harassed
A young woman sought a S$30,000 loan, but was asked to pay a 10% deposit. She never received the loan and was later harassed by illegal moneylenders.
Read the full CNA report
3. S$1.5 Million “Deposit” Lost in Property Loan Scam
A woman was deceived into providing a S$1.5 million deposit for a property-backed loan. The director she entrusted misappropriated part of the funds and sent the rest to a financier who was bankrupt in two countries.
Read the full CNA report
Here are simple but powerful ways to avoid falling for a loan scam:
Lendingpot is a trusted web portal that helps individuals and businesses find financing from verified, licensed lenders in Singapore. Here’s how we keep you safe:
Visit www.lendingpot.sg
By staying informed and cautious, you can avoid falling for scams and borrow with confidence. With a platform like Lendingpot, finding the right financing doesn’t have to come with unnecessary risk.
Have questions or want help with a loan?
Reach out to the Lendingpot team or get started at www.lendingpot.sg
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