Easily Get Start up Business Loan with CreditXtra in Singapore
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All You Need to Know About Secured Loans in Singapore
12/05/2017

5 Secured and Business Loans Scams You Must Know

All folks must be careful of loan scams when taking up personal loans, foreign loans or business loans from money lenders in Singapore. Not all money lenders have your best interest in mind and usually some of them are known to try illegal ways to extract money or personal information from you. Below we share with you 5 business loan scams you should be careful about:-

  1. No physical address: Become immediately careful when you notice that the lender doesn’t have a physical office address. It is also possible that they have just asked you for a meet up at a temporary location and it is wiser on your part to check if that is their permanent office location. You can always check their Google plus profile, reviews and registered address details.
  2. Not Interested in Your Credit Score: Any licensed money lender in Singapore would be interested in knowing about your credit history and if you had been paying your bills on time. In case they are not bothered about your credit score before giving you a loan, chances are that they are into loan scamming and getting your personal details for their own good.
  3. Overall Dealing with You: As a borrower you must pay attention to how the lender is behaving during the process of lending you the loan. Are they saying that it is too simple to get the loan; asks for your card details, are they are asking you to rush into signing the contract, or are they always trying to hide some details when you start to ask more questions? Watch out for technical loan jargons, extra spaces and anything that you don’t understand in the contract. You must verify their license, years of establishment and contract clauses.
  4. Hesitate to Meet Up in Person: It is better not to disclose all details over the phone or send them an email for it. Meet your money lender at their office, and don’t share your debit card details. Remember, it is not possible to provide you with a loan without your proper signatures, credit score check and debit card details that you would need to fill yourself.

High Interest Rate and Focus on Bad Credit Score: Unethical money lenders will focus on the weaker aspects and will try to charge extremely high interest rates. Be wary of such lenders and always check with couple of licensed money lenders in Singapore before signing the contract.  You must be fully aware of all the options available to you and try to go with the best available licensed money lender in your area.  By doing this you will have the required loan within the right time, with the right interest rate and hopefully you would pay off the loan on time without any problem.

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