• Desk @ CreditXtra

Spot the Counterfeit Moneylenders

The use of technology, especially digital media including social chats and websites, has succumbed many to counterfeit identity. Licensed Moneylenders are not spared from identity theft by counterfeit moneylenders. These thieves use the identities (including company logo, name, contact and address) of licensed moneylenders to deceive many innocent borrowers into believing they are taking a loan from licensed moneylenders when in actual fact they are not. They victimized not only the borrower, but also the #Licensed #Moneylenders. Below are 3 keys to help you spot counterfeit moneylenders.



Watch the LURE

Counterfeit moneylenders make loan offers so attractive that you, the borrowers, find it hard to give it a miss. The lure is just too good to pass. Some of the loan offers are so fabulous that you are even prepared to transfer a sum of money to counterfeit moneylenders before the loan are ever consummated! Do not fall in this LURE trap!! There is NO NEED to make any payment before you consummate the loan with a licensed moneylender. Should you come across any loan offers next time, watch out for the LURE before the deception.


Check the Identity

Before taking a loan, make sure you check who is the lender, especially if they are licensed. The Registry of Moneylenders updates constantly the list of licensed moneylenders. You can readily check a lender if he is a licensed moneylender from the list. Moreover, you can also check the website and the physical location of the licensed moneylender. Not until you are sure about the lender, you should not proceed to take the loan.


Know the Rules and Practices


There are prevailing rules and practices that delineates the practices of licensed moneylenders from the counterfeits. A good note of them will certainly guide you in navigating between the licensed moneylenders and the counterfeits. Some of the more pronounced rules and/or practices include the following:


  1. All loans must be consummated at the physical office of the licensed moneylenders. This means you can never enter a loan contract online and wait for loan to be disbursed into your bank account without you ever showing up at the lender's office to sign the loan contract. If you are ever offered such arrangement, flee!

  2. No Payments in any form are required or expected before you enter into a loan contract with licensed moneylenders. Only the counterfeit lenders demand that you pay them before the loan can be approved or you can sign the loan contract.


Should you be in need further information, please feel free drop by our office and have a chat with our loan consultants. We are always here to help.


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