Advertisements that reach out to you through social media platforms, messaging apps, or cold calls to offer loans to you. The scammers may claim to be from a licensed money lender to gain your trust. Some loan may be advertised as interest -free loans. You are then instructed to transfer money to them first to defray the costs such as upfront admin fees, legal fees, taxes, insurance charges or collateral before the loan can be drawndown.
Detect Signs
+ offer fast loan approval and sometimes interest-free loan to entice you. If it is too good to be true, most likely it is a scam.
+ requires you to transfer certain type of fees first before your loan can be disbursed.
+ loan sharks or unlicensed money lenders requesting for your ATM cards or bank accounts in return for your loans.
How to stay safe
+ ignore any unsolicited loan advertisements. Block the number and report the number.