By using Singapss application, you will know that the licensed moneylender is a legal company, as to install the Singpass function on the website, requires approval by the government. At ABK Leasing, we will always advise clients to submit applications via Singpass, this can help us to have a better assessment and provide a faster in-principal approval process.
All licensed money lenders are regulated by the Ministry of Law, you can check the full list of licensed moneylenders in Singapore. ABK Leasing is on the 2nd page of the list.
But remember, always refer to the Ministry of Law website for the full list of legal moneylenders. Some illegal money lenders may forge a list of licensed moneylenders and put that list on their website in order to scam victims or provide illegal moneylenders. Do always contact the number on this list, or visit the office directly.
There are a few more factors to tell the differences between a licensed moneylender and an illegal moneylender. As an authorized moneylender, we do not ask for an image of identification, for example, NRIC or Work Permit via Whatsapps, we do always suggest clients submit the application via Singpass.
The repayment account is always the company bank account or PAYNOW, if you happened to be informed that the repayment bank account is a personal loan bank account, it’s a high possibility that you are a victim of a scam.
If you are borrowing from a licensed moneylender:
- A loan contract is signed in the licensed moneylender’s office
- The licensed moneylender has a physical office
- A copy of the contract will be provided
- A repayment account under the licensed moneylender company name
If you are borrowing from an illegal moneylender or scammer:
- They will say there is no need to go to the office
- They will stop you from going to their office as they do not have a physical office
- They will ask for all documents, including NRIC, to be sent via Whatsapp
- They will say transaction will be done without face to face meeting
- Their funds were transferred to your bank account from an unknown source
