Essentially, the loan shark SMS strategies have only one malicious intent – to get you ultimately take up an illegal loan and to respond unknowingly. As soon as you don’t settle the payments, the harassment begins.
Here are their 5 most common forms of SMS (or WhatsApp/Telephone) strategies:
1) Imitation Loan Deposited
The sender creates an impression as the cash has been deposited to an account number that you will be liable for the loan.
2) Sorry for the Late Response
The sender assumes the place your cellular telephone number has been used to contact them to get financing.
3) Impersonate as Legal Money Lender
The sender masquerades as an authorized money lender in Singapore to instill trust and authenticity within their loan service.
4) Debt Consolidation and Support
The sender pretends to be a helpline to help you in debt consolidation and quitting harassment from debtors.
5) Response to Your Cellular Telephone Number
The sender promises attractive terms including guaranteed approval and request you to WhatsApp, SMS or Call to a telephone number.
Identify Loan Shark Advertising Readily
Licensed money lenders in Singapore are only permitted to advertise through these 3 platforms, as the Singapore Government is cautious about supporting demand through advertising:
(i) consumer/business directories (either on-line or printed directories like Yellow Pages);
(ii) websites belonging to the legal money lender; and
(iii) advertisements put on the outside of or inside the money lender’s offices.
When you receive an advertisement from one of the following ways; referred to your web site with a cellular telephone number or promise to procedure loans within the telephone, it is likely from the loan sharks (unlicensed money lender). Because legal money lenders aren’t permitted to do these.