Scam Alert
Loan Scam Red Flags in Singapore
How to Verify a Licensed Moneylender
Loan scams in Singapore have grown more convincing over time. Fraudsters now build websites that closely resemble real lenders, message potential victims directly on WhatsApp or Telegram, and sometimes even use the names and licence details of genuine licensed moneylenders without permission.
Most victims only realise something is wrong after money has already changed hands — usually in the form of an "administrative fee" or "processing charge" requested before any loan was disbursed.
This page explains the most common loan scam red flags, how they differ from how Quick Loan Pte Ltd and other licensed moneylenders are legally required to operate, and the exact steps you can take to verify a lender before sharing any personal information or funds.
Quick Self-Check: Could This Be a Scam?
If you can answer “yes” to any of the questions below, pause and verify the lender before doing anything else.
- Were you contacted out of the blue through SMS, WhatsApp, Telegram, or a social media DM offering a loan you never applied for?
- Were you asked to pay a fee upfront — for "processing," "insurance," "GST," or a "security deposit" — before receiving any funds?
- Was the loan approved within minutes, with no request for your income documents or identification?
- Did the lender ask for your Singpass password, internet banking login, ATM PIN, or a one-time password (OTP)?
- Were you asked to complete the entire process online, with no requirement to visit a physical office or meet anyone in person?
If any of these apply, stop the conversation and verify the lender against the official Registry of Moneylenders before going any further.
Important Notice
Protecting You from Impersonation of Quick Loan
Quick Loan Pte Ltd is aware that scammers sometimes copy the names, licence numbers, and branding of legitimate licensed moneylenders — including firms like ours — to appear credible. If you receive a message claiming to be from Quick Loan that doesn’t match what’s described below, treat it as suspicious and do not respond.
- We do not solicit loans through SMS, WhatsApp, Telegram, or social media. Every enquiry starts with you contacting us — through our website, WhatsApp line, or by visiting our office — not the other way around.
- We never ask for payment before a loan is approved. Any administrative fee is deducted from the approved loan amount, capped at 10% of the principal, and only after your loan has been granted.
- We will never ask for your Singpass password, banking login, or OTP. No staff member of ours needs, or will ever request, these details.
- All loan contracts are signed in person at our registered office at 10 Anson Road, #01-15 International Plaza, Tanjong Pagar — as required by law. You'll always receive a copy of your signed contract.
If you come across a website, phone number, or message claiming to represent Quick Loan that doesn’t align with the above, do not transfer money or share personal details. You can verify our details directly against the Registry of Moneylenders (Licence No. 59/2026), or call us directly at 6223 1788 to confirm.
Common Loan Scam Red Flags
- Unsolicited loan offers via messaging apps or social media Licensed moneylenders in Singapore are only permitted to advertise through their own website, business/consumer directories, or ads at their registered premises. They cannot cold-message you on WhatsApp, Telegram, or SMS. If a loan offer lands in your inbox out of nowhere, that alone is reason to be cautious.
- Requests for payment before your loan is disbursed Any request to transfer money first — described as a processing fee, insurance charge, "unlocking fee," or deposit — is one of the clearest signs of a scam. Legitimate administrative fees are only ever deducted from an approved loan, never collected upfront.
- Guaranteed approval, regardless of your financial situation Phrases like "100% approved," "no credit checks," or "instant approval for everyone" go against how licensed lending actually works. Every licensed moneylender is required to assess a borrower's ability to repay before approving a loan.
- Requests for your Singpass, banking, or OTP details No legitimate lender will ever ask you to share your Singpass password, internet banking credentials, ATM PIN, or an OTP. Any such request should be treated as an attempt at identity theft.
- Pressure to decide immediately Scammers often manufacture urgency — "this offer expires today," "only a few slots left" — specifically to stop you from taking time to verify them. A genuine lender will give you time to review your loan terms properly.
- Interest rates that don't match the legal cap Licensed moneylenders cannot charge more than 4% interest per month. If a lender quotes anything close to 10% or 20% monthly, or adds vague "risk fees" on top, they are not operating legally.
- No proper loan contract, or a request to sign an incomplete one You are legally entitled to a complete, clearly explained written contract before any funds change hands — covering the principal, interest rate, repayment schedule, and fees. Being asked to sign a blank or partially filled contract is a serious warning sign.
- Requests to hold onto your NRIC, passport, or ATM card Licensed moneylenders are not permitted to retain your original identification documents or bank cards as security. If a lender asks to "keep" these until the loan is repaid, walk away.
- No requirement to meet in person By law, licensed moneylenders must verify your identity and finalise your loan contract face-to-face at a registered office. A lender offering a fully remote process, start to finish, is very likely unlicensed.
- A company name, number, or website that doesn't quite match the registry Some scammers register lookalike domains or use slightly altered company names to imitate real licensed moneylenders. Always cross-check the exact company name, licence number, and contact details against the official registry — not just what's printed on the lender's own website.
If any of these apply, stop the conversation and verify the lender against the official Registry of Moneylenders before going any further.
How to Verify a Licensed Moneylender in 4 Steps
Check the Registry of Moneylenders
The Ministry of Law maintains a public registry listing every licensed moneylender in Singapore, along with their licence number and registered office address.
Match the contact details exactly
Compare the phone number, WhatsApp number, and website you were given against what's listed in the registry. Even a single mismatch is a reason to stop and question the source.
Check how you were first contacted
Licensed moneylenders can only advertise through their own website, business/consumer directories, or ads at their registered premises — never by cold-messaging you on WhatsApp, Telegram, SMS, or social media. If the loan offer reached you unsolicited through one of these channels, that alone fails verification.
Confirm their registered office
A licensed moneylender will always require in-person verification at a physical office before finalising a loan. If a lender insists on handling everything through chat apps with no office visit, treat that as a major red flag.
Understanding what’s legally allowed helps you spot what isn’t. These caps apply to every licensed moneylender in Singapore, including Quick Loan:
Charge | Legal Cap |
Interest rate | Up to 4% per month |
Late interest | Up to 4% per month, on overdue amounts only |
Late fee | Up to S$60 per month |
Administrative fee | Up to 10% of the loan principal, deducted only after approval |
The combined total of interest, late interest, late fees, and administrative fees cannot exceed the original loan principal. Anything charged beyond these caps is not just excessive — it’s unlawful.
- Stop responding immediately. Don't engage further, and don't explain yourself — just disengage.
- Do not transfer any money or share further personal information.
- Save evidence — screenshots of messages, the phone number or account used, and any payment requests.
- Report it to the ScamShield helpline (1799) or the Singapore Police Force, and consider notifying the Registry of Moneylenders directly.
Verifying a lender takes a few minutes and can save you from significant financial and personal harm. Quick Loan Pte Ltd is a licensed moneylender under the Registry of Moneylenders (Licence No. 59/2026), operating from our registered office at 10 Anson Road, #01-15 International Plaza, Tanjong Pagar. If you’d like to confirm our details or have questions about a message claiming to be from us, contact us directly or call 6223 1788.