Recently, we have received a report that there is an entity using our brand name and stealing our logo. They are also soliciting loans through SMS, WhatsApp, and email. MoneyIQ SG is NOT A MONEYLENDER, and we are NOT related to them. Those who are pretending to be from Money IQ SG or MoneyIQ SG or MoneyIQ.SG and stealing our logo are likely to be illegal lenders or scammers. Please do not believe in their loan offers and engage with them.

How This Illegal Lender Lure Borrowers

Based on the report, this scammer will do a cold calling to a prospective victim using this number: 93402398 and claiming that they are from MoneyIQ SG.

Then later, they will send you a message through WhatsApp using this number: 87137603. It says that they are offering personal and business loans.

WhatsApp Message from Illegal Lender

Then, as soon as you are interested in the loan offer, they will send you a loan agreement through an email. This lender will send you a loan agreement that includes our logo on their letterhead. See the example of this loan agreement.

How to Immediately Spot that this is an Illegal Lender?

Doing cold calls, messaging, and emails.

When it comes to a licensed moneylender, they are not allowed to make unsolicited calls and messages. A borrower must apply through their online forms or come to their office. In this case, the lender initiated the contact through unsolicited calls, WhatsApp messages, and email, which is likely an act of an illegal lender.

Also, a licensed lender is only allowed to advertise their loans offers on the following:

  • Business directories (online or print)
  • Registered website address
  • Within their office

Beyond those modes, they are not allowed to advertise.

The interest rate is too high.

Based on the example loan agreement, you will see that they are offering a monthly interest rate as high as 10%. Remember that a licensed moneylender can only charge up to 4% monthly interest.

Late payment or penalty fee is too high.

As mentioned in the document, late or delayed payment is equivalent to 1 month’s payment. Mind you, this is too much. A licensed lender is only allowed to charge a maximum of $60 for a late repayment fee and not exceeding a 4% interest rate for each month of late repayment.

Providing a secured payment weekly loan before a monthly loan can be released.

This is likely to be an illegal lender since a licensed moneylender does not have this kind of way of disbursing a loan. A licensed lender will follow your chosen repayment schedule.

Paying the GST fees.

Please note that when you are going to pay for the GST fees is likely a scam. A licensed moneylender is not allowed to gather those fees. They are only allowed to collect an administrative fee of not more than 10% of the total loan amount and no other fees involved.

Receiving the loan agreement via email or Whatsapp.

A licensed moneylender has a big role in making you understand the terms of the loan contract. You have to come to their office in order that they can explain the content. So, if you are receiving a loan agreement in PDF through an email or WhatsApp that is 100%, illegal lender.

Don’t be a Victim!

If it happens that you receive a loan offer, please do not give your important documents such as your NRIC.

Please be reminded that this act is illegal, all licensed moneylenders are not allowed to solicit any loan offers. Read these important notes before believing or taking a loan offer.

If you received any unsolicited cold call or a message from WhatsApp claiming they are from MoneyIQ SG, please do not believe them,

Only when you apply for a loan from our website, then you will receive a call from our partners.

To help you identify illegal lenders you may read our guide here or always read the important notes to borrowers.

Published On: April 3rd, 2021

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