Advisory on Loan Scams

IMPORTANT NOTICE:

There have been many unlicensed lenders and scam syndicates that have impersonated MWA Capital Pte Ltd.

These tend to take the form of:

• Facebook adverstisements/pages

• SMSes claiming to be from MWA Capital Pte Ltd

• Paid Google advertisements about MWA Capital Pte Ltd

• Fake websites using and repurposing our website content

Please watch out for:

• Ads that reach you through social media, SMS and other messaging apps, or cold calls

• Fake business websites

• Instant, fuss-free loan approvals that are too good to be true

• Requests for fee transfers before they can process your loan application

What you should do:

• Ignore the message

• Block and report the number to the platform on which you received the message

• Seek financial assistance from legitimate financial institutes registered with the Registry of Moneylenders at https://rom.mlaw.gov.sg/information-for-borrowers/list-of-licensed-moneylenders-in-singapore/

SPOTTING LOAN SHARKS

A loan shark might:

• Offer little or no paperwork, such as a credit agreement or record of payments

• Refuse to give information, such as the interest rate or how much you owe

• Take your personal items as security, such as passports, bank cards or driving licences

• Increase the debt or add additional charges at any time

• Refuse to allow you to settle your debt

• Resort to intimidation, threats or violence

Loan sharks and the law:

Any lender – authorised or not – who harasses you is breaking the law. Some loan sharks will threaten you by saying that you will be prosecuted and even sent to prison if you don’t pay up. This cannot happen – an unauthorised lender such as a loan shark has no legal right to recover the debt. In fact, they have no legal right to make one repay the loan at all – because the loan is illegal.

Notes to Borrowers

Advisory to Borrowers