UNLICENSED money lending /
loan sharking harassment

unlicensed money lending / loan sharking

Unlicensed money lending or loan sharking is when an unlicensed person or an entity:
- Offering loans at extremely high interest rates (well above an established legal rate), with strict terms of collection upon failure,
- Using threats of violence to collect debts (also known as illegal money lending harassment), and
- Operating out of the legal system that are often members of organised crime groups.

how IT starts

- When a borrower intentionally or unintentionally borrows from unlicensed money lenders / loan sharks.
- When a borrower is mislead into taking up loan scam offers via unsolicited SMSes, or other social messaging / media platforms.  

what can happen

When a borrower has difficulty or is unable to pay off their loans, it can lead to the one or all of the following types of harassment:

- Culprits splashing paint and scrawling loan shark related graffiti on walls.
- Culprits spamming borrowers with SMSes, Whatsapp messages or phone calls to demand immediate payment.
- Culprits leaving debtor's note with threatening messages at borrower's residence, letter boxes; or even at neighbouring residences.
- Culprits threatening to chain lock borrower's residence and committing arson.

The ultimate aim is to initiate a nightmare of endless fear, mental torment and shame for the borrower.  Such acts of harassment may also be targeted at innocent victims who live near the borrower. The greater the level of aggression, lives can potentially be at stake.

HOW TO AVOID unlicensed money lending/ loan sharks

« Never borrow from illegal / unlicensed money lenders or loan sharks.

« Find and verify legitimate and licensed money lenders from the Ministry of Law's List of Licensed Money Lenders in Singapore HERE.

« If you receive any loan offers from unsolicited SMSes; ALWAYS ignore, report and block such messages. These are illegal money lenders. Be wary. Some illegal money lenders have been reported impersonating as licensed money lenders.

« If you come across any loan offer advertisements on social media platforms or websites, ALWAYS ignore them. These are illegal money lenders.

« If you receive any unsolicited phone calls from unknown numbers/ parties offering you loans, immediately hang up the call. These are illegal money lenders.

« Ignore loan offer advertisement brochures / posters illegally posted up in your neighbour hood/ estate. These are illegal money lenders. Help take them down and discard them in the bins to protect members of the public from falling prey to such borrowings. 

« Never give out:
- Your NRIC-, passport- or work permit- details to anyone,
- Your bank account or Singpass details,
- Your residential address details, 
- Your next of kin details, and 
- Never accept any money from strangers regardless the amount.

LICENSED vs unlicensed money lendERS
THE DIFFERENCES

HOW TO spot a suspected LOAN SHARK harassment

When you observe suspicious characters:

« Loitering at lift lobbies, common corridors, staircases or carparks; particularly during lull hours,

« Carrying plastic bags/ backpacks with items like can spray paints, paint packs, markers, super glue or chains,

« Wearing clothes or hands stained with paint,

« Wearing jackets with hoodies or helmets to mask their identities,

« Constantly referring to hand phone, slips of paper or notebooks, and

« Looking nervous, speaking softly and always looking around. 

If you witness or are a victim of such crimes, call the Police for assistance. Do so from a safe distance and/ or location.

Stay calm and observe the suspect's appearance, attire, height, or any distinctive physical features; as well as the suspect's location or the direction they went.

leave evidence for police investigation

If you witnessed a suspected unlicensed money lending/ loan shark harassment:

« Call for police assistance immediately.

« Prevent others from tampering with the items (e.g. debtor notes).

« Avoid handling or removing the debtor notes from their original positions.

« Do not clear away the disposed items left behind by the runners. 

Read more on related topic >>
Loan Scams


Watch Crimewatch videos on >>
Unlicensed Money Lending/ Anti-Loansharking


Read Singapore Police News on >>
Unlicensed Money Lending/ Anti-Loansharking

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