Plagiarism Scan Report

Report Generated on: Sep 30,2022

0%
Plagiarised
100%
Unique
Total Words:
466
Total Characters:
2746
Plagiarized Sentences:
0
Unique Sentences:
28 (100%)
Content Checked for Plagiarism
How to Tell the Difference Between a Licensed and an Unlicensed Lender of Money
Online scams are simple to post by the illegal money lenders. All they need to start doing business is a website and a fictitious location.
1. Remote Loan Disbursement And Application
Online loan applications are typical as more and more licenced money lenders move their operations online. Even though it can be challenging to discern a legitimate money lender from a illegal one, there are several warning signals to look out for to prevent fraud.
Before sending you your loan, a licenced money lender will do a face-to-face verification. For the money lenders who are unlicensed, however, your application might be accepted over the phone, by SMS, or via email without a written agreement. There could not even be a face-to-face meeting; instead, they might just give you your loan right away.
So make sure to check and avoid falling for these kinds of con artists. Make sure the lender you choose has a legitimate company address and an application process.
Rates Of Fees And Interest
Before executing your loan, an unlicensed moneylender or loan shark may demand upfront payments, processing fees, or admin costs. They can even state that before they can provide you your cash loan, you'll need to pay a fee.
A legitimate money lender will never request that you send them money before they release the loan. There could not even be a face-to-face meeting; instead, they might just give you your loan right away.
So make sure to check and avoid falling for these kinds of con artists. Make sure the lender you choose has a legitimate company address and an application process.
Rates Of Fees And Interest
Before executing your loan, an unlicensed moneylender or loan shark may demand upfront payments, processing fees, or admin costs. They can even state that before they can provide you your cash loan, you'll need to pay a fee.
A legitimate money lender will never request that you send them money before they release the loan. You may also look up a list of authorised money lenders and their addresses on the website of the Ministry of Law.
What else should you pay attention to make sure you're dealing with a licensed money lender?
Look out for the following things even if a money lender has a licence because they might be against the law:
harsh language or threatening behaviour of any kind
requesting your SingPass password or user ID
keeping your NRIC or any other form of personal identification
requesting your signature on an unfilled or insufficient loan agreement
extending credit to you without providing a copy of the loan agreement
lacking a statement of the rules and regulations
Withhold any portion of your loan's principal for any reason.
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No Plagiarism Found

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