Unauthorized moneylenders are always looking for people who are in a crunch for cash. It seems they are even on Whatsapp pretending to be licensed moneylenders, ready to give you a loan when you need it to pay your bills. Given that they can charge exorbitant interest rates and abuse the borrowers into repaying their funds, it’s no surprise they are so eager to find their next victims.

However, it is when you are the most desperate for money that you should exercise the most caution. Taking a loan from an unauthorized moneylender can be a deal with the devil that can ruin your life in many different ways. Here, we discuss a few evidences on why unauthorized lenders are still real threats to consumers in Singapore, and what alternatives they can use when they really need cash quickly.

Yes, unlicensed moneylenders will still harass you

The Singaporean government and its …