<TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR><TD>'Friendlylenders' who will Net you
</TD></TR><TR><TD><!-- headline one : end --></TD></TR><TR><TD>Beware online offers of 'easy, stress-free' loans that ask you for personal data and a fee upfront </TD></TR><TR><TD><!-- Author --></TD></TR><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Mavis Toh
</TD></TR><TR><TD><!-- show image if available --></TD></TR></TBODY></TABLE>
<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->On the webpage, the woman claims to be a Singaporean and that her son would have died without a loan from the man.
She claimed that the $20,000 loan paid for her son's hospital bills, and said she wanted to thank the man by urging others in need to e-mail him for loans.
On the same webpage, five others, in the exact same words, save for the names, said they were given loans of up to $100,000 by another lender 'without any stress'.
They, too, left an e-mail address and urged others to approach the lender for financial help.
The Sunday Times found these postings on a few online classified sites recently.
The postings were all made within the past year, with the latest put up this month.
They all operate along the same vein - a former 'borrower' claiming how hassle-free it is to get a loan, and leaving behind the lender's e-mail address.
The 'lenders' all had Singaporean-sounding names, but when contacted, they revealed that they were from finance companies based in countries such as Nigeria and Ghana.
They first sent generic e-mail replies, often in bad English, stating that they were private moneylenders 'approve and license' by the government.
They typically charge interest rates of between 2 per cent and 5 per cent of the total loan sum.
One lender, who claimed to have a head office in Nigeria and a branch in Ghana, said he charges low rates 'not for the profit, but so that it can be affordable and bring about global happiness'.
He said: 'We like to let you know that we can help keep your dream going and stable.'
Those interested are expected to fill out an online application form, giving personal information like name and address and stating the loan amount and duration needed.
They can choose to receive payment via bank transfer or a bank-certified cheque.
When The Sunday Times sent out a query requesting a loan of $13,000 over a three-year period using fake details, all the lenders agreed.
When asked if this was legal, they assured that they had 'done this with Singapore people many times' and 'your case is not different'.
They went on to ask for a bank account number, but each demanded that a security or tax fee of between US$100 and US$170 (between S$145 and S$248) must first be wired to addresses in Ghana or Nigeria.
When The Sunday Times failed to do so, two lenders even called from Nigeria urging that the fees be wired over quickly.
One said he had been in the business for 16 years and was the president of the loan-lenders association in Nigeria.
He also assured that the deal was legal, and that he had extended loans to people in Singapore, the United States, China and Malaysia 'many, many times'.
Singapore police said they have not received any reports about such online services. But if a report is lodged, they will assess if any offence is committed and take action accordingly.
They advise the public to be cautious when dealing with unknown persons over the Internet.
Meanwhile, some postings on other online sites said that even though security fees had already been wired, the senders were asked to pay up to US$400 for a code.
This was to access the money which the lender claimed had been transferred to the sender's account.
Others said the cheques sent by the lenders were fake and had bounced.
The police said people should not send money and credit card or account details to strangers. They should also never reveal confidential information such as account user ID, password, PIN and credit card details via e-mail. A spokesman said: 'Do not fall for anything that sounds too good to be true.'
[email protected]
</TD></TR><TR><TD><!-- headline one : end --></TD></TR><TR><TD>Beware online offers of 'easy, stress-free' loans that ask you for personal data and a fee upfront </TD></TR><TR><TD><!-- Author --></TD></TR><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Mavis Toh
</TD></TR><TR><TD><!-- show image if available --></TD></TR></TBODY></TABLE>
<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->On the webpage, the woman claims to be a Singaporean and that her son would have died without a loan from the man.
She claimed that the $20,000 loan paid for her son's hospital bills, and said she wanted to thank the man by urging others in need to e-mail him for loans.
On the same webpage, five others, in the exact same words, save for the names, said they were given loans of up to $100,000 by another lender 'without any stress'.
They, too, left an e-mail address and urged others to approach the lender for financial help.
The Sunday Times found these postings on a few online classified sites recently.
The postings were all made within the past year, with the latest put up this month.
They all operate along the same vein - a former 'borrower' claiming how hassle-free it is to get a loan, and leaving behind the lender's e-mail address.
The 'lenders' all had Singaporean-sounding names, but when contacted, they revealed that they were from finance companies based in countries such as Nigeria and Ghana.
They first sent generic e-mail replies, often in bad English, stating that they were private moneylenders 'approve and license' by the government.
They typically charge interest rates of between 2 per cent and 5 per cent of the total loan sum.
One lender, who claimed to have a head office in Nigeria and a branch in Ghana, said he charges low rates 'not for the profit, but so that it can be affordable and bring about global happiness'.
He said: 'We like to let you know that we can help keep your dream going and stable.'
Those interested are expected to fill out an online application form, giving personal information like name and address and stating the loan amount and duration needed.
They can choose to receive payment via bank transfer or a bank-certified cheque.
When The Sunday Times sent out a query requesting a loan of $13,000 over a three-year period using fake details, all the lenders agreed.
When asked if this was legal, they assured that they had 'done this with Singapore people many times' and 'your case is not different'.
They went on to ask for a bank account number, but each demanded that a security or tax fee of between US$100 and US$170 (between S$145 and S$248) must first be wired to addresses in Ghana or Nigeria.
When The Sunday Times failed to do so, two lenders even called from Nigeria urging that the fees be wired over quickly.
One said he had been in the business for 16 years and was the president of the loan-lenders association in Nigeria.
He also assured that the deal was legal, and that he had extended loans to people in Singapore, the United States, China and Malaysia 'many, many times'.
Singapore police said they have not received any reports about such online services. But if a report is lodged, they will assess if any offence is committed and take action accordingly.
They advise the public to be cautious when dealing with unknown persons over the Internet.
Meanwhile, some postings on other online sites said that even though security fees had already been wired, the senders were asked to pay up to US$400 for a code.
This was to access the money which the lender claimed had been transferred to the sender's account.
Others said the cheques sent by the lenders were fake and had bounced.
The police said people should not send money and credit card or account details to strangers. They should also never reveal confidential information such as account user ID, password, PIN and credit card details via e-mail. A spokesman said: 'Do not fall for anything that sounds too good to be true.'
[email protected]