Loan scammers target people who need money quickly. They pretend to be a bank or a licensed moneylender, ask for an upfront payment and then disappear. This guide explains the signs to watch for and how to check whether a company is really licensed.
7 warning signs of a loan scam
1. You are asked to pay before the loan is paid out
Scammers ask for a “processing fee”, “stamp duty”, “insurance” or a “deposit” before releasing the money. A genuine lender does not ask you to transfer money to “release” a loan. Any stamp duty and legal costs are set out in a written agreement, not demanded over WhatsApp before you sign anything.
2. Guaranteed approval, even with bad credit
No responsible lender can guarantee approval before assessing your income and commitments. A promise that “even blacklisted applicants get approved” is a red flag.
3. They ask for your ATM card, PIN or banking password
Never hand over your ATM card, PIN, TAC or online banking password to anyone, including someone who says they are a loan officer.
4. Payment to a personal account
Payments to a licensed moneylender go to a bank account in the company’s name. If you are asked to pay into an individual’s account, stop.
5. No office address or licence number
A licensed moneylender has a licensed address and a KPKT licence number, and its adverts must show the licence number and advertisement permit. Be careful with anyone who only uses WhatsApp or social media and gives no company details.
6. Pressure to decide immediately
Lines like “today only” are meant to stop you from thinking and checking. A real lender gives you time to read the offer.
7. They use Bank Negara or government logos
Bank Negara Malaysia does not issue moneylender licences. Moneylender licences are issued by the Ministry of Housing and Local Government (KPKT). A “BNM approval letter” for a personal loan is a sign of fraud.
How to check a KPKT moneylender licence
- Visit the official KPKT website (kpkt.gov.my) and find the list of licensed moneylenders.
- Make sure the name, licence number and address match the details you were given.
- Check the licence validity. A moneylender licence has a start date and an expiry date.
- Also check Bank Negara Malaysia’s Financial Consumer Alert List for unauthorised entities.
Not appearing on the alert list does not prove a company is licensed. The KPKT list is the main reference for moneylenders.
If you have been scammed
- Stop making any further payments.
- Call your bank immediately to try to block the transaction.
- Contact the National Scam Response Centre (NSRC) on 997 and make a police report.
- Keep all evidence: screenshots of chats, account numbers and transfer receipts.
How SuperPinjamMan works
We are licensed under the Moneylenders Act 1951 (KPKT Licence No. WL4248/10/01-12/130928). We never ask you to transfer money as a processing fee or deposit to release a loan, and repayments go only to our company bank account. See our licence details or the Help Centre for more.
Prepared by the SuperPinjamMan team, a KPKT-licensed moneylender (Licence No. WL4248/10/01-12/130928). Last updated: 16 October 2026. This article is general information, not financial or legal advice.
