According to AsiaOne News:

HERE’S an offer that is crying for caution: Borrow $60,000 from a bank to buy a car, and someone else will pay you $5,000 in cash.

The catch: You won’t be able to touch the car because the person who pays you the cold cash will rent it out – in your name.

This is among the latest illegal loan schemes cooked up by unscrupulous loan brokers to lure and make use of cash-strapped Singaporeans.

Read the full article at AsiaOne News:

- Does this scheme look suspiciously like a scam to you? I do understand that during desperate times, loans may look like the oasis that a man in desert need but be very very careful of scams such as this.

If you look through this scheme and find out the loop holes is dotted all over the place.

This scheme required you to do the following.

1. Take a loan to buy a car/study a diploma
2. Get cash back $5000 or similar amount but you own the bank WAY WAY MORE!
3. You don’t get to touch the car you purchased!
4. The diploma might be overcharged or FAKED!!
5. If the car rented out in your name…you still need to pay for the ROAD TAX & Insurance!
6. If the car get into accident….you get the law creeping up your ass faster than you can blink!
7. BANK chase after you for repayment and possibly bankrupt you.
8. If you are already in heavy debts, you can’t get loans from banks anyway.

Possible Solutions:

1. If it’s too good to be true, it probably is!!
2. Avoid at all cost for “EASY MONEY” that have a catch.
3. Take video of this guy offering this fantastic deal and put on youtube…err..

This is similar to all other schemes that loan you money for a hand phone line that they can call a special 1900 number to deduct money and let the telephone company to chase after you instead of themselves.

This means less work for them but more serious problems if you cannot pay back the telephone company…which usually end up in debt collection company that shoot legal letters to you or get a monthly installment repayment scheme to pay back.

Seriously, these guys are getting more and more daring in making such illegal money…remember from all the scams that I had written before….be very very careful!

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