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BEWARE M’sians, SCAMMERS Pretending To Be From Loanstreet Offering Easy Funds!

BY Nisya Aziz

Updated 24 Oct 2019

Haih, there are loads of dramas happening recently, innit? Our badminton hero announced his retirement-lah (sobs), the country has become plastic dumping site-lah, Malaysian singer can’t differentiate a sun bear and a dog-lah, MCMC blocks websites that posted sex scandal video starring minister-lah, a Penang banker lost RM3 million in a love scam-lah and the list goes on and on. 

We also got OUR OWN DRAMA, wei - scammers masquerading as Loanstreet to offer easy funds (amboi, amboi, amboiiii).

What's covered in this article?

Yes, we’ve been made aware by the public (thanks, people) who said that they have received phone calls and messages claiming to be from us - Loanstreet. Just to update, we have taken necessary action to avoid the public from becoming a victim.

Although this type of scam isn’t new in Malaysia, that doesn’t mean people are well-informed about it. Plus, these fraudsters are getting smarter and have levelled up their manipulative game. According to a source, they sound very convincing. So, if you encounter any of this BS, please report it ASAP without hesitation!

Just because our brand name is Loanstreet, that doesn’t mean we give loans easily

Ni bukan shameless plug, okay. But, to those who don’t know Loanstreet, we are a credit niche website that offers banking and insurance product comparisons and applications, specialised credit tools and advisory, as well as personal finance-related content so that you can make better financial decisions. 

To add, all of our business transactions are done online via our platform. So, we’re not going to call you personally or message you to offer easy loans like below image (this info has been circulated around). Again, Loanstreet WILL NEVER call you to promote any investment schemes, request for cash deposit or ask for payment to bank through individuals.

On top of that, please take note that Loanstreet DOES NOT appoint any third party individuals, companies or firms as representatives, agents or middlemen to represent, act, negotiate or conduct any business dealings on our behalf.

And as for the personal loan and home loan approval process, we still have to follow the banks' flow. It means that your application will still have to go through the credit reporting agencies like CTOS and CCRIS. Your debt service ratio (DSR) will still be considered before disbursing the loan. 

Most importantly, we will not ask for your copy of IC personally and make payment first so that your loan can be released. We don’t operate like Along tau! 

One of the sources shared: “They sounds convincing but the danger part is that we have to hand them our IC copy and when getting approval, we have to pay RM7,500 before releasing it (the loan)…”

One more thing, these fraudsters also have their own name card - wah, so gung-ho!

We believe that some of you (or someone you know) have been conned by these scammers because we’ve been receiving complaints on our official Facebook post. Here are some of them.


Help us spread the word! And, here’s what you can do about it

If you have received a call/message like this, from somebody claiming to be from Loanstreet, PLEASE DO NOT HAND OVER ANY PERSONAL DETAILS or continue the call. When in doubt, please call/report to 03-7451 5283 or You can also engage with us on Facebook. We prefer you to be safe than sorry.

Generally, it’s advisable to verify who they say they are through a legitimate independent source. Such as an online search ke or a phone book (if you guys still use that).  You can also call the company number listed on their official website. Avoid using any contact details provided by the caller as they are likely to be fake.

Lastly, if you spot a scam or become a victim, please faster-faster do the following:
• Lodge a police report.
• Lodge a report with the relevant enforcement agency.

Save your ‘ash’ by taking an extra effort to maintain all records and documentation related to the scam such as bank-in slips, deposit slips, offers, agreements, and vouchers. Take note that these documents can be used to take action on the scammers ya.

Have a nice day, everyone!

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About the Author

Nisya Aziz

A storyteller at Finology, who drinks coffee like its water, Nisya enjoy bringing valuable, educational and entertaining content to others. When not busy crafting content, you’ll find her in the boulder gym or on stage, performing theatre shows.


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